Payday loan, title loan, or personal loan -- Struggling to pay your loan -- Complaint #5758462
Complaint Overview
Complaint ID: 5758462
Company: Mcburberod Financial, INC. D/B/A Seedfi
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Struggling to pay your loan
State: California
ZIP Code: 90631
Date Received: 2022-07-11T12:00:00-05:00
Date Sent to Company: 2022-07-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have a loan/ savings account with Seedfi and am now paid off on the loan portion of it. The rest of the life of the account requires me to pay {$100.00} every two weeks which goes into a savings account through their company that I would have access to once I have contributed {$2500.00} total. According to the app I have a {$300.00} credit towards this savings account so far. I asked to have them close the account since I can no longer afford to put this money aside to " save '' and not have access to at all and they are refusing. I have asked 7 times now. They state the " only '' way to close the account is to pay the entire savings amount and then they release my own money back to me. It is getting negatively reported to the credit bureaus. They refused to close the account which also has a section on their loan agreement on section XXXX which allows me to close it at any time, and I stopped making payments because I can't afford them any longer so is there anything I can do to get around this? I have requested to have the account closed over 7 times from them in writing and get the same answer ... I have to " pay it in full '' even though I'm technically paying to myself in the long run and the loan portion is paid off. Thank you!
Frequently Asked Questions
What is Complaint #5758462 about?
Complaint #5758462 was filed against Mcburberod Financial, INC. D/B/A Seedfi regarding Payday loan, title loan, or personal loan specifically about Struggling to pay your loan. It was received by the CFPB on 2022-07-11T12:00:00-05:00.
How did Mcburberod Financial, INC. D/B/A Seedfi 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 Mcburberod Financial, INC. D/B/A Seedfi?
Yes, visit the Mcburberod Financial, INC. D/B/A Seedfi company profile at readthecomplaint.com/company/mcburberod-financial-inc-d-b-a-seedfi 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.