Consumer complaint received 2022-04-15
Company: MoneyLion Inc.
State: IL
Product: Payday loan, title loan, or personal loan
Sub-product: Payday loan
Issue: Can't stop withdrawals from your bank account

Complaint:
XX/XX/2021 I signed up for a Money Lion , Inc. account and got an XXXX advance that was to be paid back on payday. It came with a fee everytime/plus tip. In XX/XX/2021 they sent me an option to take a credit builder plus loan for {$1100.00}. I did take the offer, but was not aware they only give you {$300.00} of the money then you pay {$44.00} every two weeks towards this loan and at the end once you pay it off you get the reserve which is {$700.00}. 
A few times I was charged {$9.00} for a membership fee three times in one month. The charges were at different times which is confusing. 
I paid in XXXX, XXXX, XXXX, XXXX when towards the end of XXXX I got into some financial troubles I notified them they still charged me. They kept running my XXXX bank account. I was charged over draft fees that result in XXXX of dollars. I have to contact CFPB to submit a claim against XXXX for the excessive overdraft. While the bank was working with me MoneyLion was still trying to charge me money. 

I closed my XXXX Bank account and notified Money Lion, LLC. I was told I could pay off the XXXX  outstanding by mailing a check for {$290.00} and the Credit Builder Loan I could pay {$80.00} which would be the amount left over from what I paid. So I paid XXXX between XXXX, XXXX, XXXX, XXXX and since I only got {$300.00} for the Credit Builder loan I could pay {$80.00} to settle the account. 
A few days later I reached out to reconfirm the address in Utah I was given and was told for the Instacash payment I could only do that through a checking account online. I was nervous about giving them my information b/c I already had my account basically hijacked by them. I had double fee charges and overdraft b/c they kept taking or attempting to take out money for several month. 
I was told I could use XXXX  I loaded money to pay {$200.00} or the {$290.00} to pay Instacash. I paid them then while waiting for the rest of the XXXX to transfer in to pay that off they have tried to process transactions one for {$44.00} for the credit builder loan and another for XXXX. Both were declined. So it is more stress even with a new account it's like ML electronically hijacks it. 
I understand for them to process a payment I had to agree to let them charge for that transaction but I do not think they should charge my account when they feel like it. I was charged for several money with my XXXX XXXX  account for overdraft fees due to this. 
I am so stressed out by this company. They basically try to charge when they feel like it. Plus the Credit Builder Loan was shady I have never experienced a company giving {$300.00} of a {$1100.00} loan then making you pay the full amount then you get the {$700.00} in reserve. 
Resolution : My transfer for {$91.00} should come through in XXXX days I want to pay off my XXXX to Money Lion that is what was left over from that. 
Also, as far as the Credit Builder Loan I no longer want the {$700.00} in reserve with all the overdraft fees and problems I just want to pay off the money I actually got of that loan which was {$300.00} in my XXXX Bank account. I have already paid them {$220.00} which leaves {$80.00}. After pay the XXXX of {$91.00} and Credit Builder Loan I was to be entirely done with this company I never want another company hijacking my account again. I was already in a bad situation for a time then once I was able to pull myself out a little this is what they do.

Company response to consumer: Closed with explanation