Consumer complaint received 2016-06-03
Company: Big Picture Loans, LLC
State: MA
Product: Payday loan
Issue: Charged fees or interest I didn't expect

Complaint:
On XX/XX/2016 I applied for a loan on ( bigpictureloans.com ) XXXX. XXXX XXXX, XXXX, MI XXXX in the amount of {$800.00} from a company named Big Picture Loans .On XX/XX/2016 I received an email saying that I was approved for the loan and that and my funds are on the way to be deposited to my checking account.On XX/XX/2016 a deposit was made into my account for {$800.00} from Big Picture Loans.Now the loan was for {$800.00} and they said that the finance charge is only going to be for {$200.00} so I said when they called me that it was only going to come out to a total of {$1000.00} for everything so I was being charged {$200.00} for borrowing {$800.00}. So on XX/XX/2016 they took out {$200.00} from my checking account, which I was okay with. On XX/XX/2016 I get a text stating that a payment was processed on your account recently.If you have any questions please call us at XXXX. So I go on-line to my account at bigpictureloans.com and logged in and then I called them to ask why I received the text when my next scheduled payment is n't until XX/XX/2016.So I asked for more information about my loan and he told me that I have to pay {$200.00} for five payments before I start paying off my {$800.00} loan.I said what so I am paying more than the {$200.00} for the loan he says yes you are.. I said no I will pay it off completely today he said that I ca n't I have to give 3 days notice before my next scheduled payment is due. I said that today is XX/XX/XXXX and its before my next scheduled date of XX/XX/XXXX so I am informing you now that I am going to pay it off today for the amount of {$800.00} since they have already taken the agreeable {$200.00} finance charge. I contacted my bank and stopped all request from Big Picture Loans. I had to pay {$30.00} fee for this to stop all activity. I informed them that I am filing a complaint with your company and that I stopped all payments from my bank and then I called him to inform him that I will be mailing out a bank check for the amount of {$800.00}. for the loan. So they received enough notice on all legal activity that I had done. Then I go on*line to find out that this is a scamming company and they have so many complaints against them.This is there information take action against them to stop these illegal practices, These " Tribal Operations '' Red Rock Tribal Lending, LLC d/b/a CastlePayday.com ( or now bigpictureloans.com ) XXXX. XXXX XXXX, XXXX, MI XXXX. I am going to pay them {$800.00} plus they already took the {$200.00} for the loan. I had no intention of not paying them back.Just so glad that I stopped it before they continued to take from my checking account. The illegal interest rate that they are charging me of 780.03 % - 788.62 % on {$800.00} is so crazy. Not all of the details of the loan were made visible to you at the time of the loan submission.These " Tribal Operations '' have already been fined Millions by the feds. Here is the company full name and mailing address Red Rock Tribal Lending, LLC d/b/a CastlePayday.com ( or now bigpictureloans.com ) XXXX. XXXX XXXX, XXXX, MI XXXX.Please help me stop these scam companies from hurting families in need of a loan. thank You XXXX XXXX

Company response to consumer: Closed with explanation