Consumer complaint received 2017-01-12
Company: Rosebud Economic Development Corporation
State: TX
Product: Payday loan
Issue: Applied for loan/did not receive money

Complaint:
Applied for a loan online with MyQuickWallet.com and was approved for {$500.00}!! Signed my loan documents, logged on to website and saw I was approved for a {$750.00} line of credit and could increase the loan amount if needed ( Attached copy of this form which now shows a {$XXXX} limit, as they changed it from the original amount of {$750.00} ). I followed the instructions on the email sent to me, to call and verify my information. This so called some information to be verified, turned out to be an entire application process over the phone. I ask the employee why I was being ask all this information again as I had already submitted it online and received a pre-approval email which stated " Pre-Approved '' " Youre Done '' ( Copy of this page has been submitted ). Of course the employees are trained to lie and say we are simply verifying your account information. Two times I ask the employee if this loan was pre-approved and she said " Oh yes sir, we just need to verify your employment and income ''. At this point more than 10 minutes had already passed. I was furious with them as I did not have time to finish providing all this information over the phone, which had already been submitted online. I had to end the call and told them I would call back during the afternoon as I was running late for a meeting and had not expected the so called " Your Done Process '' to take so long. Later in the afternoon I called them back to finish up the pre-approved loan. I then learned I was required to download a mobile app on my Iphone called " XXXX ''. This allowed them to access and view all the history of my checking account. They said nothing about additional underwriting or the way my funds were spent from my checking account. I only gave them permission to view my direct deposits and not my spending activity. The employee verbally confirmed she saw where my direct deposits had been posted to my checking account. This second phone call took an additional 15 minutes or more?? At the end of the call the employee stated I 'll submit this to our verification department and see if you are approved. Approved???? How many times did I make it clear that I understood this loan to be pre-approved!!! I am tired of pay day lenders lying to people and getting away with it. The false statements about being pre-approved must stop. Pay day lenders claim their pre-approved status is for application purposes only. If so, they should make it clear. I am very thankful for the CFBP. I know you want to help the consumer. Please consider this an area for all pay day lenders to comply. Here is how the story ends. I used their live chat to inquire about needing to send any additional information. Live chat said if you inquiring about loan approval, it has been denied. Lets just say I was not happy after wasting time over this so called pre-appoved loan. I was not nice to the online chat people!! The reason the loan was denied was because my checking account showed XXXX other loans, according to them. What they did not realize is that XXXX were paid off. The remaining XXXX loans have a combined balance of less than {$600.00}. If you are going to do true underwriting, a lender should make it clear that pre-approval means nothing!! I also believe payday lenders should not have access to a persons checking account. I can see why you need to verify income and employment, just ask for proof of pay stubs. No pay day lender should ever be allowed to access your checking account and view your personal activity. By the end of the day, I received a loan but from another lender without all of the verification and checking account snooping. The process for my new loan took less than five minutes. It worked out to be in my favor as the interest rate for this loan is 50 % less than what MyQuickWallet.com was going to charge.

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