Consumer complaint received 2025-01-04 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Payday loan
Issue: Charged fees or interest you didn't expect — 
Company: Minto Financial dba Minto Money
State: MA

Complaint narrative:
I took out a loan from Minto Financial d/b/a Minto Money for {$630.00} on XX/XX/XXXX, with a disbursement date of XX/XX/XXXX. The loan had an extremely high Annual Percentage Rate ( APR ) of 473.48 %, which I was not fully aware of at the time of borrowing. Since taking out the loan, Ive been charged substantial finance charges and fees that were unexpected and far exceeded the original loan amount. Despite having repaid the {$630.00} principal, I am left with an outstanding balance of approximately {$9000.00} due to these excessive charges. 

**I had contacted Minto Financial via on XX/XX/XXXX via email to revoke my automatic payment authorization for the loan. I received confirmation that the auto-payment would be canceled. However, despite this confirmation, Minto Financial attempted to withdraw funds from my bank account onXXXX XXXX, XXXX. This was after I had revoked the auto-payment agreement, and there were insufficient funds in my account at the time of the withdrawal attempt, which caused further financial stress. My bank account has been shut down.

The unexpected charges have created an unmanageable debt, and I am now facing financial hardship because of the excessive fees and interest that have been applied to the loan. Despite paying off the original amount borrowed, I am still left with a significantly larger balance, and this is impacting my credit report and my ability to secure housing.

Predatory Lending Concerns : I believe that the loan I was offered is predatory because the APR of 473.48 % is unreasonably high for a short-term loan, especially for someone with limited financial resources. The high interest rates and unexpected fees have created a cycle of unmanageable debt. Even though I have repaid the original loan amount, the balance keeps growing, making it nearly impossible to repay.

Additionally, the loan has significantly impacted my credit report and credit score due to the accumulated fees. This has directly affected my ability to secure housing, as landlords are reluctant to rent to individuals with poor credit.

Relevant Dates and Amounts : Loan Amount Borrowed : {$630.00} APR : 473.48 % Loan Agreement Date : XX/XX/XXXX Disbursement Date : XX/XX/XXXX Total Fees and Charges Paid to Date : {$3100.00} ( finance charges ) Remaining Balance Owed : Approximately {$9000.00} Principal Paid Off : {$630.00} First Payment Date : XX/XX/XXXX ( according to payment schedule ) Last Payment Due Date : XX/XX/XXXX Impact on Credit : The fees and accumulated balance have negatively affected my credit, preventing me from securing housing.

Additional Information : The loan terms, especially the APR and fees, were not fully explained to me upfront. The unexpected charges have created an unmanageable financial burden, and I am seeking assistance in resolving this issue. Despite having repaid the original borrowed amount, I am still facing a substantial remaining balance that continues to grow due to excessive fees. This situation is impacting my ability to maintain or improve my credit, and I am now struggling to secure housing because of it.

Company response to consumer: Closed with explanation