Consumer complaint received 2025-11-06 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: AMERICAN EXPRESS COMPANY
State: TX

Complaint narrative:
What Happened? 
In XX/XX/XXXX, I took out a loan for {$15000.00} with American Express ( AMEX ), with an interest rate of XXXX  % and a repayment term of XXXX XXXX XXXX XXXX XXXX XXXX The loan was structured with a due date on the XXXX of each month, and I agreed to pay {$540.00} monthly. 
However, since XX/XX/XXXX, AMEX has been pulling payments 10 days before the due dateon the XXXX or XXXX of each month, instead of the XXXX. This was done without prior notification, and I was not informed that I had the option to set up pre-authorized payments for the XXXX instead of the early date. When I called AMEX last year to inquire about the payment schedule, I was never educated or told that I could set up my payments to be automatically deducted on the XXXX. 
As a result, I have been placed in a disadvantageous position, as my payments were being taken early, which affected how interest was calculated and my ability to manage the loan effectively. I was not informed that I could choose a payment date that worked better for my finances, and AMEX failed in their duty to educate me about the available options. 
Recently, after escalating the issue, AMEX changed my auto-payment to the XXXX, which is the correct due date. However, despite this change, AMEX has refused to adjust the interest charges that were applied during the period when they were pulling payments early ( from XX/XX/XXXX to the present ). These early payments impacted how the interest was applied, and I believe AMEX should adjust the interest for those months to reflect the correct payment schedule and account for the extra interest charged. 
Additionally, my monthly loan statement does not provide any disclosure of the interest rate ( XXXX  % ) that I am being charged. Instead, the statement only mentions the total interest amount paid, without specifying the percentage of interest I am paying. For clarity and transparency, I believe it is essential that AMEX include the interest rate percentage on each statement. 
I have contacted AMEX customer service and spoke with a loan manager who told me that this was something I signed up for, but no clear documentation was provided to show that early payments were part of my agreement. I also requested a return to the original payment schedule of the XXXX, but I was told that nothing could be done. 
On XX/XX/XXXX, I contacted AMEX again and spoke with XXXX, a supervisor. Despite explaining the situation, XXXX confirmed that AMEX would not make any changes to the early payment schedule, and I was given no further assistance. 
Key Details : Loan Amount : {$15000.00} Interest Rate : XXXX  % XXXX ( but not disclosed on the monthly statement ) Original Payment Due Date : XXXX of each month Monthly Payment : {$540.00} Payments Pulled Early : 10 days before the due date ( on the XXXX or XXXX of each month ) from XX/XX/XXXX until XX/XX/XXXX. 
AMEX Responses : Despite multiple attempts to resolve the issue, AMEX has refused to adjust the interest or explain why payments were taken early without consent. 
Issue with Loan Statements : My monthly loan statements do not disclose the interest rate percentage ( XXXX  % ) I am being charged. Instead, they only show the total interest amount, which is insufficient for transparency and understanding the cost of the loan. 
Failure to Educate on Pre-Authorized Payments : When I called AMEX last year to discuss the payment schedule, I was not educated or told that I could set up pre-authorized payments to be made on the due date ( XXXX ). AMEX failed in its duty to inform me about this option, which has resulted in being placed at a financial disadvantage. 
AMEX Changed Auto-Pay to the Correct Date : After raising the issue, AMEX finally changed my auto-payment to the XXXX of each month, but they refused to adjust the interest charges for the months when payments were taken early. These charges were unfair because the payments were deducted early, impacting how interest was applied. 
What Action Was Taken? 
I contacted AMEX customer service multiple times, including speaking with their loan manager and supervisor XXXX XXXX XXXX, both of whom did not offer a solution to the early payment issue. 
I have requested a return to the original payment schedule of the XXXX of each month, but AMEX has refused to make any adjustments. 
No interest rate disclosure : I requested that AMEX include the interest rate percentage ( XXXX  % ) in the loan statement for clarity, but this has not been addressed. 
Failure to educate me about setting up pre-authorized payments on the due date, which resulted in being placed at a financial disadvantage. 
Refusal to Adjust Interest Charges : Although AMEX changed my auto-payment to the correct due date ( XXXX ), they have refused to adjust the interest that was charged during the months when the payment was taken early ( 10 days before the due date ), resulting in excess interest. 
What I Want from the CFPB : Request for Action on Early Payment Issue : I request that AMEX be held accountable for pulling payments 10 days early without proper notification or consent and that they adjust the payment schedule back to the XXXX of each month, as originally agreed. 
Request for Clear Disclosure of Interest Rate : I request that AMEX disclose the interest rate ( XXXX  % ) clearly on my monthly loan statements, in addition to the interest amount charged. This would ensure that customers are fully aware of the terms and conditions of their loan. 
Request for AMEX to Educate Customers Properly : I request that AMEX be required to inform their customers about available options, such as setting up pre-authorized payments on the due date ( XXXX ), and ensure that such information is communicated clearly during the loan setup process. 
Request for AMEX to Adjust Interest Charges : I request that AMEX adjust the interest charges for the months during which my payments were taken early ( 10 days before the due date ) to reflect the correct schedule and to compensate for the extra interest that was charged during this period.

Company response to consumer: Closed with explanation