Cottonwood Financial Ltd. Payday Loan Complaint

Payday loan Payment to acct not credited payment to acct not credited

Cottonwood Financial Ltd. Payday loan department,

Payday loan Payment to acct not credited Payment to acct not credited Texas

On -/-/15 I borrowed $3000.00 from the Cash Store # -. On -/-/15 I went to payoff the outstanding balance with a cashier 's check but the representatives at the store would not take my payment stating that a an ACH had been processed on the same day for $730.00 to my Bank account which they had not received confirmation if it was paid hence unable to give me a payoff quote. I went back to the store again on Saturday - and Monday - and they still would not take my payment. As result I incurred an additional $180.00 in finance charges. Furthermore, I find it very deceptive to show an APR of 9.75 % on the promissory note yet there is an CAB fee which is assessed as a finance charge which increases APR to the unconscionable rate of 581.72 %. It cost $2500.00 to borrow $3000.00 for 43 days or so - outright exploitation!

Cottonwood Financial Ltd. customer in Texas
Jan 07, 2016

* Source: CFPB Complaint Database

Cottonwood Financial Ltd. response to complaint:
Closed with monetary relief

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