Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #5714814
Complaint Overview
Complaint ID: 5714814
Company: Social Finance, INC.
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: Michigan
ZIP Code: 48382
Date Received: 2022-06-27T12:00:00-05:00
Date Sent to Company: 2022-06-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX I took out a Personal Loan with SoFi Bank for $ XXXX 11.99 % ( NO pre-pay penalties ), with auto-payments setup from my new SoFi checking account.. On XX/XX/XXXX I found a different loan company with a lower interest rate, 5.99 %. I opened that and then sent a large payment of $ XXXX for principal only on the SoFi Bank loan on XX/XX/XXXX, knowing my regular payment was being withdrawn automatically from my bank account a couple days later. Both payments were processed, posted and confirmations were received ( see below ) ). I then proceeded to close the loan. However, I found that SoFi only applied partial payment to principal, charged me {$170.00} interest fee and then re-amortized the loan. I received a new email on XX/XX/XXXX that my regular payment did not clear due to insufficient funds ( even though I received a text, email and account notifications that stated BOTH payments posted )?! I called on XX/XX/XXXX and spoke to the manager, XXXX regarding this matter. I requested that the {$170.00} be credited and applied as it was requested to principal only. He stated no, that is how they do it. This made no sense since I specifically asked if there were any pre-payment penalties before I agreed to the loan. I requested that my accounts be closed immediately. I made direct payoff payments to him. As of today XX/XX/XXXX, I went online and found that they again, re-amortized the loan causing me a new balance owed of {$.00}. Had I not checked on this today, I would have received a late fee and credit score issues. This since we supposedly closed the accounts ( as I requested on XX/XX/XXXX ). These actions by this financial institute could really cause hardship to consumers. XX/XX/XXXX XXXX, I called SoFi rep, XXXX XXXX She said she sent in a request to clear it but could not confirm.
Frequently Asked Questions
What is Complaint #5714814 about?
Complaint #5714814 was filed against Social Finance, INC. regarding Payday loan, title loan, or personal loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2022-06-27T12:00:00-05:00.
How did Social Finance, INC. 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 Social Finance, INC.?
Yes, visit the Social Finance, INC. company profile at readthecomplaint.com/company/social-finance-inc 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.