Consumer complaint received 2015-07-03
Product: Consumer Loan — Installment loan
Issue: Taking out the loan or lease — 
Company: RFNA, LP (TN)

Took out two installment loans from Republic Finance. The first loan was for XXXX in XX/XX/XXXX. I received a mail piece that said it was a check for the amount and all I had to do was contact them to cash the check. I did some research and found to be true so cashed the check and contacted the company. The payments were pre-set to {$110.00} a month as agreed on the original check and documentation. The interest was about 48 %. I then received another mail piece from the same company a few months later, only this time for a larger amount, XXXX. The total I borrowed was about {$2300.00} cash. the total amount posted to my credit report balance is about {$4500.00}. When I decided to take our the second loan, they reduced my interest rate from 48 % to 29 % or so, which was a relief. At the time of signing the second loan agreement papers, it was explained to me about the life insurance purpose, the auto-club service was added and the personal property was required because it insured they would get re-embursed if the property was stolen or damaged. The amount for the property insurance is about {$460.00}. the life insurance was about {$160.00} and the auto tow coverage about {$180.00}. I was told all payments would be applied directly to the loan balance first and any interest would be reduced if paid off early. I explained I already had home owners insurance to cover loss for personal property but they required their own policy in order to secure the loan. I did cancel the life insurance policy with some considerable confusion by the company. they kept wanting to know what day I was coming in and what time. The life insurance policy only covered the balance of the loan. I received a refund payment of {$160.00} check from them in XX/XX/XXXX for the cancelation of the policy. the balance of the loan on my credit report did not reflect the change. What I found disappointing was the fact that I had to purchase the other products in order to get the loan, that the other products were not listed as part of the initial loan package and that my credit report indicates I borrowed XXXX when I only borrowed {$2200.00}. 

I received yet another mail piece from the same company in XX/XX/XXXX the same day I received my refund for the life insurance saying I was pre-approved for a {$3000.00} loan and it would expire XX/XX/XXXX. I contacted them to apply for the loan and was told it was sent by the home office and would have to be approved when I came into the office and submitted another application despite the fact that I already have an open account with them, and my account is/has been current meaning no late payments or missed payments since opening the accounts. 

I am not able to view my account over the online to see payments posted, check my balances, or see how my payments are being applied to the principal balance. The payments are not posted on my credit report either nor do they reflect the balance of the original loan amounts. My credit report does show a lower balance. 

I have to depend on the company to tell me how much I owe, how much is paid, and so forth. I feel like the company should allow customers to view their accounts online. I am also unsure why they sent me yet another loan approval only after a few months of payments.