Consumer complaint received 2021-08-02
Product: Payday loan, title loan, or personal loan — Personal line of credit
Issue: Charged fees or interest you didn't expect — 
Company: Finance of America Holdings LLC (NC)

XX/XX/2021 vs Finance of America Loan practices On XX/XX/2021, I contacted XXXX XXXX XXXX in XXXX, NC XXXX : XXXX via phone at XXXX. The owner, who was the representative, informed me that the home needed a new AC unit. The total quoted amount to complete the work is {$3800.00}. I asked if I could pay the amount in installments 30, 60, or 90 days same as cash payments. The representative stated I could do a loan via their company. The owner provided his office personnel phone number, who received my information. 

I provided XXXX XXXX my information, date of birth, ss #, my permanent address, salary etc. I received an email from XXXX XXXX Finance of America, the lending firm via XXXX XXXX, stated that the borrowing amount would be {$4100.00} vs. {$3800.00}. When I questioned the increased amount, Finance of America informed me that is the amount XXXX XXXX requested on my behalf. 

Immediately I contacted XXXX XXXX, the owner, to restate the quoted amount to complete the work. He stated {$3800.00}. After further discussions, he said that XXXX finance charges them an upfront origination fee to receive the loan payment, which increases the loan amount to {$4100.00}. XXXX XXXX, the owner texted me a screenshot that indicates the lender is XXXX. XXXX denied my loan and sent it to XXXX XXXX. To charge the receiver, in this case, XXXX XXXX origination fees. Demand that the borrower, me pay interest and origination fee is double charging. Is that legal? 

I then contacted XXXX XXXX for clarification. Their representative said that they charge a one-time Prepaid finance charge and interest to the loanee. They do not charge XXXX XXXX to receive the fees. They will send the lender {$3800.00} when you, the loanee, confirm that the work is complete and done to your satisfaction. Your loan amount is {$3800.00} plus {$110.00} prepaid finance amount equal {$3900.00}. 

First three paragraphs of the signed loan agreement with XXXX XXXX ; CONSENT TO ELECTRONIC COMMUNICATIONS : Your Name : You must consent to transact business with XXXX XXXX and its assignees, and XXXX XXXX bank partners ( including XXXX XXXX XXXX  and XXXX XXXX  ) and their assignees ( collectively " we '' or " us '' ) through electronic communications in order for us to process your loan request. The following terms and conditions govern electronic communications in connection with your loan request, LOAN AGREEMENT ( if approved ) and any communications regarding your account with us ( the " Consent '' ). 

By affixing your electronic signature to this Consent, you are confirming that you have agreed to the terms and conditions of the Consent and that you are able to download or print a copy of this Consent for your records.

You agree that : 1. Any disclosure, notice, record or other type of information that is provided to you in connection with your transaction with us, including but not limited to, the LOAN AGREEMENT, this Consent, the Truth in Lending disclosures set forth in the LOAN AGREEMENT, Privacy Notice, change-in-terms notices, fee and transaction information, statements, delayed disbursement letters, notices of adverse action, and transaction information ( collectively, " Communications '' ), may be sent to you electronically by posting the information at XXXX, or by sending it to you by email. 

I electronically signed the loan with XXXX XXXX. Signed agreement attached On XX/XX/2021, XXXX XXXX, owner, contacted me to say the AC unit work was complete. 

Later, I received an unexpected email from Finance of America Confirm Completion of Your Home Improvement Project - XXXX Application ID : XXXX ; Terms 7 years ; Principal Amount {$4100.00} Contractor : XXXX XXXX XXXX. 
XXXX XXXX later received an email to confirm the amount to release of loan to XXXX XXXX {$4100.00}. I contacted XXXX XXXX & XXXX XXXX office on three occasions. Each representative stated : That XXXX XXXX has not received a notice to release the funds, my loan amount is {$3800.00}, and my loan is 5 years. 

XXXX XXXX office personnel stated that her document stated {$4100.00}. I mentioned that I never signed or agreed to a loan in the amount of {$4100.00}. 

I contacted Finance of America XXXX. She stated that she would send the discrepancy to upper management. 

XXXX XXXX called me, with my caller ID displayed call from XXXX XXXX. I asked XXXX XXXX why she did a 3-way with XXXX XXXX, for me to join a call where shes talked to XXXX XXXX initially. Their representative XXXX stated she would return my call after she talked with her manager. Later someone else called XXXX XXXX and then put me on a 3-way. Someone stating that she wanted to ask XXXX XXXX how much they charged me to complete the work. 

My concern as I stated to Finance of America, why would she contact XXXX XXXX. She didnt know if I paid them 1/3,, or half of the payment. And my loan amount discrepancy between the signed document and the document I was asked to release shouldve been discussed with me, not the 3rd party. 

My ask that Finance of America acknowledge my signed and agreed loan amount {$3800.00} and prepaid finance amount {$110.00} total of loan {$3900.00} via XXXX XXXX. 

Check into Finance of America loan practices. Charging the receiver of the loan who is not the loanee an origination fee, in addition to charging the lender origination fee and interest.