Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #6217616
Complaint Overview
Complaint ID: 6217616
Company: Garrison Investment Group
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: New York
ZIP Code: 11413
Date Received: 2022-11-17T12:00:00-05:00
Date Sent to Company: 2022-11-17T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I replied to a mailing from XXXX advertising a low-cost government program to replace windows. The representative told me that the price for the windows would be {$17000.00} and would be financed through a bank, but then said that the bank would not finance such a large amount and that he was able to get a better rate through another company. The company stated that the interest rate was 11.9 %. The rate was high but I felt I had no other option since the windows were already installed. I did not receive any statements from the company yet every month they automatically took money from my bank account. Today, I searched for the company online to see how I could see the statements. After calling them to get set up for access to the online statements, I received the shock of my life. The interests on the second statement was nearly {$250.00}, bringing the total to over {$20000.00}. I called back to the company to question why the interest charged was so much, I was informed that the company charges {$6.00} per day for interest, that is not the 11.9 % interest rate that I was informed in the beginning.
Frequently Asked Questions
What is Complaint #6217616 about?
Complaint #6217616 was filed against Garrison Investment Group 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 2022-11-17T12:00:00-05:00.
How did Garrison Investment Group 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 Garrison Investment Group?
Yes, visit the Garrison Investment Group company profile at readthecomplaint.com/company/garrison-investment-group 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.