Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #8281568
Complaint Overview
Complaint ID: 8281568
Company: Flexshopper, INC
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: Florida
ZIP Code: 33319
Date Received: 2024-02-04T12:00:00-05:00
Date Sent to Company: 2024-02-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
The company advertises the same as cash price. They will lend you the money to purchase an item. Then they deduct the amount out of your checking account for the 90 days. I was fine with that, and when I continued seeing the money deducted from my account. I was told that it was just a payment that they take from your account, and you have to pay extra to pay it off before 90 days. After 90 days they charge you 65 % of the loan amount. This is fraudulent. Nowhere in the XXXX should a XXXX rate be legal. What are the payments for, and why take any money out of my account if it is not enough to pay off the loan in 90 days? The payment amount they took out of my account weekly I figured would cover the loan amount in the 90 days. They did not take enough out weekly to allow them to charge this 65 % interest rate. Never did they notify me, and stated the 90 days are near and you will owe the interest 65 % rate. The agreement is deceptive and fraudulent. My original loan was for XXXX, and they were taking out {$83.00} every week. Now because the loan did not get paid off in 90 days. I will have to pay an additional $ XXXX called the company and was given some poor excuse on how they handle the loan. They do not contact you, the advertisement of 90 days same as cash is not clear. The amount they take out of your account not stated that it will not cover you loan an amount. Even if it was 65 % interest amount how can you charge that on a balance that has been decreased from the original amount of the loan. 90 days I would have had a balance of {$600.00} or less. The 65 % will still be an extremely abnormal interest rate. They have the employees in the stores promote this and then customers are scammed into this loan agreement. I could have purchased this on my credit card and never paid that much interest. My original Loan was XX/XX/year> Company Flexshopper, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX XXXX
Frequently Asked Questions
What is Complaint #8281568 about?
Complaint #8281568 was filed against Flexshopper, INC 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 2024-02-04T12:00:00-05:00.
How did Flexshopper, 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, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Flexshopper, INC?
Yes, visit the Flexshopper, INC company profile at readthecomplaint.com/company/flexshopper-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.