Lendumo

I borrowed $1200 dollars from Lendumo on January 7, 2020 for car repair. After I reviewed my documents, I'm paying them over four time the amount I borrowed. As of this date, I have paid $1239.27. I've been noticing within the last two months, this payment is causing hardship in my house. My partner can't work at this time because of his health conditions. This interest rate for this loan is outrageous. Normal loans don't have you pay 4 times the amount you borrow. I need help in resolving this issue. I need for this expense to disappear.

On March 16, 2020, I was approved for a loan of $1,200. The representative told me that the funds would be in my account the next day (which they were) and that my first payment would be due on April 4. She also advised that the payoff would be a little over $1500. I was okay with this, but made the mistake of putting my funds in a different account. This was an error on my part. When I discovered the error, I figured I would wait to just pay off the account the next pay period. When I called, the representative told me that my payoff had jumped from $1500 to almost $2000 on this loan in a two week period of time. In a month, I am being charged interest of almost $800 on a $1200 loan. I am frustrated with this company because this appears to be predatory lending.

I took out a loan of $1,000 in February and did not understand the terms of the load. It was very confusing. I suffer from depression and was not well when I took it out. However, I paid 3 payments of $342.30 so the loan is now paid in full. When I check the account online is says they will take $342.60 out of my checking account on the 15th and the 30th of every month until 8/31. That equals a total of $4,107.60 for a $1,000 loan. How is this legal? In addition, my income has been affected by Covid. I tried to explain this to the company, but they refused to do anything.

I applied for 500 dollar loan a few months back. My intent was to pay off the loan in full in a month. Now they have me making payments of 172.12 every month. By the end of the contract I’d be paying 2000 for a 500 loan.

Please do not use this company, you will definitely regret it. I paid them off in 34 days and it cost me almost 500 dollars. I ask can they take it off my debit card and that said that system was broke. How do you break a debit card system. I called at 8:00 in the morning so they could take the money out today, they said they couldn’t do it until tomorrow, right, another day of interest. Tomorrow one or two things will happen. They will get their juice money or they will play games and try and drag it on in which case I will close that account and they won’t get anything. I see them in court. They never disclosed they were tribal people or I would have never taken the loan because I know their loans are extremely high. A lot of times unscrupulous crooks pay the native Americans tribes to go through them and commit out and out fraud. It won’t happen to me again, and if they want their money back they better take it tomorrow. I say we all take out as much as we can get and refuse to pay it back. Don’t do anything illegal now I’m just venting. Right. I took out $1200 and 34 days later I have paid $278.00 on the due date and $1358.00 a few days later to pay it off. We need to contact the Attorney general office even if their tribal. Chances are their not, just using the name through some shady contract.

I am submitting this formal complaint in response to a conversation I had with a Lendumo Loan Company representative. I borrowed $300 in January and paid it off in full in February with $40 interest. I assumed this was the regular rate of interest (a little over 15%) and borrowed another $1000. I regretfully admit that I neglected to read the fine print regarding the terms of the loan. I am paying $344.24/m, thinking I would have it paid off in three payments but then I started to review the terms and was appalled to discover I would probably end up paying 400%! Like many people I was in desperate need of money and foolishly borrowed against my social security. But I trusted that the lender would adhere to the method that was applied to my first loan. Had I been informed of the ludicrous interest rate I would not have accepted. Their explanation describing the payment plan vaguely covered the cost of this loan and I was assured there would be no penalty if I paid it off early. Define penalty. Every person that applies should be fully aware of the financial repercussions of applying for a loan at this institution. The agent I spoke with regarding a final pay out informed me I would need to pay $1200 to fulfill the terms. That is an additional $544 above beyond the original loan. I would have agreed to that if I could make it in 2 payments but was told this was not possible. Why, I asked? I received an incoherent, canned or scripted reply that was not to my satisfaction. I felt it was an intentional spiel meant to confuse. I ended the call, explaining that I preferred to talk with someone else and would call back. It is my understanding that in light of current circumstances many banking institutions are waiving fees. I am only asking that my situation be reviewed and that I be allowed the same consideration. I would be willing to pay the $1200 amount that was offered as a final pay-out—-$544 more than the original amount of $1000 —-which is over half of what I initially borrowed. I would just need to pay it in 2 installments. I believe that this is an acceptable interest rate, and more than fair. The lender will still retain a hefty profit and I will be free and clear of what I now consider unethical and ruthless business practices. As I peruse this site it appears I am not alone in this assessment.

I would recommend that in the future Lendumo explain their terms in a way that the potential customers can comprehend. In closing I want to reiterate that I feel deceived and consequently cheated out of thousands of dollars and I ask that this be rectified. I also hope that my experience will offer some insight to future unsuspecting people who need financial assistance.

On 02/07/2020, I borrowed $1000 from Lendumo because I needed my car repaired. I was not told of the high interest rate until after I signed my contract. I specifically asked the phone representative how the payments would be deducted from my pay check and he told me that I would have 3 payments in the amount of $341.00 deducted from my pay check, and a forth payment of $241.00. When they deducted more money than they should have on the last payment, I called the company and that’s when I was told of the high interest rate. I was also told that I would have to make these high payments until July 24th unless I wanted to pay the loan off early which I declined at the time. I called the company a second time to inquire about paying the loan off early like the representative recommended, and was told that I would have to pay $1100 on top of the $1300 that already paid. That’s more than the double the amount that I borrowed. Again, I was not told of this high interest rate until after I signed the contract. I have not been able to work as many hours at my job due Covid-19, and I feel completely taken advantage of during this pandemic. I am willing to settle on an amount, but I can’t afford to settle on the amount given by Lendumo. I can assure you that I would have never borrowed the money If I knew how high the interest was. They were not upfront about how much I would be paying them back.

I’m not sure if you will help me with this issue but I’d like to try. I received an email stating that this loan was going into my account and that’s where I realized how much I was being charged. I then called them March, week beginning on the fifteen and spoke with someone about not wanting this loan anymore. They had said they cannot take this money until it went into my checking account. I had never had a problem like this before. On March 25th the loan finally went into my account. I had placed another phone call with Lendumo and they said they will go ahead and take the monies out. They said it will be about 48 hours. The 48 hours came and it was still in my account, it was a Friday so I had thought maybe they didn’t have enough time to take it out till after the weekend. I had waited another couple days after Monday, 30th. I checked my account on April 2 and realized the 1,100 was still in my account. I called them back and asked them what is going on with this money they put into my account. They told me that it was set up for me to mail them a check, which we never settled on me sending a check. They said ok, everything is all set now give it 48 hours and we will take it back. I checked my account on the 7th or 8th of April and found out the monies is still in my account. I called them back and I keep getting told the same thing every time I call Lendumo. I called them back again on the 10th and again today April 14 and asked if I can just pay it all back and they are telling me I can’t because my account isn’t valid anymore. I don’t know what to do anymore, I don’t want this loan and cannot get them to take it back. I’m hoping that someone can help me with my issue with Lendumo. Thank you for your time

I was lend $1000. My payments are $344.24 a month. When I finish paying for this loan I would have paid $4,130.88. This APR on this is crazy.

I took out an emergency loan for $300 on 2/4/2020 and I made one payment of $87.54 on 2/14/2020. Unfortunately, I was laid off from my job and could not make additional payments. Today I received a collection notice from a company called Zenresolve on behalf of Lendumo, stating that I owe $546.76! I only ever borrowed $300.00 now I owe an increased balance of 55%? How is this possible let alone legal? I also have researched this company and found that they are not a licensed lender in the state of California. The state board of licensing for direct deposit lenders has no record of their license in my state.

This company was informed that because of this Corona virus has made hard impact on finance and all ready paid $800.00 plus for $800.00 loan but they want me to pay a total of $3304.68 for $800.00 borrowed. I am unable to pay excessive loan. Then it discovered that others also involved in same incident.
PHILADELPHIA – ***, the president of the Lac Du Flambeau Tribe of Lake Superior Chippewa Indians in Wisconsin, is alleged to have violated the Racketeer Influenced and Corrupt Organizations Act (RICO) and is now facing a lawsuit filed in the U.S. District Court for the Eastern District of Pennsylvania. *** is leading the class action against Wildcat and other members of the board of directors for Lac Du Flambeau Business Development Corp. over allegations they charged an excessive interest rate on a loan.
“The defendants in this case are a group of individuals who are all believed to play a role in the operation of one or more enterprises that together operate a usury scam that victimized ***, and other citizens of Pennsylvania with internet loans at interest rates in excess of 600 percent A.P.R.,” the suit states. *** alleges that he took out a small loan for his household in November 2017 through RadiantCash, an online lending company owned by the tribe. He alleges LDF Holdings called him to confirm the details of his loan application and RadiantCash approved him for a $400 loan with an interest rate of 690 percent.
The suit states the plaintiff was scheduled to pay back the loan with 14 bi-weekly payments of $110.24. Radiant allegedly set up more than 10 withdrawals for a total of $1,102.40 from the plaintiff's bank account, but the withdrawals were executed by LDF Holdings. Jones alleges he no longer authorized Radiant Cash to withdraw the money and the company said Jones defaulted on the loan.
Because of health conditions as disable Veteran and financial expenses, and corona virus affect on income.

I applied for a loan with this company which at the time was called amplify funding and I was led to believe that this was a fixed rate loan now it has come to my attention that it is a cash advance loan for three months I was told that my payoff would be $1678 and as of today my payoff is $1900 plus I am so saddened by this discrepancy in deceitfulness of this company that this is an ongoing thing with these people when I signed up for the loan I was to believe that it was a fixed rate The gentleman would not even let me see the policy and the contract before signing So was I assigned I guess I was stuck All I want is for them to be held accountable for this misunderstanding I only want to pay what I've been told all these months instead of what I was told today and that was $1678 instead of 19 plus I am a single elderly lady whose struggling and this is just too much hopefully you can help me I would appreciate it

I took a loan of $800.00 and my payments were $275.39. I have been making payments since 08/19. Already paid the company $1653.34 in payments. I just missed the payment for March2020 because my account was hacked and my social security card was frauded.My bank froze my account due to the investigation. I have reported to the company all everything that was happening. I have been calling for help recently because I am in isolation,cannot get to the bank and open another account. Asked for the balance today,talked to Luis,said my balance was $1957.73.Told him that I have missed only one payment how could this be.He said it's because the payment I missed is added with late fee and the total of that is $303.00 plus the payment due on the 30th of April,2020 is also added to the balance. He just said sorry he cannot help. It seems the company does not care that we are going through any hardship. They just want to make money . I will never refer anybody to this company..

I received a loan of $350 and I ended up paying back over $500.00. They said they would debit it from my bank. Claims they did it twice and that my bank did not allow it. I called my bank, they said there was never an attempt to debit from my bank. Them they said your bank doesn't participate (whatever that means). So they added on additional charges. They said I could send a check which I did. It took them more than 2 weeks to cash it and in the mean time add more and more to the loan. I have been laid off from my job because of COVID-19 with no income. I have no way of paying more, I don't even have money to survive on. I cannot believe how much this place completely rips people off. Someone needs to step in and stop these people from hurting the most vulnerable people.

I took out a loan with this company and did not understand terms of the loan. This was done on the phone. The loan was for $1100.00. My first payment was 3/6/2020 . I make 2 payment a month of $350.62 . I found out the interest rate on my loan is 690.05 and I will end up paying $4207.44 by 8/7/2020. This is outrageous. I dont mind paying my loan but I should not have to pay $3107.44 for that short of a loan. I think I have been taken advantage of. I want people to know what kind of a company this is so they dont fall into the same trap I did. I was mislead.

I ***y borrowed 500.00from them and they have been taken my payment if 134.00for 4months now payment just be payed off this month now there's saying not until November of this year that would be over a 1000.00 Loan on 500. How can they legally do this..

I applied online for a loan from this company in the amount of $1200.00 on 16 December 2019. I never received a contract nor was I ever asked for my signature. I have made three payments, each $413.90, via auto deduction from my bank account. Duration of the loan is 12 payments of which three have been made. I called last week to get a payoff amount on April 14, 2020 and was told the payoff amount would be $1497.90. This is obviously a predatory loan with usurious interest. The interest rate was quoted to me by the company today, 1 April 2020, is 401.448% and is accrued daily.

(Complaint taken over the phone by Cleveland, Ohio Revdex.com staff, LST, on 3/30/20.)

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On 01/14/20 Consumer was approved for a $500 loan with the understanding he would pay $173 for 6 months to satisfy the loan. Company was supposed to send confirming email but none was ever provided. Consumer has made 5 of the $173 payments but was recently advised by a Company representative of different terms. Company now says he must pay beyond the 6 month period.

I’m paying 344.24 a month an by the time I pay this off I’ll been done paid over 4000 dollars on a thousand dollar loan I receive Social security disability an I don’t think that’s fair to over charge on a 1000.00 dollar can you please talk with them on my behalf to not pay so much on the interest

I took out a loan from this company & the interest is absolutely ridiculous. I cannot afford to pay a 1200 loan off for almost 5,000. NO WAY. This is a true scam. I350.00 each week ? WOW.