Fairfield Financial

Fairfield Financial Services added a $519.58 ‘Default Interest’ fee to our loan payoff statement. This fee was not clearly disclosed to us at time of loan origination, nor anytime between origination and payoff.
Paragraph 2 of the Promissory Note does define when a payment is considered late. But it DOES NOT define what a default is. I’m just the consumer so I assumed ‘default’ meant something like with a mortgage loan or an auto loan or an installment loan. With every other loan I’ve ever had the term ‘default’ means something altogether different than a payment that is a few days late.
Fairfield Financial Services has SIMULTANIOUSLY charged us both a late fee and a default fee for paying a few days late. If they consider a few days late to be a loan DEFAULT, then why even bother with a LATE FEE?
I’ve learned that Fairfield Financial Services operates outside the bounds of Oregon Revised Statues and the consumer protections those statues provide, but shouldn’t ANY lender be required to at least explain an excessive fee—as they did with their late fee? Their late fee was clearly defined on the note and on each of their payment coupons. When I was late, they collected that late fee at that the time I was late. Why weren’t they as open about their Default Interest fee?
At the very least they could have disclosed this fee on their Borrower Collection Account Agreement we signed at origination. This form explains ALL their various fees but never once mentions a ‘default interest’ fee.
I got blindsided by this company and I really don’t think they are playing fair.

This company contacted me and told me I qualified for a personal loan and needed to pay a 450 $ collateral fee to get the loan in the amount of $5000.00 They emailed me the contract I filled it out and paid the fee and then they stated they couldnt provide the loan and that I would not be getting me fee back, I HAVE THE CONTRACT AND that is not what it says. I have filed a complaint with my bank also to try to get my funds back, This company is a scam. I was told my rate for the loan was low because the lender was in Canada. They laughed in my face when I requested a refund of the fees that I sent I have the email exchanges and the contracts as well.