ComplaintsforLendingPoint, LLC

• Initial Complaint

  07/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I will preface all the information below with the fact that LendingPoint has had a notice posted on their website for the past 8 months plus that they have been upgrading their systems and as a result it is expected that records are not correct nor accurate. I will also add that the number of complaints about the same issues listed below on the BBB website about Lending Point has exploded over the past several weeks. LendingPoint has been errantly reporting that I had a 30 Day late payment in January of 2024 thus dropping my otherwise perfect credit by more than 50 points and having a negative effect on both my personal and business finances. They know it is in error and have admitted so, after they failed to credit not 1 but 2 payments from January of 2024. This was caught in April of 2024 and I provided proof of the payments made via their website. They told me that all my records were corrected and updated. After paying off my in full early in late April, I learned that LendingPoint had stopped reporting to the credit agencies more than 7 months prior. I had to submit a dispute to get my balance updated to $0. It was at this time that they transmitted the errant 30Day late payment. Here we are several weeks later and they have still failed to provide the proper information to the credit reporting agencies as my damages increase. . All support and corporate officer ****** go unanswered.- This goes well beyond a mistaken reporting and is clearly corporate negligence and incompetence. You have a rouge lending company doing business with admitted systems and records issue whose errant reporting is having negative effects on peoples lives. Lending Point is clearly a company in decline. Systems and Records issues lasting months, Not enough staff to keep up with the complaints and corrections, and no positive press for the company since 2022. If your a customer, make sure you are keeping your records.

  

  Business response

  07/24/2024

  We are in receipt of your complaint submitted through the Better Business Bureau regarding your January 2023 personal loan. FinWise Bank, a FDIC-insured, Utah state-chartered community bank, originated your personal loan, and LendingPoint LLC (LendingPoint) is a servicer for FinWise Bank.
  
  In your signed loan agreement, you agreed to make 36 monthly payments beginning February 2, 2023. Bills due between February 2, 2023 and November 2, 2023 were satisfied within 0 to 29 days of the due date. On November 13, 2023, you emailed LendingPoint asking us to remove your account from automatic payments and advised us that you would contact us at a later date with a new account when it was available. When we did not receive a payment for the December 2, 2023 bill, our Collections representatives made a total of 13 attempts to contact you by phone between December 6, 2023 and January 3, 2024 but were unable to reach you. We also sent an email on December 6, 2023 to remind you the December 2, 2023 bill was past due. Our records show that on January 4, 2023 you logged into the customer portal and saw that both the December 2, 2023 and the January 2, 2024 payments were past due, making the account 33 days late. A payment was processed that day to satisfy the December 2, 2023 bill. All other bills until the account was paid in full on May 10, 2024 were satisfied within 0 to 29 days of the due date. We can confirm the payment history for your account has been reported correctly.
  
  We believe this resolves your concerns.

• Initial Complaint

  07/05/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I contacted Lendingpoint two months ago about lengthening my term limit for lower monthly payments. They said if I raise my credit score they would work with me to get lower monthly payments. I raised my credit score over 40 points and contacted them again. The employee I talked to today said "things have changed" and she couldn't do anything for me. I asked her what changed and why wasn't I notified of any changes but she didn't have an answer for me. I think it's wrong and clearly a form of negating the situation so they don't have to help the customer. I asked to speak to her manager but they happened to all be in a meeting at the same time. If there's account policy changes the account holder needs to be notified. There's no acceptions.

  

  Business response

  07/16/2024

  Thank you for escalating your disappointment.  LendingPoint completed an investigation into your account and found we were twice able to enroll you in our Temporary Relief Payment Plan, which reduced your monthly payment 90% for a total of six months.  At this time, there are no additional relief options available.  In addition, LendingPoint is always looking for opportunities to offer additional funds to our customers; however, no offers are currently available for your loan.  We understand this can be frustrating, but we check monthly for new opportunities and will notify you when one becomes available. 

• Initial Complaint

  07/05/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Lending Point LLC is a joke. The first red flag was them asking for my username and password to my bank account. Second red flag is sending money for me to return to them , but now I have two deposit holds on my account for 6 business days and I still cannot get my loan I was so called Approved for ! Dont approve nobody if youre going to take forever with it and do all these crazy unnecessary processes! I have other loan companies *** worked with before and this one just plain ridiculous. The whole company needs to be shut down and removed !

  

  Business response

  07/16/2024

  Thank you for reaching out to us with your concerns.  We checked our system and do not have an application with your name, address, or email address.  This appears to be the work of bad actors using our name to contact innocent consumers with a promise of a loan in an attempt to access bank account information.  We are not affiliated with these bad actors and are actively working to shut them down.  In the meantime, we suggest contacting your local police, submitting an internet crimes report to the *** at https:www.ic3.gov, and taking all appropriate steps to protect your identity, including calling the credit bureaus.  Thank you for your informing us so we can continue our efforts. 

• Initial Complaint

  07/02/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  In Aprill 2022 Lending Point (LP) approved a loan for me of $4,240. My monthly payments of $134.50, according to LP can only be repaid thru autopay, have always been made on time. In my calculation, since they dont offer statements, I have paid $3,493.10 with a balance of $3,121.62 as of June 2024. I reached out to them to discuss my acct and asked for a refinance and was told that because their system does not show any available offers I cannot refi or borrow. I argued that their system is designed in accordance to their business practice and their response did not seem reasonable. I also mentioned that my current credit status is better now than when the loan was originated and that with the fact that i have not missed an on time payment should qualify me. No one in underwriting would speak with me and eventually a customer svs supervisor attempted to explain that state and federal parameters are used in making refinance and/or loan determinations. Its frustrating to know I qualified to get the loan but now cant qualify for anything with them. They explained that when I do qualify I will begin to receive calls and emails. What is that about? I also discovered that a large portion of my payments go toward interest. One of the reasons I reached out to LP was to improve my credit rating but I feel as though their business practice is designed to take advantage of consumers such as myself. Would someone please look into this companys business practices.

  

  Business response

  07/16/2024

  Thank you, ******** for letting us know of your frustrations. Your customer success representative sent a copy of your amortization schedule to the email address on file and is available should you have any questions at **************.   In addition, LendingPoint is constantly looking for opportunities to offer refinance opportunities to our customers, however, currently, no offers are available for your loan.  We understand this can be frustrating, but we check monthly for new opportunities and will notify you when one becomes available. 

  Customer response

  07/22/2024

   
  Complaint: 21933541
  
  I am rejecting this response because:
  I have not received my amoritization schedule as mentioned in the business response. The email in my profile is correct.  And I have not received a statement from the business explaining why I cannot refinance this loan. 

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

  

  Business response

  07/29/2024

  Thank you for letting us know.  Your customer success representative resent the amortization schedule to the email address on file on July 25, 2024.  If you still have not received it, please check your spam folder.  We remain on standby to assist at ***************. 

  Customer response

  07/29/2024

   
  Complaint: 21933541
  
  I am rejecting this response because: even though i received the amortization, i have not received an explanation as to why the loan cannot be refinanced.  An explanation by phone is what I am seeking.  
  
  Sincerely,
  
  *********************************

• Initial Complaint

  07/01/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have worked with both Lending Point and *********** Solutions for a year now trying to get this resolved. This loan was taken out using an old work email address (sgvarinotheglobeacademy.net) in ****** almost a year after I left this employer of which my official separation date was 5232022(documents available up request). In addition, the addressed used to apply for this loan was *****************. ********************. *****, which also does not belong to me. I filed a police report immediately when I found out. I have provided LendingPoint, Experian and *********** Solution with evidence of identity theft fraud with no resolution. I've recently learned that Lending Point sold the debt to *********** Services in August 2023, who direct me to call the other to resolve. I have been working with Core Credit since September 2023, which they refuse to even provide me even an update until ******. I am now escalating to the *** to help resolve and maintain my AAA credit rating of 25 years.

  

  Business response

  07/11/2024

  Thank you for bringing this matter to our attention.  LendingPoint has reviewed all documentation received, including your identification received on 7/1/2024, and has concluded the loan in question is the result of identity theft.  We have submitted a request to the credit bureaus to delete the inquiry and the tradeline from your credit report; please allow the bureaus a few weeks to update their records accordingly.  We are genuinely sorry for the frustrations youve experienced and believe this resolves your concerns.  If you need further assistance, please get in touch with our U.S.-based customer success team at **************. 

• Initial Complaint

  06/27/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Our loan is setup on autopay. We've paid on-time for over three years. We only have 4 months of payments remaining. On 6/25/24 LendingPoint processed 2 payments of $564.91 causing my checking account to be overdrawn and only offered expedited refund in 3 days. I had a pending check transaction that reversed. I requested a call back from a supervisor and never received one. We only received a call back from the original rep ******** This is our first and last time using LendingPoint. The lack of urgency to rectify our issue is frustrating and unacceptable. I want others to know what happened to me before selecting their services.

  

  Business response

  07/08/2024

  Thank you for escalating your concerns.  We acknowledge that our recent transition to a new platform has caused unexpected issues and appreciate your understanding and patience.  LendingPoint completed an investigation and confirmed the duplicate payment was refunded to your bank account on file on 6/26/24.  We are genuinely sorry for the frustrations youve experienced and will continue to strive to provide an exceptional customer experience.  We believe this resolves your complaint, but your customer success representative remains on standby should you require further assistance. 

  Customer response

  07/08/2024

   
  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

  06/27/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have a loan with Lending Point and wanted to know the amortization schedule in order to pay the loan off before the conclusion. I called in on 01/13/2023 to obtain that schedule and it was emailed to me. I wanted to ensure that I was on track and called in again on 04/10/2024 but was told that the one that was sent to me last year was not correct as "something" was wrong with their system and that he would send me another out in a few days. I questioned how could something be wrong with the system and now I am being asked to pay more money. He couldn't explain but states he would email it over to me. Now, during the lifetime of this loan, it was never communicated that there had been an issue and they've always had on-time payments from me. I am being asked pay more money in order to pay it off and deceived. I should be able to look at the chart and know how much is left and send that amount in to settle the account, but the amount keeps changing. I called on 06/25/2024 and the last rep was looking into it and was going to have a manager call me back, that still has not happened. The math isn't mathing and it appears that I am getting robbed when attempting to eliminate this bill.

  

  Business response

  07/10/2024

  Thank you for escalating your concerns.  As you know, LendingPoints loans are customer-friendly simple interest loans (similar to auto loans and mortgage loans), where interest accrues daily.   We completed an investigation, sent you an updated amortization schedule, and agreed to honor the correct payoff as of 6/24/2024, given the payoff is received by 7/15/2024.  Your customer success agent has attempted to contact you several times but has been unable to reach you.  Please contact us prior to 7/15/2024 if you would like to close your account.  We remain on standby to assist at **************.     

• Initial Complaint

  06/25/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Case File(loan): LAI ******** Lending Point claims I took a medical loan with ************, this was false and wrong. I called several times and I was asked to inquire the loan transaction with Aspen Dental. ************ said it had refunded the loan amount signed on my behalf for a dental procedure that didnt take place back to Lending Point. Unfortunately, I still receive messages and emails about unpaid loan, and my bank account was debited for interest on the refunded loan from Aspen Dental. This has caused a significant damage to my family financial situation, my psychological state and credit score and rating. I am requesting that this collection should CEASE and my account be credited back.

  

  Business response

  07/09/2024

  Thank you for escalating your concerns.  We acknowledge that our recent transition to a new platform has caused unexpected issues and appreciate your understanding and patience.  LendingPoint completed an investigation and has confirmed your loan should be paid in full.  We are in the process of making these updates; you should see this reflected in the next 7-10 days.  We are genuinely sorry for the frustrations youve experienced and believe this resolves your concerns.  If you need further assistance, please get in touch with our U.S.-based customer success team at **************. 

• Initial Complaint

  06/24/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I am not liable for this debt with LENDING POINT LLC. i do not have a contract with the collection trying to collect and report this information to my credit report. Nor have they provided the original contract as requested

  

  Business response

  06/27/2024

  Thank you for reaching out to us with your concerns.  LendingPoint completed an investigation and discovered an application received from our website on 4/11/2022, which was funded on 4/25/2022. During the application process, LendingPoint verified your name, date of birth, social security number, address, and bank account.  Six successful payments were received on the account.   The loan was charged off on 7/25/2023 and sold to *********** on 10/1/2023.  We have deleted the tradeline from your credit report, as the debt is now owed to ***********.  Please allow the bureaus a few weeks to update their records accordingly. 
  
  If you believe you have been a victim of identity theft, we will need a police report along with your government-issued identification to further investigate.  This information can be sent to *********************************. 

• Initial Complaint

  06/23/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  LendingPoint breached their contract by overcharging debiting my bank account on random days I did not agree to. After I made a complaint requested for the account to be closed Finwise/LendingPoint closed account. I could not access my account for months so I thought it was closed do to Finwise honoring my request for the account to be closed as indemnification since they debited bank account leaving me in a financial deficit on dates that were not agreed upon. The temporary relief contract advised payment for $26.69 was supposed to be for the "next 2 periodic payments" per the contract payment dates remained the same which meant on the 14th of each month so for the contract signed on 04/26/2024 the next 2 payments were supposed to be 05/14 and 06/14 for $26.69. On 06/13 Lendingpoint charged $266.91 I had to call them for 2 weeks straight before they gave my money back. I explained to them because of their breach of contract I wasn't able to buy food or pay my bills their solution was to put me on another temporary relief for their mistake. The next Temporary relief was suppose to be for 07/14 and 08/14 for $26.69 they debited the wrong amount $31.20 on 07/14 then debited my account on 07/30 and 08/09 for $26.69 LendingPoint breached the contract repeatedly. I made a payment on 12/14/23 when I went to make a payment on 01/14/2024 the website advised my account was completed. Also on my credit report Finwise showed up with a completed loan status so it seemed as if they honored my request and closed the account down. Then earlier this month on 06/07/2024 I received an email from a collection company SRS advising that I owe $11,788.99 they are contracted by another collection company ICR. I complained to ICR they advised LendingPoint charged off my account on 04/12/2024 placed the account with them. Instead of indemnifying me for errors and omissions they used fraudulent tactics to exploit my personal information including ssn, physical address on false premises.

  

  Business response

  07/08/2024

  Thank you for escalating your concerns.  LendingPoint completed an investigation, and in your signed loan agreement, you agreed to make 60 monthly payments of $266.91 beginning November 14, 2022. Bills due November 14, 2022, through March 14, 2023, were satisfied on the due date. On April 24, 2023, LendingPoint assisted you with a two-month temporary relief payment plan reducing your monthly payment to $26.69. The reduced payments due April 30, 2023, and May 30, 2023, were satisfied on the due dates. On June 15, 2023, LendingPoint completed another temporary relief payment plan, reducing your next two payments to $26.69. Your periodic payments after that would return to $266.91 per payment. The reduced bill due June 30, 2023, was satisfied on July 14, 2023, with an online payment you submitted of $31.20.  The only other payment received was in the amount of $266.91 on December 14, 2023. No payments were received after that date. After several months of nonpayment, this loan was charged off on March 20, 2024, and subsequently sold to ICR on May 31, 2024.  We have deleted the tradeline from your credit report, as the debt is now owed to ICR. 

  Customer response

  07/08/2024

   
  Complaint: 21890487
  
  I am rejecting this response because: Lending Point breached their contract with me by charging me for days not agreed upon. The payment dates were supposed to be for the 14th instead they charged me on different days and took out a full payment when the temporary payment agreement was in effect then lied about it and said I requested a refund. No they took out an unscheduled amount and it took them 2 weeks to refund my money that was supposed to never come out. Then when they noticed that they did me wrong they made it were I couldnt pay anymore and the online account looked like my loan was satisfied in January after my payment in December. Then they did a charge off and sold my account all because they breached the contract noticed the error and tried to cover it up. But if you look at the temporary agreements and the times and amounts they took from my bank account you will notice the error they just want to lie instead of telling the truth and it has messed up my credit. 
  
  Sincerely,
  
  ***************************

  

  Business response

  07/15/2024

  We are sorry to hear of your continued frustrations. As LendingPoint has deleted this tradeline from your credit report, any requests regarding that account should be directed to ICR, your new servicer. 

  Customer response

  07/15/2024

   
  Complaint: 21890487
  
  I am rejecting this response because: Lendingpoint illegally sold my information to another creditor after they breached the contract. A 5th grader would be able to see that they did not honor the language in the temporary contracts. The dates due should not have changed which meant that the dates where supposed to be on the 14th of each month for 2 consecutive payments for $26.69 but they took out money on random days and even took a full payment. Then when I complained they closed my account making it to where I could not pay because they noticed their error and sold the account. This is wrong and they need to be investigated.
  
  Sincerely,
  
  ***************************

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