Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #6410868
Complaint Overview
Complaint ID: 6410868
Company: Bluechip Financial
Product: Payday loan, title loan, or personal loan
Sub-Product: Payday loan
Issue: Charged fees or interest you didn't expect
State: Ohio
ZIP Code: 43212
Date Received: 2023-01-07T12:00:00-05:00
Date Sent to Company: 2023-01-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I applied for a loan with Spotloan on XX/XX/XXXX. They approved me for a {$500.00} loan with a lengthy repayment schedule and high repayment amounts. I called Spotloan to ask about the interest rate and how my payments would be applied to repaying the loan. I wanted to make sure I could pay it off quickly. I did not want to make payments til XX/XX/XXXX like the payment schedule showed. But I didnt know how my payments would go towards the principal and interest. The representative told me he couldnt tell me until after I had the loan. He said he couldnt see my interest rate and didnt know how my payments would be applied. He said I had to call back after I had paid he loan. So I waited and called back. Another representative told me I was being charged interest daily! The interest always made the amount owed more than my payments. Every time I made an online payment, my balance got higher. Furthermore, the balance they would email me didnt match the balance when I logged onto my online Spotloan account. My plan of paying this loan off quickly was ruined by the way they are handling the interest. I never would of accepted the loan if I knew my payments werent going towards paying off the loan. The should of told me upfront. They also need to let me know my actual balance and not give me conflicting information. I want to resolve my debt with this company. But I also want to report their deceptive practices. Thank you
Frequently Asked Questions
What is Complaint #6410868 about?
Complaint #6410868 was filed against Bluechip Financial 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 2023-01-07T12:00:00-05:00.
How did Bluechip Financial 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 Bluechip Financial?
Yes, visit the Bluechip Financial company profile at readthecomplaint.com/company/bluechip-financial 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.