Consumer complaint received 2022-07-27
Product: Student loan — Private student loan
Issue: Getting a loan — Confusing or misleading advertising
Company: Stride Funding, Inc. (VA)

Applied for an XXXX for {$5000.00} on XX/XX/2022 through Stride Funding ( https : //www.stridefunding.com/ ) who advertises on the front of their website as students not needing a cosigner and no minimum XXXX  score to be eligible. They also have a list of Eligibility Criteria that can be seen here : https : //www.stridefunding.com/criteria. I met all of the listed criteria. I was conditionally approved on XX/XX/2022, and the notice stated that all they needed was a transcript or proof of enrollment. I had my school email over a copy of my transcript, and then called the company on XX/XX/2022 and XX/XX/2022 to make sure they received it and would be able to finish processing my application. On the evening of XX/XX/2022, I called again to get an update on thee status of the application. The representative on the phone stated that they were just reviewing my transcript but everything looked good and there was no reason to worry. She also stated that if I was going to be denied they would have already done so prior to getting to that point in the process, so I should be looking out for a formal contract by close of the next business day. On XX/XX/2022, I had not gotten an update, so I called again, and the first representative that I spoke stated that I was not approved due to my XXXXXXXX XXXX XXXX because I am receiving a XXXXXXXX XXXX XXXX XXXX XXXXXXXX ) instead of a XXXX  in XXXX. When I asked why that mattered and if I could speak to an underwriter or manager, she stated that the difference was that there were " different outcomes to the two programs ''. When I asked for further clarification, she stated that she could get me to a manager. The alleged manager that I spoke to then changed the decline reason to creditworthiness. I asked why the prior representative had stated that my decline was pertaining to my educational program, and she could not respond to that. I asked her why I was conditionally approved and all the notification mentioned was needing proof of enrollment to complete the process, and she could only state that an Adverse Action Letter was being sent my way. I did try to explain that I am a new mother that is trying to finish my last year of my XXXX XXXX She stated that there was nothing she could do and hung up on me. 

I was subject to extremely misleading information and a predatory process by this company. In summary, the company advertises that there is no minimum credit score and no cosigner needed to be eligible. I met all eligibility requirements listed clearly on their website. Upon being conditionally approved, I received notice that all they needed was a copy of my transcript or proof of enrollment which was provided in a timely manner. I also was told by a representative that I would be gaining final approval by the end of the next business day, and there was no reason to worry. I was then denied. I believe they intentionally mislead applicants by failing to mention that creditworthiness is a factor and then stating what that eligibility looks like. It is not mentioned anywhere on the site or on my conditional approval notification. They also fully pulled my credit without requesting my formal consent, which further evidences that they failed to mention creditworthiness as a part of the process.