ComplaintsforCash Money

• Initial Complaint

  26/07/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  Complaint, Chash Money applied Loan Protection to my account despite opting out upon initial loan. From October 2023 to current July 2024 they have charge $377.65 of my principal payment to loan protection. They refuse to rectify this situation and I’m reaching out to you in efforts to enforce it. By doing this they have forced me to stay in a constant increase as they divert the correct amount to charge I refused. As of date they have done automatic withdrawal payments. As of today I have insisted they remove the loan protection from my account, I have requested Supervisal review to which they refuse to acknowledge their error stating “We are all capable people here” . **** ** ************** *** ***** ***** *** ******** ** ******** ****** ** *** ** *** *********. My initial loan was $1500, which is now $2131.74. They have applied 17.56% to principle, 49.77% going to interest, and 32.19% to loan protection ( which I opted out of from the begin, and they failed to follow through with my request.) My payment charges and payments are as follows: M/D/Y 10/23/23 $117.85, 11/21/23 $130.09, 12/23- Cash Money deferred payment free of charge for all clients in December, 01/22/24 $134.71, 02/21/24 $133.20, 03/21/24 $124.99, 04/22/24 127.99, 05/22/24 $ 122.69, 06/21/24 $ 122.76 (loan increase at the end of the month), 07/19/24 $158.93. This equals a total of 1173.21 taken as payments and 377.656 has been applied to a service I refused in the beginning. Supporting Bank statement can be provided directly to a representative when I'm contact By the Edmonton BBB

  Business response

  19/08/2024

  We forwarded this complaint to our VP of Ancillary Services as well as the Insurance Broker.  It is our understanding that that the broker reached out, and an agreement has been reached.  A credit has been applied towards the line of credit balance, representing a portion of past loan protection plan premiums, and the added loan protection plan has been cancelled.

  Customer response

  26/08/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ******* *********

• Initial Complaint

  23/04/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have an account in collections from Cash Money in 2020, they sold the account to another debt collector (***) 2024 and now I have two collections for one account on my credit report! I need the 2024 collections removed ** **** ** ******* *** there should not be two collections for the same account number. I have uploaded the collection report on the same account in the attachment. The account number I believe is ********. This needs to be resolved in a timely manner ** ** ** ******* *** impacting my credit.

  Business response

  06/05/2024

  We have reviewed our records and noted that we did assign this file to the **** ******* ****** (***) in 2020.  The file was then recalled in December 2023 and reassigned to a different agency, ****** ****** ** ****** (****).  While there would be two entries, both placed on the bureau report by the collection agencies, on a consumer’s credit report, the entry for *** should have been marked as “closed”.  We have issued a request to *** to have their listing marked as closed on the credit report.  It may take 30-45 days to be corrected.

  If any further assistance is required, our Accounts Recovery team is available to assist at ###-###-#### or cmcustomerhotline@cashmoney.ca

• Initial Complaint

  01/12/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  Been a customer of these guys for, give or take, 6 years now. I applied for a loan online on Sunday. Get the approval email. But before I get the money, they start making claims that I'm frauding myself and that I'm not allowed to get any loans from them. They've locked me out of EVERYTHING. They "voided" the loan that I was already approved for, whatever that means. I also have a line of credit with them that I'm not going to be able to pay back because, again, they've locked me out of everything. They refuse to respond to my emails. They refuse to do anything on the phone. This is an atrocious way to treat a long term customer, especially considering all of the customers that I have personally brought them.

  Business response

  13/12/2023

  The account has been reactivated/unblocked.  The account was temporarily blocked as a result of being flagged for some suspected unusual internet activity.  This is a precaution we sometimes take to protect the Company, but more importantly the integrity of our Customers' accounts.  

  We apologize for an inconvenience caused, and for not having attended to this issue sooner when communication was first attempted.  

  Customer response

  19/12/2023

  
  I can confirm that the account has since been unblocked.
  
  Sincerely,
  
  ******** *****

• Initial Complaint

  05/05/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  **** staff they will *** *** say its 46.93 but we will give it to you for 3.93 a month they were on *** news about this I over paid what I owed they call 30 times a day over 118.00 I dont owe them

  Business response

  11/05/2023

  We're sorry to learn about this experience.   Part of being a responsible lender is making sure our Customers fully understand any interest/fees associated with their loan, along with the loan terms.  As clearly stated on all our loan agreements, the annual interest rate on our lines of credit is 46.93%.  The total amount of interest due with each payment would also have been disclosed on each of the account statements that were emailed on a bi-weekly basis since the date the first advance was made on the line of credit.  The According to our records, the disclosed annual rate of interest was applied accurately to the loan balance.  This account looks to have been paid in full, and that a default charge for a missed payment was waived off.
  
  

• Initial Complaint

  11/04/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I took a loan out in 2022 and was paying the loan down on February 23 2023.Cash money for unknown reasons rejected the 220 dollars they took off my *** ******** Credit Card **************** expirey *****. *The transaction Number is *********** **.Cash money instead took money out of my ****** chequing account in the amount of 163.79 on February 28 2023. Cash money told me on February 28 that they put the 220 dollars they took off my ****** **** back on this card on February 27 2023.No money to date ever came back to my credit card. *** Disputes told me today April 11 2023 that they cannot force a loan company to give me the money back.They told me to contact your office and make a complaint.If this fails i will sue them in small claims court.I contacted the Cash Money customer service department many times about it,I was told the 220 dollars was put back on my credit card!But this was not true as no money was put back on my card.The story then changed and i was told they did not know where the 220 dollars was!!!!I was told over and over again to contact *** Bank about the problem. *** kept saying no money came back on my ****** ****.It appears Cash money is playing games about this situation.The actions of Cash Money messed up my finances and i had to delay making a payment at the end of March to Cash Money. Thanks for helping me with this situation. Yours Truly *** ***** ***Cash Money has documents i sent them about this situation.

  Business response

  02/05/2023

  It is our understanding the members of our Customer Service team have been in contact attempting to assist in resolving this issue.  According to our records, a payment was made on February 26, 2023 in the amount $220 from a card ending in *****  On the following day, records indicate that we refunded $222 to a card ending in ****.  This refund seems to have been the result of a chargeback request received by the bank from the owner of card ending **** for a payment that was made n September 26, 2022.  Due to technical issues there was a delay in applying the chargeback/refund  to our loan records which happened on February 27, 2023.  This had the affect negating the payment that was made on February 26 (i.e., that balance didn't change) which led to an automatic pre-authorized payment from the bank account on file on February 28, 2023 for $163.79.

  We apologize for the confusion and inconvenience.  Because of the technical issues, we will apply a credit for $220 to the current loan balance.

• Initial Complaint

  10/02/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Over a year ago I used their services. The loan was paid in full. A few months later they tried to remove funds from our account, and we had them return them as the loan was, as stated previously, paid in full. This month on 6 separate occasions, they have taken funds from both our credit card, and our debit card to the tune of almost $700. On dec 23 they removed approx $96, on Jan 9th another $96 from our bank. On our credit cards - the total was $287.50 on Jan 15, another $97 on Jan 21, and another $97 on Feb 3. They said they needed our credit card info to be able to pay back the two debit transactions, and instead have removed these amounts.

  Business response

  15/02/2023

  Our records indicate there is loan activity with respect to this account.  We highly recommend that you contact someone at our Fraud Department at ###-###-####, or at ***************@*********.ca if you believe that your account has been compromised.

  Customer response

  21/02/2023

  
  Complaint: ********
  
  I am rejecting this response because I have visited the store in person to rectify this as I was not getting anywhere using your online services.

  I have found that someone with a similar phone number to my own, had used your services, and an error was made by the teller in entering their phone #, thus having them “use” my account. 
  

  there was no verification of ID from the user by the teller to ensure the correct account was accessed.

  My account has not been used in years, and should be closed after a period of time. 

  
  Sincerely,
  
  ****** *****

  Business response

  08/03/2023

  Our Fraud investigation team have made several efforts to reach out on a number of occasions in an effort to resolve this situation.  We highly recommend contacting them at ###-###-#### or at ***************@*********.ca.  If this is a case of stolen identity will make best efforts to apply the remedy sought.

  Customer response

  08/03/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ****** *****

• Initial Complaint

  07/02/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I have a Line of Credit Loan with Cash Money. When applying I was explained that the insurance coverage was $20 per year. I took on this loan within the last 12 months and have been paying the payments along with the coverage. Looking at my statements I see that the amount paid in fees 30%-33%. Seeing the word Fees on my statement I believed this was a requirement with the loan. I finally canceled my insurance after probing to discover I have been paying 30%-33% of my payments Bi-Weekly to the Insurance for the loan and in no way is this a FEE from Cash Money which is stated on my Bi-Weekly statement from them. I have been receiving and paying falsely advertised loan statements for the past 6 months. Should I have seen that this was a payment for the insurance coverage rather than seeing and believing I'm paying a FEE when it was a coverage that I have a choice to take off my payments at almost $120 extra a month I would have taken off the coverage immediately.

  Business response

  14/02/2023

  We have reviewed this matter and note that the loan protection plan attached to the loan was cancelled.  We will be applying a credit of $877.85 towards the loan representing the Loan Protection Plan premiums paid prior to date. 

  We will continue to investigate this matter and address this issue with branch management and provide additional training as necessary.

  As disclosed on our loan agreement, we do not charge any other fees related to our line of credit other than the optional Loan Protection Plan if enrolled, or a default charge for a missed payment.  The Loan Protection Plan fee/charge is disclosed on our statements as "LPP Fee Charge".

  Customer response

  16/02/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***** ********

• Initial Complaint

  01/02/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  For the last month and counting. There has been an issue with my account. I go in to pay my payment and I cannot make the payment so I wait for the payment to go through using the card I have always used for the length of my loan with this business and I get an email telling me I’ve defaulted. Nothing has changed with my banking. I’ve spent a number of hours on the phone with different agents everytime I have a payment due explaining what has happened so that I don’t get charged the NSF because there is money there! When I call they automatically ask why I defaulted and I have never missed a payment. There is an issue with their system for some reason and no one is helping! Each time I have to call to go through the same thing over and over at least an hour each time while they put me on hold and attempt to remove the NSF. This is unacceptable customer service and should be investigated so that I can continue to make payments using the method I have on file.

  Business response

  13/02/2023

  We escalated the issue to our Call Centre supervisors.  It is our understanding that one of the supervisors has reached out and has assisted in both correcting the card on file and with removing the NSF charge.  The issue has also been forwarded to our development team in order to investigate and correct any issues that may exist with the website.

  Customer response

  15/02/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ****** ****

• Initial Complaint

  03/01/2023

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  Loan # ******** Entered an agreement with Cash Money for a instalment loan of $**** plus $*** in fees/interest on Nov 30 2022. 3 Payments of $*** were due on Dec 15, 30 2022 and January 13 2023 and contractually agreed to and signed. I pre paid $**** to the loan on December 22 2022 to cover the extended due date of the Dec 15th pay date and the upcoming Dec 30th payment. At which point would have totalled $*** as per the contract. On Dec 30th, Cash Money CHANGED the terms of the contract and split the balance owing into the two remaining payments of $*** which are not in the PAD agreement. Cash Money then withdrew $*** on Dec 30 2022 from my account. Which is now in excess of $*** above what was contractually owed as of that date. I called the customer service line and they tried to explain to me that's "How the system works". I then asked for clarification in the PAD where it says they can willfully change a contract without notice to me. I was put on hold again and the customer service rep told me "Its not written anywhere in the contract that they are allowed to do this". So she agreed that Cash Money was in the wrong and under Default. She offered to refund the $*** back to my card, but may take 3 to 7 days to accomplish. I declined as it was owed anyways towards the $**** I borrowed. Cash Money being in default of the above stated contract/Loan as of Dec 30 2022 and collected more money than were contracted too. Since Cash Money is in default, I would like them to refund me the $*** in Interest and Fees (Total cost of Borrowing) off the $**** contractually agreed to pay and refund to my debit card or send Cheque or E Transfer as per my file. While I will honour the $**** Amount Borrowed back to Cash Money as agreed.

  Business response

  12/01/2023

  With respect to partial prepayments of payday loans in the province of Ontario, Regulations under the Payday Loans Act state that when a borrower is in an Extended Payment Plan (required on a third payday loan within 63 days where payments are split into 3 even installments -2 if a borrower is paid monthly), that we, the lender, must adjust all future scheduled repayments so that the future repayments are spread equally over the remaining term of the loan.  In other words the amount left over after making the first payment has to be spread evenly over the next two payments.  
  Under the regulation, this information (exact wording provided by the Regulator) regarding prepayments must be included in our payday loan agreements and can be found on page 4 of our loan agreement just above the section on "Refunds Under the Payday Loans Act."

  If a borrower wants to adjust how the additional payment is spread over the remaining payments, they must request it at the time that the payment is made.  Unfortunately our system at this time does not allow us to apply a partial pre-payment differently.  This is something we are looking to address in a future system update. 

  We apologize for the inconvenience caused.

  Customer response

  16/01/2023

  
  Complaint: ********
  
  I am rejecting this response because: The lender failed to allow me to select an option within their online system to “Not adjust future repayments over the remaining term of the extended payment plan”. There is no way for me to request this online within their system as they indicated, it’s their fault for the inconvenience. 
  
  According the Refunds under the payday loan Act, 2008.

  Written directly on Page 4 ** *** ******** ******** ** *** ******** *********. Starting on the second Line of the paragraph, it states; “Either the licensee has received a payment to which it is not entitled or the licensee has engaged in prohibited conduct of such a serious nature that you are entitled to a refund of the cost of borrowing that you paid.” The licensee in this case received a payment to which it is not entitled too.

  I am demanding this exact refund and will proceed to a official complaint thru the Ministry of Government and Consumer Services Protection Branch if Cash for Money doesn’t comply.

  it’s written directly in their agreement and I invite them to read over this statement and not overlook it under interpretation of their own inabilities due to software errors to which they admitted to in the response. 
  

  I kindly request $*** (Cost of Borrowing) be mailed by cheque to address on the loan agreement. 

   

  Sincerely,
  
  ******* *****

  Business response

  10/02/2023

  Our interpretation of the Payday Loans Act’s section on the refund of illegal payments (and as documented in our loan agreement) refers to the refund of amounts that are charged in excess of the permitted loan fee maximum ($15/$100), default interest (2.5% per month), default charges ($25), charging default fees more than once under the same loan agreement, or other costs associated with providing loan agreements which are not permitted, such as, loan broker fees (if one were used), charges for providing loan funds on a cash card (if offered by a lender), so-called loan administration fees, etc..

  The spirit of the payday loan regulations is to provide a repeat borrower with an affordable repayment option and to equally reduce remaining payments following a prepayment. On that basis, we do not believe that receipt of the loan fees in question would constitute an illegal payment.

  We appreciate the suggestion for our payment screen on our website, and we will look into getting something like this implemented at our earliest opportunity. As a goodwill gesture we will issue a refund cheque for the amount requested. Best regards

  Customer response

  15/02/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and appreciate the refund of $*** by cheque as promised in their most recently reply. I also commend the proactive steps mentioned too correct/implement changes on their website for future users.
  Sincerely,
  
  ******* *****

• Initial Complaint

  03/01/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  In october i took pay day loan online with cash money. Then in november i tried to get another payday loan.. It did not go into account. So i called many times to fix. Novembwr 14 i tried to cancel . Then i kept calling staff would say wait. I would say no cancel loan. Everytime i try again to cancel staff would say not cancelled . they would offer me more money.i went to cash money store ******** ** was told to phone recovery . so i had credit recovery but no cancelled loan for weeks. Even at store staff offered me to get installment ....dangerous practice of pushing more money problems on me. I have not heard anything about loan

  Business response

  12/01/2023

  We have reviewed this matter, and it is true that the loans in question were not funded when the loans were approved.  Our records indicate e-funding via Interac e-transfer was selected at the requested funding method.  However, we were unable to find any technical issues on our end for why you didn't either receive the email with the Interac deposit link or the funds themselves.  We sincerely apologize for any inconvenience, and recommend that spam/junk folders are checked when waiting on e-transfer instructions.  Our records also show that all loans were cancelled/voided.  No money was ever lent, and nothing was ever charged.  

  As a gesture of good will. we will request removal of any credit inquiries we made as part of the loan applications.  Please note, it may take up to 60 days for the Bureaus to remove the inquires.

  Customer response

  16/01/2023

  
  Complaint: ********
  
  I am rejecting this response because:
  The staff was not cancelling my loan. I called several times and went to a store. The staff at store said nov 14 2022 no loan not cancelled. Staff suggested a bigger loan. Bad business to not cancel loan then suggest bigger loan

  It went to credit department  

  
  Sincerely,
  
  **** ******

  Business response

  17/01/2023

  Our records show that we did not receive notice from our bank that the funds for the November 18, 2022, was not successfully delivered to us until December 12. 2022, and due to automated processes the loan sent to our credit department.  However, on December 15, 2022, it was subsequently marked as cancelled/void.  No funds were lent, and no funds were taken.   The temporary assignment to our internal credit department would not have been reported to any Bureau, and has not negatively affected the account with us in any way.  Again, we apologize for the inconvenience.  We believe that staff only offered an alternative loan product in order to provide an alternative solution to the issue at hand.  Feedback from this case has been passed on to our Customer Service team managers in order to provide the necessary training to our Representatives to provide for better assistance in the future.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩