Consumer complaint received 2019-11-08
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Problem with the payoff process at the end of the loan — 
Company: LendingPoint Holdings LLC (CA)

I received a loan from XXXX XXXX  to pay towards my services at XXXX. At the backend the loan was being serviced by Lending Point. I took the loan in XX/XX/XXXX for {$2600.00} and the information that I received was that if I make {$140.00} monthly payments for 18 months as part of same as cash promotion I will be good. It turns out that I had to pay off some more amount after 18 months or else I will be penalized. I will be charged a 25 % interest for the entire duration of the loan. Below are a few key callouts 1 ) I signed the loan agreement online in XX/XX/XXXX but never received a copy of loan agreement 2 ) XXXX XXXX did not explain me correctly the T & Cs of the promotion when I signed loan agreement 3 ) The email sent by the XXXX XXXX did not mention the promotion end date by which I had to make the full loan payment in order to not get charged at the 25 % interest rate or pay {$140.00} for 24 months 4 ) When I called the contact number in the email to understand the high rate of interest and 24 months period they said I don't have to worry about it and it will go away in 18 months 5 ) Lending point never sent me a copy of the loan agreement that I signed until XX/XX/XXXX when I called them to check why they are still charging me for the loan. I agree that I read the T & C 's but there was no way for me to refer back to them other than the email communication which did not mention the loan repayment date. It is unrealistic to expect that I will remember the information ( the date XX/XX/XXXX ) after 18 months. It was the creditors responsibility to send that document to me or atleast when I called the number ( in the email communication sent to me ) they should have told me that I should request for my loan agreement since the email is not the loan agreement and does not have all the information. The email just states I may have to make more payment to complete my loan but doesn't tell me any date or the amount that I need to pay. It is super vague.

6 ) Given I had no other reference point I was using the email communication sent to me on XX/XX/XXXX and information in point # 2 and # 3 above to payoff my loan and there was no way for me to know that I need to finish the payment by XX/XX/XXXX I believe LendingPoint should take responsibility for the lapse of communication here and I should not be penalized by having to pay an additional {$860.00}.

I also wanted to highlight that I am very disappointed in terms of customer experience here since 1 ) The T & Cs were not explained clearly, no copy to refer back to or check, by when I need to pay off the loan or I will penalized 2 ) I didn't get any reminder that I need to finish my loan by a certain date 3 ) The biggest thing here is that why did they set the minimum monthly loan amount to {$140.00} instead of {$140.00} so that I could finish it on time or state clearly that I need to pay off {$100.00} by XX/XX/XXXX in the email communication you sent me otherwise I will be penalized heavily. I feel cheated as if they are deliberately trying to put me in a situation where I will forget the promotion end date after 18 months and they will get to make money off me. 
It is outrageous that they won't send any reminders or payment statements stating the end date, they won't send me the loan agreement and expect me to remember a random date that I agreed to a year and a half ago. They are just trying to mint money off unsuspecting customers. 
Also why are they charging such a high rate of interest when my credit report is way better. I took a car loan and I got it at 1-2 % interest rate. This feels like daylight roberry.