Irving P.
Unacceptable
The agent stated I had been approved for a loan of $1025 @ INT of 7%, payments of $25 a week of 56 payments. I'm thinking that sounds good, let's do it. He mentioned the three payment options available that can be changed at any time. I initialed documents of fineprint through an email not indicating any numbers of agreement just terms and was explained my loan is still pending approval. Shortly after I received an email showing the financial agreement which had not been the verbal understanding. The fine print indicated a weekly payment of $155 for the year, I'd be taking a $1025 and paying back more than $8,000. No one in their right mind would agree to this. I emediatly called back, the initial agent had explained I had already agreed to this and I can change the payment options. I stated I did not want to receive any funds, he said someone would contact me back before anything happens, we disconnected. I felt not at ease nor did I trust this representatives word, I called back to cancel and was sent to voicemail after waiting on hold for a bit of time. I called back again and was transferred to the resolutions department which a kind lady stated she couldn't cancel the loan because it was too late. That I had to receive the funds first and then return them the same day at no cost to me. I made contact with my with my bank and they agreed this would be considered misleading and fraudulent. My follow up action will be to report your representative and organization to the BBB if I'm obligated to pay for this. I have an attorney insured through my company which I will be contacting later today if this becomes a problem for me. It is not okay to tell someone your charging 7% and trucking them into 756% agreement. I believe an investigation is necessary not internal but by external entities to identify any other victims of this misleading experience.