Consumer complaint received 2022-12-01
Company: Mcburberod Financial, Inc. d/b/a SeedFi
State: KY
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Struggling to pay your loan

Complaint:
I got the so-called credit builder ( or I thought it built credit ) loan in XXXX wherethey gave me {$1500.00} ( I only wanted an outright loan, but they only gave me this option and tacked on {$2500.00} in " savings '' that I couldn't touch with the gouging interest rate of XXXX XXXX. That is pretty much the highest interest rate they had with the highest loan they had, and I got this loan with a credit score of XXXX and an income of around {$34000.00} gross income with a huge debt burden already ( I think it was {$8000.00} XXXX then maybe more ). Most personal loans were denied me. I don't understand why I was even offered this. It is predatory. Oh, and the payments were {$200.00} a month. A HUGE burden. 

I was trying to use this to pay off loans, to improve my situation. I thought that would increase my credit, and I could pay off this predatory loan with huge payments, the only way it would have been worth it. Instead my credit barely changed until recently ( but my debt burden is so high, I still only can get payday loans which are worse ). My debt increased a huge amount. I started having to take out cash advances, other small loans, and starting getting late on bills which I've never done before. I have since had to borrow $ XXXX from my mother with no end in sight to having to keep asking for money as well as constantly using my cash advances. Plus I've had help from family knowing I was struggling, so extra help besides that. 

I'd been managing ( tight, but without any help, any late bills, any cash advances ) my previous debt ok, but after I got the SeedFi loan, it all snowballed and I was looking at what if I had to file bankruptcy, and then I found out about debt management programs and entered a debt management program with XXXX ( which Seedfi refused to work with after saying they would ) and which caused my credit cards ( including one I initially tried to keep out of the program to close, my longest credit history! ). I've paid {$1300.00} of the {$1500.00} I've received to date from SeedFi. 


1 ) Predatory lender 2 ) Absolutely uncaring and unwilling to work with me in any way. I understand the terms of the loan. I didn't understand the financial repercussions or the toll on my credit. I signed documents for other lenders and they were all willing to work with my debt management company. 
3 ) They have lied about helping on their website and in comments to me. I know they can waive that portion of the loan they didn't give me. They just don't want to. 
4 ) I tried emailing. They didn't like what I was asking and instead of providing an alternative, just flat out refused me. 
5 ) I tried leaving reviews to get a response. All they said was that they were responding or they would help except they didn't, it was cyclical, saying I was getting answered and then just copying and pasting terms or that saying someone was already talking to me. 
6 ) Lied in response to a review that they would be willing to work with my debt management XXXX ) I tried having my debt management program ( a program the burden of Seedfi 's loan pushed me into!!!! ) to work with them, but they wouldn't negotiate at all. 
XXXX ) I filed with the XXXX. Their only response was to state my loan terms. 
XXXX ) They are literally ruining my life. 
XXXX ) I was trying to avoid bankruptcy but I'm not sure it's possible unless they relent.

Company response to consumer: Closed with explanation