Complaints

• Initial Complaint

  03/29/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I took out a loan and had been making payments. I have asked the company to provide me with detailed payment history. The ledger they provided had wrong dates and balances than the emails and phone conversations. They have yet to give me the balance and payment history that I am quoted over the phone. They are charging me more money, and it's not reflected on the ledger they provided me. I paid 200 on balance, and only 144.34 was accounted for; they could not explain where the other 55 dollars went. I need help. This company is scamming me; if I stop paying, they are reporting to the Credit Bureau, which will negatively impact my credit.

  Business response

  04/01/2022

  Dear Ms. ********

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

  
  During the investigation we reviewed materials pertaining to your complaint.  We found you electronically signed an Installment Loan Agreement with ****** on 9/1/2021.  The Installment Loan Agreement contained the Annual Percentage Rate of ******* along with the Finance Charge of *********, Amount Financed of $********* Total of Payments of $3,862.08, and an 18-month payment schedule.  Records indicate copies of the loan agreement and all federally required disclosures were provided to you.  The investigation concluded you were aware of, and subsequently approved the terms and conditions of the loan.

  
  In your complaint, you expressed concern a ledger detailing payments made on your loan did not appear accurate, specifically that of a $200.00 payment made on 3/25/2022, only $144.34 was accounted for.  We reviewed your account, the ledger provided, and the payments you made.  That review concluded the ledger provided to you did not include the portion of your $200.00 payment that was applied to fees assessed on your account.  We apologize that payment breakdown was not included on the documentation provided to you.  From that $200.00 payment, $55.66 went to the following fees: $25.00 for an insufficient funds fee following return of the installment payment due 10/21/2021; $15.00 for a late fee assessed on 11/1/2021 related to the unpaid installment due 10/21/2021; and $15.66 put toward a $25.00 insufficient funds fee following return of the installment payment due 11/23/2021.  A copy of the transaction history for your loan is also provided for your reference.  As of this date, the current payoff amount for your loan is $1,126.30.  Please note interest continues to accrue daily on this loan, and this amount is subject to change as time passes. 

  
  In your complaint, you stated the dates on the ledger you received were incorrect.  A review of the ledger and your account showed the dates of payment events were accurate and consistent with the terms of the Installment Loan Agreement.  To the extent you allege those dates were incorrect, we respectfully disagree. 

  
  You additionally claim we are charging you money which is not reflected in documentation provided to you.  A review of your account and documentation indicated accurate communication of charges being assessed on your loan, consistent with the terms of the Installment Loan Agreement.  To the extent you allege the charges are inaccurate, we respectfully disagree. 

  
  In your complaint you allege you are being scammed.  We adamantly object to that characterization.  The 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.  Please be advised CCBank is governed by both federal banking laws and the laws of the State of Utah and there is no limitation imposed on the interest rates associated with your loan.

   

  Thank you,

  
  Xact Loan Customer Advocacy Department
  **** ********** **** ***** ***
  *********** ***** *****
  ###-###-####
  ********************

  Customer response

  04/19/2022

  ****** ******** *******
  
  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,
  
  ******** *******

  See attached documents.

  response
  External
  Inbox
  
  ******** *******
  Attachments
  Thu, Apr 7, 10:52 AM (12 days ago)
  to me
  
  Greetings,
  
   
  
  I took out a loan with Xact, and my Bi-Weekly payments are $104.36. I did not make payments in January and February. On January 31, 2022, I received an email stating $417.44 was due on February 10, 2022, which is not on the ledger. I will attach the email; however, I was in a pickle and could not make the payment. On March 9, I called in and made a payment of $626.16 and was quoted a principal balance of $1,125 and told my account was current. On March 10, I made a payment of 104.36. On March 25, I made a payment of $200 and was quoted a principal balance of $975.25, the math did not add up, so when I asked for a ledger of the payment history, I am attaching that email as well. Once I viewed the ledger and could only account for $144.36, I inquired about the remaining $55.66. They stated it went towards late fees, which I knew was incorrect as I just paid a lump sum and was told my account was current. I kept calling and inquiring about the balance and the interest rate I am overpaying, and the principal balance is still the same. On March 28, I received an email that my next payment is $8.72; I am attaching that email. I didn’t understand how and why my payment was $8.72, so I called and inquired; they explained when I made the $200 payment on March 25, they took $95.64 and applied it to my payment that would be due on March 7, giving the remaining balance for me to pay $8.72. My Biweekly payments are $104.36; if we did the math, $104.36+104.36 is $208.72. If $55 of the $200 payment went towards late fees and insufficient funds, why is the payment due on April 7 $8.72 and not $104.36? I am asking for an accurate, detailed payment history with late fees, insufficient fund fees, and balances, they have yet to send it to me, and from what they sent me, it appears I am being scammed. The ledger they sent me does not have the $55.66 on it as it does on the one they sent you; that is even more suspect. I will forward you all the emails they sent me with the ledger, and they do not have the $55.66 on it.
  
   
  
  Thank you, 
  
  
  
  ******** ******* 
  

  Business response

  05/06/2022

  To Whom It May Concern: 
  

  We have previously investigated the customer’s claims and provided a response. Until the customer provides new information for consideration, we refer them to our previous response.  As a courtesy, we have refunded the $55.66 in fees in question to the customer’s loan account.

  
  Sincerely, 
  Customer Advocacy Team 
  ********* ******* ** ****** * ** *** ****** **** ******* 
  **** *** *****  *********** **** ********** 

• Initial Complaint

  03/27/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Around February 17, 2022, I received a notification from Xact alerting me that I was eligible to refinance my loan. So, the next day, I refinanced it online and I thought it was okay. Then, I noticed on my bank account they took out another payment on the old loan I just refinanced. I called them, assuming it would be refunded. I was told that I refinanced after the deadline, but, nowhere on the website or in my loan agreement does it even broach the subject of refinancing, much less, a deadline. I feel like I was totally taken advantage of. I have always made my payment on time and I wouldn't have done the refinance had I known about it because I already have a 150% interest rate! By the time I paid that unexpected $235.24, I incurred , at least $90 in insufficient fees with my bank, which cancelled out any benefit I expected from doing this. I'm so frustrated, but I am keeping my payment current in hopes I can receive some help with this. This wouldn't have happened had they just been honest from the start. I went through all my paperwork and it's not there, as the customer service representative claims it is. Thank you for your help!

  Business response

  04/05/2022

  April 1, 2022
  Ref. No. ********
  Re: ****** Holt; BBB Complaint
  Dear *** ****:

  
  We received the complaint you filed with the Better Business Bureau.  Thank you for your correspondence regarding the Xact Loan.  The Xact Loan is an installment loan originated and funded by ******* ********* **** (“******”), a **** Chartered bank, located in ****** ****, Member FDIC.  We have reviewed your complaint and appreciate the opportunity to investigate the matter and ****ide a response.
  During the investigation we reviewed materials pertaining to your complaint.  We found you electronically signed an Installment Loan Agreement with ****** on 2/18/2022.  The Installment Loan Agreement contained the Annual Percentage Rate of 150.35% along with the Finance Charge of $2,109.27, Amount Financed of $1,530.00, Total of Payments of $3,639.27, and an 18-month payment schedule.  Records indicate copies of the loan agreement and all federally required disclosures were ****ided to you.

  
  In your complaint, you indicated you refinanced a prior loan into the new loan described above but were still charged for an installment on the prior loan.  Our records indicate the refinance of your prior loan occurred at approximately 9:30 PM EST on 2/18/2022.  Your prior loan had an installment coming due on 2/19/2022.  Your prior loan was set up for automated payments which are submitted to payment processors the evening prior to your due date so that they will be processed on your actual due date.  Your refinance occurred after that payment file was already submitted for the evening.  Consequently, the payment on your prior loan was processed.  We apologize for the inconvenience.

  
  In your complaint, you stated the Xact website does not ****ide information on refinancing.  There is information on refinancing available in the “Get Answers” section of the website, accessible at https://www.xact.com/get-answers, however, a review of that section does not include an explanation of the circumstances giving rise to your complaint. 
  In your complaint, you suggest we were dishonest in processing your refinance.  We adamantly object to this characterization.  While we understand your frustration, we do not agree representations made to you were dishonest.

  
  The Xact Loan was designed to ****ide consumers with little or poor credit histories an opportunity to solve short-term financial needs and was created with the intent of ****iding consumers with a tool to build or establish their credit history, if properly managed.  Please be advised ****** 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 your loan.

  
  Thank you,
  Xact Loan Customer Advocacy Department
  7755 Montgomery Rd., Suite 400
  Cincinnati, Ohio, 45236
  ###-###-####
  www.xact.com/contact

   

  Customer response

  04/06/2022

  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

  04/27/2022

  *****, the reason for my rejection is that they, wholeheartedly, admitted to the fact that the information I needed, in order to make an informed decision, was not available on their website or in my loan agreement. I have, in good faith, made all payments on time, and continue to do so, even after they informed me that my credit is less than perfect. They have not mentioned doing anything to rectify the situation, which is to refund the payment they took from my bank account on a closed loan. I don't understand why when they admitted wrongdoing. My next step will be a consumer attorney. I do appreciate everything you have tried to help me with. An attorney has already let me know they can help, however, I want to give them one last chance because the attorney will be no charge on my end, but will cost them.  Thanks so much for all you're doing, *****, I look forward to hearing back from you.     ****** ****

  Business response

  05/17/2022

  Dear ****** ****:

  
  Thank you for your 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. Axcess Financial is the servicer for ******. We have previously investigated the customer’s claims and ****ided a response. Until the customer ****ides new information for consideration, we refer them to our previous response. 
  
  Thank you, 

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

• Initial Complaint

  02/26/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I got a letter in the mail stating I was pre approved for a loan. I decided to take the offer to pay down some credit cards. I do not give my checking & routing out. I don’t even have checks so I can’t give anything checking & routing out for my actual checking account, but I can for my ******* account. I logged on last month to make a payment with my debit card. They took the payment as well as withdrew a second payment immediately after for the same amount, using my checking and routing, that I never provided. I let it slide. I made my second payment this month and they did the exact same thing. I tried to call their 800 numbers and it’s conveniently never business hours. At this point, I will be letting the loan default and I will deal with the collections agency when the time comes.

  Business response

  03/11/2022

  Dear *** ******:

  
  We received the complaint you filed with the Better Business Bureau.  Thank you for your correspondence regarding the Xact Loan.  The Xact Loan is an installment loan originated and funded by ******* ********* **** (“******”), a **** Chartered bank, located in ****** ****, Member FDIC.  We have reviewed your complaint and appreciate the opportunity to investigate the matter and provide a response.

  
  During the investigation we reviewed documentation related to your complaint.  First concerning payments made on your Xact Loan, our records are consistent with your recollection.  Concerning payments drawn from your checking account, please note during the application and origination process for this loan, you provided both your routing and checking account numbers.  Those pieces of information are required to advance an Xact Loan application, and we did not collect that information from another source.  Also, during the e-sign process for this loan, you authorized us to automatically withdraw payments for your loan according to the payment schedule set forth in the Installment Loan Agreement.  Under that arrangement, you did not have to call Xact contact lines to make regularly scheduled payments.  Regardless, in response to your concerns, we have revoked automated ACH payments on your loan.  No further payments will be drawn from your checking account.  To the extent you allege you did not provide your banking information or did not authorize us to withdraw scheduled payments from your account, we respectfully disagree.

  
  Also, we regret you were not able to make contact with Xact customer service.  Please note, customer service is available Monday through Friday 8:00 AM – 6:00 PM ET at ###-###-####.  If you would like to reauthorize automatic payments on your loan, we encourage you to contact customer service.

  
  The 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.  Please be advised ****** 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 your loan.

  
  Thank you,
  
  Xact Loan Customer Advocacy Department
  7755 Montgomery Rd., Suite 400
  Cincinnati, Ohio, 45236
  ###-###-####
  www.xact.com/contact

  Customer response

  03/15/2022

  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 Took double payments but only one reflects on my balance  where is that money going?

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

  Business response

  04/01/2022

  Dear *** ******:

  
  We received your rejection of the complaint response you filed with the Better Business Bureau.  Thank you for your correspondence regarding the Xact Loan.  The Xact Loan is an installment loan originated and funded by ******* Community Bank (“******”), a **** Chartered bank, located in ****** ****, Member FDIC.  We have reviewed your rejection notice and appreciate the opportunity to provide further information.

  
  During the investigation we reviewed documentation related to your complaint.  In your rejection response, you expressed concern about payments being reflected on your account.  According to our records, six payments have been made on your loan as of this date.  They are:

  
  1/28/2022: payment of $114.04 made through automated ACH
  1/28/2022: payment of $114.04 made through debit card
  2/25/2022: payment of $114.04 made through automated ACH
  2/25/2022: payment of $114.04 made through debit card
  3/14/2022: payment of $1.00 made through debit card
  3/25/2022: payment of $113.04 made through debit card

  
  These payments were received and properly apportioned to your loan consistent with the Installment Loan Agreement.  As of this date, the payoff balance of your loan is $1,239.44.  Please note interest accrues on this loan daily, and this payoff amount may change as time passes.  To the extent you allege payments are not being posted or applied to your loan properly, we respectfully disagree. 

  
  The 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.  Please be advised ****** 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 your loan.

  
  Thank you,

  
  Xact Loan Customer Advocacy Department
  7755 Montgomery Rd., Suite 400
  Cincinnati, Ohio, 45236
  ###-###-####
  www.xact.com/contact
  

  
  

  Customer response

  04/21/2022

  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.

   

  Your APR is illegal. Clear my debt with you and leave me alone forever. I have already gone to the attorney general. 
  
  Regards,
  
  ******* ******
  

*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. ↩