Consumer complaint received 2018-02-08 00:00:00
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Home Loan Center, Inc.
State: MD

Complaint narrative:
Perpetrator ( s ) : XXXX XXXX and XXXX XXXX ( Phone : XXXX ) Committed Act ( s ) : Fraud/Unsecured Loan Scam Duration : XX/XX/XXXX XX/XX/XXXX On XX/XX/XXXX, I received an e-mailed loan approval document from XXXX XXXX XXXX of Lending Tree. Specifically, the document entailed receiving a {$10000.00} loan at 5 % interest with a monthly repayment of {$250.00} for a period of 42 months. Due to student loan debt and being behind with my monthly bill payments, I was searching for a loan. The above stated loan offer appeared to be what I needed. Although, Lending Tree was not one of the loans for which I applied. 

Upon signing the loan document, scanning it, then e-mailing it back to XXXX XXXX, he told me that XXXX XXXX XXXX would be my loan officer. The next day, I received a call from XXXX XXXX XXXX of Lending Tree to verify some personal information ( i.e., name of bank, account number, routing number ) and the procedure for obtaining this loan. XXXX XXXX stated that I had to pay a fee of {$850.00} to process the loan. In order to do this, XXXX XXXX instructed me to buy 8 {$100.00} XXXX XXXX gift cards and 1 {$50.00} XXXX XXXX gift card from XXXX, XXXX or XXXX. When I inquired about this, XXXX XXXX stated that was the system used by Lending Tree for receiving processing fees from customers. 

XXXX XXXX told me to call him after purchasing the gift cards. Via telephone with XXXX XXXX, he instructed me to scratch the bar off the back of each gift card and read the codes for processing the loan fee. After I read each code to XXXX XXXX, he said that he would confirm the codes for processing with the accounting department and call me back. After roughly 30 minutes, XXXX XXXX stated that some of the cards were not properly activated and that I had to purchase more gift cards. When asked about the money I just spent, XXXX XXXX told me a refund would be provided, along with the {$10000.00} loan. 

However, the aforementioned claim from XXXX XXXX that the XXXX XXXX gift cards that I purchased were not properly activated occurred multiple times. As a result, I spent thousands of dollars on XXXX XXXX gift cards! At this point, I contacted XXXX XXXX XXXX and explained to him what happened. XXXX XXXX informed me that he would take over and ensure that my loan, along with all the money I spent on XXXX XXXX gift cards would be received in a timely manner. XXXX XXXX stated to me, Youre in good hands, now. THIS DID NOT HAPPEN. 

XXXX XXXX claimed that the {$10000.00} loan and all my refunded money was waiting at XXXX XXXX. However, XXXX XXXX stated that I had to pay another {$850.00} fee to receive the lump sum of money. I contacted XXXX XXXX about this and spoke with a representative. He informed me that paying a fee to obtain money from XXXX XXXX was NOT true. I HAVE BEEN SCAMMED, AND FRAUD HAS BEEN COMMITTED BY XXXX XXXX XXXX AND XXXX XXXX XXXX OF LENDING TREE. 

Reflecting on this experience, I was very nave and foolish. After doing a little research, I found that others have been scammed out of their money from both XXXX XXXX XXXX and XXXX XXXX XXXX of Lending Tree. Therefore, I am proceeding with action in an attempt to reclaim my money. Hopefully, this statement, along with other documents of proof that I possess, will accomplish this and help put an end to the unconscionable, fraudulent and egregious practices of XXXX XXXX XXXX and XXXX XXXX XXXX, as well as all other persons affiliated with Lending Tree.

Company response to consumer: Closed with explanation