Complaints

• Initial Complaint

  12/07/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have been trying to contact this business about paying off the rest of my loan. They do not return my calls. I have the pay schedule but would like to pay off my loan early. My loan was only for $4,000.00 and I have made payments of 349.27 every 2 weeks totaling so far $7,334.67.

  Business response

  12/24/2024

  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 Utah Chartered bank, located in ***** ****, Member FDIC.  We have reviewed the complaint and appreciate the opportunity to investigate the matter and provide a response. 
  

  We are responding to this issue from the complainant directly. Due to consumer financial privacy rules, we are unable to share confidential information with the BBB regarding these concerns. We are contacting the consumer directly to resolve their concerns. We strongly recommend that consumers do not share their private personal or financial information with non-regulatory third parties or in any public online forum.? 
  

  If *** ****** would like to contact Xact Customer Support directly she can call ###-###-#### and one of our friendly agents will be able to assist. 
   
  Customer Support Business Hours: 
  - Monday - Saturday 7:00 AM - 7:00 PM PST 
  - Sunday 7:00 AM - 5:00 PM PST 
  

  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 

• Initial Complaint

  11/20/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  After being approved and on the final step of the application process i was denied for "incorrect login credentials" on the bank verification part which is false. i submitted a ticket hoping for it to get resolved but was never informed of any solution. After calling numerous times i was finally told to retry the application only to find the same problem. In the past Ive had this primary bank account accept funds to be deposited with no issue.I can also login with the same credentials on my banking app so its obviously an error on their part. According to them they cant resolve the issue but they can help me file another complaint. I've submitted 2 applications with xact with this issue and 1 application with their partner company check n go with the same exact issue. i want to know if anyone else has had this experience

• Initial Complaint

  11/14/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  11.14.2024. I am not aware of what I owe since I’ve never applied for a loan. I Received a text message stating “Your Installment Loan is past due and may result in a wage garnishment. Contact ###-###-#### to make voluntary arrangements..” never have I applied.

  Business response

  11/27/2024

  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. 
  

  We are responding to this issue from the complainant directly. Due to consumer financial privacy rules, we are unable to share confidential information with the BBB regarding these concerns. We are contacting the consumer directly to resolve their concerns. We strongly recommend that consumers do not share their private personal or financial information with non-regulatory third parties or in any public online forum.
  

  If someone believes a loan was created as a product of fraud we suggest they file an ID Theft claim through ****************. All consumers should be aware, for any organization to thoroughly investigate and resolve claims of identity theft, the organization may request that the consumer provide additional documentation to complete the investigation. Documentation may include: 
  

  A signed copy of an Affidavit of Identity Theft. 
  A copy of a police report alleging identity theft which specifically lists the loan; and 
  A copy of the consumer’s personal identification, such as driver’s license or other government-issued photo identification. 
  

  Consumers can learn more about handling identity theft, by contacting the Federal Trade Commission at ****************, calling ###-###-####), or writing to the Federal Trade Commission, Consumer Response Center, 600 Pennsylvania Avenue, NW, Washington, DC 20580. Any consumer that suspects they may be the victim of identity theft may also want to reach out to their local law enforcement agency to report the identity theft. 
  
  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.****************

  Customer response

  11/29/2024

  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.

  
  

  
  They have not contacted me to resolve the issue. 
  Only that I received a text stating “I lawsuit filing may be filed on your behalf.” 
  
  Regards,
  
  ***** ********
  

  Business response

  12/10/2024

  To Whom It May Concern: 
  

  We want to thank *** ***** ******** for contacting Xact regarding his previous loan. We completed an investigation into the matter and advise the response has been sent from Customer_Advocacy@Xact.com. We did receive confirmation that the response email was delivered. 
  
  Sincerely, 
  Customer Advocacy Team 
  Corporate Offices of Xact 
  P.O. Box 36454 
  Cincinnati, Ohio 45236-0454 

  Customer response

  12/11/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ***** ********
  

• Initial Complaint

  10/17/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Business collecting on a settled account and false description on my credit report

  Business response

  10/25/2024

  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 6/03/2021 for $1,125.00 with a finance charge of $2,603.29, for a total due of $3,728.29. The Installment Loan Agreement contained the Annual Percentage Rate of 212.68% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi-Weekly payments of $100.74 began on 6/24/2021 for a total of 36 payments, with the final payment in the amount of $101.65. Records indicate copies of the loan agreement, and all federally required disclosures were provided to *** ***** through email.
  

  While reviewing *** ******* account it was found 7 regular payments were made on time at the beginning of the loan. On 10/10/2021 *** ***** contacted Customer Support and requested an ACH Revoke be placed on the account. At that point the account was only 1 payment behind. *** ***** explained he was making other arrangements to pay the loan. On 10/15/2021 the Collections Team was able to contact *** ***** and he explained he was working with a Consumer Credit Counseling Service (CCCS) and they would be making the payments on the loan. A settlement was agreed upon where *** ***** would make 10 monthly payments of $84.90. The first check from the CCCS was received on 3/30/2022 in the amount of $84.90. An additional 9 checks, in the amount of $84.90, were received monthly. At that time the loan was considered Settled in Full and no further collection efforts were made. No further contact was received from *** ***** until 3/06/2024. Mr. Posey called into Customer Support on 3/06/2024 to say he had paid the loan in full, but it wasn’t reflected correctly on his credit report.
  

  A review of the credit report found the information is accurate. According to the credit report the loan was opened 6/2021, in the amount of $1125. The loan was written off and transferred to the Corporate Collections Department with a balance of $1108. The loan was then settled on 12/22/2022. The account was paid in full for less than the full balance. No correction to the credit report is needed.
  

  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

• Initial Complaint

  10/14/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I applied for a loan on 10/06/2024. I also spoke with a representative that day to complete my application. My bank account information was shared numerous times. That same day I received the loan agreement document PDF via email. It is now 10/14/2024 and funds have not been received. Many days last week 10/7/2024 & 10/8/2024 I called and spoke to multiple people in various customer service departments to be told they didn’t know why funds were not sent and the situation was being escalated. Unfortunately the funds were needed for an emergency surgery on one of my pets that I could not cover on my own at the time. I got a call back from a Tara (not sure on spelling) 10/7 & was told the situation was fixed, funds would be sent by 5pm ET. They never came. I called again 10/8 still with multiple transfers and no answers. I was told I would get another call back on 10/9. It never happened. I called again today, one department continues to say the application is incomplete, the next says no it’s not (plus I have the agreement document) and the situation will be escalated to “higher ups.” It honestly feels like a scam. I made it clear I want this loan/application RESCINDED and I will not be responsible for any payments. I requested emailed documentation of the situation and todays phone call to be told “whoever” takes care of it will do that. I asked for a timeline and didn’t get one. I also want ALL documentation of the notes made on my account. Should this loan appear on my credit I want it removed, corrected, and to reflect that I requested to RESCIND the loan. This company is predatory, does not put their customers first, or show ANY urgency for these issues. You are handling very personal, private information. Now I have to hope it’s not shared or leaked anywhere. What a disgrace.

  Business response

  11/01/2024

  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 Capital Community Bank (“CCBank”), a **** Chartered bank, located in Provo ****, Member FDIC.  We have reviewed the complaint and appreciate the opportunity to investigate the matter and provide a response. 
  

  We sincerely apologize Ms. ********’s recent experience with Xact?didn’t meet her expectations. During our investigation we reviewed all documents, notes, and recorded phone conversations pertaining to the complaint. We found that during Ms. ********’s application verification call she provided an updated checking account number, but that number was not updated correctly. This resulted in loan funds being sent to the incorrect account. The loan has been withdrawn. If Ms. ******** would like to reapply through her P360 account, she is more than welcome. 
  

  When an applicant applies for a loan with Xact, 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 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 
  **** ********** ***, Suite 500 
  Cincinnati, Ohio, ***** 
  ***** ******** 
  *******************t

• Initial Complaint

  10/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I received notice that I had been approved for a $4,000 loan from Xact that I didn’t apply for. I advised them via email on 10/7/24 that I didn’t request this loan and believed I was hacked. They sent this email in response saying they don’t want to do anything about it. What can I do now? Subject: Date: E******, Wendy TeamUpAgainstFraud FW: Xact Fraud Monday, October 7, 2024 7:20:18 PM From: B******, Hannah <*****************> Sent: Monday, October 7, 2024 5:15 PM To: E******, Wendy ; C*****, Amy Subject: Xact Fraud Hi Wendy, I’m forwarding this to you regarding an account claiming fraud. Name: ****** ********** Loan Number: ******** Loan Date: 10/06/2024 Currently, the option to void is not available, and I’d prefer not to complete a rescind on it either. Below is the email we received in our customer service box: --------------- Original Message --------------- From: ********** ***** [************************] Sent: 10/7/2024 12:29 AM To: ************************ Subject: [EXTERNAL] Customer Service Received email that I was approved for a $4,000 loan. I did not apply for this and believe I was hacked. Please cancel the loan immediately and let me know that you have done so. Thank you, Hannah B****** Senior Customer Escalation Support Specialist - Xact P: ###-###-#### E: ***************** A: 7755 Montgomery Road Cincinnati, OH 45236 NOTICE: Protect the information in this message in accordance with the company's security policies. If you received this message in error, immediately notify the sender

  Customer response

  11/01/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ********** *****
  

  Business response

  11/04/2024

  
  October 23, 2024
  
  Ref. No. ********
  
  Re: ****** **********; Better Business Bureau
  
  To whom It May Concern:
  
  Thank you for the correspondence regarding the Xact Loan terms and conditions. The Xact Loan is an
  installment loan is originated and funded by ******* ********* **** (“******”), a **** state-
  chartered bank with the Federal Deposit Insurance Corporation (“FDIC”) as our primary federal banking
  regulator and the **** Department of Financial institutions (“UDFI”) as our primary state regulator.
  Consequently, both federal banking laws and the laws of the State of **** govern agreements with
  ******. We have reviewed the complaint and appreciate the opportunity to investigate the matter and
  provide a response.
  
  First, the communication *** ***** received, which seemed to imply that we were not willing to assist
  with their claim, does not accurately explain a consumer’s options or our actions in relation to a claim of
  fraudulent activity. The communication does not conform to our usual standards and may have caused
  confusion. The individuals responsible are receiving additional coaching related to our communication
  process. Please be advised, we take claims of fraud and identity theft seriously and we promptly
  investigate the situation in accordance with our policies and the law. The communication referenced
  was not intended to explain a consumer’s options or our actions in relation to the claim.
  
  We have completed a preliminary investigation related to *** *****’ claims, and we can advise that
  the matter has been referred to our Fraud Team for further review. We are not able to discuss the
  private details of the investigation with any third party. However, if the Fraud Team determines that
  there was potential Identity theft, an identity theft case will be opened, and the fraud analyst assigned
  to the case will reach out to *** ***** directly to discuss the details of the investigation. If the case is
  confirmed to be fraud, Xact will work with *** ***** to remove any information from her credit file
  associated with the matter.
  
  All consumers should be aware, for any organization to thoroughly investigate and resolve claims of
  identity theft, the organization may request that the consumer provide additional documentation to
  complete the investigation. Documentation may include:
  
  1. A signed copy of an Affidavit of Identity Theft.
  2. A copy of a police report alleging identity theft which specifically lists the loan; and
  3. A copy of the consumer’s personal identification, such as driver’s license or other government-
  issued photo identification.
  Consumers can learn more about handling identity theft, by contacting the Federal Trade Commission at
  ****************, calling (877) IDTHEFT (438-4338), or writing to the Federal Trade
  Commission, Consumer Response Center, 600 Pennsylvania Avenue, NW, Washington, DC 20580. Any
  consumer that suspects they may be the victim of identity theft may also want to reach out to their local
  law enforcement agency to report the identity theft.
  
  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
  

• Initial Complaint

  10/04/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  10/4/24 should be the final payment date of my loan interest amount and from looking at the past complaints, this company has been trying to keep people paying although interests have been paid. I agreed to a loan amount of $2400.00 as of 4/21/23 which comes to 37 payments of $218. I spoke with a representative on 10/4/24 and was told I still have to pay off a total of $1400.00. This rep also mentioned, I was ‘informed of owing $1400,’ which is a lie. Back on 9/20/24, while an amount of 218.96 was pending with my bank and has not reflected their records yet, I was told by a rep, the remaining balance was around $400+. I’ve only missed one scheduled payment for 10/5/23, but the payments continued without issue since 10/20/23, automatically through my checking. So owing another 1400 does not make sense. Please help this get this ceased.

  Business response

  10/13/2024

  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 Capital Community Bank (“CCBank”), a **** Chartered bank, located in ***** ****, Member ****.  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 4/03/2023 for $2,400.00 with a finance charge of $5,700.99, for a total due of $8,100.99. The Installment Loan Agreement contained the Annual Percentage Rate of 221.66% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi- Weekly payments of $218.96 began on 4/21/2023 for a total of 36 payments, with the final payment in the amount of $218.43. Records indicate copies of the loan agreement, and all federally required disclosures were provided to you through email. 
  While reviewing Mr. *****’s account it was found he had filed a complaint with the BBB on 9/08/2023 requesting revoke of EFT payments, as he believed the loan should have been paid in full.   There was a delay in the submission of the revoke, but it was completed after the regular payment due on 9/22/2023. That payment was voided and the ACH Revoke was then in place. No payment was made for the 9/22/2023 or 10/06/2023 payments. Mr. ***** then requested ACHs be reinstated and regular ACH payments began again on 10/20/2023. As stated in the Loan Agreement, interest is accrued daily on unpaid payments. Since Mr. ***** did not make any payments towards the past due balance of the loan those two payments continued to accrue interest until the last day of the loan on 9/06/2024. Two additional payments made on 9/20/2024 and 10/06/2024 were applied towards the past due balance. ACHs in the amount of $218.43 or less will continue to be submitted until the full remaining balance is paid in full. 
  All calls pertaining to Mr. *****’s loan were also reviewed for this complaint. The collections department reached Mr. ***** on 10/26/2023 and made him aware of the past due payments. At that time, Mr. ***** made a Promise to pay for 11/06/2023 of $100. That past due payment was never made. On 9/20/2024 Mr. ***** called Customer Support to question why a payment was taken since his last payment was due on 9/06/2024. The agent he spoke with explained he had a past due balance because of the two unmade payments and regular ACHs would continue until the remaining balance of the loan was paid. Again on 10/06/2024, Mr. ***** contacted Customer Support to question why another payment was taken. The agent he spoke with again explained Mr. ***** had a remaining balance due to the two unpaid payments. Before any further explanation could be provided Mr. ***** hung up. 
  As of today, 10/08/2024, the remaining balance on the loan is $1482.05. Regular ACHs will continue to be submitted every 2 weeks, in the amount of $218.43 or less, until the remaining balance of the loan is paid in full. 
  We trust this information is responsive to the request. 
  Thank you, 
  Xact Loan Customer Advocacy Department 
  **** ********** **** ***** *** 
  *********** ***** ***** 
  (**** ******** 
  ******************** 

  Business response

  10/13/2024

  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 Capital Community Bank (“CCBank”), a **** Chartered bank, located in ***** ****, Member ****.  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 4/03/2023 for $2,400.00 with a finance charge of $5,700.99, for a total due of $8,100.99. The Installment Loan Agreement contained the Annual Percentage Rate of 221.66% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi- Weekly payments of $218.96 began on 4/21/2023 for a total of 36 payments, with the final payment in the amount of $218.43. Records indicate copies of the loan agreement, and all federally required disclosures were provided to you through email. 
  While reviewing Mr. *****’s account it was found he had filed a complaint with the BBB on 9/08/2023 requesting revoke of EFT payments, as he believed the loan should have been paid in full.   There was a delay in the submission of the revoke, but it was completed after the regular payment due on 9/22/2023. That payment was voided and the ACH Revoke was then in place. No payment was made for the 9/22/2023 or 10/06/2023 payments. Mr. ***** then requested ACHs be reinstated and regular ACH payments began again on 10/20/2023. As stated in the Loan Agreement, interest is accrued daily on unpaid payments. Since Mr. ***** did not make any payments towards the past due balance of the loan those two payments continued to accrue interest until the last day of the loan on 9/06/2024. Two additional payments made on 9/20/2024 and 10/06/2024 were applied towards the past due balance. ACHs in the amount of $218.43 or less will continue to be submitted until the full remaining balance is paid in full. 
  All calls pertaining to Mr. *****’s loan were also reviewed for this complaint. The collections department reached Mr. ***** on 10/26/2023 and made him aware of the past due payments. At that time, Mr. ***** made a Promise to pay for 11/06/2023 of $100. That past due payment was never made. On 9/20/2024 Mr. ***** called Customer Support to question why a payment was taken since his last payment was due on 9/06/2024. The agent he spoke with explained he had a past due balance because of the two unmade payments and regular ACHs would continue until the remaining balance of the loan was paid. Again on 10/06/2024, Mr. ***** contacted Customer Support to question why another payment was taken. The agent he spoke with again explained Mr. ***** had a remaining balance due to the two unpaid payments. Before any further explanation could be provided Mr. ***** hung up. 
  As of today, 10/08/2024, the remaining balance on the loan is $1482.05. Regular ACHs will continue to be submitted every 2 weeks, in the amount of $218.43 or less, until the remaining balance of the loan is paid in full. 
  We trust this information is responsive to the request. 
  Thank you, 
  Xact Loan Customer Advocacy Department 
  **** ********** **** ***** *** 
  *********** ***** ***** 
  (**** ******** 
  ******************** 

• Initial Complaint

  10/01/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I paid off my loan over the phone with xact. Was told $1400 and some change to pay it off. Loan was closed. Then suddenly this morning they opened it again with $200 something more owed.

  Business response

  10/14/2024

  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 3/19/2024 for $1,255.00 with a finance charge of $2,691.41, for a total due of $3,946.41. The Installment Loan Agreement contained the Annual Percentage Rate of 209.43% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi-Weekly payments of $103.87 began on 3/29/2024 for a total of 37 payments, with the final payment in the amount of $103.22. Records indicate copies of the loan agreement, and all federally required disclosures were provided to *** ******* through email.

  While reviewing *** ********* account it was found she did call into Customer Support on 9/27/2024 and made an early payoff of $1414.87. A regular payment in the amount of $103.87 had also been submitted that day. The early payoff amount provided to *** ******* was based on that regular payment clearing the bank. The regular payment was then returned on 9/30/2024. The return caused the loan to reopen. On 10/04/2024 *** ******* called into Customer Support and made the returned payment, along with the accrued interest. The loan is now Closed as Paid in Full.

  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

  10/24/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ******* *******
  

• Initial Complaint

  08/08/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I had supposedly been approved for a loan fir **** but the funds were never deposited in my bank account. Then after going back and forth with them Xact sent an email that my application had been canceled. Next I get a credit monitoring alert that I have a new account with them. If I have monies withdrawn from ** bank account then I know I was lied to about Xact not having the correct banking to deposit funds. Never received any funding.

  Business response

  08/26/2024

  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 calls pertaining to the complaint. We found that *** ****** electronically signed an Installment Loan Agreement with ****** on 7/30/2024 for $3,600.00 with a finance charge of $7,764.62, for a total due of $11,364.62. The Installment Loan Agreement contained the Annual Percentage Rate of 222.39% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi-Weekly payments of $315.71 began on 8/09/2024 for a total of 35 payments, with the final payment in the amount of $314.77. Records indicate copies of the loan agreement, and all federally required disclosures were provided to *** ****** through email.

  After a review of the recordings from the application process, *** ****** did provide an updated checking account number. *** ****** was transferred to the bank verification team, but the application was finalized with the incorrect account information. We want to apologize for this error. We are unable to provide detailed information regarding any disciplinary action taken due to employee privacy issues; however, we can assure *** ****** that her concern was being taken very seriously and was addressed appropriately.

  Our current credit reporting process is to report the entire month of inquiries/ updates at the end of each month. Since *** ******** loan was completed on 7/30/2024 it was reported as open and active with July reporting. The loan was then voided on 8/02/2024 so this will result in the loan being deleted from *** ******** credit file when the August reporting is completed. The only agencies we currently report payment information to are Experian and TransUnion, and only if reporting is permitted in the customer’s state. It will then take anywhere from 45 to 60 days for the credit bureaus to update the information on a credit file. It is possible for the customer to see the update sooner; however, we want the customer to be aware it can take the full 60 days.

  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

  08/07/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I applied for a loan in June to help cover some expenses that I had after going out of town for the weekend. The money was then deposited on June 10th and I started making payments in late June. I did not realize that the terms of this agreement would have such interest rates and though I am not finished making payments, I do not want to be excessively overcharged for my loan amount as this would be coonsidered deceptive loan practices. I noticed that my account does not have any information regarding the past payments I have made, including the one I just made on 8/6, only my present balance which seems way off. I am requesting any future payments made after the balance amount of $791.93 (or even $850) is paid off be removed from my account.

  Business response

  08/20/2024

  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 calls pertaining to the complaint. We found that Ms. ***** electronically signed an Installment Loan Agreement with ****** on 6/07/2024 for $1,100.00 with a finance charge of $2,596.00, for a total due of $3,696.00. The Installment Loan Agreement contained the Annual Percentage Rate of 220.08% along with the Finance Charge, Amount Financed, Total of Payments, and an 18-month Payment Schedule. Bi-Weekly payments of $102.69 began on 6/21/2024 for a total of thirty-five (35) payments, with the final payment in the amount of $101.85. Records indicate we provided copies of the loan agreement, and all federally required disclosures to Ms. ***** through email. During the application process Ms. ***** signed the Loan Agreement electronically. We provided a full copy of the Loan Agreement during the signing process for Ms. ***** to review prior to electronically signing. Once Ms. ***** completed the application process and agreed to the terms of the loan, we sent a copy of the Loan Agreement to Ms. *****’s email. The email we have on file is lauriane.*****@*********.

  We adamantly deny your claim that ****** is engaged in deceptive or predatory business practices. You voluntarily signed an installment loan agreement with ******. Your agreement clearly discloses the terms of your loan, including the Annual Percentage Rate (“APR”) and Finance Charge. The loan agreement included all federally required disclosures, and clearly indicated the laws of the State of **** govern this loan. ****** designed the Xact Loan to provide customers who have little or poor credit histories an opportunity to solve short-term financial needs with credit reporting. This product provides customers the opportunity to establish or build their credit with the goal of transitioning to more mainstream financial products.
  

  We trust this information is responsive to the request.

  Thank you,

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

  
  

  Customer response

  08/21/2024

  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.
  
  Greetings,
  
  I reject and do not submit to the response of the Xact Loan company. I voluntarily signed an agreement for a loan while under a period of financial duress but had no reason to suspect the conditions of this term would have me paying almost 4x what I requested just to pay off my bills. If there is another dispute I can file to escalate this issue I will take the appropriate methods necessary because as it appears I was not the only one. Even the top banks have addressed concerns of unethical practices in their company and came up with resolutions that were amicable to the customer but that is not what this is. This is clearly a company that preys on the ignorance of those in desperate situations to which I acknowledge that I fell victim to. I still submitted a complaint because my issues with the terms of repayment would subject me to be in an even worse state than before and from their response it seems a resolution was never in question. THIS is why I would consider it to be unethical, they are presenting themselves as a reputable form of assistance who can offer help in time of need and my experience thus far has not been so. As I speak, I have a dispute against a charge that was made twice on my account and I can only hope that the right thing will be done. If the Better Business Bureau can direct me to further levels of assistance, I would greatly appreciate it! This is unacceptable. 
  

  Business response

  09/11/2024

  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.

  As previously stated, we adamantly deny the claim that ****** is engaged in deceptive or predatory business practices. Ms. ***** voluntarily signed an installment loan agreement with ******. The agreement clearly discloses the terms of the loan, including the Annual Percentage Rate (“APR”) and Finance Charge. The loan agreement included all federally required disclosures, and clearly indicated the laws of the State of **** govern this loan. Ms. ***** could, at any time during the application process canceled the loan. A rescind period of 1 business day, also allowed for Ms. ***** to cancel the loan and return the principal amount with no fees or interest. She is also welcome to pay the loan off early which would reduce the daily interest of the loan. ****** designed the Xact Loan to provide customers who have little or poor credit histories an opportunity to solve short-term financial needs with credit reporting. This product provides customers the opportunity to establish or build their credit with the goal of transitioning to more mainstream financial products.

  While we appreciate Ms. ***** feels this loan is unethical, the Xact loan 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 this loan. Ms. ***** acknowledges voluntarily signing the Loan Agreement and therefore agreeing to the terms clearly stated in that agreement. No refunds or adjustments will be made to the loan and we consider this issue resolved.

  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. ↩