Consumer complaint received 2015-05-13
Company: BlueChip Financial
State: OR
Product: Consumer Loan
Sub-product: Installment loan
Issue: Managing the loan or lease

Complaint:
I first received a type of advertisement from SpotLoan.com stating I was pre-approved for an {$800.00} loan, via the Postal Service, then received another one a few days later. I contacted SpotLoan online and began the process of filling out the application. I was then contacted by telephone by XXXX/Relationship Manager. She explained the process and asked how much of a loan I needed and I chose {$500.00}. I was then told the APR could reach as high as 390 %. The online application for a {$500.00} loan states the payment would be {$83.00} and that is what I believed it was to be. I went ahead with the loan and received their contract via email requesting an Electronic Signature which I initialed XXXX. I did so without reading through the email. I was told via telephone contact with XXXX/Relationship Manager that I would receive a Direct Deposit within 48 hours. She then asked about how I would like to make the payments, either by mail ( Check ) or by ACH, I said by mail preferably. That was the end of our conversation. I then began to read the contract and found that my payments were to be {$150.00} and further reading I found that when I initialed for my Electronic Signature it also stated my agreement to have payments made via ACH. I then called SpotLoan only to find out the XXXX/Relationship Manager was not there, I said that I was just speaking to her not more than 10 minutes ago and was told again she was n't there and he asked if he could help. I then explained about my agreement to make payments by mail yet the payments are now set up as ACH. The call taker then told me the computer will have all the information listed the following day and that I could call back then to get the payment issue straightened out. It was XXXX XXXX XXXX, 2015 when this loan processing took place and the re-contact by telephone. The call taker stated that SpotLoan would be open tomorrow, XXXX XXXX XXXX, 2015 and that I should call back then and speak to XXXX since she was the one that drew up the loan agreement. I waited until XXXX XXXX XXXX, 2015 and called SpotLoan only to find out XXXX was not in the office that day and it was suggested I call back XXXX XXXX XXXX, 2015. The loan had already processed and the {$500.00} loan was deposited to my account XXXX XXXX XXXX, 2015, at that point I really did n't know what to do. I also found that I my APR on this loan was 390 % and that the payments nearly doubled from what was listed online as {$83.00} to {$150.00}. I contacted numerous agencies here in Oregon and did n't get any helpful information until today when I received a call from the State of Oregon only to tell me, since SpotLoan is operated from a XXXX XXXX and since it is Sovereign, Oregon Loan Laws do not apply and that I should contact the FTC to file a complaint. Which I attempted earlier and the FTC suggested I file a complaint through the CFPB which I have just done. 
I thank you in advance for your thoughtful consideration regarding the most important matter.

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