Consumer complaint received 2023-08-11
Company: Quick Bridge Funding, LLC
State: NV
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX made contact with XXXX XXXX on XX/XX/XXXX of XXXX for a possible loan agreement. XXXX received a message about a possible loan amount and as we didn't need that much of a loan. XXXX agreed to a {$10000.00} loan amount. 

XXXX has made 8 payments and at that point was called by XXXX XXXX another account manager to see if we needed more money. We didn't like the calls of asking us for more loan. So XXXX just wanted to pay off the balance owed which is {$7100.00} after making 8 payments weekly of {$350.00}. 

on XX/XX/XXXX XXXX XXXX looked at the Loan account and noticed there's a problem in this loan with unexpected fees that were not disclosed or clear, Fees are total to 50 % of the loan received. Even the XXXX looking at the loan Agreement which DOESNT MAKE SENSE if the loan Amont is {$10000.00} why is the purchase price {$15000.00}, ( is XXXX question ) What is the {$5000.00} in fees as we asked our Account manager XXXX XXXX XXXX which he really had no idea why the fees are so high and just responded with his standard term or language all reps have to state. 

Half of the amount of the loan look to be fees and interest/APR compounded which have a statute of limitations of fees. XXXX was going to make a full payment to close off the loan in great standings on XX/XX/XXXX but was shocked to see we have to actually pay {$12000.00} when we asked our Account manager XXXX he had implied we will be getting a discount to {$12000.00}. Why would they apply such a large discount? 

XXXX tried to pay the account off, in good standing but Quick Bridge denied the acceptance of receiving the true account balance owed of {$7100.00}, XXXX applied a Stop payment on this Lender. As a Consumer we feel like a victim to Fraud or overreach as no one can answer why is there {$5000.00} in fees applied to XXXX? To Protect the company assets and expenses we applied a stop payment until we resolve this matter as XXXX just want to pay off the loan in the correct amount on XX/XX/XXXX and on XX/XX/XXXX. 

On XX/XX/XXXX XXXX from XXXX XXXX responded via email we will not accept your payment. And implied i will be dealing with their attorneys. Here is a copy of the email from XXXXXXXX XXXX XXXX XXXX XXXX XXXX made contact with XXXX XXXX on XX/XX/XXXX of XXXX for a possible loan agreement. XXXX received a message about a possible loan amount and as we didn't need that much of a loan. XXXX agreed to a {$10000.00} loan amount. 

XXXX has made 8 payments and at that point was called by XXXX XXXX another account manager to see if we needed more money. We didn't like the calls of asking us for more loan. So XXXX just wanted to pay off the balance owed which is {$7100.00} after making 8 payments weekly of {$350.00}. 

on XX/XX/XXXX XXXX XXXX looked at the Loan account and noticed there's a problem in this loan with unexpected fees not disclosed that are totaled to 50 % of the loan received as a buyer to the loan. Even the XXXX looking at the loan Agreement which DOESNT MAKE SENSE if the loan Amont is {$10000.00} why is the purchase price {$15000.00} What is the {$5000.00} in fees as we asked our Account manager XXXX XXXX XXXX which he really had no idea why the fees are so high and just responded with some term or language all reps have to say. Half of the amount of the loan look to be fees and interest/APR which have a statute of limitations of fees. XXXX was going to make a full payment to close off the loan in great standings on XX/XX/XXXX but was shocked to see we have to actually pay {$12000.00} when we asked our Account manager XXXX, he had implied we will be getting a discount to {$12000.00}. Why would they apply such a large discount? 

XXXX tried to pay the account off, in good standing but Quick Bridge denied the acceptance of receiving the true account balance owed of {$7100.00}, XXXX applied a Stop payment on this Lender as a Consumer we feel like a victim to Fraud or overreach as no one can answer why is there {$5000.00} in fees applied to XXXX To Protect the company assets and expenses we applied a stop payment until we resolve this matter as XXXX just want to pay off the loan in the correct amount on XX/XX/XXXX and on XX/XX/XXXX. 

On XX/XX/XXXX XXXX from XXXX XXXX responded via email we will not accept your payment. And implied we will be speaking to our legal team. 

Email copied and pasted all below. 

Hello, Thank you for your email. I am unsure of the conversation you had with XXXX and XXXX, this contract is a future receivables purchase and sales agreement. There is the purchase price of {$10000.00} and a purchased amount, which will be turned over to QuickBridge in the amount of {$15000.00}. Your remittance due weekly, every Tuesday is {$350.00}. The processing fee is a one time fee and is not included in the repayment of the contract.

The 4 % retrieval rate is what we use to generate your weekly remittance, based on your business revenue. 4 % of you revenue is what will be paid to QuickBridge weekly. Currently the balance remaining on this contract is {$12000.00}. Your agreement is still in range for a discount, but do to the breach of the agreement - stop pay - you do not qualify for this discount. 

We will not accept your offer of {$7100.00}, as you are still responsible for the remaining {$5000.00}. If you do not wish to lift the stop pay, or provide your statements requested, we will escalate the contract to our legal team for further litigation. 

Regards, XXXX

Company public response: Company believes the complaint is the result of a misunderstanding
Company response to consumer: Closed with explanation