Complaint #1743908 submitted on 01/17/2016 relating to Argon Credit. Complaint relates to Consumer Loan Installment loan - Managing the loan or lease .
Complaint was submitted via Web and sent to the company on Thursday 21st January 2016.
Took out this loan with Argon Credit back in XXXX 2015 to cover medical expenses for my husband. The application stated the interest rate would be no more than 5 % when consumer applied ; however, the interest rate was not revealed until the final signing of the loan. Consumer discovered the interest rate was 89 % on a {$2000.00} loan. This is in violation of the Usury law of the state of Alabama. Consumer has made a previous complaint with CFPB about Argon Credit, and the interest rate was decreased to 79 %. Consumer has made XXXX payments of {$190.00}, totaling {$1500.00}, but the balance is showing {$1600.00} with the majority of the payment going toward interest. Consumer disagree with this balance. Under Alabama usury law, the balance should be {$470.00} because the interest rate charged by Argon Credit is in violation -- balance due {$2000.00}, only. The balance increases enormously every month instead of decreasing. Argon Credit is using Private Payment Services to debit my account, and when consumer calls, XXXX XXXX XXXX refuses to give a payoff balance. The phone reps go into great lengths to avoid giving consumers this information. I have contacted Argon Credit several times about this interest rate violation, but just sends out a generic response.
| Company | Argon Credit |
| Complaint ID | 1743908 |
| Date Received | 01/17/2016 |
| Product | Consumer Loan Installment loan |
| Issue | Managing the loan or lease |
| State/ZIP Code | AL 352XX |
| Consumer Consent | Consent provided |
| Company Public Response | Company believes it acted appropriately as authorized by contract or law |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 01/21/2016 |
| Result | Timely Response: Yes, Consumer Disputed: Yes |
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