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Business Profile

Consumer Finance Companies

LP Financial, INC

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Consumer Finance Companies.

Complaints

Customer Complaints Summary

  • 25 total complaints in the last 3 years.
  • 4 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

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Complaint status

Complaint type

  • Initial Complaint

    Date:01/27/2025

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I purchased a tanning bed through LP financial and since 2016 my payments have not decreased and I have asked for ******* to call me several times and for them to stop taking money out of my account no phone calls nothing

    Business Response

    Date: 02/03/2025

    Our representative, *******, has been in contact with you on multiple occasions. It was advised that the payments did not reduce because of a missed payment, fees, etc. We have agreed to settle the account balance to $0.00 following review and personnel advocating on your behalf. 

  • Initial Complaint

    Date:09/05/2024

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    **** ** ******* ******* ******** Purchased a tanning bed from LPI on 3/08/2019. Payments beginning on 5/9/2019 and ending on 4/9/2024 of 62.48 a month. Amount financed $2,144. Finance Charge $1,634 total $3,827.89. I was contacted by an LPI employee on 8/23/24 stating that I still owed over $1,400.00. She said they were willing to offer a settlement of $300-$400. I asked how I could still owe that much. She looked at my account stating that 12/2019 I missed a payment causing a $30.00 fee and that inquired interest over the years. I asked if they had mailed me a notice or statement stating this happened. She said they were a small company and they do not provide statements and she did not show any correspondence to me vial mail, phone, or email stating this charge and fees were making my account past due and occuring fees. She said that upon reviewing my payments I had paid a total of $4,201.61. Almost $1,000 over set amount. She said she would speak to her supervisor and get this loan adjusted. After speaking with her supervisor she said that indeed I still owe the $1,400 even though they never provided me with any documentation regarding added fees. I can provide bank statements showing monthly payments through 8/2024 4 months after loan maturation date. I do not feel I owe them anything further. They had failed to provide me with any documentation regarding the 30.00 fee from 2019 and never provided a monthly statement showing it was gathering fees. They also waited 5 years to call and explain this fee to me. I have not changed address, phone number, or email. They knew how to reach me. I would like the account updated and paid back amount overpaid of $283.72. (total paid $4,201.61-total owed $3829.89=$371.72 - fees for missed payment $90 = $281.72 . I don't feel I am responsibe for interest to fees since I was never notified. I will attach email from Chyenne at LPI received 8/23 explaining charges and the payment summary she attached along with agreement.

    Business Response

    Date: 09/18/2024

    The additional amount is a direct result of a missed payment in March 2020 (line 13 of the provided loan payment history). Information is always available upon request. A representative was scheduled to contact you advising that the balance has been marked as paid in full and providing a receipt that reflects as such.

  • Initial Complaint

    Date:08/27/2024

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I have paid this as required. I paid it off earlier this month August 2024. Today my credit report shows a collection dating April 2024. I paid it in full. I want the corrected ASAP! My score dropped by 12 points because of this.

    Business Response

    Date: 09/10/2024

    This was paid in full this August. There was a delinquency in April, so that portion is accurate. The updated information was provided to the credit bureau at the beginning of the month and should now accurately reflect the balance being paid. If this is not remedied, please contact us again directly and file a dispute with credit bureau so that it can be approached prior to the monthly cycle updates.

  • Initial Complaint

    Date:11/08/2023

    Type:Customer Service Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Can't get into contact after 3 years of payment.

    Business Response

    Date: 11/17/2023

    Please contact the primary number listed in printed correspondence, 423-349-2969, or 423-349-2963 for immediate assistance with your concerns.

  • Initial Complaint

    Date:11/03/2023

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    You all took out double payment in October 2023 please credit it for November 2023 payment and don’t remove another one until December 2023

    Business Response

    Date: 11/15/2023

    There has not been over billing, it is once per month (six debits in six months). The draw date is affected by how the weekends fall. For instance there is not a September debit, because it fell to October 2nd. Please see the attached payment history. - It is only visible to the customer, business, and BBB. F

  • Initial Complaint

    Date:08/28/2023

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I financed a tanning bed over 7 years ago and never received a statement and I still owe what my balance was 7 years ago. It comes out automatic draft from my account so why don’t my balance ever decrease

    Business Response

    Date: 09/11/2023

    Our records indicate no less than 14 returned payments that accrued fees over the life of the loan. Please reach out to ************* option 5, for additional assistance. 

  • Initial Complaint

    Date:08/07/2023

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I will tell you this complaint is very valid and I want a refund for all of the thousands of dollars stolen from me. This tanning bed was bought in 2018 was paid off years ago but no all your company does is take the same amount every month. I want my refund!!!!!

    Business Response

    Date: 08/17/2023

    While we apologize for the obvious frustration, fees accrued on an account can and will compound. If left unaddressed there is a "snowball" effect. Per the terms of your agreement and standard practices, the accrual is legitimate. However, in pursuit of an amiable resolution, the remaining balance will be forgiven and this change reported to the credit bureaus. 

    Customer Answer

    Date: 08/24/2023

    What is the resolution from this. I did not see anything previous and would like to know what will happen because I have overpaid and want it to stop.

  • Initial Complaint

    Date:05/11/2023

    Type:Customer Service Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I cannot reach anyone to update my account information. Any email I find bounces back and I keep getting charged on an account that is closed. I want this company to reach out to me so I can update my account information. This is causing undue harm and it's pretty ridiculous that there is no way to get a hold of anyone.

    Business Response

    Date: 05/23/2023

    A representative has left a voicemail and sent an email with direct contact information to resolve.

  • Initial Complaint

    Date:03/20/2023

    Type:Order Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I worked with ***** *****t over a year and a half ago to cancel a tanning bed because I was going to have to file bankruptcy. He told me it was canceled and I never received a bed. Regardless, he has been deducting payments for the bed I never received. $79.04 monthly. I received a statement by email this month (all previous statements had gone to spam and I never saw them).

    Business Response

    Date: 03/20/2023

    We were contacted initially on 3/18/23. A request has been sent to accounting to correct the oversight. The full amount of $1422.72 is being refunded.

    Customer Answer

    Date: 03/20/2023


    Better Business Bureau:

    I have reviewed the response made by the business in reference to complaint ID 19620411, and find that this resolution is satisfactory to me.

    Sincerely,

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

  • Initial Complaint

    Date:03/08/2023

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I purchased a tanning bed in the midst of all the shutdowns of non-essential businesses in COVID 2020. I have been having my account drafted $62.90 ever since. It's a pretty small amount so it is easy to forget about or overlook. They do send out a monthly debit reminder that is the most generic and pathetic email you have ever seen with literally no breakdown of interest or even a balance. There is not information to log in to an account to view your balance information either (because a login site does not exist). I was curious what my balance was, so I called the number and got a lady on the phone who told me the balance and interest per day and the initial purchase price. I asked if there was any way I could get a paper statement that shows the details of the balance and interest accruing. She said they do not do paper statements and the only way to get this info is to call. I find this absolutely ridiculous. Even the most basic software can generate customer statements. In my opinion this is a deliberate tactic to keep people in the dark about their accounts and making it more difficult to obtain specific details of the loans while they are raking in interest hand over fist. I have since paid more than the bed cost in the first place with over $1000 more to go. I believe they know that if they send out statements or detailed paperless statements, people would pay more to be done with this "Financial Institution". They draft the minimum amount on the loan as well with the only option to pay more on the loan by phone. Who has time for this?? Either they are too cheap or financially strapped to mail out statements or they are deliberately making roadblocks for people to access their accounts. Honestly I am not sure which is more sad for a company.

    Business Response

    Date: 03/20/2023

    You do have the copy of your initial agreement, which contains the terms of the arrangement.  All of the requested information is available via phone call. Per your message, you did receive this information during an encounter.  Your suggestion and concerns have been documented.

    Customer Answer

    Date: 03/20/2023

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

    I am rejecting this response because:         
    Your company is shady and you know it. Does the agreement state that the only correspondence is via phone? I would like to request another copy of my contract. Would that be problem?? 

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

    Business Response

    Date: 03/21/2023

    The attachment is only viewable by the customer, company, and BBB. It may be edited to protect your personal information.  The contract does not advise of contact methodology, however it does out line the terms of the contract that you entered in to.  This includes time frame, accumulated charges, elected same as cash options, and your endorsed signature advising that you agreed to and received a copy of these documents. There is nothing "shady" about adhering to a business agreement, but some may wonder about the use of accusations and the inclusion of opinions for leverage concerning a contract that you knowingly agreed to.

LP Financial, INC is NOT a BBB Accredited Business.

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