Consumer complaint received 2020-03-12
Company: BlueChip Financial
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Payday loan
Issue: Charged fees or interest you didn't expect

Complaint:
Dear Sir/Madam, My name is XXXX XXXX XXXX. 
On or around XX/XX/XXXX - I experienced a financial emergency deficit. I needed to find {$400.00} ASAP to pay for an unexpected household expense. 
Please note that I am a hard-working USA and State of Florida Citizen. 
I work XXXX in XXXX as I hold a degree as a XXXX XXXX XXXX, here in the state of Florida. 
I am also a financially struggling single mother ; fully supporting myself, ( XXXX  ) teenagers and ( XXXX  ) XXXX   college student. 
I was granted a loan with Spotloan on the website : spotloan.com for {$400.00} on or around the date of XX/XX/XXXX. 
I unknowingly agreed to Spotloan 's unscrupulous and predatory lending practices. I have later learned that I agreed by signing their aggreement for the loan ; that their fees and interest of 490 % were all supposedly outlined therinwithin the fine-print of theSpotloan loan-agreement. 
I would have never knowingly agreed to such predatory lending terms supposedly listed supposedly listed within the terms tof their agreement. Such that would subject me to such outlandish and outright criminal lending practices as you will be intrioduced to below.

I believe Spotloan to be in violation of the Florida and Federal predatory loan practices. 
I know that these laws were established to protect hard-working, even single-mothers such as myself. Along with many other hard-working American/Florida Citizens, who may fall on financial hardships and need temporary relief. 
I have been and continue to be charged exorbitant fees and interest charges by Spotloan. 
I will never be able to pay off this Spotloan with their current rate and fees - for repayment of my {$400.00} loan. 
I am continously being charged with outlandish fees and an insane rate of interest charges - by Spotloan. 
The additional, exorbitant amounts of unethical charges are believed to be illegal fees. All of which are accompanied by an unrealistic interest rate of interest on my Spotloan of 490 %. 
I have paid a total of {$670.00} that has automatically been withdrawn out of my personal XXXX XXXX  Checking Account. 
The multiple withdrawals by Spotloan have been ongoing for over a several of months now - against my permission. 
I have requested that Spotloan stop charging my XXXX XXXX Checking Account - and to stop charging me the interest rate of 490 % and all of their miscellaneous fees. 
I had the most recent phone conversation with Spotloan ; that took place on XX/XX/XXXX - after becoming aware that I owe Spotloan a balance of over twice the original amount borrowed. Which is now a balance of over {$800.00} on my original loan of {$400.00}. 
The Spotloan representative acknowledged that I have made a total of {$670.00} in payments. This loan was originated for the amount of {$400.00} -back around XX/XX/XXXX. All of my payments that I have paid Spotloan thus far - have accumulated to the amount of a total paid to Spotloan = {$670.00}. 
None of the {$670.00} that I have paid to Spotloan has paid down ANY of my original loan principal of original amount of {$400.00}. All of the {$670.00} that I have paid to Spotloan to-date, has been applied to fees and interest charges to Spotloan. Spotloan states that I still owe them over {$800.00}, according to their added fees and interest charges. None of my payments have been applied to my original principal loan of {$400.00}! 
Obviously, all of my payments that I made in good-faith to Spotloan were failed attempts to repay my original loan to Spotloan for {$400.00}. 
I have most recently spoken with XXXX - a phone representative at Spotloan to attempt to close my account with Spotloan. I also requested that Spotloan stop debiting my XXXX XXXX Checking Account - any further charges. 
I had a conversation that took place on XX/XX/XXXX after being made aware that the amount still owed on my Spotloan was over {$800.00} ; after making a total of {$670.00} in payments in attempts to repay my original loan for {$400.00}. 
I informed XXXX at Spotloan that I know that this company - Spotloan is guilty of predatory loan abuse. I also told XXXX that his company was most likely guilty of issuing and collecting illegal Florida Predatory Loans. 
I would hope that the predatory lending laws designed to protect folks like me against this type of unscrupulous lending ; will help determine whether justice would be served in my case with Spotloan. 
I personally am convinced that Spotloan is guilty of many different crimes that may fall under the laws governing usury crimes. I request that Spotloan be intensely investigated and scrutinized under all of the FTC 's - Federal Lending Laws. 
XXXX only could tell me that all he could do was to escalate my call to his Supervisor. He informed me that he would have someone call me back the next business day - as the Supervisor was gone for the day - XX/XX/XXXX. 
I would like to formally utilize this instrument ; as my filing an official complaint here with Consumer Finance - to hopefully rid myself of such extrapolating debt. 
I also wish to warn and help others from becoming victimized by such predatory lenders, with such exorbitant and extra high-interest rates of 490 %. 
Ultimately, I would like to have my loan with Spotloan XXXX  out completely. 
I would demand that I have nothing negative entered into any credit bureaus. 
I would also further demand that no additional money/payments be deducted automatically from my XXXX XXXX  Account. 
Concluding demand is that no further collection actions be brought against me by Spotloan, please. 
I am requesting your Consumer Finance Department to assist me with my request - as related specifically to the predatory loan that I obtained unknowingly, that was issued by Spotloan and paid back to Spotloan - {$400.00} PIF with an additional {$270.00} in fees and interest. 
Spotoan claims that my current balance on this date of XX/XX/XXXX is over {$800.00} - which is twice the amount I originally borrowed from Spotloan. Again, not including the fees and interest that I have already paid of {$270.00}. 

Please advise me of my legal rights due to these predatory loan practices here in Florida. 

Guilty Predatory Loan Issuer is Spotloan.com https : //www.Spotloan.com Spotloan Phone # XXXX Spotloan Collection Department XXXX XXXX Spotloan Relationship Manager - XXXX Petitioner personal and confidential contact info is : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX , FL XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation