Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #6029740
Complaint Overview
Complaint ID: 6029740
Company: Minto Financial DBA Minto Money
Product: Payday loan, title loan, or personal loan
Sub-Product: Payday loan
Issue: Charged fees or interest you didn't expect
State: South Dakota
ZIP Code: 577XX
Date Received: 2022-09-28T12:00:00-05:00
Date Sent to Company: 2022-10-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I took this loan out trying to establish credit and was told as long as I make the payments every pay period, I would not be charged interest. However, after paying the original balance twice over, the amount of the loan was still higher than the principle balance. I spoke on the phone with the representative prior to accepting the loan and was told I would only be charged the interest if I missed a payment. I have made every payment and my loan is still higher than the original balance. This is in my opinion a predatory loan and possibly the the downfall of what we consider good practice ethics.
Frequently Asked Questions
What is Complaint #6029740 about?
Complaint #6029740 was filed against Minto Financial DBA Minto Money 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 2022-09-28T12:00:00-05:00.
How did Minto Financial DBA Minto Money 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 Minto Financial DBA Minto Money?
Yes, visit the Minto Financial DBA Minto Money company profile at readthecomplaint.com/company/minto-financial-dba-minto-money 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.