Consumer complaint received 2023-09-29
Company: Bright Capital Inc
State: FL
Product: Payday loan, title loan, personal loan, or advance loan
Sub-product: Personal line of credit
Issue: Getting a line of credit

Complaint:
There was an online advertisement they help consumers get out of debt and help rebuild your credit at the same time. The company claims they will give you a small loan of {$50.00} that you pay back via autodraft from your checking account in increments of {$10.00} dollars per month. XXXX claims they will report the on time payments to the credit bureaus to help build your credit. After the {$50.00} dollars is paid off in five months, the company advertises that a you will unlock up to {$8000.00} balance transfer card so you can consolidate your credit card accounts and pay off debt. The company advertises a monthly fee of about XXXX per month that is autodrafted for membership. However, XXXX drafted approx XXXX dollars at one time from my checking account, which was a surprise because I thought they were going to take out monthly payments. They consumers download their app and you enter your checking account information and social security number to link your checking account for the autodraft. They also pull your credit report and link your credit reports to your profile on their app.The app shows a running balance of what consumers have in their checking account and populates some of the credit cards showing on the credit report and those balances. My monthly payment of XXXX dollars was supposed to debit around the 17th of each month. When the payment did not debit, I contacted XXXX to ask them why. It seems like they have a bot that responds and claim they will get back to you with the answer via email. After they were not able to explain why my monthly payments were not coming out I got frustrated and asked how can I cancel the account. I got a response via email on steps to cancel but the email did not address how I would received the XXXX dollars back for the membership fee. I really did not want to cancel because I wanted the product and service they advertise so I can get the up to {$8000.00} balance transfer after 5 on time payments. So I asked again in customer service about 3 more times on different days when my monthly payment was coming out and why my first payment was not debited. They then sent me another email on how to cancel my account without addressing the problem. I then contacted them again stating I would inform the CFPB if I did not get an answer and they never responded to me after that. I then read some complaints online from other users that had problems with XXXX. Now I have to call my bank and dispute the ACH for XXXX dollars and place a stop payment against any potential future debits from this company. Not to mention they have all of my persoan information including address, phone number, email, credit report info and bank account balance. I feel violated from their deceptive practices. It seems as if they are aiming to profit from the XXXX dollar fee they charge up front and then fail to follow through on the services and product they advertise. If one million consumers sign up for their service, they easily make XXXX XXXX dollars without having to do anything else other than keep their app platform running as a front.

Company response to consumer: Closed with explanation