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    ComplaintsforLendmark Financial Services

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    Complaint Details

    Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.

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    Complaint Status
    Complaint Type
    • Complaint Type:
      Service or Repair Issues
      Status:
      Resolved
      I would like to get my credit report issues resolved due to I checked my credit report last year and called the corporate office due to ******* husband had a joint loans with Lendmark that has moved to different locations due to store closure but the accounts remained open on both credit reports instead of showing paid off.. When checking my credit again this year I thought by now it would have been resolved but it still shows we have all those accounts still open. There should only be one account open with ********************** and not 3 to 4 accounts.(accct #****, 1004 & 0800 are showing open). When I log into the Lendmark portal my account # is last 4 #****. This really needs to be updated due to Im in the process of buying a home and the lenders have added all these extra accounts to my debt to income and they are paid off.

      Business response

      06/26/2024

      Dear *******************************,
      Lendmark Financial Services, LLC (hereinafter referred to as "Lendmark") is in receipt of your consumer complaint. We have had the opportunity to review the complaint and will address your concerns as follows.
      Lendmark has completed an investigation into your dispute and can confirm your tradelines,associated with the Lendmark loan accounts referenced in your complaint, have already been deleted by the credit reporting agencies, Transunion and Experian.

      Additionally,Lendmark has submitted a request to the credit reporting agency, Equifax, to delete the tradelines associated with account numbers ********** and ***************** note that the CRAs are separate entities from Lendmark and Lendmark does not control the amount of time it may take for the CRAs to process this request.  If 30 days have passed since you received this letter and your credit report does not reflect this change,we ask that you contact us in writing at the address provided below in order to investigate.

      We trust this resolves the complaint brought forth. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address. ***************************************
      Sincerely,
      *************************
      Chief Risk Officer

      Customer response

      06/28/2024

       
      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,

      *******************************
    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      my loan was taken out sept 2019 and matured March 2023, however lendmark is stating i still owe $3000 due to an issue on your end. The loan stated payment amount $189 yet the website and your system states $141. so for 4 years i've paid the $141 even after calling local branch to verify why my monthly payments had lowered. I was told the interest rate was lowered. I have tried to get this settled with my local branch for 6 months now to no avail. No return calls. nothing. This has dropped my credit score almost 200 points bc i will not pay another payment until the this is corrected. i was told by ***** and the branch ** not to make a payment, a fraud alert was placed on my account and would not be reported to the credit bureau. however i have had to in order to try and prepare the financial damage this has caused. I was assured no credit bureau submissions were like be sent. Well that was another lie. This is my last effort to get this resolved before i seek legal representation and file complaints with better buisness bureau and my states attorney generals office. The branch manager ************************* not the ** has attempted to help me resolve the issue other than feeeing me lie after lie. Horrible customer service at your ****************, ** branch!!I'd much rather settle this without having to take drastic measures but if your not willing to correct YOUR mistake, then I'm left with no choice You can reach me at ************ or email - ********************* Thank you,***********************

      Business response

      06/18/2024

      Hello ***********************,

      Lendmark Financial Services, LLC (hereinafter referred to as Lendmark) is in receipt of your consumer complaint. We have had the opportunity to review the complaint and will address your concerns as follows.

      After further review of your installment loan account with ****************** and the agreement entered with the Consumer ************************* on October 16, 2019, it was discovered that additional loan modifications were necessary to capture the agreed upon terms and as a result, your current loan balance is $ *****. The payoff amount on this interest-bearing account as of the date of this response is $ 81.31. 

      Additionally,Lendmark has submitted an update to the tradeline associated with your account which reflects the current balance, to the CRAs we report to, please allow 30 to 45 days for processing.

      A copy of the **** agreement and payment history has been sent to you by mail for your review.

      We believe this addresses the concerns raised. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address below.
      ***************************************  

      Sincerely,

      *************************
      Chief Risk Officer

    • Complaint Type:
      Order Issues
      Status:
      Answered
      I am not liable for this debt with charter communications, I do not have a contract with Lendmark Financial service, they did not provide me with the original contract as I requested.

      Business response

      06/06/2024

      Dear *********************,
      Lendmark Financial Services, LLC (hereinafter referred to as "Lendmark") is in receipt of your consumer complaint. We have had the opportunity to review the complaint and will address your concerns as follows.
      On August 14, 2017, you entered into a loan agreement with Lendmark Financial Services. Your original balance was $3546.52 which was financed for a term of 36 months with monthly payments of $154.58 due starting on September 14, 2017.
      Lendmark has mailed a copy of the Disclosure Statement, Promissory Note and Security Agreement ("Contract") with the customer's signature,along with a copy of the customer's payment history to provide the ledger of account payment activity, to the address on file to provide proof of debt.
      Additionally, we understand that you have requested that Lendmark remove certain information associated with the tradeline for the Lendmark loan account referenced in your complaint that was furnished to the credit reporting agencies (CRAs) by Lendmark. The Fair Credit Reporting Act requires that Lendmark accurately report information to the CRAs. As the information reported to the CRAs regarding your account was accurate, ****************** is unable to accommodate your request.
      Lastly,the Lendmark account referenced in your complaint was charged off on July 26,2019 and subsequently sold to Plaza Services. Lendmark is no longer attempting to collect this debt. You should contact Plaza Services for information regarding the account. You may reach ************************** at ************.
      We trust this resolves the complaint brought forth. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address. ***************************************

      Sincerely,
      *************************
      Chief Risk Officer
    • Complaint Type:
      Order Issues
      Status:
      Answered
      I was send a letter stating I have been preselected for a loan of $5,500 act quickly before June 25th. The letter also states if I were look for a car I may qualify for me. In which I am looking for a car. I filled out the information required online and was pointed to the closest Lendmark office to my location. On the online application in the job field I entered in Disability in lieu of a job the was no place other then that field to enter that information and I was not going to lie about a job to fill the required fields. Lendmark office in *******, Wa needed paystubs to complete the loan I do not work currently and on disability I sent Lendmark what I receive from the Government a month an official print out from social services showing the last 3 deposits to me. I also rent two rooms out of my home for $700 per room which includes Utilities etc. I spoke to the loan officer and sh informed me she needed paystubs to complete the loan. I nformed her I am on disability and I have no paystubs she said I need paystubs for her to complete the loan. I said I receive benefit's and i rent two rooms out so zi do have money monthly to pay the loan. She said without paystubs or a job she was not able to complete the loan that i was approved for. On the back of the approval letter I received in the fine print it say that I am approved for a loan of $5500. No where on that paper and on Lendmarks website does it state what is and what isn't an acceptable form if income. Washington State has laws and recognizes Govt. Benefits as a source of income I feel how I was treated and the loan officer lack of understanding that govt disability payments month;y are an acceptable source of income. I feel that without hesitation she immediately classified as jobless without the ability to pay even though I have 2 additional sources of income my ability to pay. If she was a thorough professional loan officer that knows the law governing her industry I believe my experience would be differen

      Business response

      06/04/2024

      Dear *****************,


      Lendmark Financial Services, LLC (hereinafter referred to as Lendmark) is in receipt of your consumer complaint. We have had the opportunity to review the complaint and will address the customers concerns as follows.
      You submitted a loan application on May 19, 2024, in connection with the application we accessed your credit report, as fully disclosed at the time of application, and the application was denied due to your credit profile and disposable income in accordance with our underwriting policies. 

      Further, all income information and documentation submitted during the application process was considered. We can confirm your application was decided in accordance with our policy. 

      We trust this resolves the complaint brought forth. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address below.

      ***************************************

      Sincerely,
      *************************
      Chief Risk Officer


    • Complaint Type:
      Sales and Advertising Issues
      Status:
      Answered
      I want to report this company for trying to collect extra payment from me. I made a payment on 5/7/24 my next payment wasn't due until 7/1/24. On May 18, 2024, this company attempted to collect additional payment from me by attempting to withdraw funds from my account. Thankfully, I had my debit card disabled or this transaction would have gone through. I contacted the branch and had a conversation with the customer service representative, and was told that it was caused by an error. Even if it was caused by an error, it should never have happened. Trying to collect additional payments from customers when their payments weren't even due is a bad form of customer service.

      Business response

      05/28/2024

      Dear ***********************,

      Lendmark Financial Services, LLC (hereinafter referred to as Lendmark) is in receipt of your consumer complaint. We have had the opportunity to review the complaint and will address the customers concerns as follows.

      Thank you for bringing your concerns to our attention, this matter has been addressed internally with the Branch Manager and AVP of the branch.
      We trust this resolves the complaint brought forth. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address below.
      *************************************** 

      Sincerely,

      *************************
      Chief Risk Officer

    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      This company is doing predatory lending practices. They take advantage of people with bad credit and they Get people locked into a loan that wind up being a never ending loan they lock them in would like a 35% interest rate then after you paid for a year they lie to you and tell you that since you paid good for a year and a half they want to give you the opportunity to get a free month and finance your loan at a lower interest rate. It is not a free month. It is a deferred payment that they take on the end of the note. The next thing they do is run your credit check again, which does another hard inquiry on your credit and lowers your credit score and then lowering your interest rate,, What they consider lowering your interest rate is lowering from *****% interest rate to *****% interest rate. After paying on my loan for two years and paying out $12,000, only $1000 went to the principal. So they get $11,000. Do not trust this company do not do borrowing from this company. They are a predator and they will make your life miserable. They will get you into alone that you will never get out of, I wound up having to let my truck go back because at the end of my note theres gonna be a balloon note that I will not be able to afford and then theyre gonna want me to refinance the blue note or either in the vehicle, my payoff on this vehicle is $12,627 . The bluebook value of the vehicle is just over $6000 so they have an upside down note over $6000. Do not be a victim to this company.

      Business response

      05/28/2024

      Dear *************************,

      Lendmark Financial Services, LLC (hereinafter referred to as Lendmark) is in receipt of your consumer complaint. We have had the opportunity to review the complaint and will address the customers concerns as follows.

      You entered a direct consumer installment loan to finance the purchase of a 2010 GMC Yukon from Northwood Auto Sales with Lendmark on April 20, 2022. As part of Lendmark's underwriting policies, every loan applicants ability to repay is reviewed.  This review includes but is not limited to reviewing any prior pay history and income, reviewing credit history, reviewing debt-to-income ratio, payment-to-income ratio, and the amount of disposable income. Upon completion of the review and loan approval the rate is determined by the collateral value, loan amount requested,and Lendmarks underwriting guidelines. Accordingly, your loan was approved with a *****% interest rate, which was explained to you prior to executing the loan agreement. Throughout the course of this loan, you have made eighteen late payments, resulting in the accrual of late fees and interest. 

      On November 22, 2023, you refinanced the installment loan which has a maturity date of December 1, 2027. So long as timely payments are made for the full monthly payment amount, the account would pay off on December 1,2027. If you wish to pay off your loan early through your bank or otherwise,Lendmark does not charge a prepayment penalty and the payoff amount as of the date of this letter is $12,973.20.

      Further, this is an interest-bearing installment loan account with ****************** which means interest for this loan is calculated using the daily simple interest rate. Accordingly, interest accrues daily on the unpaid portion of the principal balance. All payments made on the principal account were applied in accordance with the terms of the loan agreement, which states each payment you make on this loan will be applied first to late charges (when applicable), then to interest that is due, then to principal that is due and then to any other charges due hereunder.

      A copy of the paid promissory note, buyers order, current promissory note, and payment histories have been mailed to you for review. We trust this resolves the complaint brought forth. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address below.
      ***************************************

      Sincerely,

      *************************
      Chief Risk Officer


    • Complaint Type:
      Billing Issues
      Status:
      Answered
      LendMark Financial is definitely 100% predatory lender that prays on consumers with low incomes, & low credit scores.They first mailed us a check for $5000.00. So without investigating them. I called them about getting a loan on a 2004 **** Ranger Truck, the price of the truck was $7000.00 LendMark agreed to provide $5350.00 whereas I paid the dealer $1650.00.LendMark Financial has the customer to use an iPad to review and sign the documents. Also, they had ******* monthly income more than what she actually earns in order to get the loan approved & meet there monthly quota.The lady rushed us through the documents signing claiming she was leaving early or they were fixing to close.She also said if we wanted to later, we could refinance with them for a lower interest rate or refinance with a different bank or finance company this was a lie, I contacted several other finance ***************** and found out they will not refinance a vehicle older then 10-years old.And refinancing with LendMark was a joke. The interest rates are as high as credit card rates, later after being rushed to sign we found out on the contract the interest rate are *****% When you login to make a payment it shows the interest rate of 29.29%.Highway robbery/ predatory Lending.Again they prey on low income & low credit score consumers. They're getting rich off the poor & less fortunate.They also charge junk fees, they charge $2.20 per month just to makeva payment.They can settle this matter with us now or my attorney will be filing a lawsuit in State Court under Chapter-75.It depends on how much money they want to lose. Because it will be a class-action. Settling now will be in the best interest of LendMark. Because the lawsuit will be challenging several issues, which includes depositions of several high profile individuals including the ************************************** comptroller of currency.

      Business response

      05/22/2024

      Dear Mr. *************************************** LLC (hereinafter referred to as Lendmark) is in receipt of your consumer complaint. We have had the opportunity to review the complaint and address your concerns as follows.

      On May 26, 2023, you obtained a direct consumer installment loan to finance the purchase of a 2004 **** Ranger (the Vehicle) from Wild Horses Auto Sales (Wild Horses). As you know, you came to our ******* ** branch to close the loan in person.  You elected to close your loan electronically,which allows you to have full control of the signing ceremony and to scroll through each document at your pace prior to affixing your electronic signature on the two-sided tablet device provided at the closing desk.  As fully disclosed up front on the Disclosure Statement, Promissory Note, and Security Agreement, (the Loan Agreement) the original amount financed was $5,370.00 with an interest rate of ***** % for a total of payments of $9,294.97 to be repaid over 48 months in monthly payments of $ ******. As you know, Lendmark distributed $5370.00 directly to Wild Horses for the purchase of the Vehicle.  Any downpayment made would have been paid directly to Wild Horses by you.  Further,please note that the terms of this loan agreement are compliant with the applicable North Carolina and federal laws.

      In addition, please note that the Loan Agreement in addition to our website, specifically states that payments on your account can be made by using a debit card which has a processing fee that is not received by Lendmark, or at no additional cost by cash at our branch, check, money order, or ACH.  This third-party fee is again disclosed prior to submission of the payment.

      Further, during the processing of your application for credit all income was verified and calculated consistently with Lendmarks underwriting criteria. Specifically, the coborrower ******************* (*******) income is derived from social security benefits which allows for a 25% gross up of nontaxable income. The income used was not incorrectly stated,it was adjusted for the allowable income adjustment.

      Finally, when you initially inquired about refinancing your loan, you did not meet our policy requirements because your loan was recently made. If you are interested in refinancing your loan, we encourage you to contact the branch to discuss further.

      A copy of your loan agreement and payment history have been mailed to your address on file for review.

      We trust that this resolves the complaint brought forth. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address below.
      ***************************************

      Sincerely,

      *************************
      Chief Risk Officer


    • Complaint Type:
      Order Issues
      Status:
      Answered
      I financed a 2010 ***** 3 in June of 2021 and my payments are ****** a month. Yesterday, May 13th 2024, I received call concerning the personal loan I applied for to help me with moving expenses and I was not able to get the loan because the loan agent told me that I owed over $6,000 on the 2010 ***** 3 that I financed through Lendmark Financial in June 2021. This was supposed to be a 3-year loan with payments being $******. Since June 2021 I missed three payments when the car was broken down and was given three extensions by the finance company. I received three different phone calls telling me I was eligible to miss two payments and they would be added on to the end of the loan. I took this extension three times and the last extension I took I was also offered $100 along with the two months missed payments that they offered me. On 5/13/2024 I talked with the manager of Landmark Financial and was told that at the time of my last extension when I was offered $100 as well as the ability to miss two payments that I refinanced my car at that time. That is a complete and total fabrication. I have never refinanced that 2010 ***** 3. According to Lendmark Financial I still owe over $6,000 on the ***** 3 and the original purchase price was a little over *****. They told me I would never get the car paid for. None of this was disclosed to me when they offered me the extensions. All I was ever told was I qualified to miss 2 months of payments and the last time I was also eligible for $100 cash. Again I'm being told that at this last extension I refinanced the car. The payments never changed the payments have remained $****** all these years but now I'm told I will never have the car paid for. It was originally to be financed for 3 years and without having taken any of the extensions or missed any payments it would have been paid for June 2024. I am physically and mentally disabled. I feel I have been taken advantage of and lied to. I would appreciate any help you could give me.

      Business response

      05/28/2024

      Dear *****************************,

      Lendmark Financial Services, LLC (hereinafter referred to as Lendmark) is in receipt of your consumer complaint. We have had the opportunity to review the complaint and will address the customers concerns as follows.

      You obtained an interest bearing direct consumer installment loan to finance the purchase of a 2010 ***** *****3 from No Bull Auto sales, LLC, a used car dealership on June 18, 2021. As fully disclosed on the Disclosure Statement, Promissory Note, and Security Agreement,(the Loan Agreement) the original amount financed of $ ******** interest rate of *****%, a total payment of $10,044.00 to be repaid over 48 months in $209.25 monthly payments. You were physically present in our ****************, ** branch for the entirety of the loan transaction and were provided with a copy of the executed loan documents for your records.

      On November 30, 2021, you refinanced the previous loan. The amount paid on the prior loan was $ ******** and $ ****** was given directly to you. The amount financed was $7,423.79, at a *****%interest rate, for 54 months., with a payment of $213.47.  You made one payment to this account before notifying the branch you were experiencing a financial hardship due to personal reasons as well as vehicle repairs and unable to make the monthly payment, in response you were granted a two-month payment deferment. A total of eight payments were made on this account, two of which incurred late fees. You were also physically present in our ****************, ** branch for the entirety of the loan transaction and were provided with a copy of the executed loan documents for your records.

      On November 28,2022, you refinanced the previous loan. The amount paid on the prior loan was $ ******** and $ ****** was given directly to you. The amount financed was $7,560.90, at a *****% interest rate, for 54 months., with a payment of $ ******. You made four payments to this account before notifying the branch you were experiencing financial hardship due to unexpected car repairs and unable to make the monthly payment, in response you were granted a months payment deferment. A total of seventeen payments have been made on this account to date.

      Further, the interest for this loan is computed by the daily simple interest rate. Accordingly, interest accrues daily on the unpaid portion of the principal balance. All payments made on the account were applied in accordance with the terms of the Loan Agreement, which states each payment made on this loan will be applied first to late charges,then to interest that is due, then to principal that is due and then to any other charges due hereunder. Throughout the course of the current loan, you have made five late payments and two were returned NSF, resulting in the accrual of late fees,NSF fees and interest. 

      Also understand a payment deferment and a loan refinance are two very distinctly different processes and cannot occur without the participation of the requesting party.You were granted payment deferments to assist you with keeping your account current. You were also able to refinance your account, which offered a more long-term solution to helping you keep your account current by extending your time to repay the loan as well as providing additional funds as requested.

      A copy of all promissory notes and payment histories has been mailed to you for review.

      We trust this resolves the complaint brought forth. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address below.
      ***************************************

      Sincerely,

      *************************
      Chief Risk Officer


    • Complaint Type:
      Order Issues
      Status:
      Answered
      Company is updating my credit report with incorrect information that is affecting my credit worthiness. I have asked Lendmark Finacial Services several times to send me the original contract and something bearing the burden of proof to show and prove accuracy that attests to the information they are putting on my credit report. They ignored my demand several times and have violated the Federal Credit Reporting Act several times. I would like this company to be held accountable and show me the burden of proof or delete this account.

      Business response

      05/22/2024

      Dear *******************************************,
      Lendmark Financial Services, LLC (hereinafter referred to as "Lendmark") is in receipt of your consumer complaint. We have had the opportunity to review the complaint and will address your concerns as follows.
      On December 28, 2016, you entered into a loan agreement with Lendmark Financial Services. Your original balance was $7013.97 which was financed for a term of 36 months with a first odd payment of $302.81 due starting on February 2, 2017 and payments of $282.56, monthly thereafter.
      Lendmark has mailed a copy of the Disclosure Statement, Promissory Note and Security Agreement ("Contract") with the customer's signature,along with a copy of the customer's payment history to provide the ledger of account payment activity, to the address on file to provide proof of debt.
      Additionally, we understand that you have requested that Lendmark remove certain information associated with the tradeline for the Lendmark loan account referenced in your complaint that was furnished to the credit reporting agencies (CRAs) by Lendmark. The Fair Credit Reporting Act requires that Lendmark accurately report information to the CRAs. As the information reported to the CRAs regarding your account was accurate, ****************** is unable to accommodate your request.
      Lastly,the Lendmark account referenced in your complaint was charged off on May 29,2018 and subsequently sold to Plaza Services. Lendmark is no longer attempting to collect this debt. You should contact Plaza Services for information regarding the account. You may reach ************************** at ************.
      We trust this resolves the complaint brought forth. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address. ***************************************

      Sincerely,
      *************************
      Chief Risk Officer
    • Complaint Type:
      Billing Issues
      Status:
      Answered
      I'm urgently addressing the inaccuracies on my credit report stemming from the sharing of my personal information with credit bureaus, causing significant financial and emotional distress.Under 15 USC 1681 Section 602, I affirm my right to financial privacy and expect my information to be handled confidentially.Moreover, as per 15 USC 1681 Section 604(a)(2), a consumer reporting agency cannot disclose account details without my explicit consent, which I have not provided.The discrepancies associated with LENDMARK FINANCIAL SER have negatively impacted my financial situation, necessitating immediate correction.Additionally, I stress adherence to 15 USC 1666(b), prohibiting creditors from treating credit card payments as late under specific circumstances.Below are my account details for your reference:Account Number: **************I urgently request a thorough review of my account, prompt rectification of the credit report inaccuracies, and strict compliance with federal laws governing my information.Failure to address these concerns promptly may result in legal action. I appreciate your immediate attention to this matter.Sincerely,***************************

      Business response

      05/23/2024

      Dear *************************** (******),
      Lendmark Financial Services, LLC (hereinafter referred to as "Lendmark") is in receipt of your consumer complaint. We have had the opportunity to review the complaint and will address your concerns as follows.
      At the point of sale, you were given a copy of Lendmarks Privacy Policy to advise you of what information can and cannot be shared. As stated in the Reasons we can share your personal information section of the privacy policy it states: For our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus; or as permitted by law. Does Lendmark Share? Yes. Can you limit sharing? No. Lendmark has only shared the information which was outlined in the Privacy Policy. Should you want to limit the types of sharing, you can call ************ for further information or questions.
      Additionally,in your complaint, you highlighted 15 USC 1666B: A creditor may not treat a payment on a credit card account number under an open-end consumer credit plan as late for any purpose. Lendmark Financial Services does not issue credit cards and you entered an installment loan, not an open-end consumer credit plan. Lendmark understands that you have requested that Lendmark remove late payments associated with the trade line for the above referenced loan. The Fair Credit Reporting Act requires that Lendmark accurately report information to the credit reporting agencies and as the information reporting to the credit reporting agencies regarding your account is accurate, ****************** is unable to accommodate your request.
      We trust this resolves the complaint brought forth. Should you have any further questions, please do not hesitate to contact Lendmark Financial Services by utilizing our customer contact email address. ***************************************

      Sincerely,
      *************************
      Chief Risk Officer





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