Consumer complaint received 2018-10-29
Company: Applied Data Finance, LLC
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
I received a " pre-qualified '' offer of credit for {$4900.00} with no prepayment penalty and a set monthly payment. Once I applied, I was " Approved '', and then sent on an unending request for documents. I kept submitting documents over and over. I provided everything that was requested within hours- eventhough the offer promised " Get your money as soon as tomorrow ''. 

On Fri, XX/XX/XXXX, XXXX XXXX I received and email stating : The following additional information is required to complete the review of your loan application : 1 ) Bank statements for the past month, [ XXXX ], showing all transactions for 30 days. Please make sure your name, address, and the account number submitted on your application are visible on your bank statement and the entire document is legible. 


2 ) Voided Check. Please make sure your name, address, and the account number submitted on your application are visible on your check and the entire document is legible. 

I submitted the documents, noting that XXXX bank statements were not available until the end of the month, but submitted an account summary for all transactions so far in XXXX, and on Sat, XX/XX/XXXX, XXXX XXXX I received and email stating : This email confirms that you have successfully uploaded your documents. We will send you an email with our decision, usually within 2-3 business days. Please be advised that we will also email you should additional documents be required. 
Thank you for choosing XXXX. 
Please Note : This email is an automated notification that can not accept replies. Please do not reply to this message. 
Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX To my surprise, on Sun, XX/XX/XXXX, XXXX XXXX  I received an email stating that my application had expired : Our records indicate that you recently started an application for a loan with XXXX  XXXX. More information was requested from you to make a decision on your application. Unfortunately, we did not receive these documents and your application has expired. Regrettably, we are unable to give further consideration to this credit request. 

We welcome you to submit a new application at XXXX XXXX XXXX We're happy to assist you with any questions. Reply to this message or email us directly at XXXX. If you'd like to speak with one of our friendly customer service agents, give us a call at ( XXXX ) XXXX. 
Thanks again for choosing XXXX XXXX, where borrowing is understandable, fair and affordable. We look forward to serving you! 
Sincerely, XXXX XXXX They clearly did not intend to consumate the loan, and are therefore guilty of false and misleading advertising. According to federal law, those creditors that send a mail piece that amounts to an advertisement or solicitation that is not backed by an intent to extend credit to all who receive it on the terms specified in the offer will potentially be liable for statutory damages lawsuits against creditors accused of sending credit solicitations that are not firm offers of credit as defined by the Fair Credit Reporting Act.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation