FTC Consumer Loan department,
Installment loan Managing the loan or lease California
LoanNow has twice overstated the interest due on a simple interest contract. When I have in fact over paid them by $14.00 they are saying I owe them $27.00 and am now getting harassed by a collections company for $95.00. I have provided them with an amortization schedule twice now, the first time after speaking with their management they acknowledged the error and corrected their 'dashboard ' reporting tool and just now a second time showing the simple interest calculation. Additionally, this was a scheduled - payment loan which I paid off in -. They are defrauding their clients. I am certain if an audit was performed on their transactions you would find a lot more instances of this lender taking more interest than they should. I look forward to your response, - - -
FTC customer in California
Jun 17, 2016
* Source: CFPB Complaint Database
FTC response to complaint:
Closed with explanation
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