Consumer complaint received 2018-11-09 00:00:00
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Problem with the payoff process at the end of the loan — 
Company: MoneyLion Inc.
State: NC

Complaint narrative:
I applied for & was approved for a loan for {$500.00} with 5.99 % interets on XX/XX/2018 with a membership for Moneylion XXXX. I received the loan same day XX/XX/2018. My first bi-weekly payment was due of {$19.00} on XX/XX/2018 which was my next payday. All my payments came out of my acct for the loan & the bi-weekly {$36.00} for membership fees starting XX/XX/2018 which all have cleared with no problem. I spoke to XXXX on chat on XX/XX/2018 about cancelling my ACH payment for the loan so I could pay off the loan in full. She explained I needed to call the customer service # XXXX on Friday XX/XX/2018 which was my next payday to make that payment. I called XX/XX/2018 to make the payment at XXXX. I was told their credit card system was down which is the fastest way to process payments so she would have to do it as ACH which would post Monday XXXX XXXX. It did not post so I emailed support on XX/XX/2018 and spoke with XXXX who informed me the payment was returned & I needed to call the support team at the number I called to make the payment. I tried to call on XXXX XXXX twice once in the morning at XXXX & again at XXXX. I was on hold to long & needed to get back to work. I called again on XXXX XXXX four times with very long holds. Finally spoke to someone at XXXX. She informed me that the payment was showing returned. I informed her the money was in the acct & has been as well as my bank acct showed no returned payments. She said it was an issue on their end & she would escalate it to whatever dept that deals with that & she took my contact number & best time to call & she would call me the next morning at XXXX XXXX. I waited until XXXX with no call so I called back. Spoke to a guy and he said the payment was returned as a hard returned that my bank had a stop payment on it which is untrue. He took my debit card # & supposedly tried to process using it but it was declined. He was going to retry the ACH & the payment would post next day which is tomorrow. Then I receive an email from XXXX stating Per my authorization, they have scheduled a retry of my most recent payment on loan XXXX. They are initiating a one-time ACH debit from your bank account on file, for the amount of XXXX on XXXX. My remaining balance after this payment is XXXX. The {$350.00} would pay the loan off in full so how could I have a balance of {$350.00} after the payment? Then at XXXX I received an email saying Your MoneyLion XXXX loan for {$500.00} at 5.99 % APR has been approved. Your money will be deposited into your account by the next business day. I did not request another loan with them. I am currently trying to pay off the existing loan & cancel membership. No money has been deposited into my acct either. So not only are they saying I put a stop payment on the loan payoff payment, they are trying to charge me double for it & saying I took a 2nd loan when the first isn't even paid off. I called back at XXXX & asked to speak to a supervisor. I was on the phone for almost an hr. The supervisor said they would have to transfer it to another dept & it would be 2-3 business days & no payment retry is showing in their system even though I got an email saying it was going to post tomorrow. I am just getting the run around with these people. I have spoke with my bank & no stop payment has been done & they have not tried to process any of those supposed payments. My bank recommended me file a complaint here. We will be doing whatever it takes even if I has to change acct numbers so these people can't take anymore of my money. I am trying to do the right thing by paying what I owe & cloaing this out the right way & they are making it so difficult. They are trying to force me to keep something I don't want & giving me the run around.i am tried of it.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation