Business ProfileforTarget Cash Now

On June 17, 2020, Better Business Bureau recognized a pattern of complaints from consumers regarding the lending services provided by Target Cash Now. Consumers allege borrowing money from the business and having to pay back much more than they borrowed due to the interest rates attached to the loan.

 

On June 17, 2020, BBB reached out to Target Cash Now with the following suggestions, and requesting a response to the consumer complaints:

 

1. The APR should be clearly visible above or next to "Click here to apply" on your website
2. Your website should clearly show a consumer the full amount they will be required to pay if they borrow “X” amount of money, example:

 

“$500 Loan Paid Bi-weekly

10 Month Term

21 Bi-weekly Payments of $140.22

725% APR

Total Payment $2,804.40”

On July 06, 2020, Target Cash Now responded to Better Business Bureau with the following:

 

“Target Cash Now is in receipt of BBB’s review letter dated June 17, 2020, which was received by us on June 23, 2020.  We take all comments, complaints, and reviews (good or bad) very seriously and will address the items noted.   First, we would like to take this opportunity to provide you with some background information on our company, its business practices, and our actions in response to your letter.  Target Cash Now is committed to complying with the spirit of all applicable federal laws and the laws of the Fort Belknap Indian Community. 

 

Regarding our products and their terms and conditions (including repayment options), they are all explained at the time of loan origination.  Target Cash Now discloses the total cost to a borrower if only the minimum payment schedule is followed, and we inform our customers that this is an expensive form of borrowing.  We also encourage customers to pay off early with no pre-payment penalty to save on interest charges. 

 

As to the APR, it is disclosed both on the Target Cash Now website, as well as the loan documents that are reviewed and signed by the customer.  All rates and loan fees are prominently displayed within the loan contract and are acknowledged at each point by mandatory electronic signature.  Furthermore, we advise our customers that our products should be used as a short-term source of funds – not a long-term financial solution.

 

Out of all the complaints received during the last twelve months, only one (1) response was not accepted by a complainant.  Most importantly, to put the volume of complaints in perspective, the complaints received over the last twelve (12) months make up less than 0.07% of Target Cash Now’s originated loans during that time.   

 

Regardless of the above, Target Cash Now appreciates the BBB reaching out, as we always strive to offer a superb product and the best customer experience possible.  Target Cash Now specifically understands the importance BBB’s recommendations in above-referenced letter, and we would like to let you know that our website already has these recommendations implemented in a similar format.  You can find this information by going to the Target Cash Now website and clicking on the Rates tab.  From there, you will be able to use the Target Cash Now Payment Calculator to get an approximate payback amount.  Furthermore, as previously mentioned, all rates and loan fees are prominently displayed within the loan contract and are acknowledged at each point by a customer’s mandatory electronic signature.

 

Thank you for the opportunity respond.  As noted above, Target Cash Now is subject to robust consumer protection requirements, and we want to treat our customers well and ensure they are pleased with our product.

 

Better Business Bureau reminds consumers to read and understand Terms and Conditions when conducting financial transactions with a lending business.

 

Complaints can be filed with Better Business Bureau at www.BBB.org, as well as with the Federal Trade Commission-Consumer Protection at https://www.ftc.gov/faq/consumer-protection.”

 

On June 17, 2020, Better Business Bureau recognized a pattern of complaints from consumers regarding the lending services provided by Target Cash Now. Consumers allege borrowing money from the business and having to pay back much more than they borrowed due to the interest rates attached to the loan.

On June 17, 2020, BBB reached out to Target Cash Now with the following suggestions, and requesting a response to the consumer complaints:

The APR should be clearly visible above or next to "Click here to apply" on your website
Your website should clearly show a consumer the full amount they will be required to pay if they borrow “X” amount of money, example:

“$500 Loan Paid Bi-weekly
10 Month Term
21 Bi-weekly Payments of $140.22
725% APR
Total Payment $2,804.40”
On July 06, 2020, Target Cash Now responded to Better Business Bureau with the following:

“Target Cash Now is in receipt of BBB’s review letter dated June 17, 2020, which was received by us on June 23, 2020.  We take all comments, complaints, and reviews (good or bad) very seriously and will address the items noted.   First, we would like to take this opportunity to provide you with some background information on our company, its business practices, and our actions in response to your letter.  Target Cash Now is committed to complying with the spirit of all applicable federal laws and the laws of the Fort Belknap Indian Community. 

Regarding our products and their terms and conditions (including repayment options), they are all explained at the time of loan origination.  Target Cash Now discloses the total cost to a borrower if only the minimum payment schedule is followed, and we inform our customers that this is an expensive form of borrowing.  We also encourage customers to pay off early with no pre-payment penalty to save on interest charges. 

As to the APR, it is disclosed both on the Target Cash Now website, as well as the loan documents that are reviewed and signed by the customer.  All rates and loan fees are prominently displayed within the loan contract and are acknowledged at each point by mandatory electronic signature.  Furthermore, we advise our customers that our products should be used as a short-term source of funds – not a long-term financial solution.

Out of all the complaints received during the last twelve months, only one (1) response was not accepted by a complainant.  Most importantly, to put the volume of complaints in perspective, the complaints received over the last twelve (12) months make up less than 0.07% of Target Cash Now’s originated loans during that time.   

Regardless of the above, Target Cash Now appreciates the BBB reaching out, as we always strive to offer a superb product and the best customer experience possible.  Target Cash Now specifically understands the importance BBB’s recommendations in above-referenced letter, and we would like to let you know that our website already has these recommendations implemented in a similar format.  You can find this information by going to the Target Cash Now website and clicking on the Rates tab.  From there, you will be able to use the Target Cash Now Payment Calculator to get an approximate payback amount.  Furthermore, as previously mentioned, all rates and loan fees are prominently displayed within the loan contract and are acknowledged at each point by a customer’s mandatory electronic signature.

Thank you for the opportunity respond.  As noted above, Target Cash Now is subject to robust consumer protection requirements, and we want to treat our customers well and ensure they are pleased with our product.

Better Business Bureau reminds consumers to read and understand Terms and Conditions when conducting financial transactions with a lending business.

Complaints can be filed with Better Business Bureau at www.BBB.org, as well as with the Federal Trade Commission-Consumer Protection at https://www.ftc.gov/faq/consumer-protection.”