Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #8278538
Complaint Overview
Complaint ID: 8278538
Company: Select Management Resources, LLC
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Title loan
Issue: Charged fees or interest you didn't expect
State: Texas
ZIP Code: XXXXX
Date Received: 2024-02-03T12:00:00-05:00
Date Sent to Company: 2024-02-03T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Subject : Complaint Against Wilshire Financial for Predatory Lending Practices Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against Loan Star Title/Wellshire Financial Services on behalf of XXXX XXXX XXXX On XX/XX/2023, XXXX XXXX unknowingly entered into a predatory lending contract with the company, which has led to unfair and deceptive practices that violate her rights as a consumer. Loan Star Title/Wellshire Financial has violated Section 83.501 Maximum Interest Charge XXXX XXXX Code 342.01 ( a ) and Finance Code Chapter 302, which state that the maximum rate or amount of interest is 10 % per year. They have also violated Texas usury protection laws, as the Texas Constitution prohibits lenders from charging more than 10 percent interest ( Article 16, Section 11 ). Contracts without a rate of interest agreed upon should not exceed 6 %, and this section also limits interest rates on judgments to 18 %. This company has over 100 complaints regarding predatory lending and unfair deceptive practices. During our investigation, we found numerous consumer reports stating that the company is preying on the vulnerability of consumers in need, asking intrusive questions about their circumstances to exploit their desperation. In In XXXX XXXX case, they are charging her an interest rate of 320.4627 %, which is illegal according to Texas lending laws and the Texas Constitution. This predatory interest rate sets consumers up for failure, as many Americans are already struggling financially. With no hope for repayment and no hope for the consumer to ever retrieve their vehicle, we believe that this company is acting maliciously and causing harm. We are prepared to pursue a class-action lawsuit if the matters stated in this complaint are not addressed. As XXXX XXXX was coerced into signing an illegal contract and the company has forged consumer signatures on documents, this We have included the attorney generals office and the lenders association in this complaint. We do not seek to harm or defame the character or business practices of Wellshire Financial. Instead, we demand that all monies given be returned to XXXX XXXX XXXX, the predatory agreement be canceled, XXXX XXXX be compensated for damages and awarded {$10000.00}, and the title be returned. We also request proof of ownership of how the company obtained the loan, the actual cash value of the loan, and records of legal tender. We await your response and look forward to reaching a settlement agreement that resolves the issues outlined in this complaint. Attatched Below is the complete complaint for your review.
Frequently Asked Questions
What is Complaint #8278538 about?
Complaint #8278538 was filed against Select Management Resources, LLC regarding Payday loan, title loan, personal loan, or advance loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2024-02-03T12:00:00-05:00.
How did Select Management Resources, LLC respond to this complaint?
The company responded with: "Closed with non-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 Select Management Resources, LLC?
Yes, visit the Select Management Resources, LLC company profile at readthecomplaint.com/company/select-management-resources-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.