Consumer complaint received 2025-05-01 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: Fundo LLC
State: WA

Complaint narrative:
This loan was explaned to me as weekly payments that I could pay or pay off early and avoid almost all cost paying just over borrowed amount. I was under the assumption this was a personal loan since that is what was advertised. 
Purchased Price Amount {$1000.00} Total Cost of Capital {$2800.00} Amount ( Minus Fees Withheld ) {$800.00} Processing Fee : {$200.00} Other Fees : {$150.00} Wire Fees : {$0.00} Specified Percentage Future Receipts Sold {$3500.00} 8.12 % Estimated Weekly Payment ( * Including Monitoring Fee ) {$120.00} This is the total amount you will pay, including any upfront costs for capital. The amount does not include fees or other charges you can avoid, such as fees due to NSF ( refer to Section VIII of the Terms and Conditions of the Purchase and Sale Agreement ). It also assumes your business will generate all of the receivables Purchased They filed a ucc1 in XXXX which wont allow them to do a wage garnishment without a court order so instead they submitted the wage garnishment in XXXX  this was initiated by a law firm that does not exist all numbers listed on there paperwork are false. I have tried to contact XXXX to have the wage garnishment removed sitting the law to no prevail. under Wa law this would be considered a loan especially since that is what fundo advertises. So the have broke the law on so many levels causing me severe stress after an XXXX XXXX XXXX. 

XXXX XXXX XXXX XXXX XXXX, XXXX. 
XXXX of XXXX, thereby obtaining a perfected security interest in the Merchant 's assets, including and without limitation the XXXX 's XXXX. A copy of the XXXX and any amendments made thereto is also enclosed for reference. 
While it is understood that the Account Debtor has an agreement with the Merchant and not XXXX, this letter is nonetheless being sent to instruct Account Debtor in accordance with UCC 9-406 and UCC 9-607 , to immediately remit all funds processed or collected on behalf of the Merchant, continuously, and until the amount of {$3600.00} accrues. Accordingly, to discharge its duties under UCC 9-406 and 9-607, from and after the date this letter is received, and until such time all sums have been remitted towards the outstanding balance due, or until such time new instructions are provided by our firm. Payments may be made to the address listed below. 
Mail funds and make Payable to : Fundo LLC c/o XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 
XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX * Please include Reference No. : XXXX In connection with this Notification and Request to Withhold and Remit, the undersigned, an authorized representative of Fundo, hereby certifies that : ( i ) Merchant is in default of obligations to Fundo, secured by the assigned payments, receivables, and other accounts ; ( ii ) on account of such default, Fundo is entitled to receive the assigned payments, receivables and other funds as a " Secured Party '' under Article 9 of the Uniform Commercial Code ( the " UCC '' ) ; ( iii ) Notification has been delivered to XXXXXXXX XXXX XXXX XXXX for the purposes of 9-406 of the UCC ; and ( iv ) all documents furnished to Account Debtor by Secured Party are true and correct copies of the originals and have been submitted by Secured Party as proof of assignment of the assigned payments and receivables for purposes of 9- 406 ( c ) of the UCC. 
Thank you for your prompt attention to this matter. Should you have any questions or concerns, please contact XXXX or call ( XXXX ) XXXX upon receipt of this correspondence. Your anticipated cooperation is appreciated. 
Yours very truly, XXXX XXXX XXXX XXXX XXXX, XXXX

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation