Consumer complaint received 2019-09-07
Company: LendingPoint Holdings LLC
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
I applied for a personal loan through LendingPoint, for the amount of {$5000.00} on XX/XX/XXXX. I was approved for the loan quickly and they sent me the loan documents to sign on XX/XX/XXXX. I signed and authorized the loan. About 4 hours after signing the loan, I had changed my mind and called the company to cancel the loan ( same day I authorized it ). I started getting bad feelings about this company, and grew worry that it might be a scam. I first spoke to XXXX in customer service and she was giving me the run around. I called back after I had just talked to XXXX and demanded to speak to a manager and that is when I got XXXX ( Customer Service Lead ). XXXX explained the process to cancel the loan and he stated I needed my bank to do an XXXX to have the money sent back. I called my bank and at first they didnt know what an XXXX was. I then explained to them what I was trying to do. My bank informed me that the funds had not been deposited into my account and they couldnt do anything until the funds were deposited. I called LendingPoint back to inform them that the funds havent been deposited and why couldnt they cancel the loan. They stated that the funds have already been transferred. On XX/XX/XXXX I was the first customer in line at my bank and I explained to them what was going on. They assisted me in reversing the direct deposit into my account. Once I left the bank, I attempted to call XXXX back, however, I could never get ahold of him. XXXX had left the office abruptly or was nowhere to be found. I explained to the LendingPoint customer service rep what was being done, and they said they havent received the funds. My bank informed me that the funds were sent back immediately. I proceeded to call LendingPoint everyday there after. Each time I called I would get different answers. I would get nothings posted call back in 48 hours, I would call back again only to be told that XXXX would have to handle it. I called again talked to another rep for LendingPoint and she said it takes 7-10 for the finance department to get it processed. I am now 11 days in of communication and there still telling me the money had not been returned. After I threatened to contact the Consumer Financial Protection Bureau, XXXX comes out of nowhere and calls me. He stating that he contacted my bank and they told him it would take two weeks for LendingPoint to  receive the funds. I thought this was fishy so I contacted my bank and they told me the funds were reversed and it was immediate, there is no two week waiting period. Today is now XXXX and I am still dealing with this. I have a letter from my bank confirming the funds were reversed back on XX/XX/XXXX. I sent this letter to XXXX but have yet to hear back. I feel like I am getting the run around and I am not getting any straight answers. Please help me resolve this issue, this has created so much anxiety and stress in my life, which is not good seeing that I am seeing a CXXXX for a XXXX XXXX. Please help me!

Company response to consumer: Closed with explanation