LendKey Technologies, Inc.

This response is in regards to complaint ID# ***, filed by *** *** *** We would like to sincerely apologize to *** *** for any inconvenience and would like to clarify any misunderstanding.Since receiving the complaint, we have reached out to *** *** via phone and have left her a
message to explain the following We have confirmed that *** ***'s interest rate on her loan is, indeed, only changing on a quarterly basis, per the terms of her loan agreement *** *** may experience fluctuations in the amount that she owes each month based on the number of days in the month, which affects the amount of interest that accrues on her loan We can certainly walk *** *** through the interest and principal calculations when we speak with her.LendKey takes any complaints that it receives extremely seriously, as we pride ourselves on customer service In this case, we could have responded to *** ***'s inquiry in a timelier fashion, and, again, we would like to extend our apologizes for the inconvenience caused We are confident that we will resolve her concerns when we speak to her

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me and the matter has been resolved
Sincerely,
*** ***

Revdex.com:
I contacted the business reference and spoke to one of their customer representatives and resolved the issuedThank youI have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me and the
matter has been resolved
Sincerely,
*** ***

This letter is in response to Revdex.com complaint ID # *** We have reviewed the complaint and have concluded the following:There were three phone calls made from the consumer to LendKey, which all occurred on February **, 2015. During the first call, theconsumer
asked various questions related to applying for a loan on via LendKey’s website, including questions on loan rates and terms. Following the first call, the consumer applied for a private student loan consolidation via LendKey’s website, and was surprised that his approved interest rate was higher than he expected. The consumer contacted LendKey for a second time, assuming that a mistake was made. When the consumer was informed that the correct interest rate had been disclosed to him during the application process, he filed a Revdex.com complaint with the following specific allegations: The consumer stated that he was informed he would be placed with a lender who had the most favorable terms.LendKey Response: As mentioned above, we reviewed the recording of the call to determine the information that was relayed to the consumer. A LendKey Loan Specialist informed the consumer that he would be provided with a lender tochoose from “based on his residence.” There was no statement made to the consumer that he would be matched to a lender who had the most favorable terms. The consumer stated that the interest rate ranges he was informed of were underestimated. Additionally, he stated that he specifically asked about interest rate ranges relative to specific credit scores and was told that this information was not available.LendKey Response: After reviewing the recording of the call, we have determined that the Loan Specialist correctly informed the consumer of the range of rates, and did not specify a specific rate based on the stated credit score Additionally,the consumer stated his credit score over the phone, but was only told that his interest rate, if approved for the loan, would fall in between the low and high end of the range of rates quoted and he was not provided with expectations of wherehis specific interest rate would fall in relation to his credit score. It was explained to the consumer that there are multiple factors that determine an applicant’s offered interest rate.LendKey takes any customer complaint very seriously, and we wish to sincerely apologize to the consumer for any inconvenience We are reaching out to the consumer directly to address his concerns and provide any additional explanation. Wegreatly value each and every one of our customers, and take exceptional pride in providing exceptional customer service. If the consumer has any other issues or concerns, he may reach out directly to us anytime at ###-###-#### or ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Thank you very much,
[redacted]

This letter is in response to Revdex.com complaint ID # [redacted], filed by [redacted].  LendKey Technologies, Inc. (“LendKey”) has reached out to the consumer directly to address her concern and apologize for any inconvenience that we may have caused. As was explained to [redacted]...

[redacted] during the phone conversation on December **, 2014, LendKey has resolved the issue, such that we have re-applied the early payment she made in November to satisfy her December invoice, and the $675.78 payment she made will satisfy her January and February invoices.  Therefore, [redacted] will not need to make another payment until her March invoice becomes due.  Additionally, LendKey has waived the late fee that was applied to [redacted]’s account. LendKey takes any customer complaint extremely seriously, and wishes to sincerely apologize to [redacted] for the inconvenience.  We will do our best to ensure that the remainder of [redacted]’s time as a customer of LendKey remains issue-free.  LendKey greatly values each and every one of its customers, and prides itself on providing exceptional customer service.  If [redacted] has any other issues or concerns, she may reach out directly to us anytime at ###-###-#### or [redacted].

We have reviewed the consumer's complaint and have determined that appropriate actions were taken in connection with the servicing of the borrower and co-signer's loan.  We are happy to speak to the borrower and/or cosigner about the consumer's concern, however, the consumer who filed the...

complaint is not an authorized user on this loan account and we cannot discuss loan transactions with her.  The borrower and/or cosigner may reach out directly to LendKey's VP of Operations at [redacted] or ###-###-####.

This is a response to complaint ID #[redacted], filed by [redacted].  We have reviewed the complaint and wish to sincerely apologize for any inconvenience that may have been caused.  We have since provided [redacted] with the information that she originally requested, and we believe that the...

issue is resolved.  If [redacted] has any additional questions and/or concerns, she may reach out directly to LendKey's [redacted] at ###-###-####.Thank you.

LendKey has reviewed [redacted]'s complaint filed with the Revdex.com (ID #[redacted]).  We take any complaint very seriously, as we always aim to provide superb customer service, and we certainly apologize to [redacted] for any inconvenience he has faced in connection with LendKey's servicing of...

his student loan.  However, after review, we have confirmed that the servicing of [redacted]'s account (including the application of payments made by [redacted]) is accurate and that any late fees assessed on [redacted]'s account have been appropriate and in accordance with [redacted]'s loan agreement.As has been previously explained to [redacted], he has the option to make payments via any of the following methods:Online payment - either one-time payments or recurring monthly paymentsCheck or money orderAdditionally, we can currently take one-time payments over the phone using [redacted]'s bank account information (As [redacted] noted in his complaint, we do not currently accept debit/credit card payments).  By all means, we want to see all borrowers of loans that we service succeed in making their payments, and we are available to talk with [redacted] about any concerns or options that may be available to him that will help ensure the on-time delivery of payments.  Should [redacted] wish to speak with someone, he may reach out directly to LendKey's VP of Operations, Chrissy W[redacted], at [redacted] or ###-###-####.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID[redacted], and find that this resolution is satisfactory to me and the matter has been resolved. Thank you, Revdex.com, for your excellent service. It is invaluable to have a way to reach out to businesses when other attempts prove unsuccessful.
Sincerely,
[redacted]

Review: I have a student loan through lendkey. During college, lendkey had a repayment option of $25 a month to help with interest. After 6 months of my graduation date I was told the $25 charge would stop and I would get a bill in the mail to start repaying my loan. I graduated in May of 2013 and should have received my first bill in the mail in December. When I did not, I contacted Lendkey to see what was going on (in January). After having a conversation I then found out that my graduation date was wrong, along with my email address. Both of these mistakes were taken care of and I was told during that phone call that overdraft fees would be refunded to my account. Again, in January I did not receive a bill in the mail for my loan. After my phone call in January, I had spoken to someone three or four times to try and fix this problem. After speaking with someone again, my email address was STILL wrong. This company seems very unorganized and not very customer friendly when it comes to problems and solutions. Out of my three or four phone calls to Lendkey, I have only spoken to one representative that was helpful. My billing is now fixed and I receive monthly electronic statements, but I still have not received any refunds for the mistakes made by Lendkey.Desired Settlement: I expect Lendkey Technologies to review how they handle loan situations, repayment options, and to be refunded the total amount of $64.00 in overdraft fees.

Business

Response:

This letter is in response to the complaint filed by [redacted] (Complaint #[redacted]). LendKey greatly values all of its customers, and we hope that our explanation of the circumstances helps alleviate any of the consumer's concerns.

Review: I have several loans with Lendkey, which I intend to repay. Upon calling to request an amortization chart, I was informed that Lendkey "does not" perform this service--which I am under the impression they are legally obliged to provide upon request, under the terms of the Truth in Lending Act. Having already experienced difficulties with their lack of transparency in other areas, I am turning to the Revdex.com to resolve my issue.Desired Settlement: I would like a copy of my amortization charts for each of my student loans with Lendkey.

Business

Response:

This is a response to complaint ID #[redacted], filed by [redacted]. We have reviewed the complaint and wish to sincerely apologize for any inconvenience that may have been caused. We have since provided [redacted] with the information that she originally requested, and we believe that the issue is resolved. If [redacted] has any additional questions and/or concerns, she may reach out directly to LendKey's [redacted] at ###-###-####.Thank you.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Thank you very much,

Review: My daughter's student loan for February was paid but due to a miscommunication with her bank, the check was first posted by Lendkey, then her bank had it returned. Spoke with customer service who assured me that once I sent in the check for February, things would be credited to her account. I asked specifically, would their be a late charge for an error from her bank? The customer service rep said, "no." He also told me that there was nothing on his screen that indicate any additional sum. I sent in the payment. Now, we just received a "delinquent" loan notice of $19.95 I take it as a late payment. Mind you, that the payment for March was due on the 1st and paid and not one indication about this amount was brought to our attention.Desired Settlement: I would like for Lendkey to rectify this matter immediately. The late payment charge should also not be indicated as "delinquent loan" when that is not the case.

Consumer

Response:

I contacted the business reference and spoke to one of their customer representatives and resolved the issued. Thank you. I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Review: On 12/**/2014 (Friday), I received an email from LendLey/[redacted] stating that I had a payment overdue for my consolidated student loan. My payment date was 12/*/2014, in the monthly amount of $329.65, and I made the payment on 11/**/2014. I called Customer Service the following week to inform them of this, and to request that they update my account to reflect the payment. I was told that I made the payment too early, and that it did not count towards my bill, but was considered an extra payment for November. I have on file every loan document and email from LendKey and [redacted], and nowhere does it state that payments have to be made in a specific time frame, as to not be too early. If I was made aware of this policy, I would have made the payment at the correct time. The customer service agent put in a request for LendKey to adjust my account, and I was told a response would come by Monday, 12/**. I had not heard from the loan servicer, so I called Customer Service on 12/**/14, and was told that the request was denied. Again, I was given the explanation that the payment was made too early. I received the same response when I explained that this information was never disclosed to me. My bill for 1/*/15 is in the amount of $675.78. Breaking that down, that is the monthly bill for December ($329.65), January ($329.65), and a late fee of $16.48. I made this payment on 12/**/14, as to not make matters worse. This matter is entirely the fault of LendKey and [redacted], for not disclosing their payment policy. I am further disappointment in their handling of this situation. Not only was the request to adjust my account denied, but I was charged with late fees. I am deeply dissatisfied with the poor service I have received, and the disregard for a customer who has never had a late or missed payment in her life. I had my loans transferred to LendKey/[redacted] from [redacted] back in July of this year, to take advantage of the low interest rate that my excellent credit score affords me. Unfortunately, in order to gain a better interest rate, I'm losing the commitment to customers that is the bedrock of a good, smart company.Desired Settlement: 1) A refund of the late fees that I was charged - $16.48. None of my previous bills have included fees.

2) A soft or hard copy of your payment policy - I shouldn't hear from your customer service reps that the payment I made in November was too early. I should see it in writing. It can either be mailed to my home address, or emailed to [redacted]

If you are unable to provide me with written explanation as to why the payment I made in November was not credited towards my December bill, I request that payment to be credited towards my February bill. Thank you. .

Business

Response:

This letter is in response to Revdex.com complaint ID # [redacted], filed by [redacted]. LendKey Technologies, Inc. (“LendKey”) has reached out to the consumer directly to address her concern and apologize for any inconvenience that we may have caused. As was explained to [redacted] during the phone conversation on December **, 2014, LendKey has resolved the issue, such that we have re-applied the early payment she made in November to satisfy her December invoice, and the $675.78 payment she made will satisfy her January and February invoices. Therefore, [redacted] will not need to make another payment until her March invoice becomes due. Additionally, LendKey has waived the late fee that was applied to [redacted]’s account. LendKey takes any customer complaint extremely seriously, and wishes to sincerely apologize to [redacted] for the inconvenience. We will do our best to ensure that the remainder of [redacted]’s time as a customer of LendKey remains issue-free. LendKey greatly values each and every one of its customers, and prides itself on providing exceptional customer service. If [redacted] has any other issues or concerns, she may reach out directly to us anytime at ###-###-#### or [redacted].

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID[redacted], and find that this resolution is satisfactory to me and the matter has been resolved. Thank you, Revdex.com, for your excellent service. It is invaluable to have a way to reach out to businesses when other attempts prove unsuccessful.

Sincerely,

Review: I called the business prior to submitting or consenting to processing an application. I asked very detailed questions regarding terms of the product, structure, and process. I was told I would be matched with a best fit Credit Union, as there was no Credit Union in my state with which the company did business. Furthermore, I was informed I would be placed with a Credit Union that had the most favorable terms, as there was not one located in my state. Upon submitting the documents, post credit check, I was informed there was only one Credit Union, I was able to be paired with and that they had some of the most stringent requirements. As a result, the interest rate bands that I was informed I would fall into were drastically underestimated by a total of 4%. The intent of my call to the company before consenting to the process was to have a guide for where I would fall with regards to my payments and how I would be paired.

Under no circumstance would I have consented to the process if I was given the correct information, specifically in regards to paring with a Credit Union. These practices are deceptive and omitted material information that was critical in making an informed decision. Furthermore, I specifically asked the interest rate bands relative to specific credit scores; however, I was told the company did not have this information. Upon learning where my rate band ended up, I contacted the firm who then informed me they did indeed have access to this information, which would have absolutely impacted my decision to not move forward in the process. I was told there was a Diamond, Platinum, Gold and Silver band; of which Platinum required a score of over 800. I knew my score of [redacted] prior to submitting, so there is no reason I would have moved forward with the process had I been provided full and accurate information, knowing 100% which Credit Union I would be paired with; which the company knew prior to submitting.

As a result, my credit score has suffered harm and I will be forced to have further inquiries as I look for a firm that is not operating under deceptive practices.Desired Settlement: I would like the business to fulfill the stated terms and pair me with a correct Credit Union who has the lending requirements I was quoted. I would like the business to meet rate requirements.

I would also like a letter from the business to provide to [redacted], the credit agency the report was pulled from, to nullify the credit check if these terms are not met, as I would have not consented with all material information.

Business

Response:

This letter is in response to Revdex.com complaint ID # [redacted]. We have reviewed the complaint and have concluded the following:There were three phone calls made from the consumer to LendKey, which all occurred on February **, 2015. During the first call, theconsumer asked various questions related to applying for a loan on via LendKey’s website, including questions on loan rates and terms. Following the first call, the consumer applied for a private student loan consolidation via LendKey’s website, and was surprised that his approved interest rate was higher than he expected. The consumer contacted LendKey for a second time, assuming that a mistake was made. When the consumer was informed that the correct interest rate had been disclosed to him during the application process, he filed a Revdex.com complaint with the following specific allegations:1. The consumer stated that he was informed he would be placed with a lender who had the most favorable terms.LendKey Response: As mentioned above, we reviewed the recording of the call to determine the information that was relayed to the consumer. A LendKey Loan Specialist informed the consumer that he would be provided with a lender tochoose from “based on his residence.” There was no statement made to the consumer that he would be matched to a lender who had the most favorable terms. 2. The consumer stated that the interest rate ranges he was informed of were underestimated. Additionally, he stated that he specifically asked about interest rate ranges relative to specific credit scores and was told that this information was not available.LendKey Response: After reviewing the recording of the call, we have determined that the Loan Specialist correctly informed the consumer of the range of rates, and did not specify a specific rate based on the stated credit score. Additionally,the consumer stated his credit score over the phone, but was only told that his interest rate, if approved for the loan, would fall in between the low and high end of the range of rates quoted and he was not provided with expectations of wherehis specific interest rate would fall in relation to his credit score. It was explained to the consumer that there are multiple factors that determine an applicant’s offered interest rate.LendKey takes any customer complaint very seriously, and we wish to sincerely apologize to the consumer for any inconvenience. We are reaching out to the consumer directly to address his concerns and provide any additional explanation. Wegreatly value each and every one of our customers, and take exceptional pride in providing exceptional customer service. If the consumer has any other issues or concerns, he may reach out directly to us anytime at ###-###-#### or [redacted].