Consumer complaint received 2022-09-05
Company: Essential Lending Inc
State: TX
Product: Payday loan, title loan, or personal loan
Sub-product: Payday loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
XX/XX/XXXX received an email preapproved for small loan, applied for XXXX. After completing info online didn't understand the agreement as the terms werent not listed online. per site All we need is your signature on the Loan Agreement. I called the no Wise Loan/Essential Lending, Inc.XXXX & on hold for over 30 min as a new customer, I hung up called again on hold over 50. I hung up, online it shows you're approved, funds in your act by XXXX XXXX as it was approx XXXX cst. I went back online and chatted to let them know couldn't reach anyone, don't understand the terms, she's says you're approved for XXXX, I said I don't want XXXX, I want XXXX and where are the terms online, due date, rate? She said you already signed and approved. The next min I received a separate email ( Cust Ser Response ) Congratulations with 2 attachments XX/XX/XXXX at XXXX, notice the contract date is XX/XX/XXXX and fees start on this date ; also notice AMOUNT Financed and amount GIVEN Directly to me : {$400.00}. Funds were deposited that day after XXXX not by XXXXXXXX XXXX. First pmt due XX/XX/XXXX, APR 799 %, in 6 months total pmts = $ XXXXCFPB how is this legal? A lender can charge over 100 % rate, not a dime goes to interest or so called rip off fee " CSO '' *I noticed immediately as I sent email to them regarding the errors. DATE, amt financed, and the APR, total of pmts didn't sound right and incorrect. Went back and forth via email with this unprofessional rude, incompetent reps, refuse to answer the phone line, chat dysfunction no longer working after loan approval. Contracts do not shows first payment due XX/XX/XXXX. I suddenly receive an email XXXX indicating my first payment due " friendly reminder that you have a payment coming up in a few days '' -no where on either agreement this info was stated nor online. Nothing but a SCAM. being forced to pay amount while its Undisclosed online. See attached along with website, no tabs showing contract agmt, XXXX date, rate, etc. Most tabs don't open, receive a separate email to log in and dysfunctional indicates wrong password after entering correct password. Mo info re how to payoff loan as made multiple attempts to pay off loan since Friday XXXX as site would not allow me to sign in, I tried to reach this comp on XXXX XXXX and spoke with XXXX she REFUSED to tell me how to pay it off and said to call tomorrow. The reps cant answer any of your questions nor able to provide where this info is located online as its not online. This is unfair to me not being able to pay off this loan and with the excessively HIGH fees and 800 % rate daily is outrageous! Now I'm having to run this company down to figure out how to pay off early is flat out wrong. I shouldn't have to pay this company a dime due to the multiple violations. Due to their incompetence and dysfunctional website, refuse to connect, outrageous terms and excessive rate I request for this company to remove the full debt owed immediately. See docs attached

Company response to consumer: Closed with explanation