Consumer complaint received 2021-11-23
Company: Upstart Holdings, Inc.
State: NY
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
I applied for a loan with XXXX. They requested the following documents from me to process my loan : Bank deposit screenshot : Please provide a screenshot of your online bank portal showing : bank name, web address ( URL ), your name, and transactions for the period of XX/XX/2021 that verifies the paystub you provided. 

I provided a screenshot of the transaction however my bank does not provide all of the information XXXX was requesting in XXXX screenshot. 

XXXX 's response to the screenshot I provided was : We've reviewed your document, but it was not sufficient. 
The bank deposit screenshot you provided doesn't contain your name or the bank name. Please provide a screenshot of your online bank portal showing : bank name, web address ( URL ), your name, and transactions for the period of XX/XX/2021 that verifies the paystub you provided. 

I then reached out to my bank & they verified that what XXXX was asking for is not how their online portal system is set up. They did however offer to draft an official document verifying all the info XXXX was requesting. 

I relayed this info to XXXX they responded with : Bank deposit screenshot : We've reviewed your document, but it was not sufficient. 
The bank deposit screenshot you provided doesn't contain your name or the bank name. Please provide a screenshot of your online bank portal showing : bank name, web address ( URL ), your name, and transactions for the period of XX/XX/2021 that verifies the paystub you provided. You can also provide a complete bank statement from within the last 30 days with your name, bank name, last XXXX digits of the bank account and the paystub deposit on XX/XX/2021. You can also provide a bank-generated check image from XX/XX/2021 that verifies the paystub you provided. 

I again reached out to my bank to see if they could provide XXXX of the following additional items mentioned above. My bank responded by saying ; A statement has not been generated for the specific transaction on XX/XX/2021 because the statement period is not over. The XX/XX/2021 statement will have the XX/XX/2021 transaction on it. Additionally, a check image of the deposit can not be provided because the deposit was an XXXX deposit, not a check deposit. 

My bank did draft a document with all the requested info along with contact info for the bank representative if they had further questions. I submitted that document to XXXX & they responded with : To complete the application, we will need the following documents. Please log into your account through XXXX XXXX XXXX and upload the following : Thank you for submitting an application to XXXX XXXX XXXX. We will need additional documents to complete the application. 

To complete the application, we will need the following documents. Please log into your account through https XXXX XXXX and upload the following : - Bank statement XXXX all pages ) for bank account ending in XXXX : Please provide a complete bank statement from within the last 30 days. 

I submitted the bank statement they requested. I received the following response : XXXX XXXX, Thank you for submitting an application to XXXX XXXX XXXX. We have an update and will need additional documents to complete the application. 

After reviewing your bank deposit screenshot and bank statement, we could not verify the paystub deposit. 

Based on these changes, we are not able to move forward with the application unless you can provide a screenshot of your online bank portal showing : bank name, web address ( URL ), your name, and transactions for the period of XX/XX/2021 that verifies the paystub you provided. You can also provide a complete bank statement from within the last 30 days with your name, bank name, last XXXX digits of the bank account, that verifies the paystub deposit on XX/XX/2021. 

I let XXXX know that : XXXX XXXX, Please see my reply to each of your requests below. Thanks! 

" Please provide a screenshot of your online bank portal showing : bank name, web address ( URL ), your name, and transactions for the period of XX/XX/2021 that verifies the paystub you provided. '' For security purposes, XXXX XXXX does not provide the specific information you're requesting in a screenshot. 

" You can also provide a complete bank statement from within the last 30 days with your name, bank name, last XXXX digits of the bank account, that verifies the paystub deposit on XX/XX/2021. '' The bank statement showing the paystub deposit on XX/XX/2021 has not been generated yet because we're still in the month ( XXXX ) that the transaction occurred. To see that specific transaction in statement form you have to wait until next month ( XXXX ). 

They replied with : XXXX XXXX, We wanted to let you know about the status of your application. Based on our verification, we updated the following components : - We were unable to verify the deposit of the paystub you provided. 

Unfortunately, these changes caused your application to be disqualified. For more information on the status of your application, please log in to XXXX XXXX XXXX 

We regret that we were unable to provide you with a financial solution at this time. If you are interested, you are welcome to reapply after 30 days. Please note that you will need to use a different email address to reapply.

Company response to consumer: Closed with explanation