Consumer complaint received 2022-07-29
Company: OPORTUN FINANCIAL CORPORATION
State: NJ
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
OPORTUN, INC. FAILED TO PROVIDE REQUIRED MATERIAL DISCLOSURES AND A REQUIRED NOTICE ON MY CONTRACT. I ALSO DISCOVERED SEVERAL BILLING ERRORS WITHIN THE TRUTH-IN-LENDING DISCLOSURE. 
I am a natural person ( as such as the XXXX of nature formed me ). My name in ALL CAPS is not me. The correct spelling is XXXX, XXXX. On or about XX/XX/XXXX I submitted a consumer credit application on Oportun 's website and was approved for a credit of XXXX. Upon reviewing the contract I realized that Oportun XXXX Inc. failed to provide the required " material disclosures '' on the contract in accordance with 15 U.S.C 1602 ( v ) specifically : The Method of Determining the Finance Charge and Balance Upon Which the Finance Charge to be Imposed. 

These disclosures are not on the contract and are supposed to be pursuant to 15 U.S.C 1632 ( 2 ) ( A ) ( i ) containing clear and concise headings for each item of such information and ( ii ) provides a clear and concise form for stating each item of information required to be disclosed under each such heading.

I also noticed that Oportun , Inc. failed to provide me with the appropriate forms of my right to rescind the transaction in accordance with 15 U.S.C 1635 ( a ) and a NOTICE required to be on the contract pursuant to 16 CFR 433.2 ( a ) isn't on it as well. This appears to make it an unfair or deceptive act or practice for a seller, directly or indirectly, to take or receive a consumer credit contract which fails to contain the provision.

Furthermore, I noticed several billing errors in the Truth-in-Lending disclosures section. The number of payments, as well as, the amount of payments were inaccurate on the Payment Schedule. The payments mirror the " Amount Financed '' and not the " Finance Charge '' which is the sum of all charges pursuant to 15 U.S.C 1605 ( a ). 16 CFR 433.1 ( d ) which describes a purchase money loan in regards to the TILA disclosure is defined as : " A cash advance which is received IN RETURN for a " finance charge '' ... .Under regulation Z the itemization of payments should MIRROR THE FINANCE CHARGE amount as it is " the dollar amount the credit will cost you. '' The next billing error I spotted was the amount of credit provided to me or on my behalf. There is no authorized representative other than the appointed attorney-in-fact to receive any credits on behalf of the consumer.

Furthermore, ALL DEBT OBLIGATIONS and securities are owed to the United States 18 U.S.C 8 and the INSTRUMENT or the PROMISSORY NOTE, I am indeed the maker of in this transaction, SATISFIED THE OBLIGATION in return for Oportun , Inc to service the application on my behalf for a finance charge as regulation Z states. 

On XX/XX/XXXX XXXX enacted XXXX to suspend the gold standard and to abrogate the gold clause. This resolution declared that " Whereas the holding or dealing in gold affect the public interest, and are therefore subject to proper regulation and restriction : and whereas the existing emergency has disclosed that provisions of obligations which purport to give the obligee a right to require payment in gold or a particular kind of coin or currency... .are inconsistent with the declared policy of congress XXXX in the payment of debts. This resolution declared that any obligation requiring " payment in gold or a particular kind of coin or currency, or in an amount in money policy, and ... Every obligation heretofore or hereafter incurred, shall be discharged upon payment dollar for dollar, in any coin or currency which at the time of payment is legal tender for public and private debts.

Company response to consumer: Closed with explanation