ComplaintsforLendingPoint, LLC

• Initial Complaint

  06/20/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  They have not reported my payments to the credit bureaus since November 2023

  

  Business response

  06/27/2024

  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

  06/17/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Im am not liable for this debt with LENDINGPOINT LLC. I do not have a contract with CREDIT CORP. They did not provide me with 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 partner Crowdnetic on 11/24/2021, which was funded on 12/1/2021. During the application process, LendingPoint verified your name, date of birth, social security number, address, bank account, and payroll information.  Four payments were received on the account; no additional payments were received after 4/11/2022.   The loan was charged off on 10/29/2022 and sold to *********** on 11/10/2022.  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

  06/15/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On Saturday June 15th I attempted to access Lending Point website to make an online payment. I was unable to do so apparently due to the website not loading all the way. This has been an "off again-on again" issue over the past 18 months and time and time again this keeps happening. Additionally, it was suspected there was a time whereby their entire system was hacked but the organization failed to exercise full disclosure as to what had exactly happened during that episode (they claimed they were "conducting a 'top-down' restructuring of the website and the technical difficulties were taking longer to resolve"). It's also apparent the organization is directing their customer service representatives to exercise significant ambiguity/vagueness the continuing technical issues presented here. My greatest concern is I'll have a scheduled payment (or attempt to place a payment) and it will not register due to "ongoing technical issues."

  

  Business response

  06/27/2024

  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 can verify that your personal information has not been compromised, and we continue to work tirelessly to provide the service levels expected on behalf of our customers.  Most recently on June 15, 2024, our system suffered a brief outage, which was resolved the same day.  Your customer success representative has reached out to you and remains on standby if you have further questions.  We are genuinely sorry for the frustrations youve experienced and strive to meet your expectations in the future. 

• 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,
  
  ***********************

*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. ↩