Payday loan, title loan, or personal loan -- Problem with the payoff process at the end of the loan -- Complaint #6756950
Complaint Overview
Complaint ID: 6756950
Company: Moneylion 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: Michigan
ZIP Code: 48071
Date Received: 2023-03-27T12:00:00-05:00
Date Sent to Company: 2023-03-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Money Lion makes available to its members a Credit Builder Plus loan and a XXXX loan. The credit builder plus loan requires you to have a membership that is independent of the XXXX account. Upon paying off my credit builder plus loan, I attempted to reborrow but kept getting a message saying " your internet connection is down '' when in fact I had full service. After calling Money Lion, they said " upon checking, we see that you have a balance on your XXXX account and you can not reborrow until that is paid '' 1. The message is misleading and deceptive and I was never notified if I paid off, I could not reborrow. It is obviously not an internet issue, rather another shady business practice by this company. 2. The accounts were independent and non contingent on each other. My membership fee is excessive, but does not include use of XXXX, as those fees are paid above and beyond what is included in the membership. These loans are not connected at all and should not depend on each other for approval. 3. This isn't the only functionality issue I have had with the app. This summer I was trying to make payments using debit card and the functionally was broken for months even though they advertised it.. I had to provide payment info over emails many times to reps so they could run it manually which was completely insecure and unprofessional. 4. XXXX XXXX loan amounts change constantly and are inconsistent, putting borrowers in dyer financial situations when they can not reborrow the same amounts from the previous week. This does not help build financial stability as marketed, instead causing financial distress and putting borrowers in unmanageable situations.
Frequently Asked Questions
What is Complaint #6756950 about?
Complaint #6756950 was filed against Moneylion 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 2023-03-27T12:00:00-05:00.
How did Moneylion 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 Moneylion INC.?
Yes, visit the Moneylion INC. company profile at readthecomplaint.com/company/moneylion-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.