Consumer complaint received 2026-03-05 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: LendingPoint Holdings LLC
State: DC

Complaint narrative:
I am filing this complaint against LendingPoint LLC ( servicer ) and XXXX XXXX Bank ( original lender ) regarding a consumer installment loan for XXXX XXXX, Loan No. XXXX, originated XX/XX/XXXX, in the amount of {$14000.00}. BACKGROUND When I took out this loan to pay for XXXX XXXX, I was offered a " Same As Cash '' XXXX promotional term. I was told that if I paid the full {$14000.00} balance within XXXX months, no interest would be charged. If I did not pay in full, interest would be charged back to the original loan date at a disclosed APR of 23.4899 %. I was not able to pay the loan in full within 12 months. The promotional period expired XX/XX/XXXX. At that point, I began to fall behind on payments. I contacted LendingPoint and was offered a XXXX XXXX XXXX, which I signed on XX/XX/XXXX. ISSUE XXXX : I WAS NOT TOLD HOW MUCH RETROACTIVE INTEREST WOULD BE ADDED When the promotional period ended, LendingPoint added retroactive interest back to the original loan date. However, at no point before or during the promotional period did LendingPoint clearly disclose to me in plain language what the total dollar amount of that retroactive interest would be. I was never shown a specific dollar figure showing what would be added to my balance if I failed to pay in full by XX/XX/XXXX. The contract used all-caps legal language that was not adequate to help me understand the actual financial impact. Federal regulations ( Regulation XXXX, XXXX C.F.R. XXXX ( h ) ) require that lenders offering deferred interest products clearly disclose that interest will be charged from the purchase date if the balance is not paid in full within the promotional period. I believe this disclosure was inadequate. ISSUE XXXX : THE LOAN MODIFICATION DID NOT INCLUDE REQUIRED DISCLOSURES The XX/XX/XXXX Modification Agreement changed my loan terms significantly it reduced my rate to 18.49 % APR, extended my loan term to 59 months, and set a new monthly payment of {$400.00}. However, the Modification Agreement did not include a XXXX in XXXX disclosure box showing the new APR, new finance charge, new total of payments, or amount financed. The original loan disclosed a 23.4899 % APR and total payments of {$21000.00}. The modification changed these figures materially without re-disclosing them. ISSUE XXXX : INTEREST WAS ADDED ON TOP OF INTEREST ( CAPITALIZATION ) The Modification Agreement states that as of XX/XX/XXXX, my balance was {$12000.00}, made up of {$12000.00} in unpaid principal and {$500.00} in " accrued unpaid interest. '' Under the modification, I am now paying 18.49 % interest on that combined amount meaning I am paying interest on interest that was previously accrued. This practice ( called interest capitalization ) was never clearly disclosed to me, and I did not knowingly agree to it. ISSUE XXXX : DEFAULT REMEDIES APPLIED TO AN ACCOUNT NEVER XXXX DAYS LATE Although some of my payments have been made late, I have never been XXXX or more days past due on this account. Despite this, LendingPoint 's modification contract contains a clause ( Section XXXX ) stating that if I miss any payment, they can immediately reinstate the original 23.4899 % APR without any prior notice to me. This " hair trigger '' default provision which can be activated without notice on an account that has never reached a reportable delinquency threshold is unfair and deceptive. ISSUE XXXX : I CAN NOT GET A COMPLETE ACCOUNTING OF MY BALANCE I have not been provided with a complete, itemized breakdown of : ( a ) all payments I have made since XX/XX/XXXX and how each was applied ; ( b ) the exact calculation of retroactive interest that was added when the promotional period expired ; ( c ) how the balance of {$12000.00} in the modification was calculated ; and ( d ) all fees that have been assessed. As of XX/XX/XXXX, my balance is {$7000.00}. I am unable to verify whether this balance is accurate without this information. WHAT I AM ASKING THE CFPB TO DO I am asking the CFPB to : XXXX. Require LendingPoint to provide a complete, certified payment history from XX/XX/XXXX through the present, showing how every payment was applied. XXXX. Require LendingPoint to provide a full calculation of the retroactive interest assessed when the promotional period expired, including the date assessed, the amount, and the method of calculation. XXXX. Investigate whether LendingPoint 's " Same As Cash '' promotional disclosures comply with federal Regulation XXXX requirements for deferred interest products. XXXX. Investigate whether the XXXX XXXX XXXX was required to include XXXX in XXXX re-disclosures. XXXX. Investigate whether LendingPoint XXXX no-notice default rate reinstatement clause ( Modification Agreement, Section XXXX ) constitutes an unfair, deceptive, or abusive act or practice under XXXX U.S.C. XXXX. XXXX. Confirm that no adverse credit reporting has been or will be made based on the disputed balance while this matter is under review. I am attaching copies of the original signed Loan Agreement ( dated XX/XX/XXXX ) and the signed Loan Modification Agreement ( dated XX/XX/XXXX ) as supporting documentation. I have also sent a formal written Notice of Dispute and Demand for Accounting to LendingPoint LLC via XXXX mail, and a Preservation of Evidence notice. I am prepared to escalate to the DC XXXX of the Attorney General and to pursue civil remedies if this matter is not resolved.

Company response to consumer: Closed with explanation