Payday loan, title loan, or personal loan -- Problem with the payoff process at the end of the loan -- Complaint #6288261
Complaint Overview
Complaint ID: 6288261
Company: Dividend Finance INC.
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Problem with the payoff process at the end of the loan
State: Tennessee
ZIP Code: 37615
Date Received: 2022-12-06T12:00:00-05:00
Date Sent to Company: 2023-01-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
We obtained a loan from Dividend Financial to cover the cost of installation of a solar system. This company was recommended by the solar company, XXXX XXXX XXXX, XXXX XXXX. The finance company would accept the 26 % rebate from taxes as the down payment for the system and thus keep the monthly payment at a more reasonable rate. They started collecting this payment prior to the complete installation of the system. Additionally, XXXX installed a system that did not meet the expected outcomes. We were told that the system would decrease our utility ( electric ) bill to {$20.00} to {$30.00} per month and that it would definitely be less than {$50.00} per month. This has not come to fruition, as the electric bill has remained essentially the same. I believe that Dividend XXXX knew this was an issue and did not take any steps to protect the consumer. Additionally, I believe that XXXX knew that there were defaults in the system and continued to sell a system that would not live up to expectations. The result is a loan that I must continue to pay and a utility bill that I would have paid anyway. Ultimately, these XXXX payments result in a 300 % increase in my electric bill. The expressed payoff of the decrease in electric bill to offset the cost of the loan has not materialized. I am seeking some relief from the loan or the terms of the loan to offset the lack of realized decrease in electrical energy billing. XXXX has subsequently filed for XXXX XXXX XXXX, leaving us without any company to monitor our system, perform any warranty work, and without legal recourse to seek payment of damages.
Frequently Asked Questions
What is Complaint #6288261 about?
Complaint #6288261 was filed against Dividend Finance INC. regarding Payday loan, title loan, or personal loan specifically about Problem with the payoff process at the end of the loan. It was received by the CFPB on 2022-12-06T12:00:00-05:00.
How did Dividend Finance 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 Dividend Finance INC.?
Yes, visit the Dividend Finance INC. company profile at readthecomplaint.com/company/dividend-finance-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.