Consumer complaint received 2019-08-26
Product: Payday loan, title loan, or personal loan — Payday loan
Issue: Charged fees or interest you didn't expect — 
Company: COMMUNITY CHOICE FINANCIAL, INC. (SC)

My history with Cash Central is as follows: XX/XX/XXXX: Borrowed $XXXX; repaid $XXXX   on XX/XX/XXXX....all fair and above board in this transaction. XX/XX/XXXX: Borrowed $XXXX; Repaid $XXXX  on XX/XX/XXXX...all fair and above board in this transaction. Then the predatory lending begins. I am then duped into borrowing $XXXX on XX/XX/XXXX. NOT $XXXX  but $XXXX all so Cash Central can charge whatever fee it chooses. Predatory lending!!! 30% of $XXXX  is $XXXX; 30% of $XXXX is $XXXX  yet that is not what I was charged On XX/XX/XXXX, I borrowed $XXXX. I then paid on each PAYDAY (thus making this a payday loan): XX/XX/XXXX: $XXXX XX/XX/XXXX: $XXXX On XX/XX/XXXX Cash Central stated I could refinance and borrow an additional $XXXX. I was now struggling because of the trap I was in with Cash Central. I took the refinance. I now am in for $XXXX. 30% of that amount is $XXXX of which I have paid at this time $XXXX leaving $XXXX remaining. To pay off loan amounts ($XXXX + $XXXX plus 30% of fees($XXXX), I owe $XXXX at this point. On XX/XX/XXXX, I paid $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX. At this point, I had paid $XXXX which is $XXXX more than the $XXXX owed with the 30% cap I would have had if the loan had been for $XXXX less. But my payments continued!!! XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX; XX/XX/XXXX: $XXXX  At this point I had overpaid $XXXX!!!!! Cash Central again enticed me with a refinance. I again took it as I was trapped in the Cash Central cycle. With this I had $XXXX  deposited to me on XX/XX/XXXX. 30% of $XXXX is $XXXX yet Cash Central took so much more!!! XX/XX/XXXX: $XXXX; $XXXX more than the 30%!! XX/XX/XXXX: $XXXX...now $XXXX more. This $XXXX plus the $XXXX means I overpaid $XXXX all because Cash Central lent me $XXXX  NOT $XXXX. That $XXXX cost me nearly $XXXX!!!! In my research, I found this information online: “The state of California recently finalized a settlement against Community Choice Financial. It accused the business of overcharging borrowers. While Community Choice Financial has a secure website and informative privacy policy, the action taken against the company by the state of California is telling. The lender was ordered to pay $XXXX in penalties and refund approximately $XXXX to former borrowers. Community Choice Financial and its subsidiaries may operate in a slew of states around the US. But it can get confusing knowing exactly what company you’re borrowing from. And its recent government action over unscrupulous lending practices is more than a little disconcerting.“ More information: “A California payday lender is refunding about $XXXX to consumers to settle allegations that it steered borrowers into high-interest loans and engaged in other illegal practices, state officials said Monday.” I was specifically led into a $XXXX loam with the sole intent of getting higher fees from me!!! This was after I had borrowed just $XXXX!! My findings go on to report: “Monday’s action, the settlement involves alleged violations regarding administration of payday loans, which are capped at $XXXX, and the steering of borrowers into consumer loans of more than $XXXX to avoid rate caps. California law limits interest on loans of up to $XXXX at between 20 percent and 30 percent, but there is no cap for loans of $XXXX   and larger. “Steering consumers into higher-cost loans to circumvent statutory interest rate caps is abusive,” said XXXX XXXX XXXX, commissioner of the Department of Business Oversight. “Consumers deserve protection and access to lending markets that are fair, transparent and comply with the law,” she said.