Consumer complaint received 2020-10-13
Company: MoneyLion Inc.
State: CO
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
Moneylion has what is called a credit builder loan, that is the amount of {$500.00}, of which {$400.00} is the credit reserve. So you are given a {$100.00} up front. I am having an issue trying to pay off the amount minus the credit reserve because of several payments being rejected by  XXXX XXXX  due to my checking account being closed for fraud. Someone hacked my bank account. 

I also called Moneylion in the past because of this fact to not run any more payments from that XXXX XXXX account, because Moneylion does not allow my credit union as a back up bank, as many banks do not  support PLAID. And Moneylion will not allow a post office box for a billing address, of which many people use because of protection. So I can not use my debit card to pay anything with Moneylion, in this regard. They will not allow it ... THIS IS WRONG! 

I spent hours on the phone and chat with Moneylion trying to get the actual amount, and I was being told several different stories and amounts. Then when I finally get a supervisor, who I could barely understand, she talked over me, and just gave me a bunch of excuses and policy that did not solve, in any way my situation, which I was trying to be as simple as possible. 

She obviously did not take the time to listen to all my calls and hear my frustrations, and said things like " you signed this '', and " that is the way all loans work '', etc., which in this case is NOT true. I have had loans with a bank, and I would NEVER be treated this way!!! Not all types of loans work this way. And she later agreed with me on that. 

And the fact in the past I told Moneylion my bank account was frozen, and would not be unfrozen until a legal investigation against whomever hacked my account was done. Also, as I said, Moneylion uses what is  called XXXX, and many bank accounts do not qualify. 

Originally, I wanted their Moneylion {$1000.00} loan, and they stopped doing that when the covid19 stuff happened way back in XXXX to XXXX. So I realized after all these problems with Moneylion, I got the XXXX XXXX  account for nothing in the first place, after I found that out. Then when I did this loan, I did not realize it was not a regular type loan where I get all the money up front, because I have never seen any bank even do this type of loan. I had already signed, so I was stuck with it. Then today when I talked to a representative over the phone, which was almost one hour, before I ever got to a supervisor, he said he could not get a supervisor for another 1 to 2 hours. I told him he needs to get a supervisor now and to quit waiting my time.
Finally, a woman supervisor gets on the phone, who i had to tell numerous times I could barely hear her, and to get off speakerphone or whatever. She said in order for her to get the remaining balance owed so that I can use the credit reserve, she has to do it in incremental payments to cover " missed '' payments, because of credit reporting, which is not relevant or logical to the customer, and we don't need this headache! 

instead of just doing the XXXX ( and the rep said I also had to pay XXXX cents on top of that to use the credit reserve after that ... .because they could not even process the payment in this regard..totally unprofessional and off the wall!!! And until XXXX is fully gone, you get all kinds of people when you call in that are not even from America, so it is so frustrating!!! ) Going back to the supervisor call, I needed to be able to hear clearly. The call then dropped, and I was cut off. About 15 minutes later she called me back.

So now she has to submit 3 payments of {$20.00} and the remainder to  make the {$73.00} to the XXXX XXXX  account that I was able to finally get reopened after the fraud protection was added to my XXXX XXXX  account, and all dangers were cleared ( almost 5 weeks before it was reopened, because to pay off this loan I could not use my credit union ).

After the payments are cleared, I can FINALLY use the credit reserve to pay off the loan and get out of this horrendous disgusting mess with Moneylion!!! ... the supervisor was absolutely no-empathetical..saying " sorry, but that is the way the system and Moneylion is '', over and over ... NOT a good company! DO NOT EVER USE MONEYLION!

Company response to consumer: Closed with explanation