Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #7336580
Complaint Overview
Complaint ID: 7336580
Company: Paramount Gr Holdings, LLC
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: Texas
ZIP Code: 77493
Date Received: 2023-08-01T12:00:00-05:00
Date Sent to Company: 2023-08-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
Goodleap was the financing partner of the solar company we chose to provide and install our solar panels ( through XXXX and XXXX ). While we were surprised at the high installation cost vs. product cost, we decided to proceed as we could see the overall benefits of having solar energy collection. Our interest rate was 1.99 % over a 25 year term, which we found favorable. After 10 months of {$230.00} per month payments, I checked on the website to see what our new principal amount was, as I wanted to consider paying off my debt. I was shocked to see that the principal reduced only {$1000.00}, after submitting {$2300.00} in payments. I reached out via email, and was provided an answer that my rate is distributed daily, equalling {$4.00} per day. Basically what they are doing is front loading the interest, which decreases according to the remaining principal. So out of a {$230.00} payment, less than half was being applied to my principal! This was never disclosed to me, as they provide a sum for the total interest paid over the loan as well as the rate and payment, but no disclosures regarding how it is amortized. I can see why there are so many complaints here, as well as across the internet, about Goodleap 's shady practices. My only hope is to find the means to pay them off and warn everyone I know about them. Being a XXXX with a far reach, I hope to avert this same situation to occur for others.
Frequently Asked Questions
What is Complaint #7336580 about?
Complaint #7336580 was filed against Paramount Gr Holdings, LLC 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 2023-08-01T12:00:00-05:00.
How did Paramount Gr Holdings, LLC 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 Paramount Gr Holdings, LLC?
Yes, visit the Paramount Gr Holdings, LLC company profile at readthecomplaint.com/company/paramount-gr-holdings-llc 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.