Consumer complaint received 2019-02-04
Company: GreenSky, LLC
State: OH
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
On XX/XX/XXXX, we entered into an agreement with Greensky to accept funding for a {$25000.00} project to renovate our basement with XXXX XXXX of XXXX. Work was scheduled to begin XX/XX/XXXX. Greensky offered a promotional financing plan that provided 6 months of no payments on the loan after the project is complete and XXXX XXXX of XXXX is paid upon the completion of the work. On XX/XX/XXXX, XXXX XXXX of XXXX, without consent from the homeowner, accessed the Loan for services unknown to us and did not appear on property until XX/XX/XXXX. XXXX XXXX told us the job would take 5 days to complete. For the first 4 days, there was a crew of 5 men working on the project. On the 5th day, when it was evident the project would not complete, a crew of approximately 12 men were on premise rushing  through the project. At the end of the day, XXXX XXXX left the project and acknowledged additional work was to be completed and that it would be scheduled for the following week. 

On XX/XX/XXXX, we contacted Greensky and filed a formal complaint that the work was not completed and not satisfactory and provided a number of photos to show the poor and incomplete work. Greensky notified XXXX who sent another 2 men to finish the job. After a day on premise they announced that they could not complete any more work and that a supervisor would have to come and look over the job. The supervisor arrived on XX/XX/XXXX and confirmed the work was not completed properly and was inadequate for what we purchased. XXXX then attempted to schedule the crew to finish the job on XX/XX/XXXX which we refused and told them they needed to finish the job in XXXX. On XX/XX/XXXX, XXXX returned and completed what would be arguable a really poor job by taping the wall together. 

On XX/XX/XXXX, without consent from the homewoner, Greensky released the full {$23000.00} for the loan to XXXX despite the knowledge that we were not satisfied and that the job was utterly incomplete. 

On XX/XX/XXXX, we received a statement from Greensky that concluded our promotional period ended on XX/XX/XXXX 6 months after the first draft was taken against the loan. Greensky, in the statement, shows that we owe {$1500.00} in accrued finance charges as Greensky applied interest on the full loan amount starting on XX/XX/XXXX despite the fact that neither we or XXXX had possession of the funds - they charged us interest on a loan that they held the money on. 

XXXX committed in their agreement that the work will be done within 180 days from XX/XX/XXXX and they finished the job 213 days later on XX/XX/XXXX. Greensky, in their notice to us told us that the purchases had to be complete by XX/XX/XXXX and at no time did we authorize Greensky to continue beyond that point.

Greensky is illegally charging interest on loan amounts where no funds were dispersed to either the contractor or the homeowner. Greensky and XXXX Waterproofing fraudulently advertised a 6 month no payments period AFTER THE COMPLETION OF THE WORK. Greensky knowingly distributed funds for an incomplete job and is now trying to charge interest on the full amount of the loan to XX/XX/XXXX. XXXX knowingly requested payment with the knowledge the job was not complete. XXXX spent a total of 5 days in XXXX on the job and another 5 days in XXXX and XXXX.

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