Consumer complaint received 2023-01-19
Company: WLCC
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Payday loan
Issue: Charged fees or interest you didn't expect

Complaint:
I am writing to report the Unfair, Deceptive, Abusive Acts or Practices and deceitful financial tactics of the Company Arrowhead Advance ( WLCC XXXX D/B/A Arrowhead Advance ) in violation of Federal Consumer Laws. 
I got approved for a loan on XX/XX/XXXX with the company Arrowhead Advance in the amount of {$1500.00}. During a phone conversation with their agent in XXXX of XXXX, I asked their agent why they had a grossly inflated rate of 780.16 % on their contract which made no sense ( something I had never seen before ), she told me not to worry about it, that I could pay off the loan early and not incur any additional interest. The agent told me I could either pay off the full amount of {$1500.00} quickly within a month or two and incur only I month of finance charge equal to {$380.00} which is the same as making five payments of {$380.00} which amounted to {$1900.00}. They were to charge my account automatically for bi-weekly payments based on my bi-weekly payday in the amount of {$380.00}. I set up automatic withdrawals from my checking account. 
In XXXX of XXXX, I noticed that although I had already completely paid off my loan in full for the {$1500.00} loan by auto-pay ( paid timely ) to my checking account for the five payments plus one additional payment totaling {$1900.00} ( therefore 5 payments total ) I continued to receive emails and text notifications that I still had additional payments to make. I was not sure of what was happening and noticed that the Lender charged my account an additional payment of {$380.00} on XX/XX/XXXX totaling {$2300.00}, although my loan had been completely paid off including additional interest. 
When I contacted the Lender on XX/XX/XXXX, their agent told me that although I already settled my debt in full, there were additional interests payments to be made by me and that the total payments on the account were actually 14 totals payments, so therefore I still had an additional 9 payments to make in the amount of {$380.00} because my interest rate was in fact the 780.16 % and they proceeded to email me a copy of my contract which at all times was not available for review on my account page. Also, at no point in time was the full amount of the loan for the 14 payments he referred to available to view on my account page and this was misleading to a customer whenever they reviewed their account details. My web page kept saying I had only one payment left after the first 4 payments and one extra one If I extended the time by an additional month in XXXX. I told them I was very angry by their deceit, that this was not what I had been told, that their interest rate was outrageous and that I would never have agreed to their outrageous terms if their agent had not tricked me, and that there were abusing and stealing from consumers. I also told them I would be filing a CFPB complaint for consumer violations, as I did not authorize the XXXX transaction on my account, would be disputing it with my bank and was disputing the validity of the remaining debt they were claiming any and all additional interest finance charges as this was grossly unfair and unreasonable because their agent had told me that If I paid off my loan early I would not incur any additional finance charges on their unreasonable grossly abusive contract. Please find my detailed payment info below : XX/XX/XXXX Payment ( {$380.00} ) XX/XX/XXXX Payment ( {$380.00} ) XX/XX/XXXX Payment ( {$380.00} ) XX/XX/XXXX Payment ( {$380.00} ) XX/XX/XXXX Payment ( {$380.00} ) XX/XX/XXXX Payment ( {$380.00} ) Loan Details Loan Id XXXX Start Date XX/XX/XXXX ( Fri ) Original Principal {$1500.00} Status Current Current Balance Principal {$1100.00} Finance Charge {$280.00} Total {$1400.00} Last Payment Amount ( {$380.00} ) Date XX/XX/XXXX ( Fri ) Type Installment

Company response to consumer: Closed with explanation