Consumer complaint received 2022-09-04
Company: Upgrade, Inc.
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Charged fees or interest you didn't expect

Complaint:
On XX/XX/XXXX, I applied for a personal loan from the company upgrade, which also provided a special promotion when applying for this loan. Promotion details were, rather than pay 18.41 % interest on this loan, I could pay 13.94 %. If along with opening loan, I would also have to open up a checking account, and do one of the following, 8 transactions or keep a balance of {$2500.00} or have direct deposit of {$1000.00} into that new account within 90 days of it being open. Now I was only require to fulfill one out of those XXXXhree options, unknowingly I fulfilled two. 

However, Im only going to refer to one, the first option, the 8 transactions within 90 days. As soon as I received my new debit card which was one week from XX/XX/2022 ( the day I received my loan ), I began to use my card, religiously. Funded with direct deposit funds from my employment, I have used more than 8 times within 90 days. So as I mention prior, complete one out of three options, and my interest would be 13.94 % instead of 18.41 %. Im stating all of this, to not only show my understanding of what was required of me, but what was clearly stated in the loan agreement. 

On XX/XX/2022, I received an amount of {$9300.00}. The loan amount was for {$10000.00}, but there was an origination fee of {$650.00}. The agreement : 36 months, monthly payments {$340.00}, 13.94 %. Seems simple enough, well I thought so. So fast forward, on XX/XX/XXXX, I check the the balance of the loan. By this time I had already made 3 payments, 2 full monthly payments totaling {$680.00}, and 1 additional payment of {$100.00}. Not much, just XXXX all together. So I was expecting to see sort a change on my loan balance, like in between {$8500.00} and {$8800.00} ( factoring the interest ). 

However, as of XX/XX/XXXX, my loan balance was {$9500.00}. Confused, I call immediately. One agent, seemed confused as me to why my balance high. Puts me hold for a few minutes, and tells me, its because there is a daily per diem, daily interest. I was even more confused, because I actually read the loan agreement, to make sure there was no predatory lending information, and there was no mention of any daily interest or per diem. I asked for supervisor, I get transferred to a team leader. 

Word of advice, do not expect to speak to a supervisor, do expect to be treated fair or be treated as human being, basically do not expect for you issue to be resolve with Upgrades customer service. Calmly, and with the upmost respect ( because I worked in customer service before, I understand ) I appealed to human nature of the team leader. However, all I received back is the same thing the other agent stated, daily interest. I asked her to point it out, she stated in my loan agreement, number 2 section B. Which states, b. Accrual. Interest on your loan will accrue and be calculated on a 365 day year basis for each full month and each partial month based on the Interest Rate disclosed below applied. 

This a predatory company/lending service. The mistake I made was thinking it couldnt be, because they have other products like checking accounts. But this is officially a predatory lending company, if you call, you are in the wrong, not the company. I acquired this loan to help fix some issues during this pandemic and recession. Now Upgrade has given me another problem. I have called XX/XX/XXXX, XXXX and XXXX, yet no resolution, and no call back. Today, XX/XX/2022, I checked my loan balance, after my fourth payment on XX/XX/2022, my current loan balance as of today is XXXX. The evolution of evil- received {$9300.00}, after three full payments and one additional, current balance {$9200.00}. UPGRADE IS A PREDATORY

Company response to consumer: Closed with explanation