Consumer complaint received 2022-10-19
Company: Paramount GR Holdings, LLC
State: MI
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
In XXXX of 2020 I signed a solar agreement with XXXX XXXX XXXX which they then applied for my loan to Loan pal now good leap. Initially I had applied for a loan through another company and was denied the second loan opportunity was Loan pal. Over the phone I was approved immediately but this was done again by the salesman for XXXX XXXX XXXX Before signing I was not shown any sort of information about the loan I was only told about the loan and all the information I was told was fraudulent and incorrect. 7 days after approval I was contacted back by powerhome solar stating that Loan pal now good leap did not approve my loan for the required amount. I then had a higher person in XXXX XXXX XXXX somehow change things so that I was then again approved for the solar loan. After speaking with my mortgage company later on they said I should have never even been approved for that loan. So I see this as a situation where this fraudulent lender goodl leap and XXXX XXXX XXXX  we're working together to make sure that people who could not afford the loans were still approved for them. Since all of this has transpired XXXX XXXX XXXX had switched names to XXXX XXXX and now they have filed bankruptcy and are out of business. I have reached out to good leap numerous times exhausting any avenue to get an answer about what they plan on doing about the loan that I should never have been approved for and what they plan on doing about the non-operational and non-completed install of my solar system. They refuse to talk about the situation and continue to tell me that they are just the lender. They have said that they were going to have a special department formed to start answering questions about the situation and it has been 2 months since I was told anything like that was going to happen and nobody from good lead has reached out to me it's only been me reaching out to good leap. These fraudulent lending practices have been done to many other individuals in this country and not just for the solar systems.we were also told that between the tax credit that we got for the solar system in our rebate that would receive back from power home would be enough to keep our interest rate down to the original approved agreement but since we did not get provided enough money to meet the balloon payment required by goodl leap to keep interest rates down in payments down we are now subject to a higher loan payment with higher interest. Again my initial acceptance of using this loan service was not under the current terms that I've been subjected to and I realize that anyone can lie verbally and get away with it now. What I don't understand is how good leap was having a XXXX XXXX sales representative selling their product and falsely advertising what the loan payments were going to be and what the interest rate was going to be. Good leap was well aware of powerhomes tactics and they continued to do financial business with this company. So I am officially reporting good leap to you guys as a fraudulent misleading lender. They use unorthodox tactics to get you approved and unorthodox tactics to get you to sign. I now am on the line for {$50000.00} loan which after interest is about XXXX for a solar system that has never worked properly and is currently shut down due to having many component issues not just related to generac. Any other information that you guys need me to provide I can just let me know please.

Company response to consumer: Closed with explanation