Payday loan, title loan, or personal loan -- Problem when making payments -- Complaint #5228726
Complaint Overview
Complaint ID: 5228726
Company: Pentagon Federal Credit Union
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Problem when making payments
State: Maryland
ZIP Code: 20744
Date Received: 2022-02-16T12:00:00-05:00
Date Sent to Company: 2022-02-16T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I have a personal loan with Pentagon Federal Credit Union and make principal-only payments as often as possible to pay down my loan faster. The process for principal-only payments at PenFed creates an unnecessary barrier to repayment. First, I have to pay my monthly amount due by phone or online ( I understand that part and I'm okay with it ). I don't have the option to make a principal-only payment at that time. Then, I have to go online and transfer the amount I want to pay towards principal to my PenFed savings account. I can't pay principal-only direct from my external checking account, even though I can make my regular monthly payments from it. After that, I have to wait up to 5 days for the money to become available in the PenFed savings account. Finally, I have to call PenFed to make the principal-only payment. You can not make these payments online and sometimes there is a lengthy wait to speak to someone. It is unfair that someone has to take so many steps to pay down their loan and this process may result in consumers not making principal-only payments when they otherwise would because of the time/hassle involved in doing so.
Frequently Asked Questions
What is Complaint #5228726 about?
Complaint #5228726 was filed against Pentagon Federal Credit Union regarding Payday loan, title loan, or personal loan specifically about Problem when making payments. It was received by the CFPB on 2022-02-16T12:00:00-05:00.
How did Pentagon Federal Credit Union respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against Pentagon Federal Credit Union?
Yes, visit the Pentagon Federal Credit Union company profile at readthecomplaint.com/company/pentagon-federal-credit-union to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.