Consumer complaint received 2020-10-16
Company: Opportunity Fund
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
XX/XX/XXXX I applied for a small business loan through Opportunity Fund. On or about XX/XX/XXXX, I received an intake phone call from representative XXXX XXXX in response to my application. 

XX/XX/XXXX, I received email from Mr. XXXX, to submit verification documents after I electronically signed loan disclosure form. Mr. XXXX advised that funding was limited and to get the documents back to him ASAP. Verification documents ( including picture ID ) were sent via email on XX/XX/XXXX. I followed up with a voicemail message on XX/XX/XXXX for a return phone call to confirm receipt of documents. After not receiving a return call, I phoned the main number to advise that I was trying to followup on a loan application and Mr. XXXX 's voicemail greeting suggested he would be out of the office until Thursday, XX/XX/XXXX. 

Customer service put me in contact with another representative who returned my call and advised that Mr. XXXX was in fact in the office and she would contact him to let him know that I was trying to reach him. 

I received a return phone call from Mr. XXXX advising that after reviewing my XXXX tax return, my gross sales would not qualify for the lower interest loan and asked if I had other income that he should know about. Mr. XXXX also advised that if I did not have additional gross sales that I could qualify for a different loan with a higher interest rate. 

I informed Mr. XXXX that I did in fact have other sales that weren't reported. I had filed the XXXX tax returns prematurely in order to qualify for the COVID-19 stimulus payment, that at the time of filing, I didn't have access to all my financial records AND that my accountant would be amending my XXXX return at a later time. 

Mr. XXXX advised that I get a statement from my accountant to submit along with the loan application. XX/XX/XXXX, I forwarded an email from my accountant explaining the additional unreported sales and confirming an amended return would be filed. Mr XXXX responded to my email with a phone call advising that the statement provided was solely for him to continue processing my application. He was " holding off '' on submitting my XXXX tax return to underwriting as it would be denied for unqualified gross sales receipts. 

I responded by asking for clarification on what documents were necessary to move forward with the application. Mr. XXXX was unable to give me a definitive answer and suggested moving forward that we only communicate in writing as he did not appreciate my holding him accountable for his responses to my requests fro clarification. Mr. XXXX was unprofessional in his tone and responses and when I made him aware of his unprofessionalism by him interrupting me when I was simply trying to confirm what was required and repeat what he said to me. He advised that he felt he was " being cornered '' and would get clarification from Underwriting as to what would be required in this unique circumstance. 
Immediately after concluding the phone call to Mr. XXXX, I phoned supervisor XXXX and left a voicemail message for clarification of what documents were needed to process the loan application. 

XX/XX/XXXX, I received an email from Mr. XXXX suggesting that he spoke to his supervisor ( not underwriting as promised ) and was instructed to submit the application as is. I responded by email to clarify that my application would be submitted knowing that it would be denied and without an opportunity to submit verification of the additional gross sales receipts. Later, I received response advising that I must also submit IRS form 1040x for amended tax return. 

XX/XX/XXXX, I emailed a copy of the IRS form 1040x AND   amended IRS form Schedule C confirming gross receipts of more than the $ XXXX required to qualify for the loan. Shortly after I received email from Mr. XXXX confirming receipt of the requested documents. 

XX/XX/XXXX, I received email of adverse action : denial of loan. Upon receipt I phoned the supervisor XXXX, requesting a detailed explanation of why the loan application was denied after submitting verification of qualifying gross sales receipts. She did not have definitive answer and suggested that she would reach out to underwriting for an explanation. I later received a phone call suggesting that my application did not pass internal verification requirements. When I asked what that meant XXXX did not know and could not explain. She suggested that I speak with underwriting for clarification. Before the call ended I asked for underwriting contact info. XXXX advised that she spoke to soon and that I would not be able to speak to anyone in underwriting and there was no appeal or reconsideration information given. 

In conclusion, it was only after submitting my picture ID that things went downhill with the loan application. Having met the qualifications relayed to me by the loan officer for funding and with a definitive explanation of the denial, I can only assert that the denial of the loan was discriminatory in nature.

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