Cash Store

Cottonwood Financial Wisconsin, LLC d/b/a The Cash Store ("Cottonwood") is in receipt of correspondence from the Revdex.com ("Revdex.com") of Wisconsin dated May 21, regarding a complaint filed by Ms [redacted] M [redacted] According to Ms [redacted] , she feels that the interest rate on the loan is extremely high and should have a cap to what lenders can charge worth of interestShe is requesting to be reinstated a portion of the interest that she has been charged from the loans that she has obtained from Cottonwood.Cottonwood has reviewed Ms [redacted] 's account and offers the following response: Ms [redacted] has been a long time customer of Cottonwood; in her most recent visit to our store location on April 7, she entered into a consumer installment loan agreement for the amount of $2,After Cottonwood's employee explained the terms of the agreement and Ms [redacted] signed the documents and a copy of the contract was provided to Ms [redacted] for her reviewThe contract clearly stated the rate of interest for the loanThe calculation of interest is stated under the "Your Promise to Pay" section of the loan agreement to inform the customer of their annual percentage rate.Cottonwood is in compliance with chapter of the Wisconsin Consumer ActAll information and documents presented by the store employee It the time of the loan meet all rules and regulations set forth by the state of WisconsinMs [redacted] 's consent to the loan exemplifies her confirmation of the understanding of the loan terms and agreementPer the Truth in Lending Act, Regulation Z, Cottonwood conspicuously displays the APR, finance charge, amount financed, and total of payments on the loan agreement.Cottonwood will not be reinstating Ms [redacted] of any monies paid as interest from any current and or past loans that she has obtained.Thank you for the opportunity to respond and address your concerns, Cottonwood is committed to meeting or exceeding all requirements of the State of WisconsinIf you have any questions, or any additional information needed, please do not hesitate to contact me at ###-###-#### or via email at [redacted] Best Regards,Cottonwood Financial

Initial Business Response /* (1000, 5, 2016/06/20) */
To whom it may concern:
Cottonwood Financial Illinois, LLC d/b/a The Cash Store ("Cottonwood") is in receipt of correspondence from the Revdex.com ("Revdex.com") dated June 6, 2016 regarding a complaint filed by Ms. [redacted]. In her...

complaint, Ms. [redacted] claims that her scheduled payment bounced but was made afterwards, however Ms. [redacted] claims she was told that her final payment would be for an amount that was larger than what was on her payment schedule. Ms. [redacted] claims that this is an error by Cottonwood and claims she owes nothing.
Cottonwood offers the following response:
Ms. [redacted] entered into an installment loan agreement with Cottonwood on October 29, 2015 in which she borrowed a principal amount $1000. The payment schedule was printed on page 1 of the loan agreement and a copy was provided to Ms. [redacted] after she reviewed and signed for her records. Ms. [redacted] made her first two scheduled payments successfully via automated clearing house ("ACH"); during loan origination Ms. [redacted] signed the Payment Authorization form in which she authorized Cottonwood to initiate ACH entries to her bank account for each payment owing plus any returned item fees.
Ms. [redacted]' third payment was attempted via ACH on December 10, 2015 however it was returned due to nonsufficient funds on December 15. The store where Ms. [redacted] obtained her loan attempted to get in contact with Ms. [redacted] to inform her of her returned payment, however the store was unable to reach Ms. [redacted]. Her next scheduled payment due was on December 24, 2015 and so her payment in the amount stated in the loan agreement, $188.43, was made successfully. The store continued to contact Ms. [redacted] to remind her of upcoming payments and inform her of her returned payment that occurred in December, however the store was not able to reach her.
Each payment made is distributed first to accrued interest/fees, then to the remaining principal balance. Because Ms. [redacted] did not fulfill the payment scheduled December 10, 2015 that was returned, the subsequent $188.43 payment scheduled on December 24 served as payment for a portion of the interest that had accrued, and therefore did not pay down the principal balance. Ms. [redacted]' loan continued to accrue interest, and the scheduled payments that followed were applied to the accrued interest first, then to the principal balance.
Ms. [redacted] did not make arrangements to satisfy the payment that was returned in December, therefore her account continued to accrue interest and she was not able to pay down the principal balance according to her payment schedule on her loan agreement. Ms. [redacted] is still responsible for repayment of her loan to Cottonwood. She remains contractually obligated to satisfy the outstanding balance on her loan. Ms. [redacted] may use the following contact information to make payment arrangements:
Glass Mountain Capital, LLC ("GMC")
[redacted]
Schaumburg, IL 60173
(XXX) XXX-XXXX

Cottonwood Financial Wisconsin, LLC d/b/a The Cash Store ("Cottonwood") is in receipt of correspondence from the Revdex.com ("Revdex.com") of Wisconsin dated May 21, 2015 regarding a complaint filed by Ms. [redacted] M. [redacted]. According to Ms. [redacted], she feels that the interest rate on the...

loan is extremely high and should have a cap to what lenders can charge worth of interest. She is requesting to be reinstated a portion of the interest that she has been charged from the loans that she has obtained from Cottonwood.
Cottonwood has reviewed Ms. [redacted]'s account and offers the following response: Ms. [redacted] has been a long time customer of Cottonwood; in her most recent visit to our store location on April 7, 2015 she entered into a consumer installment loan agreement for the amount of $2,510. After Cottonwood's employee explained the terms of the agreement and Ms. [redacted] signed the documents and a copy of the contract was provided to Ms. [redacted] for her review. The contract clearly stated the rate of interest for the loan. The calculation of interest is stated under the "Your Promise to Pay" section of the loan agreement to inform the customer of their annual percentage rate.
Cottonwood is in compliance with chapter 422.201 of the Wisconsin Consumer Act. All information and documents presented by the store employee It the time of the loan meet all rules and regulations set forth by the state of Wisconsin. Ms. [redacted]'s consent to the loan exemplifies her confirmation of the understanding of the loan terms and agreement. Per the Truth in Lending Act, Regulation Z, Cottonwood conspicuously displays the APR, finance charge, amount financed, and total of payments on the loan agreement.
Cottonwood will not be reinstating Ms. [redacted] of any monies paid as interest from any current and or past loans that she has obtained.
Thank you for the opportunity to respond and address your concerns, Cottonwood is committed to meeting or exceeding all requirements of the State of Wisconsin. If you have any questions, or any additional information needed, please do not hesitate to contact me at ###-###-#### or via email at [redacted]
 
Best Regards,
Cottonwood Financial

Cottonwood Financial Wisconsin, LLC d/b/a The Cash Store ("Cottonwood") is in receipt of correspondence from the Revdex.com ("Revdex.com") of Wisconsin dated May 21, 2015 regarding a complaint filed by Ms. [redacted] M. [redacted]. According to Ms. [redacted], she feels that the interest rate on the loan is...

extremely high and should have a cap to what lenders can charge worth of interest. She is requesting to be reinstated a portion of the interest that she has been charged from the loans that she has obtained from Cottonwood.Cottonwood has reviewed Ms. [redacted]'s account and offers the following response: Ms. [redacted] has been a long time customer of Cottonwood; in her most recent visit to our store location on April 7, 2015 she entered into a consumer installment loan agreement for the amount of $2,510. After Cottonwood's employee explained the terms of the agreement and Ms. [redacted] signed the documents and a copy of the contract was provided to Ms. [redacted] for her review. The contract clearly stated the rate of interest for the loan. The calculation of interest is stated under the "Your Promise to Pay" section of the loan agreement to inform the customer of their annual percentage rate.Cottonwood is in compliance with chapter 422.201 of the Wisconsin Consumer Act. All information and documents presented by the store employee It the time of the loan meet all rules and regulations set forth by the state of Wisconsin. Ms. [redacted]'s consent to the loan exemplifies her confirmation of the understanding of the loan terms and agreement. Per the Truth in Lending Act, Regulation Z, Cottonwood conspicuously displays the APR, finance charge, amount financed, and total of payments on the loan agreement.Cottonwood will not be reinstating Ms. [redacted] of any monies paid as interest from any current and or past loans that she has obtained.Thank you for the opportunity to respond and address your concerns, Cottonwood is committed to meeting or exceeding all requirements of the State of Wisconsin. If you have any questions, or any additional information needed, please do not hesitate to contact me at ###-###-#### or via email at [redacted] Best Regards,Cottonwood Financial