Consumer complaint received 2022-09-23
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: RFNA, LP (MS)

Republic Finance ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX ) As I was checking my installment loan agreement ( XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX ) I noticed that when I applied for loan # XXXX ( dated XX/XX/XXXX ), to get extra money with my existing loan I was offered by the employee to pay off an existing loan with another company and to refinance the existing loan that I had with them. Not only did this put me in a bad position of falling behind on payments, it has put me in a position where I can not afford to continue paying the loan on time. I started having hardship in life in XXXX of XXXX, when my XXXX XXXX XXXX and I had to use my needed money for his funeral and travel to his funeral. I tried to keep making the on time payments along with the other financial obligations that I had during the time. As I was evaluating my situation, I started to feel like I was being overcharged a finance charge for the loans. Both loans were originated in dishonor by Republic Finance because this company knowingly committed the allegations and therefore willingly allowed me to apply for an installment loan ( s ) knowingly violating the law and charging me over the maximum yield percentage applicable by Mississippi Law. This company has caused me XXXX  and I have had XXXX  ( causing me to go to unneeded doctor visits ) so bad that I couldnt function at home and not getting accurate sleep, work ( calling me while I am in the classroom teaching my students at work ), or even socialize because of what this company has done to me has made my life unbearable and feel like XXXX. 

I noticed the following violations with this company : 1. Opening a loan, deceiving me by the loan manager ( employed by Republic Finance ) offering me help, but actually paying off other loans and raising the borrowed amount for me to pay more interest ( This ignored and hindered my ability to repay the debt. I felt like this lending procedure took advantage of my lack of understanding about loans, terms, and finances of how they work, especially when I was not clearly and conspicuously told orally at the time that I was making ( signing ) the loan agreement. Nothing was explained to me.

2. I was charged high interest rates ( usurious rates ) for both loans with this company according to MS Code 75-17-1 ( 1-2 ) and MS Code 75-17-21 ( Loan # 1 violated MS Code Section 75-67-181 ( 1 ) ( c ) and Loan # 2 violated MS Code Section 75-67-181 ( 1 ) ( d ). See Letter Notice # 1 and Letter Notice # 2 ).

3. Using Risk-based Pricing - tying interest rates to credit history- Republic Finance abuses this practice by charging very high interest rates to high-risk borrowers like myself, for example, allowing an extension of credit added to an existing loan to refinance and paying off an existing loan from another company.

4. Failure to respond to Notice of High Interest Rate pursuant to 15 USC 1666a ( a ) and 15 USC 1666a ( b ) - I sent a certified mail/signed by Notary notice of Dispute to the CFO ( XXXX XXXX XXXX dated for XX/XX/XXXX informing him that his company is violating me under the MS Codes stated above for both loans. According to USPS ( United States Postal Service ), this notice was received by this company ( agent or principal ) on XX/XX/XXXX at XXXX XXXX  in XXXX XXXX, XXXX XXXX. I did not receive a response at all from this company. At the beginning of XX/XX/XXXX, I received a billing letter dated XX/XX/XXXX stating that I am 60 days past due ( the past due letters appear to have a red bar letting me know that I am late or past due ). Now in the month of XX/XX/XXXX, I received a billing letter with no red bars or any statement saying that I am past due ; it just states that my current payment was {$240.00}. At this point, this company is showing me that I am not past due. In the month of XX/XX/XXXX, I received a billing letter stating that their office is in receipt of my payment of {$470.00}. At this point I am so confused because for one, they did not send me a response to my notice # 1 and I havent made a payment for that month. So, I was XXXX-founded. So, I dont know where that payment came from. In between, the time frame of XX/XX/XXXX of my first notice, I received a collection letter in my mailbox on XX/XX/XXXX from a lawyers office ( XXXX XXXX XXXX XXXX XXXX XXXX ) stating that they are collecting a debt for Republic Finance. On XX/XX/XXXX, I sent the 2nd Notice to XXXX XXXX XXXX informing this company of the high interest rates. This certified notice was received by their office on XX/XX/XXXX at XXXX XXXX  in XXXX XXXX, XXXX  XXXX. I have not received a response from this company.