Money Key

Dear Ms. [redacted], MoneyKey – KS, Inc. (“MoneyKey”) has received your complaint dated August 23, 2016, through the Revdex.com (Revdex.com). At MoneyKey, we are committed to consumer satisfaction and take all...

complaints seriously. To make sure that your concerns are fully addressed, we have reviewed your complaint, investigated your account and provided a resolution that we believe to be suitable. For your convenience, we will send you a copy of your Line of Credit agreement to the e-mail address that you have provided.   We have also included links to our website, where information about our Line of Credit product in Kansas is also provided.   MONEYKEY Kindly note that MoneyKey offers a Line of Credit in Kansas and not an Installment loan, as stated in your complaint.
State of Kansas Installment Loan license (which permits a Line of Credit product) https://moneykey.com/online-line-of-credit-kansas.php
Rates, terms and conditions of the Line of Credit https://moneykey.com/licenses/Kansas-state-license.pdf
  YOUR ACCOUNT MoneyKey confirms that you obtained a Line of Credit and took a draw of $600.00 on June 2, 2016. We reviewed the call that was made at the time that your Line of Credit was originated and confirm that the terms and conditions were clearly explained to you. These terms and conditions included that – •             the minimum payment on your Line of Credit consists of interest, any cash advance fees and a 10% contribution to the principal balance; and •             paying off the Line of Credit in full or making any contributions toward the principal balance can be done at any time and without penalty by contacting our offices directly. CALCULATING THE MINIMUM PAYMENT To provide clarity about how your minimum payment is calculated, please find below a detailed breakdown: ·        interest is charged at a rate of 1.093% per day, calculated on the average daily principal balance; ·        a cash advance fee is charged at the rate of 15% of the amount of the draw and is only applied after a draw is taken; and ·        principal paydown in the amount of 10% of the outstanding principal balance is contributed toward reducing the principal outstanding. Your first payment, which was due on July 27, 2016, was composed of daily interest (charged at the rate of 1.093% per day) accrued over the course of twenty-two (22) days on an average daily principal balance of $572.73 and the cash advance fee (charged at the rate of 15% of the amount advanced) for $600.00. Please find below a breakdown of your payment of $287.36.
CHARGE AMOUNT
10% Principal contribution (based on the outstanding Principal $600.00) $60.00
Interest (charged at the rate of 1.093% per day for 22 days) $137.36
Cash Advance Fee (charged at the rate of 15% of the amount advanced) $90.00
TOTAL $287.36
  Your second payment, which was due on August 24, 2016, was composed of daily interest (charged at the rate of 1.093% per day) accrued over the course of thirty-five (35) days on an average daily principal balance of $598.29. Please be advised that this payment was not processed due to the complaint received on August 23, 2016. We wanted to ensure that any misunderstandings were cleared before the payments were processed. Please find below a breakdown of how your payment of $282.28 was allocated.
CHARGE AMOUNT
10% Principal contribution (based on the outstanding Principal $540.00) $54.00
Interest (charged at the rate of 1.093% per day for 35 days) $228.28
TOTAL $282.28
  Your third payment, which is scheduled for September 28, 2016, is composed of daily interest (charged at the rate of 1.093% per day) accrued over the course of twenty-eight (28) days on an average daily principal balance of $540.00. The outstanding principal balance remains to be $540.00, since there was no payment made to the account on August 24, 2016. Please note the decrease in the minimum payment, detailed below.
CHARGE AMOUNT
10% Principal contribution (based on the outstanding Principal $540.00) $54.00
Interest (charged at the rate of 1.093% per day for 28 days) $164.83
TOTAL $218.83
  For your ease of reference, we have sent the periodic statements that were issued to you for each of these cycles to the email address you have provided.   RESOLUTION MoneyKey is committed to treating consumers fairly and with respect and we understand that you are not completely happy with your Line of Credit. As a one-time courtesy, MoneyKey will freeze the balance on your account as at your periodic statement of July 27, 2016, in the amount of $768.28. This means that – a.            any fees and interest that would otherwise have accrued on your account from July 27, 2016, until now, are waived; and b.            the outstanding balance of $768.28 will be split into four installments of $192.07, coinciding with your upcoming pay dates. Once these payments have been received by us, we will close your account as paid in full. Please contact us in order to effect the proposed settlement.  We are unable to make these changes to your account without your authorization. Give us a call at [redacted] We look forward to hearing from you.  
Best regards,  
MoneyKey

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted] and find that this resolution is satisfactory to me. 
 
Regards,
 
[redacted]

Dear Ms. [redacted], We confirm that MoneyKey – MD, Inc. (“MoneyKey”) has received your complaint dated May 18, 2016, through the Revdex.com (Revdex.com). We take all...

complaints seriously and assure you that we have conducted a thorough internal investigation into both your complaint and your account with MoneyKey. Our findings are provided below. USEFUL INFORMATION Kindly note that the product that MoneyKey offers in Maryland is a Line of Credit and not a cash loan. For your convenience, we have provided the following: •             A link to our State of Maryland Installment Loan license (which permits a Line of Credit product); (https://moneykey.com/licenses/Maryland-state-license.pdf) •             A link to the State of Maryland page on our website which clearly outlines the rates, terms and conditions for our Line of Credit product; (https://moneykey.com/online-line-of-credit-maryland.php) A copy of your electronically signed Line of Credit agreement will be sent to your e-mail address provided. INVESTIGATION INTO YOUR ACCOUNT A review of your account with MoneyKey confirmed that you obtained a Line of Credit and took a draw of $875.00 on December 16, 2015. Kindly note that the amount advanced was $875.00 and not $800.00 as stated in your complaint. As part of our investigation, we reviewed the call that was made at the time that your Line of Credit was originated and confirm that the terms and conditions of the Line of Credit were clearly explained to you and consequently agreed to by you. These terms and conditions included that – •             the minimum payment on your Line of Credit consists of interest, fees and a 2% contribution to the principal balance; and •             paying off the Line of Credit in full or making any contributions toward the principal balance can be done at any time and without penalty by contacting our offices directly. This information is also reflected in your signed Line of Credit agreement and on the first page of each of your Periodic Statements. Your periodic statements are issued to you prior to every payment due date. Kindly note that the minimum payments on your Line of Credit have decreased and not increased, as stated in your complaint. Since the minimum payment includes a 2% contribution towards the principal balance, the interest and fee charges decrease with every future payment, barring any additional draws or returned payments. To this end, we have attached a complete transaction history detailing the dates and amounts of each payment you have made to date. RESOLUTION Since you are not fully satisfied with your Line of Credit product and as a one-time courtesy, MoneyKey will freeze the balance on your account as at your last periodic statement of May 6, 2016. The outstanding balance on your account as at May 6, 2016, is $1,311.92. This means that – a.            any fees and interest that would otherwise have accrued on your account from May 6, 2016, until now are waived; and b.            the balance of $1,311.92 will be split into six installments of $218.65 coinciding with your upcoming pay dates. Once these payments are received, your Line of Credit will be closed as paid in full. KINDLY NOTE THAT we require you to contact us in order to effect the proposed settlement.  We are unable to make any changes to your Line of Credit without your authorization. We can be reached at [redacted] Thank you for giving us the opportunity to address your concerns. We look forward to hearing from you. Best regards, MoneyKey

Dear Ms. [redacted],
MoneyKey – MD, Inc. (“MoneyKey”) has received your complaint dated October...

27, 2016, through the Revdex.com (Revdex.com).
We are glad that we were able to settle this matter with you directly and address each of your concerns as per our telephonic discussion on November 2, 2016.
Should you have any further questions or concerns, please give us a call at [redacted]
Best regards,
MoneyKey

Dear Ms. [redacted],  
MoneyKey – MO, Inc. (“MoneyKey”) has received your complaint dated September 19, 2016, through the Revdex.com (Revdex.com)....

At MoneyKey, we are committed to consumer satisfaction and take all complaints seriously. To make sure that your concerns are fully addressed, we have reviewed your complaint, investigated your account and provided a resolution that we believe to be suitable. For your convenience, we will send you a copy of your Line of Credit agreement to the e-mail address that you have provided. We have also included links to our website, where information about our Line of Credit product in Missouri is also provided.  
MONEYKEY Please note that MoneyKey offers a Line of Credit in Missouri.
State of Missouri Installment Loan license (which permits a Line of Credit product) https://moneykey.com/licenses/Missouri-state-license.pdf
Rates, terms and conditions of the Line of Credit https://moneykey.com/online-line-of-credit-missouri.php
  YOUR ACCOUNT MoneyKey confirms that you obtained a Line of Credit with a credit limit of $700.00 and took a draw for $300.00 on May 31, 2016, $200.00 on June 2, 2016 and another $200.00 on June 14, 2016. We reviewed the call that was made at the time that your Line of Credit was originated and confirm that the terms and conditions were clearly explained to you. These terms and conditions included that – •             the minimum payment on your Line of Credit consists of: interest accrued daily at a rate of 1.093% and a contribution towards the Principal balance equal to 10% of the Outstanding Principal Balance; •             you will be charged an Annual Fee of $50.00 on the date of your first withdrawal from your Line of Credit; and •             paying off the Line of Credit in full or making any additional contributions toward the principal balance can be done at any time, and without any additional cost, by contacting our offices directly. We understand that you experienced some difficulty in making your minimum payment on August 19, 2016. As an attempt to resolve this matter and as discussed with you on August 16, 2016, the past due amount of $291.15 was set to be split into three installments in addition to your next three minimum payments, starting September 20, 2016. Furthermore, an e-mail confirmation was sent to you, outlining this payment arrangement. In addition, a Payment Solutions Advisor spoke to you on September 15, 2016, and confirmed that your minimum payment amount for September 20, 2016, was $372.96 and not $566.00. This information was also provided to you in a confirmation email dated August 16th, 2016.  
RESOLUTION MoneyKey is committed to treating consumers fairly and with respect and we understand that you are not completely satisfied with your Line of Credit. As a one-time courtesy, MoneyKey will freeze the principal balance on your account as of your last due date on September 20, 2016, in the amount of $630.00. This means that – a.            any fees and interest that would otherwise have accrued on your account from September 20, 2016, until now, are waived; and b.            the outstanding principal balance of $630.00 will be split into four installments of $157.50, coinciding with your upcoming pay dates. Once these payments have been received by us, we will close your account as paid in full. Please contact us in order to affect the proposed settlement.  We are unable to make these changes to your account without your authorization. You can call us at [redacted] We look forward to hearing from you.  
Best regards,
 
MoneyKey

Dear Ms. [redacted], MoneyKey has received your complaint from the Revdex.com, received on January 22th, 2016 and wanted to address it with you personally....

MoneyKey takes all complaints extremely seriously and wants to ensure that each of our customers is satisfied with the products and services offered. For your convenience, we have attached the following: ·         A link to our State of Maryland Installment Loan license (which permits a Line of Credit product); (https://moneykey.com/licenses/Maryland-state-license.pdf) ·         A link to the State of Maryland page on our website which clearly outlines the rates, terms and conditions for our line of credit product; (https://moneykey.com/online-line-of-credit-maryland.php) and ·         A copy of your electronically signed line of credit agreement. We understand that you are not completely satisfied with your Line of Credit of $900, which was funded on January 5, 2015. As a one-time courtesy to you and having no obligation to do so, MoneyKey is prepared to suspend the accrual of any further interest and fees and close your account for the current outstanding balance of $1120.94. We can have the amount of $1120.64 split into 6 payments of $186.77, coinciding with your upcoming pay dates. Once these payments have cleared your account, MoneyKey agrees to have your Line of Credit closed as paid in full. Alternatively, MoneyKey will agree to close your account as paid in full if you are able to replay the full principal balance of $900 on or before February 15th, 2016. Should you require any further information or if you would like to take advantage of one of the proposed resolutions above, please contact our office at [redacted] Best regards, [redacted]

July 29, 2014
 
[redacted]
[redacted]
[redacted]
[redacted]...

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[redacted]
                                    [redacted]       [redacted]
[redacted]
I am writing in response to your letter dated July 29, 2014 and recieved July 29, 2014 via e-mail.
 
I have read the attached materials provided to the Revdex.com. This customer had obtained a loan from MoneyKey pursuant
to our written agreement dated 07/28/2014. We are sorry to hear that the customer had a negative experience while utilizing MoneyKey’s services. After
reviewing the notes on the account, it appears that there was a misunderstanding between the customer and our customer service agent. The
customer was sent a copy of his loan document at time of origination. If the customer needs that document resent, we would be more than happy to resend it
to the customer right away. The customer was correct that our system does not have the capabilities to view prior payments. If requested, we can absolutely provide
the customer confirmation of any past payments made. The customer should also know that online account viewing is currently in the advanced stages of
development and will be available to our customers this year. If we requested, we can absolutely provide him his payment schedule for upcoming payments as
this is contained in the loan agreement that the customer signed. Lastly, the customer should know that MoneyKey is a state licensed business and not an “ID
theft gang” as referred to in the complaint.
 
In accordance with our commitment to customer satisfaction, we can fully honor the customer’s request
for proof of past payments and payment schedule for future payments if the customer contacts us. The customer has requested that we not contact the
customer. The customer should contact me directly.
 
On behalf of MoneyKey, we offer a sincerely apology for the unpleasant experience. We believe that the customer should be satisfied as we are adhering to his request.  Should you or the customer have any other
questions, please do not hesitate to contact me.
 
Sincerely,
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]

Dear Ms. [redacted],My name is [redacted], Director of Payment Solutions with MoneyKey. Your Revdex.com complaint was escalated to my office and I wanted to take an opportunity to speak with you directly. We ar e sorry to hear that you are unsatisfied with your loan and feel that you were...

misled when the loan was originated. We take all customer complaints very seriously and are currently investigating this account to determine the source of confusion. We want to ensure that all loans are clearly explained  and ensure the terms and conditions are fully understood. As a courtesy, MoneyKey agrees to having all 3 payments you made totalling $352.04 ($116.98 on 9/4/2015, $117.53 on 9/18/2015 and $117.53 on 10/2/2015) applied to the sum of your principal balance and your first finance fee totalling $516.98 ($400 + $116.98). MoneyKey will consider your loan paid in full for one final payment of $164.94. Once this payment clears, we will have your loan closed as paid in full and will release you of any and all liability for any remaining balance. To accept this proposed resolution or to discuss this account further, kindly contact myself directly at [redacted].  Best regards,[redacted]

Dear Mr. [redacted], We have received your complaint via the Revdex.com and wanted to address your concerns with you personally.  We have initiated an internal investigation and our findings are as follows: 1.      Your loan of...

$400 was funded on April 23rd 2015. Since then, you had renewed your loan twice by signing the attached loan agreements. 2.      You subsequently defaulted on your loan payment dated June 5th 2015 in the amount of $516.88. 3.      Since your loan defaulted, MoneyKey has made numerous attempts to contact you by both email and telephone to have this matter resolved amicably. 4.      Due to our inability to connect with you directly, your file was assigned to 3rd party collections for recovery. 5.      In addition, we have confirmed that the assigned balance to the 3rd party collections agency is indeed $566.88, which is composed of $400 principal, $116.88 finance fee, $25 NSF fee and $25 late fee. We understand that you are experiencing  financial hardship and would be happy to assist you in coming to an affordable payment plan to suit your current financial needs. Please contact myself directly at [redacted] or by email at [redacted] to work out a payment arrangement in order to have this account closed as paid in full.  Best regards,     [redacted]   |   Director, Payment Solutions

MoneyKey management has reviewed the file and the Payment Solutions manager will be reaching out to the customer to set up a payment arrangement for $118.75 x 4 in equal payments. This equals $475 of the remaining principal. The customer should be satisfied as this full adheres to her request.

Dear Ms. [redacted], MoneyKey – MD, Inc. (“MoneyKey”) has received your complaint dated July 29, 2016, through the Revdex.com (Revdex.com). At MoneyKey, we care about customer feedback and we...

take all complaints seriously. To make sure that your concerns are fully addressed, we have reviewed your complaint, investigated your account and provided a resolution for you. For your convenience, we will send you a copy of your Line of Credit agreement to the e-mail address that you have provided.   We have also included links to our website, where information about our Line of Credit product in Maryland is also provided.   MONEYKEY Kindly note that the product that MoneyKey offers in Maryland is a Line of Credit and not a cash loan, as stated in your complaint.
State of Maryland Installment Loan license (which permits our Line of Credit product)   https://moneykey.com/licenses/Maryland-state-license.pdf
Rates, terms and conditions of the Line of Credit   https://moneykey.com/online-line-of-credit-maryland.php
  YOUR ACCOUNT MoneyKey confirms that you obtained a Line of Credit and took a draw of $650.00 on June 22, 2016. Please note that there has been one successful payment made on your account, and not two, as stated in your complaint. This payment was the minimum payment due and was made in the amount of $196.83 on July 22, 2016. For your convenience, we have attached a copy of your transaction history, which itemizes each transaction on your Line of Credit. CALCULATING THE MINIMUM PAYMENT To provide clarity on how the minimum payment of $196.83 was calculated, please find below a detailed breakdown:
CHARGE AMOUNT
5% Principal contribution $32.50
Interest (charged at the rate of 0.06575% per day for 18 days) $7.25
Minimum Charge ($15.00 per $100.00 outstanding) $92.08
10% Draw Fees $65.00
TOTAL $196.83
  For your first payment that was due on July 22, 2016, the daily interest (charged at the rate of 0.06575% per day) accrued over the course of eighteen (18) days, as that cycle started on July 8, 2016 and ended on July 21, 2016.    For your second payment that was due on August 5, 2016, the daily interest accrued over the course of fourteen (14) days in the cycle. This cycle started on July 22, 2016 and ended on August 5, 2016.   For your ease of reference, we will send the periodic statements that were issued to you for each of these cycles to the e-mail address that you have provided.   CALCULATING THE BALANCE   For your convenience, please find below a detailed breakdown of the charges included in your balance of $720.60, as at your last statement date of July 22, 2016.  
CHARGE AMOUNT
Outstanding Principal $617.50
Interest (charged at the rate of 0.06575% per day for 14 days) $5.95
Minimum Charge ($15.00 per $100.00 outstanding) $97.15
TOTAL $720.60
  Kindly note that the balance did not increase as stated in your complaint, but decreased from $814.33 to $720.60 after your minimum payment of $196.83 was made on July 22, 2016.   RESOLUTION MoneyKey is committed to treating consumers fairly and with respect and we understand that you are not completely happy with your Line of Credit. As a one-time courtesy, MoneyKey will freeze the balance on your account as at your last periodic statement of July 22, 2016, in the amount of $720.60. This means that – a.            any fees and interest that would otherwise have accrued on your account from July 22, 2016, until now, are waived; and b.            the outstanding balance of $720.60 will be split into four installments of $180.15, coinciding with your upcoming pay dates. Once these payments have been received by us, we will close your account as paid in full. Please contact us in order to effect the proposed settlement.  We are unable to make these changes to your account without your authorization. Give us a call at [redacted] We look forward to hearing from you. Best regards, MoneyKey [Attachment/s: Transaction History]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. 
I fully appreciate the communication between all parties, and the response from [redacted] is well-received. 
 
Regards,

Admittedly at the beginning of February, 2018 I was in a tough spot and needed money to get by. I was very hesitant about this company but after being assured by the woman on the phone that if I paid it off quickly, as I had planned, I would not owe anywhere near the amount if the loan had went to term. I borrowed $900. I have paid about $400 already and today I called to get a payoff amount. I was told that I'd have to pay almost $1500 to pay it off! How do I owe DOUBLE on a loan that I took out LAST MONTH? This is not what I was told and had that been the case, no matter what situation I was in, I would have never taken this loan out! I cannot afford to keep doing this and my intention was always to pay it off as soon as possible. It's been less than two months and as a reasonable outcome, I want to pay $800 and be done with this. My only other alternative is to let it go to bankruptcy.

Review: I'm try sure that what I'm paying this company is fair business. I e-mail over month go about the bill. I look at the rate is right for Maryland. There was charge for sending the money electric and never told me. for some reason my account is not going down. I'm paying twice a month.If I miss a payment the payments are double. I'm sending these papers are they changing me right or worng.Desired Settlement: If they are not being up front me do not want to give any more of my information and own nothing.

Business

Response:

Dear Ms. [redacted],We are sorry to hear that you had an unpleasant experience with MoneyKey. We pride ourselves on our worldclass customer service and are disapointed to learn that you didn't feel we provided our intended level of service.Our records indicate that you called in to our office to advise that you were not going to be able to make your next payment. Our representative let you know that it was not a problem and we could stop the payment from being processed on 10/23/2015. We then believe that he advised you that you are still responsible for the payment and as a courtesy, he could either double up her next payment or split the missed payment in two and process them on your next two due date if that was your preference. Our notes indicate that you appreciated the help and would like a call back after your scheduled due date to ensure 1) the payment was not processed and 2) discuss how you will make up the missed payment.Our represenatative indicated that it was a pleasant conversation and that you was very grateful for the help. Please kindly let us know if you need anything else or if we can be of service in any other way.Warm regards and thank you for being a customer

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Review: I have a loan with Money Key that I haven't been able to pay back. In July I called and told them I wasn't able to make a payment because my husband had a heart attack and had to be off work for 2 months. I was on short term disability from my job. We would have to wait until my husband's disability started coming in before I could pay anything.. After several aggravating phone calls I agreed to make a $25.00 payment on November 3, 21015. On October 13, 2015 I received a text asking if I could make a $50 payment in October. I told her no, I only had $50 to last me until the end of the month and my husband's short term had not started yet. (My husband never did get short term disability because it was deemed a pre existing condition). She then ask what I could pay this month, As before I can't make a payment until November 3, 2015. I told her I was getting ready to have another surgery and we really need the stress right now since I felt I had made arrangements. She agreed to hold the file until the end of November 2015. Then on October 19, 2015 I received a phone call. She was telling me she needed arrangements on my loan. I already made them. The phone call disconnected because of the service area. I then received an e-mail. She needed conformation of my arrangement. I ask her what more did she need to confirm, my bank account information? I was not giving that to her. On October 19, 2015 at 5:43 PM I told her I felt I was being harassed and I wanted it to stop or I would contact an attorney. I then hung up. About a 1/2 hour later I called back and ask for my balance on my loan. The gentleman said he couldn't give it to me so I hung up. A couple of days later I received another harassing call. I told her the arrangements have been made . I now wanted ALL contact STOPPED and I hung up. They call me on November 4, 2015 and left a message. I called back to make my payment and left a message for her to call me back so I could make a payment. They called back on November 6th and left a message. They have called several times since then. I'm done with the harassment!. I'm not going to make payments on a loan when I don't know what the balance is and if the balance is alot more that what I borrowed I won't be paying I back at all. I have had for surgeries this year, one of them being cervical spine surgery. I will not be going back to work. I am now disabled. My husband hasn't gone back to work yet. We are on a VERY limited income with thousand of dollars in doctor and hospital bills. We will probably need to file bankruptcy.Desired Settlement: I would like to know what my balance is and I will try to make further arrangements. If I cannot pay on the loan it will be included in the bankruptcy if we file

Business

Response:

Good afternoon Ms. [redacted],My name is [redacted], Director for Payment Solutions at MoneyKey. Your complaint from the Revdex.com was escalated to my office and I wanted to take this opportunity to discuss it with you directly.Please be advised that we take all complaints extremely seriously and want to ensure that all of our customers are happy with our products and services.I have reviewed all of the email correspondence between yourself and our Payment Solutions team. Notwithstanding the information gathered from my internal investigation, I can see that you are experiencing some financial difficulties and I would like to assist you with this loan. Your current outstanding balance is $469.50. As a courtesy and under no obligation to do so, we have waived this balance. MoneyKey now considers your loan closed as paid in full and releases you of any and all liability for the remaining balance.We trust that this is a satisfactory resolution. Should you have any questions or concerns, please feel free to contact myself directly at [redacted] or by replying to this email.Best regards,[redacted]

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Review: I procured a flexible payment loan from Money Key on August 25th. I spoke to a representative to finalize my application and I went over the terms and agreements with her, asking extensive questions. My main goal was to ensure that this was not a payday type of loan. I was assured that it was a flexible payment loan that I would be able to pay back in installments. This morning, I noticed an email reminding me of an automatic payment from my account towards the loan to be deducted October 16th. I was fine because just like two pay dates before, I was having the money deducted to pay towards the $400 loan, $517.53 including interest. However, on the last email I noticed that the balance was still $517.53. I called in and the rep told me that I am just basically buying time until I either pay back the loan in full, or pay towards the premium. This is absolutely unacceptable. I was near tears and convulsion on the phone with the rep because the level of deception employed to take advantage of hard-working people that find themselves in need of immediate financial help beyond their means is ridiculous. I pay my bills every month, but to have this rep tell me that over time I'd basically pay $900 back for a $400 loan is too much for me to take. As of Oct 16th, I will have paid back $373. I asked the rep if what I paid back so far could just go towards the overall balance since there was so much shadiness and lack of honest answers to my questions during my first interaction with my loan processor, and I was told "no." This is unacceptable. Please arbitrate on my behalf to reach a fair and proper solution to this problem. Also, please speak with the business about its representative providing false information over the phone and cloaking the information in ridiculous "loan documents." I did sign the documents, but I was unsure about the wording which is why I asked the rep who processed my application for clarification. Overall, I was misled.Desired Settlement: I would like the payments I've made to go towards the originally loan of $400 that I took out. I do not want any additional contact from this business and will be closing my current checking account.

Business

Response:

Dear Ms. [redacted],My name is [redacted], Director of Payment Solutions with MoneyKey. Your Revdex.com complaint was escalated to my office and I wanted to take an opportunity to speak with you directly. We ar e sorry to hear that you are unsatisfied with your loan and feel that you were misled when the loan was originated. We take all customer complaints very seriously and are currently investigating this account to determine the source of confusion. We want to ensure that all loans are clearly explained and ensure the terms and conditions are fully understood. As a courtesy, MoneyKey agrees to having all 3 payments you made totalling $352.04 ($116.98 on 9/4/2015, $117.53 on 9/18/2015 and $117.53 on 10/2/2015) applied to the sum of your principal balance and your first finance fee totalling $516.98 ($400 + $116.98). MoneyKey will consider your loan paid in full for one final payment of $164.94. Once this payment clears, we will have your loan closed as paid in full and will release you of any and all liability for any remaining balance. To accept this proposed resolution or to discuss this account further, kindly contact myself directly at [redacted]. Best regards,[redacted]

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. I have attached the agreement the business and I reached for your records.

Review: I way overpaid my loan but they kept taking payments out. Sent a revoke to them and they again attempted to remove money from my account. Sent another notification and had that payment returned to them. I told them I considered the account paid in full and to quit debiting my bank. I also asked them to stop calling me at work and at home and to stop harassing my references. They continue to call non stop with no regard.Desired Settlement: They need to quit contacting me and send a paid in full notification. I have also filed a complaint with the attorney general. Furthermore they claim to be a CSO yet I can find no record of them on the Texas Secretary website.

Business

Response:

Good afternoon Ms. [redacted], My name is [redacted], Director of Payment Solutions at MoneyKey. Your email was escalated to my office and I wanted an opportunity to address it with you personally. First and foremost, I wanted to apologize for the continued calls made to your place of residence on file after receiving your “Cease & Desist” and “Revocation of ACH Authorization” letter via email dated Wednesday, August 19, 2015. Once received, we stopped all ACH transactions from being processed through your bank account and stopped all contact with your place of employment and references. Due to an operational oversight, calls to your listed place of residence persisted, contrary to the direction received in your email. This issue has since been corrected and I would like to once again apologize on behalf of MoneyKey for any inconvenience this oversight may have caused. Secondly, I understand that you had some difficulty locating our Credit Service Organization license. Please note that MoneyKey – TX, Inc. is a registered Credit Services Organization and a Credit Access Business operating pursuant to Chapter 393 of the Texas Finance Code. For your reference, I have attached a link to our licenses in Texas below: https://www.moneykey.com/licenses/Texas-CSO-state-license.pdf https://www.moneykey.com/licenses/Texas-CAB-state-license.pdf Finally, and as per your request, we have closed your loan as paid in full. Kindly consider this email as full and final release for your loan serviced by MoneyKey. You are hereby released of any and all liability and any remaining balance has now been waived. We trust you find the above a satisfactory resolution to this matter. Should you have any questions, concerns or if you would like to discuss this matter further, I would encourage you to contact myself directly at [redacted] or by replying to my email: [redacted] Best regards,

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted] and find that this resolution is satisfactory to me.

Review: Complaint by telephone/Revdex.com staff/sq --consumer states she had an agreement with a $loanThe company issued the $funds into her account in FebThe company has since taken out too much money and the account has been over paidThe company has debit her account $99, then the following months $136, $154,$and this month went into her bank account and withdraw over $The company had agreed to contact her when the last disputed $was withdrawn in AprilThe company never followed up to clear this matter, instead continued to go back into her bank account in MayThis unauthorized withdraw has caused overdrafts to her account.Desired Settlement: Seek company to return the unauthorized withdrawals in the amount exceeding $
Business
Response:
I am writing in response to your letter dated May 15, First and foremost we are sorry to hear that this customer had a negative experience with MoneyKey.I have read the attached materials provided to the Revdex.comThis customer had obtained a loan from MoneyKey pursuant to our written agreement dated January 20, and such was confirmed by customerThough customer service is top priority for MoneyKey and we strive to offer a desired product for the customer with transparent terms, the facts stated by the customer are contrary to our documented notes and recorded callsWe have written authorization in the form of signed loan documents for all debits to the customer's accountFurthermore, before each signed agreement there was direct contact with the customer or an authorized person to speak on behalf of the customerAll payments were debited successfully in accordance to an agreed upon payment schedule and this acount is closed in good standing.We wish the customer had a more pleasant experience with MoneyKey, but with no error or violation on MoneyKey's part, we cannot offer the requested full refund as all debits were authorized with a signatureAs a gesture of our commitment to customer service, MoneyKey will refund the customer the cost of one overdraft charge as stated in the complaintIf this is satisfactory to close the complaint, please contact MoneyKey to have the amount sent to the bank account on file.Should you or the customer have any other questions, please do not hesitate to contact meSincerely,

Money Key was great!! Easy pay back option with low interest. My loan only cost me 44$ because I paid it back right away. Staff was friendly!

I have A loan through money key I got the loan because my 8 day old son passed away and I borrowed 400.00 from them and I have been making payments for 1 year now. With in this year I have called a couple times to check my balance it wasnt going down. So I was like ok this is high interest. My payments are only 98.49 a month and I borrowed 400.00 I have been paying over a year now so I called a couple months ago and the gentleman stated I just finished paying my interest now everything will go to the principal. Awesome ok so I call today 5 months later to see my balance and the lady stated 424.00 wait what 424.00? She explained to me that the 99.00 that I have paid a month for the last year only goes to interest so I have paid over 1100 dollars just in interest. Needless to say I'm just not even going to finish paying it back.