BlueChip Financial Payday Loan Complaint

Payday loan Charged fees or interest I didn't expect charged fees or interest i didn't expect

BlueChip Financial Payday loan department,

Payday loan Charged fees or interest I didn't expect Charged fees or interest I didn't expect Washington

I took out a loan from Spotloan in the amount of $300.00. On their website it says that it 's cheaper than doing a payday loan so I thought oh that 's great and then signed up. A month later when I was expected to pay, I asked how much it would be with the interest and they told me $450.00. $150.00 in interest for a month??? There 's no way I can pay that. I 'm on a limited income. That $150.00 would mean I ca n't pay for electricity or groceries for my family. I feel like this is very misleading of them to say it 's cheaper than a payday loan. A payday loan would 've charged me $45.00, not $150.00. So I explained to the company, both by email and on the phone that I could n't pay it and I was n't sure what the next step was. Since then I 've gotten phone calls at least twice a day and they keep trying to withdraw money from my bank account which creates $32.00 fees for me each time.

BlueChip Financial customer in Washington
Sep 07, 2016

* Source: CFPB Complaint Database

BlueChip Financial response to complaint:
Closed with explanation

Created with Highcharts 4.2.3BlueChip FinancialComplaint HistoryComplaints11/20131/20142/20143/20144/20145/20146/20147/20148/20149/201410/201411/20142/20153/20154/20155/20156/20157/20158/201510/201511/201512/20152/20165/20166/20167/20168/20169/201611/201612/20163/20170123456Source: Consumer Financial Protection Bureau
Created with Highcharts 4.2.3BlueChip FinancialCharged fees or interest I didn't expect98.4%1.6%Closed with explanationClosed with monetary reliefSource: Consumer Financial Protection Bureau
Created with Highcharts 4.2.3National AverageCharged fees or interest I didn't expect5.7%4.1%2.5%5.2%82.2%0.3%Untimely responseClosed with non-monetary reliefClosedClosed with monetary reliefClosed with explanationIn progressSource: Consumer Financial Protection Bureau

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