FTC Consumer Loan Complaint

Installment loan Managing the loan or lease

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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