ComplaintsforLendingPoint, LLC

• Initial Complaint

  06/13/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Hello. I regularly check my LendingPoint account to ensure that my payments have cleared with no issues. I have made extra payments toward principal each month as well. I made a payment of $50 on March 16, 2024 to apply to principal. They applied it to interest. When I noticed this, I reached out to them and they "opened a case". About a week went by, and I noticed that it still hadn't changed. I was told that an update would be provided once the transaction was reversed. On Monday, June 10, 2024, I called LendingPoint again to get an answer regarding the payment of $50 on March 16. I noticed that now my account shows that it's 28 days past due. I explained to the manager that I spoke with that couldn't be possible. The funds are auto-drafted from my account. She stated that the error was from a March 18 payment. On their website, it shows a payment of $292.62 on 3/16 with $0 applied to interest or principal. There's another payment on 3/18 for $292.62 with $101.48 applied to principal and $191.14 applied to interest. For some reason, this was reversed. This is why my account shows as past due. The manager asked me to send confirmation that $292.62 was debited from my bank account on 3/18. I sent a screenshot of the amount debited to their email address. She said it would take 5 days for this to be updated, but I don't trust that. I simply want these funds to be applied correctly so that my account is current. I also noticed that they haven't reported to credit agencies since December 19, 2023. My ask - please correct the $50 payment on 3/16 to apply to principal, not interest; please apply the $292.62 payment on 3/16 correctly so my account reflects as current; please report my on-time payment to credit agencies for the last 6 months as I have never been late. I had a loan with them before and didn't have these issues. I paid the loan off 6 months early. But, the way they're operating now is frustrating. Thanks for your time.

  

  Business response

  06/27/2024

  Thank you for reaching out with your concerns.  LendingPoint completed an investigation and is in the process of updating the application of your 3/16/24 payment to be applied fully to principal.  Your customer success representative will continue to stay in contact regarding this correction.  In addition, updated information has been sent to the credit bureaus; please allow them a few weeks to update their records accordingly.  We realize this has not been a great customer experience and have taken this opportunity to review our internal processes and remind our team of our high-level service expectations.  Thank you for being the best part of LendingPoint, and we remain on standby to assist. 

  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.  I will continue to monitor my account to see if all corrections were made.
  
  Sincerely,
  
  *******' *****

• Initial Complaint

  06/12/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Approximately 3 payments have not been reported. I would greatly appreciate it if this information was updated.

  

  Business response

  06/17/2024

  Thank you for letting us know of your frustrations.  Updated account information has been sent to the credit bureaus; please allow them a few weeks to update their records accordingly.  We believe this resolves your complaint but remain on standby if you need further assistance.  Thank you for being the best part of LendingPoint. 

• Initial Complaint

  06/10/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Hello I am working on my credit. I have paid off my loan with this company.However, my lian *********** has not been updated since December 2023. I want my balance and payments updated with the credit bureaus immediately.

  

  Business response

  06/12/2024

  Thank you for escalating your frustrations.  We have reviewed your account and determined you are correct; your loan has been paid in full.  The credit bureaus have been sent corrected information; please allow them a few weeks to update their records accordingly.  We are genuinely sorry for the frustration youve experienced and apologize our service levels fell short of your expectations.  We appreciate your understanding and patience and remain on standby if you need further assistance.

  Customer response

  06/12/2024

   
  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

  06/07/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I obtained a loan in Oct 2022 for $8000, plus their lending fee of approximately $600. I have paid almost $4000 toward this loan. I went online to make my payment today and it's showing my balance as $8600. After reviewing the payment details, I'm seeing that my payments are being applied to interest only. They do not provide monthly statements and I was not provided an amortization schedule at time of loan approval. I would not have accepted the loan on these terms if I had known that my payments would be applied to interest only. Also, I received a phone call in April the day after my payment was due stating that my payment was past due. I informed the person calling that I had made my payment several days prior and had email confirmation, but they insisted it was not paid and was past due. I again stated that I had made my payment and received email confirmation. Instead of apologizing for the confusion or the error, the person disconnected the call. I had obtained loan from Lending Point years ago and didn't have these issues, but their business practices have become predatory in recent years. At this time, I'm not making any additional payments and will be contacting an attorney for assistance as I believe Lending Point to be a predatory lender, and based on all the poor reviews on BBB and Trust Pilot, I'm not the only person experiencing these issues or accusing them of being predatory lender. The BBB needs to take appropriate action as they are also misleading consumers by giving Lending Point a high rating!!!

  

  Business response

  06/21/2024

  Thank you for letting us know of your concerns.  LendingPoint completed an investigation and confirmed your loan was funded on 10/18/2022 with an APR of 35.0425%.  The first eleven payments were made on time; however, the October and November 2023 payments were returned by your bank.  A Reduced Payment and Loan Modification agreement was entered into on December 8, 2023, which deferred the past due payments, reduced your January, February, and March 2024 payments to $26.79, and resumed regular payments of $267.91 on April 7, 2024.  As stated in the signed agreement, interest continued to accrue on your loan during the reduced payment period, and all payments are applied first to accrued interest then principal.  We have confirmed your account is correct.  If you would like a copy of your amortization schedule, please get in touch with our U.S.-based customer success team at **************.  Please let us know if we can be of further assistance. 

• Initial Complaint

  06/05/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Lending point took over my MAC tools account from Greensky around Sept of 2023 and it has been nothing but trouble since then. I called Lending point around Sept because they did not have a portal open for MAC tools customers. I made my first payment with them and it was the same as it was with ******** about $268 per month. I also set up auto pay with them for the first of every month. Oct and Nov no issues. Dec payment never came out. I called them around the 15th and asked why no payment was taken out. They customer service lady said it looks like some new tools were added so payment had to be updated and my next payment was set for Jan 1. I asked multiple times if this was correct. I had no past due, no late fee, and no payment due for Dec. Jan 1st came and no payment came out. Called on the 6 and they said since I missed Dec payment, they can't put my account on auto pay. Then they told me I owed $350 for Dec and Jan now. I asked about the increase and they said the addition of new tools cause the increase but the total loan amount was less than with greensky and APR was the same. I told them I wasn't going to pay Dec because they told me I didn't owe and not my fault but I will pay **** requested they look into the call and figure out how to fix issue. Feb 1st payment came out auto draft but no call from management so I called them back. Was told they went to new platform and are having issues. Told them I want to talk to manager but was told they have no way of connecting to them. They will call me. Never got called. Mar 1st, no auto draft again so I had to call and make payment with follow up on December payment. The same excuses and I made Mar payment. Apr and May auto draft went through and still no update. Starting making payments for Dec payment so I can get this behind me. Called today because no auto draft for Jun. Was told they see no payment for *** and next payment is Jul 1. Not doing this again. Their portal has been down for at least 3 months.

  

  Business response

  06/19/2024

  Thank you for escalating your frustrations.  We acknowledge that our recent transition to a new platform has caused unexpected issues and appreciate your understanding and patience.  LendingPoint has completed its review of your account, and we are in the process of making the appropriate updates.  A member of our customer success team will reach out to you directly to give a detailed explanation of updates made to your account in the next several days.  We are genuinely sorry for the frustration youve experienced and apologize our service levels have fallen short of your expectations.    

• Initial Complaint

  06/05/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  We used Lending Point to finance my wife's Invisalign procedure. We were told to setup automatic payments with Lending Point at a set amount and we would avoid interest and pay off the debt in two years. After two years, I call in for a final payment and find out we have racked up nearly $2000 in interest payments because Lending Point setup the account for the minimum payment, not the amount necessary to qualify for 0% financing. On top of that, Lending Point arbitrarily lowered our automatic monthly payment (without our permission) so that we accrued even MORE interest. I called into Lending Point on May 9 to talk to someone about the situation. I was told I would receive a call back. Nothing. I called back in the day our payment was pushed back to in late May...still no resolution, but we are still being charged interest! I was told I would get a call from their collections team to negotiate down our total owed to get this paid. Never got a call. When I called in yesterday to speak to collections management, I was told I would get a call back the same day. I yet again did not receive a call back. They keep saying this is an IT issue that they are looking into but in the meantime, my bill increases. After several failed attempts to work this out without exposing predatory business practices and overall lack of concern on the matter, I am forced to file this complaint and will be seeking a legal remedy.

  

  Business response

  06/13/2024

  Thank you for bringing this matter to our attention.  LendingPoint completed an investigation and determined that in December 2021, when the loan was enrolled in automatic payments, the request to do so was at the contract minimum payment, which would not have paid off the loan in the promotion period.  However, LendingPoint will honor the promotion, and your loan has now been paid in full.  We apologize for any frustration youve experienced and acknowledge this was not a great customer experience.  We will use this opportunity to retrain our teams on our high service level expectations on behalf of our customers.  We believe this resolves your concerns but remain on standby if you need additional assistance. 

• Initial Complaint

  06/03/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I had a personal loan with Lending Point. Paid the loan off 4 months ago in full, and they still have not reported it to the credit bureaus. I would love for them to report it so this outstanding debt balance that I paid off is cleared off my credit report.

  

  Business response

  06/06/2024

  Thank you for escalating your frustrations.  We have reviewed your account and determined you are correct; your loan has been paid in full.  The credit bureaus were sent corrected information on June 5, 2024; please allow them a few weeks to update their records accordingly.  We are genuinely sorry for the frustration youve experienced and apologize our service levels fell short of your expectations.  We appreciate your understanding and patience and remain on standby if you need further assistance.

  Customer response

  06/06/2024

   
  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

  05/30/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This business should be investigated. They are double dipping on interest charges by adding interest to the loan balance on a daily basis and deducting interest from every payment that is made. In other words, and using this as an example, if the interest for any given month should total $50, they will add $50 to my loan balance and also deduct $50 from my loan payment on that given month. Again, I am pretty sure they are doing this to many customers and the customers are not even aware of this happening, that's why they should be investigated. I contacted them before regarding interest overcharges applied to my loan and they adjusted my account as a result of that called, but they are doing it again and this time they are completely ignoring my communications. If you call their customer service line, they will treat you like you don't know what you are talking about and they are 100% correct. Their **************** Rep once told me that they can double dip on interest charges. I have an accounting degree and have a finance background but it is still pointless to call them. I requested a supervisor during that called and one was never available. I went on the app and sent an email and someone responded and thats when and after many back and forth emails, they adjusted my loan balance. I tried contacting them again about more interest overcharges added to my loan balance again, but my communications are being ignored. Right now, my loan balance should be less than $700 and they have my loan balance as more than $700. They also do not report your payments or current loan balance to the Credit Bureaus. So far, I had to open several disputes on the credit bureaus website in order to get the correct loan balance reflected. As of today, the credit bureaus are reflecting my loan balance as being over $3k, which is incorrect. This is the worst financial institution I have ever encountered and they should be investigated.

  

  Business response

  06/13/2024

  Thank you for bringing this matter to our attention.  We wanted to let you know our loans are customer-friendly simple interest loans (similar to auto loans and mortgage loans), where interest accrues daily, and as stated in your contract, payments are applied to accrued interest first, followed by principal.  LendingPoint completed an investigation and as a result, credited your account $23.88 of accrued interest.  An explanation of this adjustment and an amortization schedule were sent to the email address on file.  As of 6/13/2024, your loan has been paid in full; please allow the credit bureaus a few weeks to update their records accordingly.  We are genuinely sorry for the frustration youve experienced and acknowledge that our recent transition to a new platform caused unexpected issues.  We appreciate your understanding and patience, and please let us know if we can be of further support. 

• Initial Complaint

  05/24/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I realized at the end of January that Lending Point had not been taking out my payments for over 6 months. We discovered that had my acct off by one number. I realized I have been waiting since Feb 9th 2024 for a manager to call me back. I spoke with an ****** and she informed me that Mr. *** would call me. I contacted her back through here and she called me on Feb 9th and told me that they had listened to the calls and found that they had entered my acct info in wrong and that they would be taking off the $1200 in interest that had incurred on this acct during the 6 months that my payment was not coming out because my balance should be less than 10k. So I made a partial payment of those 6 months and informed her I would make the reminder once I saw the interest taking off. I waited over two weeks that did not happen and I have phoned in multiple times regarding this and been giving the runaround. I have never had a manager call me, I spoke with someone else in March and they informed me that they were not refunding that interest that they had listened to the tapes from back in ********** and found that the number was off by one- I argued why was I told that Feb 9th by ******* and I that I wanted to speak with her. They never sent the message to her, or she never returned the call. I asked for a manager to listen to the call with ******* on Feb 9th- never got a call back from that. I finally spoke with someone who put me through to ******* she argued with me and hung up on me after refusing to ADMIT that she lied to me and due to that they need to remove the interest that has been accused from September 2023- to now on this past due. I am sending this over to the BBB- and anyone else because the customer service on this end is unacceptable.

  

  Business response

  06/06/2024

  Thank you for letting us know of your frustrations.  LendingPoint completed an investigation, including listening to phone calls, and discovered the incorrect account information was given by you over the phone on 9/5/2023.  No phone calls were attempted during that time because a Do Not Contact was requested in January 2023.  On 12/7/2023, correct bank information was given over the phone but regretfully was not saved in our system.  As discussed during a phone call in February 2024, bank account information was updated, and successful payments were received.  Due to these findings and LendingPoints error, the interest that accrued on your account from December 2023 to February 2024 has been waived.  In an effort to communicate this decision to you, our customer success team has attempted nine phone calls but has been unsuccessful in reaching you.  Thank you for your patience and partnership in resolving this issue and we remain on standby if you need further assistance. 

  Customer response

  06/06/2024

   
  Complaint: 21756029
  
  I am rejecting this response because: I asked for the phone to be reviewed that the person that I spoke to in February when she incorrectly took my account number told me that this was investigated and that they were indeed in the wrong from back in September. I do know that when I spoke to someone else in Feb when they got the correct account information, she informed me that ******* told me wrong and that the investigation had not been completed yet, and that she should have not told me that. I would have not made that payment. The reason why a do not disturb was placed on my account was prior to my September payment I was considering filing bankruptcy but my financial situation took a turn. When I called in, in September I spoke to a ****** and IDK how I gave him the wrong info, because its repeated, and I asked him then to remove the do not call block so that I could be contacted which is how I was unable to see or know this was not been automatically removed. I believe that you all might have reviewed the call but there was a lot more slip up from Lending Point than on my end. I still keep getting calls trying to tell me I owe a balance and not about this update. I would feel better to find a middle of the road than just 2 months. 
  
  Sincerely,
  
  *****************************

  

  Business response

  06/11/2024

  We are sorry to hear of your continued frustrations.  During the September phone call review, we discovered an extra digit of the account number was given to the agent.  ********************** has attempted to contact you via phone to discuss the resolution of this account and offer assistance to help get your account back in good standing.  Our team remains on standby at **************.  We look forward to speaking to you. 

  Customer response

  06/11/2024

   
  Complaint: 21756029
  
  I am rejecting this response because: This does not answer the resolution of paying off the interest owned due to an error, and the lies I was told the last response indicated differently. Is this an automated response? I called and spoke to a ****** and she informed me they were working on it. I will contact her but someone needs to respond formerly to my rejection of solution, my account is in good standing it is interest that was not supposed to be charged. 
  
  Sincerely,
  
  *****************************

  Customer response

  06/12/2024

   
  Complaint: 21756029
  
  I am rejecting this response because: This does not answer the resolution of paying off the interest owned due to an error, and the lies I was told the last response indicated differently. Is this an automated response? I called and spoke to a ****** and she informed me they were working on it. I will contact her but someone needs to respond formerly to my rejection of solution, my account is in good standing it is interest that was not supposed to be charged.
  
  
  Sincerely,
  
  *****************************

  

  Business response

  06/17/2024

  We are sorry to hear of your continued frustrations.  As explained in our initial response, the interest that accrued from December 2023 to February 2024 has been waived due to LendingPoints error.  We trust this resolves your issue, but our customer success team remains on standby. 

  Customer response

  06/18/2024

   
  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

  05/23/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  My Lending Point LLC loan account is showing that my May 20, 2024 payment is late/overdue. I have verified with the Lending Point account application, and web account that the payment was received by Lending Point, and shows as cleared by Lending Point on May 20, 2024. I use *** automatic payments to pay this account, and there has never been a late payment, nor payment that was not made exactly on the date due by the automatic payment setup. I have never had insufficient funds for the Lending Point payments, nor has any payment been reversed or returned.I contacted Lending Point about this issue when the late payment notices occurred for 4 days, even though the account is showing the payment cleared and applied to the account, and the bank is showing the *** debit on that same date. I contacted the number shown on my application and spoke to two customer service representatives (I called the second time because of the runaround the first gave). The second time I called, the representative provided a story that the "payment is not late", and that the "payment has cleared in our system" but in the very same discussion stated they are "waiting for the payment to be processed in their system". I asked how that payment could be shown out of the bank on May 20th, cleared and posted in Lending Point on May 20th, with the representative telling me it was "not late" and "had been cleared in the system" but at the same time telling me it still needed to process. The representative kept saying "it's because you used your checking account" - and I asked why the previous 20 payments had never had this issue, even though the same exact account. There was no explanation from her as we went around the circular 'illogic' loop yet again.I am requesting assistance from BBB to help resolve this (apparently all to common theme) issue.

  

  Business response

  05/29/2024

  Thank you for escalating your concerns.  We deeply apologize for your recent experience with your monthly payment and our customer portal.  Due to an unexpected system disruption, some accounts were not reflecting the most current information.  LendingPoint completed an investigation and confirmed your payment was made on time, and your account was never past due.  Rest assured, no additional fees or interest were charged to your account.  We appreciate your understanding and patience and remain on standby if we can be of further support.  Thank you for being the best part of LendingPoint. 

*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. ↩