Review of My Experience with Fundo
I am sharing my experience to warn others and to formally document serious concerns regarding my loan with Fundo.
Loan Terms
I borrowed $500
I only received $400, because a $100 upfront fee was deducted immediately (a 20% fee before I even received the funds)
I was later charged a $1,500 “fine” for missed payments
I was threatened with liens
I was never given online account access or regular statements
A $100 fee on a $500 loan is already extremely high. Adding a $1,500 penalty on top of that raises serious concerns about excessive and potentially unlawful fees.
Lack of Transparency
I have not been provided:
Copies of my original loan agreement
An itemized payment history
A breakdown of fees and penalties
Clear payoff amounts
Online access to my account
Lenders are required to provide clear disclosures and payment records upon request. I have requested documentation and will continue to do so in writing.
Threats of Liens
I have received threats that a lien may be placed against me. A company cannot legally place a lien without:
Filing a lawsuit
Winning a judgment in court
Following proper state legal procedures
Threatening immediate liens without court action is concerning and may constitute improper debt collection conduct.
Identity Theft & Payment Issues
My payments were affected by documented identity theft and fraud. This directly impacted my ability to make payments on time. Despite this, I was charged a $1,500 “fine,” which appears excessive and punitive.
Regulatory Complaints Filed
Due to these issues, I have filed complaints with:
The Consumer Financial Protection Bureau (CFPB)
The Better Business Bureau (BBB)
I will also be following up with:
My State Attorney General’s Office
My State Department of Financial Regulation / Financial Services
The Federal Trade Commission (FTC), particularly regarding identity theft
My Request to Fundo
I am formally requesting that Fundo:
Provide copies of all loan statements, balances, and fee breakdowns
Remove the $1,500 fine
Cease threats of placing a lien
Provide a clear written payoff amount
Close my account once resolved
At this point, I simply want this matter resolved fairly and legally. If the excessive $1,500 fine is removed, I believe the loan would be satisfied, and I would like the account closed so I can move forward and no longer do business with this company.
I strongly encourage transparency, proper documentation, and lawful collection practices going forward.
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Fundo provides merchant cash advances to independent contractors, 1099 gig workers, and small business owners to help them with their business capital needs.
