Payday loan, title loan, or personal loan -- Struggling to pay your loan -- Complaint #5929197
Complaint Overview
Complaint ID: 5929197
Company: Cng Financial Corporation
Product: Payday loan, title loan, or personal loan
Sub-Product: Payday loan
Issue: Struggling to pay your loan
State: Pennsylvania
ZIP Code: 19143
Date Received: 2022-08-29T12:00:00-05:00
Date Sent to Company: 2022-08-29T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I contacted Check n Go on XX/XX/XXXX to complain about the loan terms and their unfair practices to consumers. They logged my complaint XXXX and stated they will get back to me. I received feedback on XX/XX/XXXX basically telling me that I agreed to the terms and they could not help while the loan was active and would not be able to settle the account or come to an agreement until the account was in collections. My thoughts, if I wait for the account to go to collections, then it will be on my credit report, which I am trying to avoid by asking for assistance before it got that far. In the state of Pennsylvania, payday lending is considered illegal according to the Check Cashing Licensing Act of 1998, 505 ( a ). Pennsylvanias Loan Interest and Protection Law ( LIPL ) prohibits lenders to charge an interest rate in excess of 6 % per annum on a loan amount less than {$50000.00}. The Pennsylvania Supreme Court set a rule in XXXX that all lenders ( in-state and out-of-state ones ) willing to give loans to Pennsylvania borrowers must abide by the state laws. I will also file a complaint with the Pennsylvania Department of Banking, since I am and always have been a Pennsylvania resident. The identification and everything else used in the transaction was from the State of Pennsylvania.
Frequently Asked Questions
What is Complaint #5929197 about?
Complaint #5929197 was filed against Cng Financial Corporation regarding Payday loan, title loan, or personal loan specifically about Struggling to pay your loan. It was received by the CFPB on 2022-08-29T12:00:00-05:00.
How did Cng Financial Corporation 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 Cng Financial Corporation?
Yes, visit the Cng Financial Corporation company profile at readthecomplaint.com/company/cng-financial-corporation 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.