ComplaintsforXact Loan

• Initial Complaint

  07/29/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  **** ****** ************************** Xact Loans? PO Box 36454 ?Cincinnati, OH 45236 ?Dear Xact Loans, I hope this letter finds you well. I am writing to inform you that I am filing for Chapter 7 Bankruptcy. This decision was not made lightly, but I believe it is the best way for me to address my financial challenges. My financial difficulties began as a result of my divorce, which significantly impacted my income and financial stability. The separation process led to unexpected expenses and a reduction in my household income, making it increasingly difficult to meet my financial obligations. Additionally, the COVID-19 pandemic further exacerbated my situation. Like many others, I faced unexpected job loss and reduced working hours due to health concerns and business closures. The economic downturn severely affected my financial resources, leaving me unable to pay my debts. Filing for Chapter 7 Bankruptcy provides me with an opportunity to start fresh and regain control over my financial situation. It is my hope that this process will allow me to discharge certain debts and provide the relief I need to rebuild my life. I understand the implications of this decision, and I am committed to cooperating fully with the bankruptcy process. I appreciate your understanding during this challenging time. If you require any further information of my bankruptcy filing, you will be contacted via the Trustee assigned to the case. Please, at this time Cease and Desist all efforts of communication or collecting. Thank you for your understanding and support. Sincerely, **** ******

  Business response

  08/01/2024

  To Whom It May Concern: 

  
  We would like to thank *** ****** for contacting us regarding his Xact loan. We understand he is informing us of his recent bankruptcy filing. We have completed a preliminary review and advise that the matter has been referred to our Bankruptcy Department. We would like to note that no contact information was provided for the Trustee *** ****** referenced within his complaint.  We would like to advise that a member of our Bankruptcy Team may reach out to *** ****** in order to obtain appropriate documentation needed to complete the bankruptcy status within our systems.  We would also like to advise that once the Bankruptcy status has been updated within our systems, *** ******** communication preferences will be updated to reflect cease & desist/do not contact status.
  

  Regards,

  Customer Advocacy Team
  Corporate Offices of Xact
  P.O. Box 36454
  Cincinnati, Ohio 45236-0454

• Initial Complaint

  07/22/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On Friday 7/12, I applied for a loan through Xact loans thinking it was a legitimate company. I was approved for 2,500, after seeing the finance charge and 3 fold interest rate, I decided to rescind the loan per the loan contract. I called Xact loan customer service within allotted time frame of 1 business day to rescind on 7/15, they stated I “could not rescind until the funds were deposited into my checking account” (RED FLAG #1). I called back with my bank on the line, the customer service agent read back the last 4 of my checking account, and it was wrong. He informed me that the loan would be voided and no further action would be needed. (Red Flag 2) On 7/17, I noted the unwanted loan appeared in my checking account, even though I was told the loan was voided. I called customer service again on 7/17 AGAIN, to rescind the loan, and ensure the first payment on 7/19 would not be pulled from my account, since my experience with them had been nothing but lies thus far. The customer agent, German, assured me the loan was closed and there would be no installment pulled; and it would take 3-5 business days for the loan amount of 2500 to be returned to Xact. He also said a “confirmation email” of the loan status could not be sent till he made a claim with the “higher ups” (red flag #3-5). 7/20, Xact email stating they were “unable to retain the funds from my account” (red flag 6) I Called my bank AGAIN, they confirmed NO ATTEMPT was made by Xact to retain the funds from my account, however, an unauthorized payment of $219.10 was taken from my checking account. I Called Xact loan again, recorded every conversation with them and was told I could just “pay off” the loan for 2,392.14. I paid over $100 in interest for a loan that was supposed to be “rescinded/voided” and no attempt was made to retain their funds. This company is predatory and will tell lie after lie, so your stuck paying crazy high interest rates and fees. This company is a SCAM, liars and a BAD BUSINESS

  Business response

  07/31/2024

  To Whom It May Concern: 
  
  We would like to thank *** ***** for contacting Check ‘n Go regarding her previous loan.  We completed an investigation into the matter and can confirm that *** ***** applied for an Xact loan on 7/12/2024.  A review of her account and recorded calls confirms that she contacted us on multiple occasions to rescind her loan, however due to banking requirements funds needed to be in her account before the loan could be rescinded and funds requested back from her bank.  Funds were not available in her account until 7/16/2024 due to an error made by *** ***** when inputting her banking information into the loan application.  Once funds were available, *** ***** chose to pay off her loan on 7/16/2024 instead of rescinding the loan. We can confirm that her account is now closed and reflects a status of "Satisfied/Paid in Full" as of 7/16/2024.  
  

  We sincerely apologize that *** ******* recent experience with Xact didn’t meet her expectations. Her comments have been provided to management and her concern is being investigated. We are unable to provide detailed information regarding any disciplinary action taken due to employee privacy issues; however, we can assure *** ***** that her concern is being taken very seriously and will be addressed appropriately.
  
  We would like to thank her for taking the time to share her concerns. It’s our goal to make every customer experience a positive one and her feedback can help us achieve that.

  
  Sincerely, 

  
  Customer Advocacy Team 
  Corporate Offices of Check' n Go and Allied Cash Advance 
  P.O. Box 36454 
  Cincinnati, Ohio 45236-0454 

• Initial Complaint

  06/21/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I have received daily unsolicited phone calls and voicemails about an "application" missing documentation that needs to be submitted. I have never provided my information to this company or started an application for a loan or any of their services. Their phone calls are sometimes minutes apart, can be two or three in the morning and then again in the afternoons. They have almost completely filled my voicemail inbox space. I've tried blocking their numbers but they use a service that changes their number each time and even spoofs that they are in the same state or city at times.

  Business response

  06/24/2024

  To Whom It May Concern: 
  
  We would like to thank *** ******* for contacting us regarding the phone calls he has been receiving from someone claiming to be associated with ***** ** **. We completed an investigation into the matter and can confirm there are no accounts or applications within our system that match the personal information he provided within his complaint.  Although we can advise the calls he is receiving are likely fraudulent, unfortunately we cannot control the communication practices of companies other than our own, and cannot guarantee that a third-party will stop contacting him.  As a proactive measure, we have added his contact information to our Do Not Call lists per his request to limit any legitimate communication that could potentially originate from us.  We kindly ask that *** ******* allow 7-10 business days for those changes to take effect.  In the meantime, if he has any additional questions or concerns, we would encourage him to contact us directly at ###-###-####, and one of our friendly agents will be able to assist him.
  
  Sincerely, 
  

  Customer Advocacy Team 
  Corporate Offices of Check' n Go and Allied Cash Advance 
  P.O. Box 36454 
  Cincinnati, Ohio 45236-0454 

• Initial Complaint

  06/20/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  For the past six weeks I have been receiving Robo-calls from this company multiple times per day despite being on the do not call registry and asking twice to be removed from their calling lists. I have blocked calls, but they annoyingly leave messages that I must clear. I am at my wits end with this company contacting me and I am willing to take drastic actions to put a stop to their non-stop phone harassment for something I don't want and I don't need. My next step will be a civil action through the FTC and my attorney. I will seek damages to the fullest extent of the law.

  Business response

  07/01/2024

  To Whom it May Concern,
  
  Thank you for the correspondence regarding your Xact Loan. The Xact Loan is an installment loan originated and funded by ******* ********* Bank (“******”), a **** Chartered bank, located in ***** ****, Member FDIC.  We have reviewed the complaint and appreciate the opportunity to investigate the matter and provide a response.
  
  After completing an investigation into the matter, we found no record of *** **** previously requesting us to cease contact with him, or any previous complaints related to unsolicited phone calls.  Although no previous records exist, we can confirm that *** ****** contact information has now been added to our Do Not Call Lists per his request.  We kindly ask **** *** to allow 7-10 business days for the changes to properly take effect.
  
  If he has any additional questions or concerns, we would encourage him to contact customer support at ###-###-#### where one of our friendly agents will be able to assist him.
  
  
  Thank you,
  
  Xact Loan Customer Advocacy Department
  7755 Montgomery Rd., Suite 500
  Cincinnati, Ohio, 45236
  ###-###-####
  www.xact.com/contact

• Initial Complaint

  06/18/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Consumer agreed to my payments being made on the loan on the 15th and end of the month. My last 2 paydays were on a wknd so they schedule my payment for prior to my payday then charging interest for payment not being made on the new due date. They are in breech of contract and can not charge interest due to payday falling on wknds. They also are charging 229% interest which goes against the Usery law for *******. This need refigured and fair or this contract is nolan void.

  Business response

  07/01/2024

  To Whom it May Concern,
  
  Thank you for the correspondence regarding your Xact Loan. The Xact Loan is an installment loan originated and funded by ******* ********* Bank (“******”), a **** Chartered bank, located in ***** ****, Member FDIC.  We have reviewed the complaint and appreciate the opportunity to investigate the matter and provide a response.
  
  After completing an investigation into the matter, we can confirm that *** ******* obtained an Xact loan on 4/19/2024 in the amount of $2,000.00.  According to the loan agreement she signed, her loan contained an APR of 220.56%, Finance Charges of $4,621.70 and a Total of Payments amounting to $6,621.70.  Her payment schedule consists of 36 semi-monthly payments of $183.93 which began on 4/30/2024 and contains a final payment of $184.15.  A review of *** ********* payment history confirms that all installments automatically withdrawn from her account have occurred on the correct due date and were drafted according to the Loan Agreement she signed prior to accepting the loan.  We would like to clarify that verbiage located on page 1 of the Loan Agreement advises that “Any payment date which would have occurred on a weekend or bank holiday according to the periodicity disclosed above is instead scheduled for the business day preceding a weekend or bank holiday date.”
  
  Regarding *** ********* claim that the interest rate associated with her Xact loan is in violation of ******* State law, we would like to ensure *** ******* understands that ****** is governed by both federal banking laws and the laws of the State of **** and there is no limitation imposed on the interest rates associated with Xact loans. ******** Xact Loan was designed to provide consumers, with little or poor credit histories, an opportunity to solve short-term financial needs and was created with the intent of providing consumers with a tool to build or establish their credit history, if properly managed. 
  
  We respectfully decline to alter *** ********* loan agreement or payment schedule in any way, as they are both accurate and permissible in the State of *******. She is more than welcome to pay off her loan early, which would result in a reduction of the daily interest accrued over the life of the loan.  The payoff amount for Xact loans changes daily and adjusts according to the amount of daily interest accrued.  She may contact customer support at any point to request an up to date payoff amount and can reach customer support at ###-###-####.
  
  
  Thank you,
  
  Xact Loan Customer Advocacy Department
  7755 Montgomery Rd., Suite 500
  Cincinnati, Ohio, 45236
  ###-###-#### 
  

• Initial Complaint

  06/17/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Exact lending has been repeatedly making unsolicited calls, multiple times per week, for a loan offer that I never requested. The messages reference an “urgent message” and overall seem like a blatant scam.

  Business response

  06/20/2024

  To Whom It May Concern: 
  
  We would like to thank *** ***** for contacting Xact regarding the phone calls he has been receiving.  We would like to advise that the phone number provided within his complaint has been added to our Do Not Contact list per his request.  We ask that he please allow 7-10 business days for the changes to take effect.  If he has any additional questions or concerns, we would encourage him to contact us directly at ###-###-####, and one of our friendly associates will be able to assist him.
  
  Sincerely, 

  
  Customer Advocacy Team
  Corporate Offices of Xact
  P.O. Box 36454
  Cincinnati, Ohio 45236-0454

• Initial Complaint

  04/15/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  This company has repeatedly robo called me offering unsolicited loan offers despite me never having applied and my number being on the FEDERAL DO NOT CALL REGISTRY in clear violation under the Federal Trade Commission. I have reported to the FTC, Attorney Generals Office and intend to take legal action against this company if attempts to contact me do no cease immediately. Stop robo spamming people, it's illegal.

  Business response

  04/24/2024

  April 24, 2024
  

  Ref. No. #********
  

  Re: ****** *****; Better Business Bureau
  

  To Whom it May Concern,
  

  Thank you for the correspondence regarding your Xact Loan. The Xact Loan is an installment loan originated and funded by Capital Community Bank (“CCBank”), a Utah Chartered bank, located in Provo Utah, Member FDIC.  We have reviewed the complaint and appreciate the opportunity to investigate the matter and provide a response.

  
  After completing an investigation into the matter, we can confirm that Mr. ******* contact information has been updated within our system to reflect Do Not Contact status.  We kindly ask that Mr. ***** allow 7-10 business days for these changes to take effect.
  We apologize for any inconvenience and encourage him to contact us directly at ************** with any additional questions or concerns. 
  
  

  Thank you,
  

  Xact Loan Customer Advocacy Department
  **** ********** **** ***** ***
  *********** ***** *****
  ***** ********
  ********************

  Customer response

  05/03/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ** ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.

  The company has failed to address why they were contacting me unsolicited using robo calls when I am listed on the do not call registry. Stop violating the law, it's that simple.

  I will be pursuing this further through legal channels. 

  Regards,
  
  ****** *****
  

• Initial Complaint

  04/13/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Even after being told I had lost my job and that I had engaged an attorney to file bankruptcy...they continued to attempt to draw funds. I put a stop payment for this and in order to circumvent this ...they changed the spelling of the payee line slightly . I had lost my job so there was barely any $ in the account and now I'm negative as it went thru as an overdraft. The trustee for the bankruptcy WILL take it back from them but this was SOOO underhanded. Bad on me..once I get thru this I will NEVER take a loan Luke this out again..these guys are vultures

  Business response

  04/22/2024

  April 22, 2024
  

  Ref. No. #21570355
  

  Re: Brenda Cruz; Better Business Bureau
  

  To Whom it May Concern,
  

  Thank you for the correspondence regarding an Xact Loan. The Xact Loan is an installment loan originated and funded by Capital Community Bank (“CCBank”), a Utah Chartered bank, located in Provo Utah, Member FDIC.  We have reviewed the complaint and appreciate the opportunity to investigate the matter and provide a response.

  
  After completing an investigation into the matter, we can confirm that Ms. Cruz agreed to the terms and conditions of her Xact loan when she signed the Loan Agreement on 11/30/2023.  Ms. Cruz agreed to a loan in the amount of $3,250.00 and according to the loan agreement she signed, her loan contained an APR of 213.07%, Finance Charges of $7,474.17 and a Total of Payments amounting to $10,724.17.  The payment schedule she agreed to consists of 37 bi-weekly payments of $289.86 which began on 12/20/2023 and contains a final payment of $289.21. 

  
  Our records indicate Ms. Cruz’s account is currently in bankruptcy status with Case # 24-11715 attached to a Chapter 7 Bankruptcy.  Her Bankruptcy has a filing date of 4/10/2024.  The payment in question was drafted via ACH on the morning of 4/10/2024 in the amount of $289.86 – before any bankruptcy paperwork was received or entered into our system.  That payment was ultimately returned by Ms. Cruz’s bank for insufficient funds and will not be refunded- as it was never debited from her bank account.

  
  We would like to confirm that no further ACH payments will be taken from Ms. Cruz’s account due to Bankruptcy status, and we have notated her account accordingly.  If Ms. Cruz has any additional questions or concerns, she is welcome to contact our customer support team at 1-800-316-4220 where one of our friendly agents will be able to assist her.
  

   

  Thank you,
  

  Xact Loan Customer Advocacy Department
  7755 Montgomery Rd., Suite 500
  Cincinnati, Ohio, 45236
  (800) 316-4220
  www.xact.com/contact

• Initial Complaint

  04/07/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Unable to pay on and it was sent to their own collection department. Was sent email and I asked for address so I can ask for validation and to possibly ask for a payment plan and settlement in writing since balance is higher than original loan not to mention predatory lender. They would not give me an address to their collections department or a fax number. I also can not directly email their collections department I keep being sent a number. I discussed a plan on the phone but it’s still not doable. I want to communicate further in writing and they apparently won’t do that. I wish to settle this account for Lower balance due to $2250. I can pay $250 once agreed upon arrangement then every month after pay $125 for next 16 months with option to pay more to get it paid off quicker. You will update reporting to credit bureau paying as planned and when paid $2250 off in full you report satisfied paid in full. Account Number: *********8 I want an agreement in writing not over the phone.

  Business response

  04/11/2024

  To Whom It May Concern: 
  
  We would like to thank Ms. ******* for contacting Xact regarding her installment loan. We understand that Ms. ******* is requesting payment arrangements on her loan, and we appreciate the opportunity to provide a response.

  We completed an investigation into the matter and can confirm that Ms. ******* obtained an Xact loan on 10/19/2023 in the amount of $3,250.00.  Our records indicate her loan defaulted and was written-off on 3/8/2024.  A review of her collections account confirms that she was presented with a settlement offer, however she declined to accept it.  Records indicate she was also offered a promise to pay arrangement breaking up her remaining balance into 6 equal payments.  She accepted this offer, however failed to make the first payment on time, which voided the arrangement.
  
  We would like to assist Ms. ******* in paying down her balance, however these types of arrangements are best negotiated over the phone.  This is a matter of corporate policy.  We would encourage her to contact our collections department to discuss any potential payment options this might currently be available to her at this time.
  
  Sincerely, 
  

  Customer Advocacy Team 
  Corporate Offices of Xact
  **** *** ***** 
  Cincinnati, Ohio ********** 

  Customer response

  04/11/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ** ********* and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.

   

  This is inaccurate information from Xact loans. They say your call is being recorded so let’s get to listening to that. I was not offered a 6 month plan to pay it back. It was originally 3 months and the payment dates discussed were not to start until the end of April.  I called back a few days later and got a lower settlement but was told it had to be paid in full and I took accurate notes.  My issue is I want something in writing where both parties agree to a settlement and payment plan for this very reason here of lies being detected. I do not want to make payments on what is discussed over the phone and later get screwed and they turn around and say that wasn’t the agreement. Why would anyone make a verbal agreement over the phone with no back up agreement in writing?  It’s simple! Type out an email and send it to me  it’s not rocket science.  

  
  
  Regards,
  
  ******* *******
  

  Business response

  04/17/2024

  To Whom It May Concern:  
  
  We have previously investigated Ms. *******’s claims and provided a detailed response on 4/11/2024.  As stated in our previous response, we would like to reiterate that all communication and/or negotiation regarding settlement offers is conducted via phone per corporate policy.  If Ms. ******* would like a copy of any future agreements in writing, she can make that request at the time the agreement is made.  Until Ms. ******* provides new information for consideration, we kindly refer her to our previous response, as our stance has not changed.  
  
  Sincerely,  
  
  Customer Advocacy Team 
  Corporate Offices of Xact 
  **** *** ***** 
  Cincinnati, Ohio 45236-0454 

• Initial Complaint

  03/26/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I had two past loans through this company one on October 18, 2023 and one on December 4, 2023 they both were paid off completely enclosed. The company continues to report to the credit bureau that they are open with or with a balance I dispute them through the credit agency every month. They verify that the loans are closed and paid, then I have disputed them. They go back and report them as open or closed closed. I feel that they keep doing this to me 150% interest rate loan and prevent me from being able to acquire a loan anywhere else. I have disputed 5x and they have corrected but then follow up with inaccurate information a few days later.

  Business response

  04/12/2024

  April 1, 2024
  Ref. No. **************** ********
  Re: ******* ******* ***** ***
  

  To Whom It May Concern:
  

  Thank you for the correspondence regarding the Xact Loan terms and conditions. The Xact Loan is an installment loan originated and funded by Capital Community Bank (“CCBank”), a Utah Chartered bank, located in Provo Utah, Member FDIC.  We have reviewed the complaint and appreciate the opportunity to investigate the matter and provide a response.

  
  During our investigation we reviewed all documents, notes, and recorded phone conversations pertaining to the complaint. We found that Ms. ****** signed an Installment Loan Agreement with CCBank on 10/18/2023 for $4,000.00 with a finance charge of $7,197.31, for a total due of $11,197.31. The Installment Loan Agreement contained the Annual Percentage Rate of 174.45% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi-Weekly payments of $294.65 began on 11/03/2023 for a total of 37 payments, with the final payment in the amount of $295.26. Records indicate copies of the loan agreement, and all federally required disclosures were provided to Ms. ****** through email. The Installment Loan was then paid off on 11/16/2023.

  
  On 12/04/2023 Ms. ****** took another Xact loan. The Installment Loan Agreement with CCBank was signed on 12/04/2023 for $4,000.00 with a finance charge of $6,947.05, for a total due of $10,947.05. The Installment Loan Agreement contained the Annual Percentage Rate of 174.52% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi-Weekly payments of $288.06 began on 12/15/2023 for a total of 37 payments, with the final payment in the amount of $288.83. Records indicate copies of the loan agreement, and all federally required disclosures were provided to Ms. ****** through email. The Installment Loan was then paid off on 02/20/2024.

  
  While reviewing Ms. ******’s account it was found she reached out to Customer Support starting on 2/12/2024 about the loan paid off on 11/16/2023. In December of 2023, the loan showed as paid in full and closed on credit reports. When credit reports were reviewed again in January and that loan was displaying as open and active. Since Ms. ****** had taken a new loan she then had 2 open loans displaying on her credit report. The original complaint was initiated directly with Xact. At that time, a resolution had been provided by each of the credit bureaus to correct the issue. The resolution from TransUnion was successful and affected loans were corrected. The resolution provided by Experian did not correct the issue, and instead opened a duplicate loan. We have been working with Experian to manually correct the issue. We have been told we should be able to review the corrections by 4/15/2024.

  
  We understand Ms. ****** is in the process of buying a home and this resolution may not be the immediate resolution she was hoping for. We would be more than happy to provide a letter to her mortgage company on letterhead explaining the issue, and that we are working to resolve the issue with Experian, but all Ms. ******’s loan have been paid in full.

  
  We trust this information is responsive to the request.
  
  Thank you,
  
  Xact Loan Customer Advocacy Department
  **** ********** **** ***** ***
  *********** ***** *****
  ***** ********
  ********************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩