Consumer complaint received 2020-08-07
Company: GreenSky, LLC
State: VA
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Charged fees or interest you didn't expect

Complaint:
Greetings, The following statement of fact will provide detailed account of what happened : The solicitation of new services, accessing of an unauthorized {$20000.00} credit line, and the processing of unfavorable loan terms resulting in predatory lending by XXXX XXXX, ( XXXX XXXX XXXX ), and Greensky LLC.

What Is Predatory Lending?

Predatory lending includes any unscrupulous actions carried out by a lender to entice, induce, and assist a borrower in taking a loan : I.E. Approaching and enticing an impaired senior during a routine service check on a heating/ac unit purchased within the past ten years that did not require replacement. Let us look at this ; a routine service check with one Tech who checked the unit and waited on someone else to arrive before leaving. Another truck arrives with XXXX who is coming to verify control. According to him, this was checking to make sure I am receiving a balance of air flow on both levels throughout the house. While talking to me, I was asked for my social. I paused, but I provided it not knowing the individual was checking to see if I could be approved for a line of credit. I never authorized the credit check because if I needed a new unit and required a loan, I would have used my own institution to provide me with the funding. Once XXXX had determined I was a viable credit source, I was told about some fantastic promo that I should take advantage of and that it was the last day so I had to move quickly on the deal. Question : why did two employees from XXXX show up at my home on that day? Was it to lure me into this situation I am currently in? Was it really the last day for the promo? Did I really need to move quickly and why was this such a great deal??? 

that they otherwise are unable to pay back reasonably. In many cases, a predatory loan is often one that carries high fees, a high-interest rate, strips the borrower of equity, or places the borrower in a lower credit-rated loan to the benefit of the lender. 

I.E. XXXX initially had intentions to sign me up for XXXX XXXX but this was quickly switched over to Greensky for the loan agreement after receiving a call from him the very next day requesting that I use Greensky to obtain the promo. Since the inception of the loan, Greensky has sent numerous notices creating confusion about payment deadlines, switched the payment address multiple times, imposed excessive late fees, high interest, unreasonable loan terms for {$7200.00} unit to be paid back in ten years as well as accessed a {$20000.00} line of credit against my credit. The terms of the loan were predicated based on an extensive line of credit and not on the actual amount borrowed. So, I am locked into a deal for {$20000.00}, but I only utilized {$7200.00}??? I was approved for a line of credit that I never had access to, as all communications of this credit line were negotiated and controlled directly between XXXX XXXX XXXX and Greensky??? 
As with most things of a dishonest nature, new and different predatory lending schemes frequently arise. 

I.E. The above statement is true, as Greensky has been cited for unscrupulous acts before in other states. And, once again they have taken advantage of a Senior with the assistance of XXXX XXXX XXXX XXXX Bottom line, there was no apparent or urgent need to purchase a new heating and cooling unit. Based upon the terms of this unwarranted loan, I will be close to XXXX years old before it is paid in full. In addition to this, I will have paid well over the {$7200.00} and will I need another one by then??? This situation is merely padding the pockets of individuals who care nothing about the needs of the aging community but more about increased profits and market growth. I was never given time or opportunity to clearly review and to accept or deny the offer but was rushed into a purchase for the purpose of sales/profits. 
Thank you for your understanding and immediate resolution in this matter.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation