ComplaintsforXact Loan

• Initial Complaint

  03/11/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am a service member on deployment and when called to lower the interest rate to 6% under the service members civil relief act I was told they could not do that.

  Business response

  03/25/2024

  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 ******* ********* **** (“******”), a **** Chartered bank, located in ***** ****, 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 *** ******* signed an Installment Loan Agreement with ****** on 6/20/2023 for $2,700.00 with a finance charge of $4,655.66, for a total due of $7,355.66. 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 $193.55 began on 6/30/2023 for a total of 36 payments, with the final payment in the amount of $194.31. Records indicate copies of the loan agreement, and all federally required disclosures were provided to you through email.

  On March 11, 2024 *** ******* contacted Customer Support to inform Xact she had become an Active Duty Military member, and her interest should be adjusted according to the SCRA. The agent she spoke with explained the interest on an open and active loan could not be adjusted but offered to transfer *** ******* to the Feedback line if she would like to file a complaint. *** ******* agreed and was transferred to the Feedback line. She did file a complaint at that time. Xact also received the BBB complaint of the same nature.

  *** ******* supplied her Military orders stating she became active Military on 2/01/2024 and will remain active for 400 days. The account was adjusted to reflect the correct interest rate per SCRA. Starting with the payment due on 3/22/2024 the amount due each time will be $90.24 for the remaining 19 payments, and a final payment due on 12/13/2024 in the amount of $10.17. The adjusted APR is now 5.98% with a remaining amount financed of $1,675.56 and a finance charge of $49.17 for a total remaining balance of $1,724.73.

  We want to also take this opportunity to apologize for the confusion when *** ******* called into the Customer Support line. The complaints have been provided to the Xact Management Team and your concern was reviewed. Xact is unable to provide detailed information regarding any disciplinary action taken due to employee privacy issues; however, Xact can assure *** ******* that her concern was being taken very seriously and was addressed appropriately.
  We trust this information is responsive to the request.
  
  Thank you,
  
  Xact Loan Customer Advocacy Department
  7755 Montgomery Rd., Suite 500
  Cincinnati, Ohio, 45236
  ###-###-####
  ********************

• Initial Complaint

  11/03/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  11/02/2023 Company would not disburse the loan amount after I applied and signed the loan contract. Then gave them my ******* *** checking account and routing number information.

  Business response

  11/09/2023

  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 ******* ********* 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. 

  During our investigation we reviewed all documents and notes pertaining to the complaint. We found that *** *** signed an Installment Loan Agreement with ****** on 11/02/2023 for $1,250.00. Records indicate copies of the loan agreement, and all federally required disclosures were provided to *** *** through email. 

  When applying for an online loan with Xact, as part of the credit application, Xact will validate information using Third-Party resources such as credit reporting agencies. The decision of *** ***’s application was based on the information that was submitted. We suggest *** *** verify the information provided on her application, including but not limited to the bank account number and income information, was entered correctly. We suggest also reviewing the income amount to coordinate with the direct deposit amounts. *** *** is welcome to reapply at any time through our website at XACT.com; however, approval is based on underwriting.  

  As part of the credit application, Xact will validate information using Third-Party resources such as credit reporting agencies. The disclosures for the loan application advise the applicant’s credit will be validated. After validation and review are complete, Xact will notify the applicant whether they qualified for a loan product. The completion of a credit application is considered Permissible Purpose according to the Fair Credit Reporting Act. The company respectfully declines the request to have the credit inquiry removed as it was associated with the credit application. The voluntary signature on the credit application is an acknowledgment that the company has the authorization to utilize third-party resources, such as credit reporting agencies, to complete the underwriting for the credit application. 

  We trust this information is responsive to the request. 

  Thank you, 
  Xact Loan Customer Advocacy Department 
  7755 Montgomery Rd., Suite 500 
  Cincinnati, Ohio, 45236 
  ###-###-#### 
  ******************** 

• Initial Complaint

  10/30/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I took out an installment loan for $1,600 on November 3, 2022 and have my account debited for $266.30 every month since then. I checked my payoff balance on today 10/31/2023 and I still owe over $1000 I don’t understand how this is possible. I would like to cut ties with this business, I have paid them well over what I borrowed. I am a widowed disabled woman on a fixed monthly income this is ridiculous.

  Customer response

  10/30/2023

  I have paid $3,195.60 for a $1,600 loan that should have been paid off. I initially said $2,929.30 but that was not including the October 2023 payment. I would like a refund of $1,595.60 of what I overpaid. This is predatory lending I can’t believe they do this to people, I never want to deal with them again.

  Customer response

  10/30/2023

  I borrowed $1,600 from XAct and I have had $266.30 debited my account every month. I have paid a total of $3,195.60 I refuse to pay any more money when this loan has been paid off twice over what I borrowed. I would like a refund for $1595.00 I want no further dealings with this predatory business and their predatory lending practices. 

  Business response

  11/09/2023

  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 ******* ********* **** (“******”), a **** Chartered bank, located in ***** ****, 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 and notes pertaining to the complaint. We found that *** ***** signed an Installment Loan Agreement with ****** on 9/19/2022 for $1,600.00 with a finance charge of $2,927.09, for a total due of $4,527.09. The Installment Loan Agreement contained the Annual Percentage Rate of 167.09% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Monthly payments of $266.30 began on 11/03/2022 for a total of 16 payments, with the final payment in the amount of $266.29. Records indicate copies of the loan agreement, and all federally required disclosures were provided to you through email. 

  While reviewing *** ******* account it was found 12 payments have been made thus far. Five payments remain, and the loan will be closed after the final payment is made on 3/03/204. *** ***** is welcome to pay the loan off early; this would save on daily interest.  

  We trust this information is responsive to the request. 
  
  Thank you, 
  
  Xact Loan Customer Advocacy Department 
  7755 Montgomery Rd., Suite 500 
  Cincinnati, Ohio, 45236 
  ###-###-#### 
  ******************** 

  Customer response

  11/10/2023

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

  Customer response

  11/10/2023

  I have paid more over what I borrowed and they are saying I need to pay more. I already paid enough and I refuse to pay more. If anything they should be refunding me and hundreds of other people

• Initial Complaint

  10/22/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This company has been harassing people who casually know me and have not reached out to me directly. They have been calling people with my last name who I am not related to. They have also been treating me saying they will come after my son. If they did call .e they never left a voicemail so I have no clue what is happening

  Business response

  10/27/2023

  October 27, 2023
  

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

  Re: Donald Helnore; 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 ******* ********* Bank (“**Bank”), a **** 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 *** ******* obtained an Xact loan on 6/2/2023 in the amount of $4,000.00.  According to the loan agreement he signed, his loan contained an APR of 223.605%, Finance Charges of $9,913.11 and a Total of Payments amounting to $13,913.11.  His payment schedule consists of 37 semi-monthly payments of $376.01 which began on 6/15/2023 and contains a final payment of $376.75. 
  Our records indicate the first two installment payments due on 6/15/2023 and 6/30/2023 were returned by the customer’s bank for insufficient funds, and that there have been no payments made on the loan since it was originated.  *** ********* loan is currently 130 days past due and was charged off on 9/14/2023 with a balance of $3,521.89. 
  

  Per his request, we have added *** ********* contact information to our do not contact list.  These changes can take 7-10 business days to take effect, so we ask for his patience while our systems update.
  

  We would like to advise that *** ******* is more than welcome to pay off his loan early, which would result in a reduction of the daily interest accrued over the life of his loan.  The payoff amount for Xact loans changes daily and adjusts according to the amount of daily interest accrued.  He may contact customer support at any point to request an up to date payoff amount.  He can reach 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

  10/08/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I open up a loan with Xact loans in April of 2022 and continue to have problems with this company.I went delinquent on this loan in June of 2022 and since then been trying to get then to modify my contract once I get caught up with payments on this loan.The reason I'm writing a complaint is when I checked my credit report, they have this loan in a charge off status.I was told by a Xact loan agent that they will set up a new payment plan, restructure my contract so I want have a late payment on my credit report. I faithfully started making my payments as agreed to get caught up on payments on the new contract but they never made any positive changes to my credit report.I am requesting them to remove the charge off on my credit report and for them to restructure my contract.

  Business response

  10/11/2023

  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 Mr. ******* signed an Installment Loan Agreement with CCBank on 4/19/2022 for $2,400.00 with a finance charge of $5,899.51, for a total due of $8,299.51. The Installment Loan Agreement contained the Annual Percentage Rate of 218.94% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi-Weekly payments of $224.30 began on 5/12/2022 for a total of 36 payments, with the final payment in the amount of $224.71. Records indicate copies of the loan agreement, and all federally required disclosures were provided to you through email.

  While reviewing Mr. ********* account it was found that he did speak with an agent and made payment arrangements, but no modification to the loan agreement was made. He agreed to work towards bringing his account current. No payments have been made towards the loan since 8/21/2023. The remaining balance of the loan is $1894.49. Due to the continuous past due balance the loan was charged off on 10/19/2022. Even if Mr. ******* pays the remaining balance the loan status would not change, and previous items reported to the credit bureau will not be updated.

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

  Customer response

  10/13/2023

  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.
  
  Regards,
  
  ****** *******
  

• Initial Complaint

  09/22/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I feel I am being overcharged on a loan and conflicting info is being given explaining charges.

  Business response

  09/26/2023

  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 Mr. ******** signed an Installment Loan Agreement with CCBank on 1/06/2022 for $1,000.00 with a finance charge of $2,517.58, for a total due of $3,517.58. The Installment Loan Agreement contained the Annual Percentage Rate of 216.32% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi-Weekly payments of $95.06 began on 2/04/2022 for a total of 36 payments, with the final payment in the amount of $95.42. Records indicate copies of the loan agreement, and all federally required disclosures were provided to you through email. 

  While reviewing Mr. ********* account it was found that he did make all regular payments, but multiple payments were late accruing additional interest. The second payment was returned on 2/24/2022 and accrued an NSF Fee of $25.00 and a late fee of $15.00. Again, a payment was returned on 6/29/2022, and again received both an NSF fee and a late fee. The same happened on 9/08/2022, 9/21/2022 and 10/05/2022. Finally, the last returned payment happened on 6/28/2023. Six payments total had returned, accrued daily interest, NSF fees and late fees.  

  At this time, all regular payments have been made and the account is accruing no additional interest or fees. The remaining balance is $957.93. If Mr. ******** would like to speak with the collections team to make payment arrangements on the remaining balance, he can contact them at ************* and one of the friendly agents will be happy to assist. 

  We trust this information is responsive to the request. 

  Thank you, 
  Xact Loan Customer Advocacy Department 
  **** ********** **** ***** *** 
  *********** ***** ***** 
  ***** ******** 
  ******************** 

  Business response

  10/03/2023

  To Whom It May Concern: 
  

  We want to thank Mr. ***** ******** for contacting Xact regarding his account. We understand that there is some confusion with the terms and conditions of his loan. We completed an investigation into the matter and advise Mr. ******** loan began on 2/03/2022, and was scheduled to end on 6/23/2023. During that time 6 payments were returned, and those payments weren't satisfied immediately. Once the initial payments ended on 6/23/2023 the past due payments were attempted successfully. All payments have now been satisfied, but the accrued interest from the returned payments has not been satisfied. The remaining balance of that accrued interest is $957.93. No additional payments will be withdrawn from Mr. ******** account. He can contact the Collections Department and set up payment arrangements to satisfied the remaining balance. 
  
  Sincerely, 
  Customer Advocacy Team 
  Corporate Offices of Xact
  **** *** ***** 
  *********** **** ********** 

  Customer response

  10/03/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ** ********* and find that this resolution is satisfactory to me under one condition. That I pay off the balance in monthly installments, in the amount of $150 per month for the next 7 months. The purpose of the loan was to get caught up after an emergency, not fall further behind due to high interest. This is the trap most people fall for, because of emergency situations, while the loans are accepted at almost illegal interest rates.
  
  Regards,
  
  ***** ********
  

• Initial Complaint

  09/18/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I took out a loan with Xact 36 Biweekly payments from 08/10/2023 to 01/16/2025 and I called to see how much of my $166.86, biweekly payments was going to my principal and how much was going to interest! My first payment on 08/17/2023 $84.39 went to principal and $82.47 went to interest, but the second payment 08/31/2023 $157.97 went to interest and only $8.89 to principal, 09/14/2023 $9.62 to principal! I asked them to please explain how this is correctly calculated, she said it was the system. I asked for a manager that could not explain to me either. Instead they sent me the documents attached with no explanation. I was going to the store indicated on their web page Store Phone Number: ###-###-#### Store Address: *** **** ***** Street Cleveland, OH *****, but the number is disconnected and the address is closed! At a 214.41% APR and $4,341.87 finance change on a $2000.00 loan and a contract interest payment at 215.00% interest. I'm feeling like I'm part of a scam! I called to pay the full amount and they told me I owed $1906.00 dollars and this is what started the conversation. I need breakdown on letter head of why my principal payouts aren't the same and is the percentage rate legal ? Why is the store listed and not accessible, that is what made me agree to the terms "A store I can go into and get answers!"

  Business response

  09/26/2023

  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 8/09/2023 for $2,000.00 with a finance charge of $4,341.87, for a total due of $6,341.87. The Installment Loan Agreement contained the Annual Percentage Rate of 214.41% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi-Weekly payments of $166.86 began on 8/17/2023 for a total of 37 payments, with the final payment in the amount of $168.05. Records indicate copies of the loan agreement, and all federally required disclosures were provided to you through email. 

  Interest on these loans is calculated daily, so the sooner a loan is paid off the more money that would be saved. At the beginning of the loan more of the payment is apportioned to the interest of the loan. The further into the loan a customer proceeds more of each payment will be apportioned to the principal on the loan. The Customer Support Team can provide a daily payoff to a customer at any time during the loan. 

  While reviewing Ms. ************ account it was found that the first payment was made on 8/17/2023, in the amount of $166.86. That payment was apportioned $82.47 towards interest, and $84.39 towards the principal. The second payment of $166.86 on 8/31/2023 was apportioned as $157.97 towards interest and $8.89 towards principal. On 9/14/2023 a third payment was made in the amount of $166.86. This payment was apportioned as $157.24 towards interest and $9.62 towards principal. All payments thus far are shown in the attached document.
  
  Ms. ********** also stated she attempted to call the store listed on her P360 account, but the phone number was disconnected. We would like to apologize for any confusion caused. P360 shows all information for a specific customer including in store Check ‘n Go loans and online only Xact products. Ms. ********** did previous have an instore Check ‘n Go loan serviced by the store listed. Unfortunately, the Xact product can only be serviced by the Customer Support Team, as it is a federally regulated loan funded by CCBank.   

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

  Customer response

  09/26/2023

  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.
  
  Regards,
  
  **** **********
  

• Initial Complaint

  09/12/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am requesting a positive correction to my credit report from this company Xact loans,to all three credit bureaus,Experian,TransUnion and Equifax.

  Business response

  09/15/2023

  To Whom It May Concern: 
  
  We would like to thank Mr* ******* for contacting Xact regarding his concerns associated with his credit report. Unfortunately, the information he provided in his complaint does not specify which information he is requesting to be removed, or the reason he is requesting information to be removed.  We would encourage him to contact us directly to discuss the matter.  He can reach our customer service department at ************** where one of our friendly agents will be able to best assist him with his request.  We look forward to hearing from him.
  
  Thank you,
  
  Customer Advocacy Team
  Corporate Offices of Xact
  **** *** *****
  *********** **** **********

  Customer response

  09/15/2023

  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.I will provide the detailed information on the reasons I want the items removed from my credit report.I accidentally submitted this complaint without a explanation.I will be calling you on this matter to explain in detail.
  
  Regards,
  ****** *******
  

  Business response

  09/19/2023

  To Whom It May Concern: 
  
  We would like to thank Mr* ******* for contacting Check ‘n Go regarding his complaint. We understand that he submitted his complaint by mistake, and we look forward to speaking with him to resolve his concerns when he contacts us directly (as stated in his response).
  
  
  Sincerely, 

  
  Customer Advocacy Team 
  Corporate Offices of Check' n Go and Allied Cash Advance 
  **** *** ***** 
  *********** **** ********** 

• Initial Complaint

  09/08/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Hi. I'd like assistance to cease future monthly EFT payments of a paid loan after 9/8/23 to Xact Loan. My complaint is about Xact Loans continuing to assign me more loan payments for another year after loan was completely paid off which is ridiculous. I applied for a $2400 loan in April 2023 which was approved along with monthly EFT pmts of $218.96. First pmt began on 4/21/23. As of 9/8/23 the loan of $2400 has been paid off in total of $2408.56. I double checked my loan agreement to confirm if my final payoff was near, but the agreement states I'm to continue paying until Sept 2024 totaling another $5700.99 including next scheduled pmt on 9/22/23. I decided to research to see if this has happened to any other customer and come to find out, I've discovered many complaints about Xact Loans practices on the BBB site. Also states in the agreement that I 'agreed' to giving 'permission to ****** to share my personal information with non-affiliated parties detailed in the ****** Privacy Policy' which I would never do.

  Business response

  09/15/2023

  September 11, 2023
  

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

  Re: ******* Lewis; 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 ******* ********* **** (“******”), 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 *** ***** agreed to the terms of his loan agreement when he took out an Xact loan on 4/3/2023 in the amount of $2,400.00.  The terms were clearly stated in the loan agreement he signed prior to receiving funds.  According to the loan agreement he signed, his loan contained an APR of 221.661%, Finance Charges of $5,700.99 and a Total of Payments of $8,100.99.  His payment schedule consists of 37 bi-weekly payments of $218.96 which began on 4/21/2023 and contains a final payment of $218.43 due on 9/6/2024. 

  
  Our records indicate *** ***** has successfully made the first eleven installment payments and have repaid a total of $2,408.56.  He is not correct in his assertion that he has completely repaid his loan.  There is still accrued interest and fees associated with the transaction that have been added to the initial amount financed.

  
  He is more than welcome to pay off his loan early, which would result in a reduction of the daily interest accrued over the life of his loan.  The payoff amount for Xact loans changes daily and adjusts according to the amount of daily interest accrued.  He may contact customer support at any point to request an up to date payoff amount.  He may also contact customer support to request an ACH revoke on his account which will prevent any future payments from being automatically deducted from his bank account.  He can reach 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

  08/29/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I took out a loan in April for $1200. My interest over 17 months was to be $1761.76. Which over 17 payments would be approx. 103.63 per month, with the remainder of $70.60 being applied towards balance, which is $282.38 for the 4 months in payment. There is no info on their website that let's you see your balance or your payments history. I want to pay this loan off early and was given a quote of $1166.76, which means that they are paying off their interest in full early, so if you pay off your loan early, they have the lions share of interest already paid, and you still owe a big portion of your principal. This is more then predatory. I have never had a loan where I paid off the interest in advance before the principal. I understand I agreed to pay $1761.76 interest over the loan of 17 months, but I am paying it off early and I am not paying interest in advance for months I did not have the loan. The only solution is to apply the 282.38 towards the principal, with $917.62 due as pay off balance. ******* is really strick about predatory practices, and the fact that you cannot access payment history or balance info is sketchy. I will not hesitate to proceed to my satisfaction. I am being more then fair. This is disgusting.

  Business response

  09/05/2023

  Thank you for contacting Xact regarding your account.  We understand there is some confusion surrounding the terms and conditions of your Xact loan and the payment schedule you agreed to.

  We completed an investigation into the matter and can confirm that you agreed to the terms and conditions of your Xact loan when you signed your Loan Agreement on 4/13/2023.  You agreed to a loan in the amount of $1200.00 with an APR of 160.573%, Finance Charges of $1761.76 and a Total of Payments equaling $2961.76.  Your Loan Agreement consists of 17 monthly payments of $174.23 which began on 5/3/2023 and includes a final payment of $174.08.   
  

  You are more than welcome to pay off your loan early which would result in daily interest savings over the term of your loan.  If you have any additional questions or concerns, or would like to make a payment, we would encourage you to contact Customer Support at ###-###-####, and one of our friendly agents would be able to assist you.

  Thank you,

  Xact Loan Customer Advocacy Department
  7755 Montgomery Rd., Suite 500
  Cincinnati, Ohio, 45236
  ###-###-####
  www.xact.com/contact

  Customer response

  09/05/2023

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

   

  There should be 17 paymemts of $174.23. $74.28 should be applied towards principal, $99.95 towards interest. With each payment i made, which with any other loan would bring the interest down, your interest payments got higher and my proncipal payments got lower. This assures ypu that if i do pay the loan off early, youve gotten a bulk of interest with nearly no principal paid off. Therefore, yoi are making me pay interest before principal. I know what i agreed to, i just did not agree ro pay interest before principal. That makes no sense. Ive paid over $600  on this loan, and less then $40 has been applied to principal. As a matter of fact, the principal has gone from $99.95 the first payment, to $152.97 the second, to $145.24 the 3rd, and the highest is the 4th payment of $146.15 for the 4th payment. The interest is going up, while the principal payment is going down. 

  Explain this. I know I signed a loan agreement, but I did not agree to pay you the interest before the principal. This makes no sense. 

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

  Business response

  09/11/2023

  To Whom It May Concern: 
  
  We would like to thank *** ************* for contacting Check ‘n Go regarding her loan agreement. We understand that there is still some confusion with the terms and conditions of her loan and the payment schedule she agreed to.  Page two of the loan contract *** ************* signed explains the terms and conditions surrounding loan payment allocation.  It states payments are applied first to any outstanding balance, then to unpaid fees and interest (accrued as of the date the payment is received), and then to principal.  Nowhere in the loan contract does it state that principal and/or interest amounts are static.  In fact, payment allocation varies with each payment made on the loan, and the first thirteen payments of *** *************** loan agreement contain an allocation structured mainly towards interest accrued.  It is not until payments fourteen through seventeen where a higher amount is applied towards principal rather than interest.  This is by design and is structured appropriately to account for inherent risk associated with installment loans.  Our records indicate *** ************* was provided with a full amortization schedule which details the payment schedule she agreed to, and that her loan was paid on full on 9/6/2023. 
  
  
  
  Sincerely, 

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

  Customer response

  09/11/2023

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

  I do not see a payment schedule allocating how paymemts are applied. I only have payments of $174.23. Can you be more specific as to the page number stating how payments are applied.

  In addition, an overpayment was made to this account. I was told the payoff balance was $1166.76. An overpayment of $1263 was sent 2-3 day shipping, which you received on 9/5 at 11:46am. You also proceeded to take out my payment of $174.23 the same day.  Therefore, of the 1166.76 payout amount I was given on the phone only days before, over payments of $270.47 were made. When I called to inquire, it seems you helped yourself to more money.  Why is that, and when is my refund of overpayment going to be made? I expect an immediate refund. My interest rate is 176%. Do not expect me to wait for this.

  It is obviously my opinion that you are a predatory company, and I am not getting anywhere. Please answer the questions I've asked, especially regarding my refund, and where it breaks down allocation of payments in the original contract. I want to be done with this company.

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

  Business response

  09/19/2023

  To Whom It May Concern: 
  
  We would like to thank *** ************* for contacting Xact regarding her concerns associated with her account. We completed an investigation into the matter and can confirm that the customer is entitled to a refund (due to an overpayment on her account).  We received the customer's payoff check in the mail and posted it to her account on 9/6/2023.  A refund check request was initiated in the amount of $234.16 to reimburse her for the overpayment.  When *** ************* contacted us on 9/7/2023 we advised that her refund check had been requested and that she should receive it within 10-15 business days. While an immediate refund was not feasible, according to that timeframe, she should receive the check on or before 9/28/2023.  Regarding *** *************** request for a breakdown of payments- our records indicate she was provided with a detailed amortization schedule on 8/29/2023 per her request. The amortization schedule outlines the payment frequency and amounts, while page two of her Loan Agreement ("Promise to Pay" section) details the manner in which payments will be allocated.  We encourage *** ************* to contact us directly at ###-###-#### if she has any additional questions or concerns.

   

  Sincerely, 

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

  Customer response

  09/20/2023

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

   

  I called Xact on August 29, and September 2. I wanted to verify the exact payoff amount. I was told the payoff amount was $1166.76. I sent you, priority mail, a check for $1263. In and of itself an over payment of $96.24. Then, on the same day you received the check, September 5, you processed an autowithdrawal of $174.23.  That is a total overpayment of $270.47 from the payoff amount I was quoted. Was this a last interest payment you helped yourself to? I don't understand why this was not disclosed on the phone. I asked for a payoff amount to pay this off. No one told me more interest would be taken out. The whole purpose of getting a payoff amount is so you can pay it off in one shot. I'm assuming this is interest,  but I want you to spell this out for me. Was this interest, why was I quoted a different amount, and why wasn't it disclosed that you would be helping yourself to another interest payment? This defeats the whole purpose of a payoff quote.

  Business response

  09/26/2023

  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 ******* ********* **** (“******”), a **** Chartered bank, located in ***** ****, 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 *** ******* ****** signed an Installment Loan Agreement with ****** on 4/14/2023 for $1,200.00 with a finance charge of $1,761.76, for a total due of $2,961.76. The Installment Loan Agreement contained the Annual Percentage Rate of 160.57% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Monthly payments of $174.23 began on 5/03/2023 for a total of 17 payments, with the final payment in the amount of $174.08. Records indicate copies of the loan agreement, and all federally required disclosures were provided to you through email. 

  While reviewing *** ******* ******** account it was found that she called Xact Customer Support on 8/25/2023 to request the address to mail the payoff check. The agent provided the address and explained that normally a 10 Day Payoff is provided to allow for mailing and processing time. The 10 Day Payoff was provided as $1212.68. *** ******* ****** did speak with another agent on 8/29/2023 and the payoff balance for that day was $1166.76. On 9/03/2023 *** ******* ****** had a regular payment in the amount of $174.23 due. That payment was processed as normal because the payoff check hadn’t been received and processed yet. Then on 9/06/2023 the check was received and processed. Payments normally clear within 7-10 business days. Once the regular payment had cleared *** ******* ****** was due a refund in the amount of $234.16. That refund was issued on 9/20/2023. 

  We trust this information is responsive to the request. 

  Thank you, 
  Xact Loan Customer Advocacy Department 
  7755 Montgomery Rd., Suite 500 
  Cincinnati, Ohio, 45236 
  ###-###-#### 
  www.xact.com/contact 

  Business response

  09/27/2023

  To Whom It May Concern: 
  

  We want to thank *** ***** ******* ****** for contacting Xact regarding a refund. We understand that there is some confusion with the refund amount issued. *** ******* ****** was provided a day of payoff and a 10 day payoff. If she would have paid off her loan on the day she called she would have a received the refund amount she listed within the complaint, but she mailed a check, which took a few days. Once the check was processed the loan had accrued a few more days of interest, which decreased the refund amount.
  
  Sincerely, 
  Customer Advocacy Team 
  Corporate Offices of Xact
  P.O. Box 36454 
  Cincinnati, Ohio 45236-0454 

  Customer response

  09/27/2023

  Better Business Bureau:
  
  I was only quoted one payoff amount. However, in regard to complaint ID ********,  I'm getting nowhere. Please close complaint against these vultures. Who prey on people in desperate situations.
  

  I'll never do business with this company again, and will make it a mission to make sure as many people as possible know exactly what's in the fine print. 

  
  ***** *************
  

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