Consumer complaint received 2023-07-11
Company: Upstart Holdings, Inc.
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
On XX/XX/2023 I applied to UPSTART Loans online. I was approved, sent documents that were requested, my current paystub and a voided check. The voided check was to verify my bank account, so the funds could be sent to my bank through direct deposit, The amount to be sent was {$18000.00}. 

The were sent to my bank on XX/XX/2023. My bank received the funds, however the account number was incorrect. The funds were then sent back to UPSTART on XX/XX/2023. 

On XX/XX/2023 I started calling and emailing to UPSTART to check on the funds. I was sent to several different people each time I called, and each call took a long time, most just under an hour. 
I was advised it still showed the loan funded, I emphasized the funds were not in my account. I was told once they ( upstart ) received the funds back I would be contacted to reenter my bank information. And the funds would be sent back to the correct bank account. I called again XX/XX/2023 and sent email checking again on this, again sent to several different departments, and staff, no-one seemed to know how to find out if the funds were returned to back to upstart. I called everyday & sent emails was told the same every time. 

On XX/XX/2023, I went to my local branch of my bank. The representative at my bank verified the funds were sent back to UPSTART on XX/XX/2023. 
I called UPSTART while I was with my bank representative, so I could advised them after all this time, the funds were sent back to them on XX/XX/2023. During this call I was hoping to then resolve this and do what needed to be done so the funds could then be resent to my bank. Again I was advised an investigated would have to be done to verify they funds were sent back to the. 

This went on and on for days, several phone calls and emails. Finally on Friday XX/XX/2023, I spoke to a person that actually new what to do, she stayed on the phone with me I re entered my bank account information, she verified the account while I was on the line with her. I was then told my bank account was verified & the funds would be sent back to my bank the first of the week. I called on Monday XX/XX/2023 late afternoon, as the funds still did not show they were sent to my bank. Again holding for just under an hour, the staff member advised me the funds will be in my account by the end of the week, Friday XX/XX/2023. 

On Tuesday XX/XX/2023 I was checking my email and saw one from UPSTART, stating I declined the loan. This was sent the day before XX/XX/2023, at XXXX XXXX, mind you I had just spoke to the staff member & she verified the funds would be sent by XX/XX/XXXX. 
I then called UPSTART, to find out what happened. I was told the loan did not fund in time from the original date. Evidently, when I finally had the account verified again on XX/XX/XXXX and XX/XX/XXXX, it was too late but none knew this. I was very upset. 

I was then advised I could reapply immediately. I did, & was advised I now do not qualify. I do not understand as I just was approved less than 10 days ago. I was devastated. Thinking the funds in the amount of {$1800.00} was to be in my account & now will not happen. 

I feel UPSTART is in the wrong, had they resent the funds back to my bank when they should have, especially me calling numerous times & sending emails everyday. I would have my money by now. I feel they should honor the loan I was approved for. 

Any assistance would be appreciated Thank you.

Company response to consumer: Closed with explanation