Consumer complaint received 2020-10-08
Company: Duvera Billing Services, LLC
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
I want to start out this complaint by stating, I had a friend help me write this complaint. I'm writing to complain about the interest rate of : APR of 95.97 %, I was to be charged on a personal loan. Yes, that's correct, and not a typo. 

I went to XXXX XXXX, at XXXX XXXX XXXX XXXX, XXXX, CA, on XX/XX/XXXX, to get a new XXXX XXXX. I was told this would cost {$2200.00}. Being I didn't have this amount, I was ready to leave. A XXXX representative, XXXX, told me about, " XXXX XXXX, '' and sent me their website via my email address, on my phone. XXXX XXXX XXXX  When I got home, I visited the website, and tried to fill out all the information required, but it didn't go through. I called XXXX to let him know this, and XXXX let me know it did not go through for him either, when he tried. 

XXXX asked me when are you going to come get your car? '' ( This was before any work was done. ) I told XXXX I'd call him back, because I planned to call XXXX XXXX. 

When I spoke to an XXXX XXXX customer service rep, she was able to get the information through. It hadn't gone through before because I had provided a XXXX  XXXX address, and not a physical address. The XXXX XXXX rep sent the contract to me, to my email address, over the phone. 

I was to sign this contract online, though I was unable to do so on my phone. The next day ; XX/XX/XXXX, I went back to XXXX, and spoke with XXXX again on XX/XX/XXXX. XXXX and I, started to finalize the contract. At this point was when XXXX and I discovered I was NOT able to sign the contract online, on my phone, even with his help. 

Then XXXX went onto his computer, and I was still NOT able to sign the XXXX XXXX   contract through the use of XXXX 's computer. Then he made paper copies of this contract, which I signed, but XXXX did NOT give me a paper copy. The only paper copy I received, was relating to the work done on my car, the initial down payment I made, but nothing about the XXXX XXXX contract. 

The next day, XX/XX/XXXX, I went over to a friend 's house, and she asked to look over the contract from, " XXXX XXXX '' on my phone. When she saw the APR of 95.97 %, on the money to be financed to me, she thought this was a typo and the the XXXX XXXX   contract meant 9.597 %. 

She called them, and was told, " No, that's NOT a typo, the APR is 95.97 %. '' My friend said, " That's a predatory loan, which is higher than I have ever heard of before! '' The XXXX XXXX rep replied, " It's perfectly legal. '' My friend replied, " It may be legal, but it's not ethical. '' Then my friend said, " He'd like to pay off the loan in full right now, over the phone. '' We were told by the XXXX XXXX rep, " You're not in the system yet. When you are, then you can make a payment. It takes 72 hours for it to become available to access your information. '' On XX/XX/XXXX, XXXX thought it would suffice for me to just sign the paper documents, but this was not the case, as I just learned this on ; XX/XX/XXXX, when I spoke with another XXXX rep. On XX/XX/XXXX, I was told, the XXXX contract would NOT be valid, until the e-sign signature, went into the computer system I went in and paid off the balance in full, at XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX, CA, after I spoke to an XXXX rep on XX/XX/XXXX. The XXXX rep on the phone said, " Technically there weren't loan documents to be processed, because, you were unable to e-sign the contract sent to you by XXXX finance. '' My question is : Is it legal, to charged a 95.97 % APR? 
This exorbitant rate I was to be charged, is also my complaint : 95.97 % I'm fearful this will happen to other people. My down payment was {$170.00}, Total Purchase Price USD {$2200.00}, Amount financed : {$2000.00}. Payment frequency : Biweekly, every two weeks. Number of payments : 52. APR 95.97 % Payment Amount : {$92.00}. Date of first payment : XX/XX/XXXX, XXXX XXXX XXXX : XX/XX/XXXX Please see attached photo for the terms of my contract.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation