Business Profile
Loan Broker
Elk LendingThis business is NOT BBB Accredited.
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Complaints
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Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
11/30/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I am filing this complaint to report Elk Lending for their deceptive, predatory, and illegal business practices. On November 14, I took out a $700 loan from Elk Lending. They took out my payment EARLY causing me to overdraft. I cannot review or schedule my payment agreement or terms. Despite this payment, my loan balance has not decreased and has instead increased. This clearly indicates the presence of hidden fees and excessive interest rates that were not disclosed upfront.Moreover, I recently discovered that the terms of this loan are illegal in my state. Elk Lending has violated usury laws by charging exorbitant interest rates. Additionally, the loan terms were not clearly communicated to me, and the company's website is highly unresponsive, making it difficult to access any information. All emails from Elk Lending land in my junk folder, adding to the difficulty of communication. The company's lack of transparency and communication is not only frustrating but also suspicious.Elk Lending has also begun issuing checks from my bank account in my name without my authorization. This unauthorized and fraudulent activity has caused me significant financial hardship, stress, and torment. Despite my attempts to resolve these issues with Elk Lending, they have been uncooperative, dismissive, and continue to engage in shady practices.I believe Elk Lending is engaging in fraudulent and unlawful practices. I am requesting immediate action to terminate this loan agreement, refund the unauthorized charges, and cease all collection activities.Business response
12/10/2024
Please see the attached response.Initial Complaint
11/24/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
I filed for a loan from them, I was in a desperate need ATM there was loss of employment in my house etc, neatless to say they are charging me triple the amount I borrowed if not more they are writing checks out to themselves electronically from my bank which is bull ****, not once but 3 times now they have done that... I want them to be held responsible for what they are doing and I would ******* agreement to be terminated and no cause of my own pleaseBusiness response
12/03/2024
Please see the attached response.Initial Complaint
10/24/2024
- Complaint Type:
- Billing Issues
- Status:
- Resolved
I am writing to file a formal complaint against Elk Lending regarding their unethical lending practices and the violation of Californias usury laws on interest rates. I recently took out a loan for $500 from Elk Lending, and to my shock, I have been charged over three times that amount in interest alone. The terms of the loan and the excessive interest rates make it impossible for me to reasonably pay off the loan in a timely manner.Despite my efforts to resolve this issue directly with Elk Lending, the company has been entirely unhelpful. Their customer service has not provided me with any fair options for resolution, and they continue to enforce this predatory loan. I believe that Elk Lending is taking advantage of vulnerable consumers by issuing loans with exorbitant and illegal interest rates.I understand that Californias usury laws limit the amount of interest that can be charged on certain loans, and Elk Lendings practices clearly exceed these legal limits. I would like the BBB to investigate Elk Lendings actions and assist in helping to bring this companys practices into compliance with state law. Additionally, I would like to request assistance in negotiating a reasonable resolution for my specific loan.Thank you for your time and attention to this matter. I look forward to your prompt assistance in addressing this issue and helping to prevent other consumers from falling victim to these unfair practices.Sincerely,***** ****Business response
11/04/2024
Please see attached response.Customer response
11/07/2024
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
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.
Regards,
***** ****Initial Complaint
10/12/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I had obtained a loan from them and the payment dates were to be the 15th and the 30th of each month. They were not so I called in to get the payment date correct. They told me that they had never been set.(which was a lie) They set the dates to the correct ones then told me that my payment went up due to this. This is crazy. Then now each payment is still coming out on the wrong date. My payment is due on the 15th and they have already caused me an over draft fee because they took it out today!!!!! No one will return my calls or handle this issue. So it now cost me more than I had originally agreed on per month and now it is also costing me an overdraft fee because they can't get the pay date correct. I just spoke with my bank and they are charging me $15 extra and they did confirm with me this is the third time they have done this. I have stopped payment through the bank until they resolve this issue with me.Business response
10/22/2024
Please see the attached response.Initial Complaint
08/27/2024
- Complaint Type:
- Billing Issues
- Status:
- Resolved
I am filing this complaint to report Elk Lending for their deceptive, predatory, and illegal business practices. On May 31, I took out a $1,000 loan from Elk Lending. Since then, I have made seven payments of $227.27 each, totaling $1,590.89. Despite these payments, my loan balance has not decreased and has instead increased to $1,200. This clearly indicates the presence of hidden fees and excessive interest rates that were not disclosed upfront.Moreover, I recently discovered that the terms of this loan are illegal in my state of **********. Elk Lending has violated Californias usury laws by charging exorbitant interest rates. Additionally, the loan terms were not clearly communicated to me, and the company's website is highly unresponsive, making it difficult to access any information. All emails from Elk Lending land in my junk folder, adding to the difficulty of communication. The company's lack of transparency and communication is not only frustrating but also suspicious.Elk Lending has also begun issuing checks from my bank account in my name without my authorization. This unauthorized and fraudulent activity has caused me significant financial hardship, stress, and torment. Despite my attempts to resolve these issues with Elk Lending, they have been uncooperative, dismissive, and continue to engage in shady practices.I believe Elk Lending is engaging in fraudulent and unlawful practices. I am requesting immediate action to terminate this loan agreement, refund the unauthorized charges, and cease all collection activities.Business response
08/29/2024
Please see the attached response.Customer response
08/29/2024
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
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.
Regards,
***********************Initial Complaint
08/20/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
I took a hardship loan with this company out of desperation. I failed to realize that they are charging illegal interest rates and I have been paying $165 bi-weekly since June and my balance is nearly doubled. I can no longer afford these payments. I tried changing my debit card info and canceled ach payments through my bank but they have managed to some how draft checks from my bank and I am not able to do anything about it. These loan rates are illegal in ********** and I am tempted to contact the attorney general.Business response
08/23/2024
Please see the attached response.Customer response
08/23/2024
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
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.
Regards,
***********************Initial Complaint
07/09/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
A loan was taken out in my name and I didn't apply for a loan.Found this out through email.Contacted the company and they were not helpful. They give out loans, but don't check to make sure it's not fraud and now I have a big mess.Business response
07/17/2024
Please see the attached responseCustomer response
07/26/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below.
I have filed a police report and I'm waiting to get a copy. You still continue to text me about collections about a loan that is not mine. Had you done your job this wouldn't of happened.You don't call to Verify information and give out loans without checking.
You also didn't send signature and loan information that this person applied for.
All of this could've be avoided had you had better business practices.
This has been an awful experience for me.
Regards,
***********************Initial Complaint
06/28/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
I applied for a loan today 6/28/24 as I am facing some hardships right now and I had no choice but to sign. When I checked the pdf they send of the agreement and the routing and account number the money that is supposed to be wire wasn't even the one I had entered in the request form. So now im unsure where the funds are even being deposited. And the apr is ridiculous it's at 697%Business response
07/08/2024
Please see the attached responseInitial Complaint
03/19/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I filed a complaint 2 weeks ago and Elk lending has yet to respond. This company is predatory and I have paid more than enough to them as I've paid more than double what I borrowed. Also, in my first complaint, I forgot to mention that Elk Lending has been using auto generated checks to take money out of my bank account that I did NOT authorize. The bank on these checks is in a town I've never heard of....very scammy. I'm very worried that this company has my bank info. I just want to be DONE with this predatory company.Business response
03/20/2024
Please see the attached responseInitial Complaint
03/04/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
In a moment of financial hardship, I got a loan from these predators. First of all, they tried taking money out of my bank account before the days that I specified as my pay dates. I called to ask them to change my due dates to have the money taken out on my pay dates so I didn't overdraft my bank account every two weeks. It was a headache to get the days switched and they basically had to refinance my loan which caused more problems down the road. In January, due to circumstances beyond my control, I had to miss several days of work. I called to tell them that I wouldn't have the money to make the impending payment and asked if there was a way to skip a payment and because I "refinanced" the loan I hadn't made enough payments to qualify for hardship help and I was told they couldn't help me. Mind you, I had already paid way over what I originally borrowed. I had to scramble and scrape and forego paying other bills. This company is predatory and very sketchy. I have paid WAY over that I originally borrowed. I can not continue to pay these payments with this terribly high interest rates. The original loan was for $800. Between the first loan and the refinanced loan, I have now paid over twice the amount that I borrowed. I think that is sufficient. They make a tough financial situation impossible to deal with.Business response
03/19/2024
Please see the attached response
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Customer Complaints Summary
32 total complaints in the last 3 years.
11 complaints closed in the last 12 months.