Consumer complaint received 2019-08-02
Company: Tribal Lending Enterprise, Inc.
State: SC
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
Due to my financial challenges despite having multiple jobs, I have been under-employed as single father of XXXX for well over a year. 

Earlier this year, when I was stressed and out of options how I was going to make the rent payment, I made a loan request via Golden Valley Lending. 

I did so both online and via the phone. The loan representative told and I prodded him to do so that they " pay back '' on the {$900.00} was going to {$2000.00} if I paid them via checking account deduction at the beginning and middle of each month. 

Of course I realized even then that this was a obscene amount of interest, but again I was out of options and hopeful that one of the full time positions with a higher, predictable salary would be happening soon. 

While the position I hoped to get did not happen yet, I was unable to pay back the loan faster which would have reduced some of the inflated interest. 

However, I did have payments deducted from my account that were paid consistently at the start and middle of each month. 

PROBLEM / COMPLAINT / FRAUD : The issue on how this company preys on customers came to light earlier this week when I called their toll free number and spoke with " XXXX ''. I told her my account should be nearly paid off and asked what she showed as the total of my payments on the {$900.00} loan. XXXX told me I had paid {$2500.00}. 

I was very surprised and said that the total installment payback on this loan was to be {$2000.00}. Why have you exceeded this by almost {$600.00}? 

Furthermore, XXXX said the system showed they were making ANOTHER payment deduction from my checking account at the first of XXXX ... In other words, this lender gets access to a customer account and continues taking money until someone calls them out on their fraudulent behavior. 

Yes, I say fraud because anyone can make a mistake. However, it is fraud when you choose to not correct the error. 

XXXX told me the best she could do was close my account " as is '', with me having been charged almost {$600.00} beyond the agreed upon total payback. 

I said I understood she may not authority to correct this error, but that I needed to speak to a Manager. 

After waiting on the phone, " XXXX '' did get on the phone with me. I again explained to her what had happened. 

She did apologize for the problem, but said she did not think she could re-pay me the full amount I had been over-charged. However, she did say she would : 1 ) email me that day that my account was closed and paid in full ; and 2 ) that the most recent payment of {$180.00} would be returned to my checking account. 

As I was I had to report to work for my 2nd job at this time, I asked XXXX that she please do what she had said. 

While I have received the email saying my loan is now closed and 2 days later I did receive the {$180.00} -- I have still been over-charged {$400.00}. 

I have written a request to my US Senator XXXX XXXX and asked if his office can provide any assistance or legislation so that this so called Lenders can make a profit but not be allowed to get away with such outright fraud. 

I also am making this CFPB complaint as I hope your Agency will take a very close look at Golden Valley Lending and the many scammers like them. I can not begin to add up the number of text and email messages I get every single day from bad lenders who clearly run the same scam ... They all say " my application was approved '' ... and that " my funds are ready ''. 

Life is hard enough when you are living near poverty level even while working 7 days a week. That there is an entire industry of these XXXX that do nothing but prey on the desperation of people with financial difficulties ... .well, I hope something can be done.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation