Payday loan, title loan, or personal loan -- Problem when making payments -- Complaint #6096228
Complaint Overview
Complaint ID: 6096228
Company: Upstart Holdings, INC.
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Problem when making payments
State: Texas
ZIP Code: XXXXX
Date Received: 2022-10-17T12:00:00-05:00
Date Sent to Company: 2022-10-17T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I originated this loan on XX/XX/XXXX my first due date was XX/XX/XXXX. My monthly payment is {$1400.00}, I made the first payment for XXXX XX/XX/XXXX for XX/XX/XXXX due date in the amount of {$1500.00} the company applied the payment but never rolled the due date to XX/XX/XXXX they applied it to 9 days of interest ( XXXX ) and the rest to principle. 2nd payment was made XX/XX/XXXX for the XX/XX/XXXX payment this payment was applied to XX/XX/XXXX actual due date. I made the 3rd payment on XX/XX/XXXX for XX/XX/XXXX in the amount of {$1400.00} they applied this payment to the XX/XX/XXXX. My intent in making these payments early has been to be ahead on my due dates. I called customer service on XXXX and spoke with a customer service representative and he did not understand why or how the payments were applied and why the due dates did not roll after each payment made. He opened up an escalation case of research and their response was they apply payments the day they receive them, and it only pays for interest through the date paid. Basically, if I make my payment ahead, I will still be due for the same payment again that month. I asked them to reverse the payments and apply them to the actual payment due dates making me due for XX/XX/XXXX. The company said that's not how they apply the payments, and I am still due for the XX/XX/XXXX. I asked for a higher escalation and received the same response. I reviewed my promissory note, and it states partial prepayments would apply to interest, fees, and principle however I made 3 full payments. The logic and application of payments by Upstart does not make sense a consumer can't ever get ahead on payments even with a 60-month amortization schedule they provided. I am asking for your agency to get involved I am not in a financial position where I can continue to find {$1400.00} to make 2 payments in a month because their accounting method is not accurate. I was recently laid off and my income is limited. Your help with this matter is greatly appreciated. Please see attachments. Failure to receive an appropriate response to this problem has prompted me to write directly to you.
Frequently Asked Questions
What is Complaint #6096228 about?
Complaint #6096228 was filed against Upstart Holdings, INC. regarding Payday loan, title loan, or personal loan specifically about Problem when making payments. It was received by the CFPB on 2022-10-17T12:00:00-05:00.
How did Upstart Holdings, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was not 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 Upstart Holdings, INC.?
Yes, visit the Upstart Holdings, INC. company profile at readthecomplaint.com/company/upstart-holdings-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.