Payday loan, title loan, personal loan, or advance loan -- Problem with the payoff process at the end of the loan -- Complaint #8075105
Complaint Overview
Complaint ID: 8075105
Company: Solo Funds INC.
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Payday loan
Issue: Problem with the payoff process at the end of the loan
State: District of Columbia
ZIP Code: 20002
Date Received: 2023-12-28T12:00:00-05:00
Date Sent to Company: 2023-12-28T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/2023, I borrowed {$400.00} from the Solo Funds App. The loan was approved but with stipulations. In order to revive the loan I had to tip the lender and I had to leave a tip for Solo funds in the amount of between 7-10 %. I requested the loan be deposited into my account via ACH. I also selected that I could repay my loan within 15 days. This means the due date would be tomorrow XXXX The issue I have is that once I request the loan and it was approved o was told I would receive the funds in 1-2 business days. Unfortunately I didnt receive the funds until XX/XX/ late at night. This date was 8 days passed the agreed loan funding date. To make matters worse, solo funds explained when I reached out that the funds were severely delayed because they were having issues and so was their banking partner. I didnt know this until I reached out and complained. It only were they not forthcoming about having issues but they also didnt notify the lender that I had not actually received my funds yet. By the time I did get my loan, I would have only 7 days to pay it back. I asked to get a due date extension since the loan funds being delayed were not my fault. Solo stated and admitted that it was their error and their banking partners error. They refuse to extend the due date and tomorrow if I do not pay i will be reported to the credit bureau and I will be charged daily late fees.
Frequently Asked Questions
What is Complaint #8075105 about?
Complaint #8075105 was filed against Solo Funds INC. regarding Payday loan, title loan, personal loan, or advance loan specifically about Problem with the payoff process at the end of the loan. It was received by the CFPB on 2023-12-28T12:00:00-05:00.
How did Solo Funds INC. respond to this complaint?
The company responded with: "Closed with monetary relief". 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, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Solo Funds INC.?
Yes, visit the Solo Funds INC. company profile at readthecomplaint.com/company/solo-funds-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.