Consumer complaint received 2015-12-28
Company: WLCC
State: FL
Product: Payday loan
Issue: Charged fees or interest I didn't expect

Complaint:
I received an installment loan of {$500.00} on XXXX XXXX. On the phone, I was informed that I could pay it in advance. I was not given any payment options at that time, just told that payments would be automatically debited but I could pay in advance. I then received my loan agreement, which did not require a signature, rather a typed name and typing " I agree '' which was taken from the application and not the agreement. Please see attached screenshot showing how I received my loan agreement and please note that instructions to sign and return are not included, nor is contact information. 

On my first payment date, I went online to try and pay in full but it was not an option. Accessing the site from a mobile device, there was no way indicated to contact them online, only via phone. Since it would be financially easier to pay it over a couple pay periods, I allowed it to just debit through. 

I 'll admit that it was my mistake to assume that any dollar amount was going toward the principal balance. I logged on toward what I believed to be near the end of my prepayment period, and found that they had rolled over my principal for XXXX consecutive pay periods. This means that as of today, XXXX XXXX, I have paid {$600.00} on a {$500.00} loan, and none has gone toward my principal. 

I called them today and was told that there are payment options, and it was my responsibility to call back after I received my loan to choose XXXX. Nowhere was this explained. They do not have an option to pay online, and they do not have an option to contact them online. 

During the conversation with the " manager '', when we got to a point in the conversation where he was asking if it was my intention to pre-pay, he pretended the call was dropped, repeating " hello, hello '' ignoring my responses and made the statement " unfortunately no response was received, so no changes will be made, '' and hung up. I called from a landline, so the call was not dropped. 

I called back, and he was who answered from their customer support line, leading me to believe he is not the manager. I then had to start the conversation again so that he could redirect the point of beginning of resolution. He asked if I would like to pay in full today, a total of over another {$600.00}. I eventually told him to take {$320.00} today and {$320.00} next pay period, putting me in a bad spot financially and putting my total payments at {$1200.00} for a {$500.00} loan. I have not had a single missed payment or nonsufficient funds issue. 

It is my belief that they intentionally complete everything over the phone so that there is no way to prove they have been misleading in their lending practices. I have taken payday loans in the past with no such issue ; everything was completed online, no phone call was required. 

I do not understand how they get away with having XXXX pay periods of interest only, delaying repayment of the loan a full two months at over 880 % interest with no justifiable reason other than " well that 's in your loan agreement. '' The XXXX pay periods of interest only payments are in fact in the unsigned loan agreement, hiding in the fine print. The loan agreement itself says you have the right to cancel, and conveniently cuts off the notice of cancellation email address. 

After I spoke with the " manager '' and set up my payment plans, my accrued finance charges as of this date mysteriously doubled. They have not uploaded a new loan agreement, and there is no indication of how these charges increased. Their mobile site is not synced with their desktop site, please note the times in the screenshots.

Company response to consumer: Closed with monetary relief