Consumer complaint received 2024-04-30
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Problem when making payments — 
Company: MARINER FINANCE, LLC (OH)

I have an installment loan with Mariner Finance for a home water softener. XXXX XXXX XXXX XXXX XXXX XXXX Mariner Finance is their preferred lender for 18 months same as cash. 

In XX/XX/XXXX, I attempted to make an additional payment to pay down my loan. I attempted to perform this online at Mariner 's website. I received numerous errors and received a popup saying I needed to call Mariner directly. I did. When calling, I was told that because I have auto pay for my account, I must delete auto pay on order to make an extra payment, then after making the extra payment, I would need to reestablish auto pay. I asked if this was correct and was told, 'yes, this is a system limitation and only one payment can be scheduled at a time - no exceptions '. I asked again of this is true and received the same statement. I cancelled auto pay and made a {$2200.00} payment. I then reinstated auto pay. 

What I was not told is that if an extra payment or any payment over the minimum amount due is made, the next due date is advanced to the date in which the payments made would require a new payment. For example, I made a {$2200.00} payment. As a result, my due date advanced to XX/XX/XXXX, even after reestablishing auto pay so that I could make a one-time lump sum payment. 

I called Mariner again on XX/XX/XXXX because i noticed my auto-payments were not being made. It was at this time that I was told any additional payments advance the due date and that auto payments, even if scheduled to come out of the account each month will NOT be taken out of the account until the next minimum payment would need to be made ( in my case this is XX/XX/XXXXXXXX XXXX XXXX. I was further told that even though I reestablished auto pay after making a lump sum payment, I would need to schedule one-time payments each month if I wanted a monthly payment to occur. 

I find this troublesome as I have 18 months same as cash. Mariner is set up so that a consumer can not make payoff the balance within the timeframe of the same as cash requirements. By making an extra lump sum payment, I should not be penalized by my auto payments no longer working until after the same as cash period expires. The way that Mariner has set up its accounts is a UDAAP violation as per Mariner, most of its consumers can not make an extra payment and 'appreciate the due date advancing '. Mariner does not have a method to make an extra payment without the due date advancing. It also is aware that by advancing the due date, the same as cash terms can not be met by the consumer as the auto payments will not occur, even if scheduled. Moreover, Mariner 's business practices harm the consumer ( me and others ) by causing the consumer to not meet the same as cash provisions and all interest being added to the account. 
It should be noted that nowhere within Mariner 's terms and conditions, not on the website, is this identified, mentioned or explained. You MUST call Mariner. Even then, you do not receive all of the information. Had I known that an extra payment would cause this issue, I would have made the extra payment at the end of the loan, which is also in favor of Mariner as causing the consumer to keep track to make the extra payment is Mariner hoping the consumer will violate the same as cash terms which is favorable for Mariner.

I am also concerned that Mariner preys on lower-income people. During my conversation with a Mariner representative today ( XX/XX/XXXXXXXX XXXX, the representative mentioned that most of Mariner 's consumers can not make an extra payment and that those who can make one extra payment 'appreciate the due date advancing '. Note, Mariner does not make any other options available to consumers and this statement is self-serving on Mariner 's part as the consumer is not made aware of the advancing due date or that auto payments will not occur because of the advance due date until AFTER the extra payment is made.