Consumer complaint received 2025-06-27 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Getting the loan — 
Company: TRUIST FINANCIAL CORPORATION
State: TX

Complaint narrative:
I applied for a Personal ( Home Improvement ) loan on XX/XX/XXXX for an amount of $ XXXX. While filling the application, I chose XXXX term, indicated the assets ( cash in bank accounts and stocks ) are 5-6 times more than the loan amount requested, and I did select that I'm a citizen of other country and staying in XXXX as a XXXX Alien. After filling out all personal information, the website indicated that hard credit pull will be made to determine my credit worthiness to make a decision. I went ahead and submitted the application. After a few hours I was requested to upload my Employment Authorization Document. I uploaded the same ( XXXX Approval notice from XXXX ) XXXX the same day. On XX/XX/XXXX, I received an update stating the application was denied. When I login to the portal, the reason for denial is mentioned as 'Length of Employment and/or Income Continuity '. I have been employed with the same employer for XXXX, so it was bit confusing and I called the customer service. They took my details, reviewed the application and mentioned that my work permit is expiring in XXXX, XXXX and it is their policy to not issue loans that extend beyond the work permit date. I asked the representative that it is general XXXX practice to give XXXX work permits for XXXX, companies renew them every XXXX and even my XXXX home loan was issued based on the same XXXX work permit I shared with them. The response was that it is their new policy to not issue loans that extend beyond the work permit date. So, to confirm I asked the rep that if I apply after the work permit renewal, do I only get XXXX term loan or can I apply for XXXX term as well. The rep suggested me that I can re-apply once I get the work permit renewed and if the renewed work permit is valid for XXXX, I can only apply for XXXX term, but not a term that extends beyond the work permit validity. And, he re-iterated that it is their policy to not issue loan beyond the work permit date. 

While the company may have their own policies with issuing loans to people on work permit, I feel they MUST NOT run a hard credit check. I indicated in my application that the assets ( cash in bank accounts, stocks ) is more than 5 times the amount I am applying for and also the credit report shared by them indicated a very high score of XXXX. None of these mattered to them, but the work permit expiry was a deciding factor. In such case, when I indicated that I am not a XXXX XXXX  and staying in XXXX XXXX XXXX XXXX XXXX they must have mentioned during the application it self that a work permit which is valid beyond the loan term is needed to proceed with the application. When there is such clear discriminating policy against the work visa holder and work permit validity duration is deciding factor, even a credit check is not needed in this case. They MUST inform the policy ahead and don't run credit check if we don't meet the requirement for work permit validity. 

I feel this is a kind of Bait and Switch practice to shift me to much shorter term loan. Had they mentioned the requirement for work permit beyond the loan term, I would definitely have stopped the application process to avoid unnecessary credit check when I know that my work permit is not as lengthy as the loan term I am requesting for. But due to them not informing this ahead of the application submission, I went ahead and submitted the application as my assets and income support the loan amount I requested very well. This caused a loan denial and unwanted hard enquiry on my credit to cause negative impact on my credit history. The resolution I am looking for is to issue the loan, which anyway seems to be not possible due to the policy they have. So, I would want them to work with the credit reporting agencies and remove the hard enquiry on credit report which they caused by not sharing the work permit length requirement before encouraging to apply for the loan.

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