Consumer complaint received 2017-08-15
Company: LendingPoint Holdings LLC
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
Good Evening, I am reaching out to you all because XXXX XXXX has it setup on their website offers can be made, along with recommendations for you then get you over to the 3rd parties. When they tell you let me check that does not mean to one a hard copy inquiry on your credit through the credit bureaus. You complete the steps that they ask of you I did this on Thursday XX/XX/2017. Then before you know it what of the 3rd party lending company or maybe several are stating you qualify. This Process started on the XXXX ended today on the XXXX. LendingPoint ( https : //www.lendingpoint.com/ ) through XXXX XXXX after putting your information in says : Congratulations youve been approved. Then it says we will need additional information in order for us to get your loan processed, something along the lines we need to validate who you are. o Proof of Income o A Copy of a Voided Check o Your Most Recent Bank Statements all pages o Copy of your Drivers License ( colored copy ) You also input your Driver License on the website I called when the website would not let me answer the questions on it Spoke with a XXXX XXXX who sent me an email but when I spoke with her she stated Congratulations on being APPROVED SAME as the website I asked why so many steps if you are approved, she stated has to go through the underwriters to determine what kind of loan you are approved for Now be in the industry I should have known better but you do what you need to do when they keep saying you are approved Now here come XXXX the Sale Rep who makes sure all your documents are order. He sent me the link asking me to upload my statements on there and I am like what is all of this if I am approved He says these are the steps we have to take before the contract can go out I asked well how long because I was under the impression funds can be deposit within 48-72 hours per XXXX and Him Okay so I do all of this still feeling something is not right about this but when your credit score is not the greatest you pray that it turns out just fine Now My credit score is not the credit not because I am not paying my bills because every open car note credit cards are being paid I decided to walk away from a house in XXXX Indiana after 8 years of trying to sustain it from Florida Now XXXX calls back tells me congratulation right but I want to make sure you get the full benefits of the loan So, he says to me I qualify for {$15000.00} He is telling me this while I am in my doctors office I call him back to further discuss he says he wants to make sure I take full advantage of this loan and since I qualify for {$15000.00} is there anything else I could think of So, I take the loan up to {$6000.00} right thinking okay and I ask how much would that make my payments he stated {$260.00} and some change I stated great that is in my budget Then he asked me to pick a date between XXXX and XXXX keep in mind all of this makes you think XXXX is wrapping up all the final stuff setting up things in the system so I could be all set. I stated okay lets go with the XXXX and I asked My first payment want be until XXXX XXXX right, He says right. So, he says okay we just need to run the hard inquiry and we are good to go He comes back to the phone after running it and stated I DO Apologize but you were Declined. I was confused first and I said why would you all tell people you all are approved but you really not, is it because if you say pre-approve which I believe is the terminology they should be using they will not get people to consider taking a long out with them with that high interest of 29.99 %. When they told me, I was approved on Thursday you start planning things out. I was not going to keep this loan going with the I needed it to payoff myself off sooner and take a loan back out from my 401K so my child can get off the floor. He has outgrown everything this house his room everything and I thought it would help with that and by me getting this the funds from 401k would have paid off medical bills. Is this a violation of any of the Consumers Acts, Credit Acts and CFPB? What else can I do to make them feel the pain that I felt I talked to them so many times and not one time did they say you are pre-approved, or pre-qualified. How many more customers are being impacted and if I was approved on Thursday did he say declined because I would not do it for the {$15000.00}? After sitting for a minute I called back and tried to speak with a manager a rep told me manager was gone for the day, I said there is no way manager is gone, I told her the situation she told me I was denied what else I wanted them to do which took me to an entire level. After saying to her get a managXXXX or you will have bigger problems she placed me on hold for round about 18-20 minutes before I HUNG up even more frustrated. Thank You

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