Consumer complaint received 2025-03-11 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Problem with the payoff process at the end of the loan — 
Company: Marlette Funding, LLC
State: FL

Complaint narrative:
Dear XXXX XXXX, I am writing to formally address the ongoing issues I have encountered with the loan I received from your company. 
I applied for a loan online and consented to a credit check and linking my accounts to XXXX XXXX 
The website informed me that an offer was being prepared for me. However, out of the blue, on XX/XX/XXXX, I noticed a deposit of {$18000.00} in my account. Despite this, I later received an email from your company stating that my loan was still in the final stages of review, which left me confused as the funds had already been deposited. The following day, XX/XX/XXXX, I received another email confirming that the loan had been funded. 
I immediately contacted your customer service team with several questions, including whether I could pay off the loan early without penalties or extra interest. I was assured that there would be no penalties for early repayment. However, I never received any official loan offer or documentation, and I was unaware of the {$2000.00} loan origination fee. 
After making regular payments for five months, I was concerned to find that my remaining balance was higher than the original deposit. To address this, I decided to pay an additional {$500.00} weekly toward the principal. However, upon reviewing my payments, I discovered that only {$100.00} of each extra payment went toward the principal, while {$390.00} was applied toward interest. 
This means I was being charged interest on extra payments I made outside of the monthly payment cycle. 
I called your customer service and requested to speak with a manager, but was told that a manager would call me back. I then contacted my bank and reversed the payment. After the reversal, I requested a payoff amount on XX/XX/XXXX, which was quoted as {$19000.00}. 
Upon making the full payment, I was still charged for an additional month. When I called to inquire, I was told that the payoff amount I had received was incorrect, even though this same figure had been provided to me just two weeks prior.

In total, I have been charged over {$2000.00} in excess interest in just five months, along with the excessive loan origination fee. Now, I am still being asked to pay an additional {$580.00}, with threats to damage my credit report if I do not comply. 
I am deeply dissatisfied with this situation, and I view this companys actions as deceptive. I have had other loans with companies like XXXX and XXXX, where any extra payments I made toward the principal were applied directly to the principal balance. Additionally, these companies sent me clear offers I could accept or decline. However, with XXXX XXXX, I was never given the opportunity to refuse this loan. The funds were deposited into my account without warning, and I was not given the chance to accept or decline the loan terms. Furthermore, I was unaware of the high origination fee and was not informed of your policy to apply extra payments to interest rather than reducing the principal. 
I feel I have been unfairly forced into this loan without my proper consent. When I inquired about returning the funds, I was told I would still be charged the origination fee, despite being assured that there would be no penalties for early repayment. At the time, I needed the money for my wedding and was under the assumption that I could pay it off in XXXX months. However, after making my first and only extra payment of {$500.00}, I realized that only {$100.00} was going toward the principal, and that I would end up paying over {$30000.00} in total. 
As a result, I took out another loan to pay off this debt, but now XXXX XXXX is still demanding additional funds. For example, the document saved under " XXXX - XXXX XXXX XXXX XXXX '' indicates that the principal paid was {$20000.00}, with {$2400.00} in interest paid and a principal balance of {$0.00}. Despite these figures, I am still being asked to pay more money. 
Furthermore, the loan details saved in the new document show a completely different amount. It states that the principal paid is now {$19000.00}, which contradicts the previous document that showed {$20000.00} paid toward the principal. This discrepancy only adds to the confusion and highlights the disorganization and lack of transparency in the loan process. It is impossible to understand what I have actually paid and what I still owe, as the figures continue to change without clear explanation. 
The constant inconsistencies, confusion, and lack of clarity in the loan documentation only deepen my frustration and concern. I am left feeling as though I am being taken advantage of and that I can not trust the company to correctly handle my loan or provide accurate information. 
Given the circumstances, I am requesting that this loan be settled for the amount I have already paid, and that my loan be reported as fully paid to the credit bureaus. In addition, I believe I should be compensated with an additional {$1000.00} for the time, effort, and frustration I have spent attempting to resolve this matter, but I will just settle for my loan to be closed as PAID in FULL. 
If my concerns are not addressed appropriately and the additional {$580.00} is not waived, I will be left with no choice but to escalate this situation. After filing a complaint with the Better Business Bureau, I contacted the company in an attempt to resolve the issue. They informed me that I would receive a response through the BBB. A week later, I received a reply, but it was false. I responded to them through the BBB as well, but they have not replied. Meanwhile, they attempted to withdraw money from my bank account illegally, without my consent. The payment I made was a one-time payment to settle the loan, and at no point was it agreed upon that they could take any disputed money from my account. 
I take full responsibility for not returning the money immediately, as I was not given the opportunity to accept or decline the charge. However, I did contact them, and they told me I would lose the origination fee if I returned the money. Now, they claim my first contact was in XX/XX/XXXX, which is not true. I have a record of the phone call that proves otherwise. 
I have made every effort to resolve this, which is why XXXX reaching out to you. It feels as though this company is taking advantage of hard-working people. 
I have kept detailed records, including email correspondence, payment records, and documents that reflect discrepancies in your loan servicing. I am prepared to present all of this evidence if necessary. 
I sincerely hope that this matter can be resolved quickly and fairly, without the need for further escalation. However, if it is not addressed appropriately, I will take the necessary steps to protect my rights and seek justice. 
Thank you for your prompt attention to this matter. I look forward to your response and a resolution. 
Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation