Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #5932678
Complaint Overview
Complaint ID: 5932678
Company: Enova International, 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: 48371
Date Received: 2022-08-30T12:00:00-05:00
Date Sent to Company: 2022-08-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Please note, this is a resubmission as the company failed to address the primary point of my complaint in its initial response. There is nothing in my loan agreement that would indicate my first XXXX scheduled semi-monthly payments would be applied to interest only. The initial payment schedule I received when the loan was funded reflected payment allocation to both principal and interest beginning with the first payment. There is absolutely no accounting method that would show that I would need to pay over {$10000.00} in interest before my payments were allocated to principal as well as interest. This time, I would like to ask that both the company and the CFPB read the complaint and the provided documentation before a response is provided and my complaint is closed. On XX/XX/XXXX my loan with Net Credit was funded in the amount of {$5600.00}. My loan was initially issued on a bi-weekly repayment schedule. After my loan was issued, I advised that I was paid semi-monthly and asked if my loan could be re-amortized to a semi-monthly repayment schedule. Net Credit agreed and I have been paying my loan based on the semi-monthly schedule since that time. No where in my loan agreement or in any communication with Net Credit was I made aware that my loan payments would not start paying on the principle balance until XX/XX/XXXX. That is over two full years of payments at {$220.00} twice a month that goes to nothing but interest. I recently went into my online account to look at my balance as I wanted to see if I could pay the loan off. To my surprise, as of today, XX/XX/XXXX, my loan balance {$5400.00} meaning of the over {$7000.00} I have paid so far only {$190.00} has been applied to principal. I also will be submitting an attachment to show that my initial amortization schedule based on the bi-weekly repayment terms fully amortized the loan with principal and interest from each payment however when they re-amortized my loan to the semi-monthly schedule the payment allocation changed to what I described earlier. This, in my view, is not only unfair in that I need to wait until XXXX of XXXX before I start paying principle from my scheduled payments but also deceptive in that this amortization schedule change was not explained to me and was not part of my original loan terms that I agreed to. You could make a case for abusive as well considering I am essentially stuck in this loan until Net Credit has received all of the interest due to be collected over the full term of the loan.
Frequently Asked Questions
What is Complaint #5932678 about?
Complaint #5932678 was filed against Enova International, 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 2022-08-30T12:00:00-05:00.
How did Enova International, 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 Enova International, INC.?
Yes, visit the Enova International, INC. company profile at readthecomplaint.com/company/enova-international-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.