Consumer complaint received 2021-08-03 00:00:00
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: BlueChip Financial
State: CA

Complaint narrative:
This company has been engaging in predatory lending at rates well above my states ( CA. ) high interest rate legality. Below is an email that got sent to me outlining the terms of a {$300.00} loan that I had been approved for and funded. It reads : Expect your loan deposit soon, read below for more details Hi XXXX, A copy of your executed loan agreement is attached. Were sending {$300.00} to your bank account. 

If you accepted your loan terms on a Monday through Friday, before XXXX XXXX CT, Spotloan will transfer the money to your bank by no later than XXXX XXXX. on the same day. 
If you accepted your loan terms on a Monday through Thursday between XXXXXXXX XXXX  CT and XXXX XXXX  CT, Spotloan will transfer your funds to your bank overnight. 
If you accepted your loan terms on a Friday after XXXXXXXX XXXX CT through anytime on Sunday, Spotloan will transfer your money over the weekend and it will be waiting at your bank on Monday morning. 
Keep in mind that your bank may not process or release the funds immediately, even after we have sent them your way. Be sure to check with your bank for specifics. 

Your Payment Schedule XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$55.00} XX/XX/XXXX {$53.00} Making Changes to Your Payments If you will have trouble making one of these payments, be sure to contact me at least 2 business days before your due date and we can work something out. Keep in mind that interest accrues on a daily basis and missing or deferring a payment will increase the total loan cost and will change your payment schedule. 

Online Access You now have instant access to your Spotloan account at spotloan.com/account/sign-in. You can view your loan status and check in on your next payment online. 

Lastly, please see a copy of our Privacy Notice at spotloan.com/privacy-policy. 

If you have any questions, let me know. Thanks for your business, and we look forward to working with you over the next few months. 

Sincerely, The Spotloan Team XXXX XXXX spotloan.com # Please type your reply above this line # Hello, Your email ( request # XXXX ) has been received, and is being reviewed by our support staff. Please give us time to respond. Due to the recent Coronavirus ( COVID-19 ) outbreak, we have an overwhelming volume of emails. Thank you for your patience. 

If this is an urgent request, or time sensitive regarding your upcoming payment, call us as soon as you can for immediate response. Please remember, any delay on an upcoming payment could cause further setback or cost. 

To add additional comments, reply to this email. 

Sincerely, The Spotloan Team ( XXXX ) XXXX This email is a service from Spotloan Help Desk. Delivered by XXXX. 
[ XXXX ]

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation