LoanMe Inc

I recently went under an agreement with LoanMe after I made it perfectly clear I was not going to pay $10,on a $2,loan, this seems totally illegal The arrangement is that I pay $a month for months, with a one time payment of $on or by December 30th I made mention to the person and the supervisor I was going to have Surgery on Jan7th and not sure when I will have my first disability check and I may not be able to make my first payment until the first week of FebI was told that is okay and to keep them updated I have informed LoanMe the second week of by Jan15th I will not receive my check until after Jan29th and I was told by the lead person on Jan29th that is not acceptable I also offered to pay $dollars all I had on Jan31st, I was told by the Lead person if my payment is not in that day he will mark my account for refusal to pay and further collection will begin That is true harassment as I am trying to make more than half of the payment If LoanMe or this particular superivisor didn't feel like working with me then so be it, but don't lie and put me at a disadvantage with the collection department
My suggestion to you, no matter how hard times are, or what your circumstances are, do not take out a loan with LoanMe

I took a loan out with LoanMe and paid it totally off on 2/12/for They are still taking the monthly payment out of my account I have called LoanMe several times and they say a manager is supposed to call me They have never called me and their collections department keeps calling me and I told them that I paid the loan off

Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.I have attempted to contact Loan Me Customer Service and no one can answer any questions. They refer me to another company, who in turn refers me back to Loan Me. Instructions with a direct debit account number were sent with the June 2016 payment. I was expecting a call back if there were any issues with this. The account information was sent via US Mail. The form that was filled out was the one provided by Loan Me for "faster and easier" payments.  I have not personally received any email or mail stating that there was a problem with payment. As previously stated, the last time I received a call from Loan Me I returned it and the person was not available and was to return my call. They never did. If Loan Me called and did not leave a message, how am I supposed to know they called or that I needed to return their call? My personal email address has not changed and I have not received any communication from Loan Me to that account.I attempted to contact Loan Me this morning and was told I would receive a call back with more information. That call has not happened.I would like to have this issue resolved but I am still unable to get an adequate response from Loan Me. Regards,[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]

LoanMe, Inc. (“LoanMe”) is in receipt of the above reference complaint, and we welcome this opportunity to respond to help clarify and resolve the matter. Please allow this to serve as our formal response.   Our records indicate that the customer obtained an unsecured consumer installment...

loan on July 2, 2015 which included the funded amount of $2,600.00 minus a $75.00 origination fee. During the application process, a loan agent reviewed the terms of the loan with him, including the interest rate, the Annual Percentage Rate (“APR”), the origination fee, and the monthly payment amount. The customer agreed to the terms as explained by the agent and raised no questions or concerns.   By signing the Promissory Note and Disclosure Statement (“Note”), the customer agreed to pay the sum of $2,600.00, together with any accrued interest, and outstanding charges or late fees, until the full amount of the Note is paid. During a recorded conversation on April 19, 2017 the customer confirmed that the check sent was based on the principal balance he received from his credit report, and not the payoff amount. As a result the amount paid towards the loan balance did not pay off the loan in full, and there is a balance owed that remains outstanding.   Although we are under no obligation to do so, LoanMe would like to extend the following offer to our customer to help resolve the complaint to his satisfaction. If it is agreeable, LoanMe will accept the customer’s recent certified check payment of $2,557.00 already paid to the loan as settlement of his loan. Please note that by settling, LoanMe is agreeing to receive payment that is less than contractually obligated by the debtor, which will result in the account being reported as “Settled In Full” to the credit reporting agency.  If the customer would like to accept this offer, we ask that he contact our Loss Mitigation department directly at 844-764-7368.   If our customer wishes for the account to be reported as “Paid In Full” to the credit reporting agency, then he must pay the amount owed on the loan account until the balance has been completely paid.   In closing, we would like to thank you for this opportunity to respond, and hope that we have helped to clarify the matter regarding the statements made in our customer’s complaint. Tell us why here...

LoanMe, Inc. (“LoanMe”) has investigated the Customer’s complaint and has found that it acted properly at all times. The Customer entered into an unsecured consumer installment loan with LoanMe on August 6, 2014, in the amount of $2,600.00. This amount includes the loan amount of $2,525.00 net the...

Prepaid Finance Charge/Origination Fee of $75.00. The Note clearly notes at the top in the TILA disclosures an Annual Percentage Rate of 139.12% and a Total Finance Charge of $14,093.12. These disclosures were made in accordance with the requirements of the Truth in Lending Act. It is important to note that the Note contains a provision that allows a borrower to prepay their loan, in part or in full, at any time without penalty. When the Customer entered into her loan agreement with LoanMe she was directed to read the Note in its entirety. After she had reviewed the Note she electronically signed or initialed the Note in multiple locations. The fourth of the signatures represents her confirmation that she had read and understood the terms and conditions of the Note.  With regards to calls, it is LoanMe’s business practice to contact customers who are delinquent on their accounts to seek payment. LoanMe strives to make each such call as professional as possible. We are sorry if the Customer found any calls to be otherwise. However, please be advised that we have ceased all calls to the Customer as of September 3, 2015. Calls to delinquent customers are never intended to be anything other than a professional effort to collect a debt that has become delinquent. LoanMe follows both state and federal debt collection practice guidelines with respect to debt collections. Telephone contact attempts are only made between the hours of 8AM and 9PM local time, without exception, in accordance with the Fair Debt Collection Practices Act (FDCPA), even though LoanMe is not a debt collector as defined by the FDCPA. Several call attempts may be made during the course of a day, but once contact is made with the customer no further calls will be made that same day without the customer’s permission. Our records indicate that the Customer’s payoff amount as of September 10, 2015 is $2,647.57. In an effort to resolve this matter, we have processed a one month deferment for the Customer, making her next payment due on October 1, 2015. The Customer may contact LoanMe directly at [redacted] if she has any further questions.

LoanMe, Inc. (“LoanMe”) is in receipt of the above reference complaint, and we welcome this opportunity to respond to help clarify and resolve the matter. Please allow this to serve as our formal response.  Our records indicate that our customer obtained an unsecured small business loan on...

February 22, 2017, which included the funded amount of $10,000.00 minus a $1,000.00 origination fee. The terms of the loan are legal, including the interest rate, and were explained to our customer during the application process. It is important to point out that the loan in question is not a consumer loan, but is specifically a business loan to be used solely for business and commercial purposes, and not for any agricultural, personal, family, or household purpose.   A loan agent clearly, and in detail explained the terms of the loan, including the interest rate, the origination fee, and the repayment schedule and payment amounts. The loan agent explained multiple times that he could reduce the overall interest paid on the loan by paying the loan off sooner than scheduled, because there is no prepayment penalty. The loan agent then advised the customer to take his time in reviewing the Small Business Loan (“Note”) prior to signing it. The customer then took a substantial amount of time, presumably to thoroughly read through the terms of the contract before signing it.   The Note properly displayed the loan terms and provided the required disclosures, including the interest rate, the origination fee, and the repayment schedule, including the required payment amounts and due dates. By signing the Note our customer certified that he understood and agreed to be bound by its terms. After a complete review of the complaint and of the statements made, we have determined that LoanMe did not misrepresent the terms of our customer’s loan to him either prior to him signing the loan agreement, or after it was funded. The customer’s payment transaction history reflects that he has paid only the minimum balance due each month, and therefore has not seen a significant decrease to the principal balance. LoanMe encourages our customers to pay extra amounts toward principal to pay the loan off earlier than scheduled, and to reduce the overall expense of the loan compared to when making payments only as scheduled. The loan agent explained to our customer prior to obtaining the loan, that at the beginning of the loan very little of the payment is allocated to the principal balance.  Upon funding our customer also received a settlement statement that included a copy of the Note and loan terms, as well as a full amortization schedule indicating the allocation of payments to principal and interest, As with most loans, and consistent with the terms of the Note and the amortization schedule provided, payments made towards the beginning of a loan have a greater portion of the payment allocated toward interest and less towards principal. Over time, and as the loan is paid down, a larger portion is allocated to principal until the loan is paid in full.  In closing, we would like to thank you for this opportunity to respond, and hope that we have helped to clarify the matter for our customer regarding the statements made in his complaint. If our customer has additional questions or concerns, he may contact LoanMe directly at ###-###-####.

LoanMe, Inc. (“LoanMe”) is in receipt of our customer’s above referenced complaint, and we welcome this opportunity to respond to help clarify and resolve the matter with our customer. Please allow this to serve as our formal response.Our records indicate that on October 2, 2015, our...

customer entered into an unsecured consumer installment loan contract with LoanMe in the amount of $3,100.00.  In compliance with the Truth in Lending Act (TILA), LoanMe’s Promissory Note and Disclosure Statement (the “Note”), properly displays the terms and provides all of the required  disclosures, including the interest rate, APR, and the repayment schedule of 47 months. The Note also provides that the loan may be paid off in part or full without incurring any prepayment penalty.The terms are explained fully during the loan application process, as well as during the welcome call after the loan has been funded.  We have reviewed the servicing calls (all of which are taped and saved) between our representative and Ms. [redacted] and found that the information regarding the interest rate being accrued on a daily basis was communicated to her.  Prior to the loan being funded, a LoanMe representative explained the terms of the loan, including the interest rate.  In addition, once the loan was funded, LoanMe conducted a Welcome Call at which time the terms of the loan were explained once again.  The terms of the Note, which the customer signed, also state that interest was calculated on a 360/360 simple interest basis.We thank you for this opportunity to respond, and hope that we have helped to clarify the matter for our customer. If our customer has additional questions or concerns, she may contact LoanMe directly at [redacted].

LoanMe, Inc., (“LoanMe”) is in receipt of our customer’s above-referenced complaint, and we welcome this opportunity to respond to help clarify and resolve the matter.  Please allow this to serve as our formal response.   LoanMe’s records indicate that our customer agreed to an unsecured...

consumer installment loan on April 20, 2016, in the amount of $3,100.00 minus a $75.00 pre-paid finance charge/origination fee.    During a pre-funding call, the loan agent covered the terms and conditions of the loan with our customer.  The loan agent then advised our customer to take his time in reviewing the Promissory Note and Disclosure Statement (“Note”) prior to signing it.  In the Note it states “You agree that in the event we need to contact you to discuss your account or the repayment of your loan, we may telephone you at any number, including any cell phone number provided or obtained, and that we may leave an autodialed or prerecorded message or use other technology to make that contact or to communicate to you the status of your account. You may cancel this consent by providing us with notice.” By signing the Note, our customer certified that he understood the terms and conditions of his loan and agreed to be bound by them.   A review of LoanMe’s records show that phone calls made to our customer in the month of June 2016 were professional attempts to secure the first payment our customer had prearranged but failed to pay. It is important to note that LoanMe originated and owns this loan, and hence would not be considered a “debt collector” for it under the Fair Debt Collection Practices Act (“FDCPA”).  Nonetheless, calls LoanMe places to delinquent customers adhere to the FDCPA, and are never intended to be anything other than a professional effort to collect a debt.   While LoanMe has attempted to contact our customer to secure a payment arrangement, many of those calls went unanswered. Our objective was to have a meaningful conversation to assist our customer. As of the date of this response our customer has not made any payments towards his loan, and it is past due for the June 2016 payment.   Our customer states in his complaint that he notified LoanMe regarding harassing calls at his place of employment. This is simply untrue.   A review of LoanMe’s records show that the customer has made no verbal or written communication to LoanMe since our customer received the loan.   Our customer also states he recently filed for Chapter 7 Bankruptcy, as of the date of this response, LoanMe has not received notification of our customer’s Chapter 7 Bankruptcy.   Upon receipt of this complaint, we have ceased all phone calls to our customer and to our customer’s place of employment, and we have taken additional steps to ensure that only communication in writing takes place regarding matters pertaining to his loan.   We thank you for this opportunity to respond, and hope that we have helped to clarify the matter for our customer.  If our customer has additional questions or concerns, he may contact LoanMe directly at [redacted].

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]

LoanMe, Inc. (“LoanMe”) has investigated the Customer’s complaint and has found that it acted properly at all times. On May 30, 2015, the Customer contacted LoanMe and requested to cancel her payment that was scheduled for May 1, 2015. As stated in her Promissory Note, the Customer has the right to...

cancel the EFT authorization by providing LoanMe with written notice of such an election via fax or email three business days in advance of any scheduled payment. Due to the short notice, LoanMe was unable to cancel the payment for May 1, 2015. As such, knowing that the payment would not clear her bank account the Customer scheduled a new payment for May 6, 2015 to cover her May payment.However, the Customers May 1, 2015 payment cleared her bank account on May 5, 2015. The second payment that was previously scheduled for May 6, 2015, had already been submitted. The payment that was scheduled for May 6, 2015 was returned from the Customers bank as “Stop Payment”. As such, the customer was charged a $15.00 fee for having the payment returned on May 8, 2015. As a courtesy and in an effort to resolve this complaint, LoanMe waived the $15.00 fee that was charged on the Customer’s account. Our records indicate that the Customer’s account is current and the payoff amount as of May 18, 2015 is $160.14. The Customer may contact LoanMe directly at [redacted] if she has any other questions.

LoanMe, Inc. (“LoanMe”) is in receipt of the above reference complaint, and we welcome this opportunity to respond to help clarify and resolve the matter. Please allow this to serve as our formal response.   Our records indicate that on July 17, 2016, our customer entered into an agreement...

with LoanMe for an unsecured installment loan, which was funded on July 18, 2016 in the amount of $5,400.00 minus a $275.00 origination fee. During the application process, a loan agent reviewed the terms of the loan with our customer, including the interest rate, the Annual Percentage Rate (“APR”), the monthly payment amount, and the finance charge. It was explained to our customer that the interest on the loan accrues daily and that she would only pay interest on the amount she owed, for as long as she had the loan. The agent also explained that the customer could make additional payments to reduce the overall interest on the loan because there is no prepayment penalty.   In compliance with the Truth in Lending Act (“TILA”), the Promissory Note and Disclosure Statement (“Note”) properly displayed the loan terms and provided the required disclosures, including the interest rate, the APR, the Finance Charge, the origination fee, and the repayment schedule of 85 months. Importantly, the Note stated that interest is calculated on a 360/360 simple interest basis, but indicated that the loan could be paid in part or full at any time without incurring a prepayment penalty. In addition, the borrower would be responsible for the sum of $5,400.00, together with any accrued interest, and outstanding charges or late fees, until the full amount of the Note is paid. By signing the Note, the customer certified that she understood and agreed to be bound by its terms.   For clarification, the payoff amount did not increase from $5,398.00 to $5,990.00. After a careful review of our records and telephone conversations (all of which are recorded), we have determined that at no time did LoanMe indicate to the customer that the payoff amount was $5,398.00. There was no discussion between the customer and LoanMe on January 6, 2017, so we are not sure where our customer obtained that amount. It is possible that the customer is referring to her principal balance, which would have been $5398.98 on that date.   During a conversation on January 7, 2017 our agent explained to the customer that the payoff amount owed was based on the application of the customer’s previous payments to principal and interest, and the that interest accrues daily against the principal balance.  It appears the customer misunderstood the annual interest rate as being the daily interest rate on the loan, which is not correct. Consistent with her contract, interest is calculated by dividing the annual interest rate by 360, and then by applying that daily rate to the outstanding principal balance on a daily basis to determine the amount of interest owed. Please note that the amount our customer paid toward her loan did not payoff the loan in full, and there is a balance that remains outstanding.   In closing, we would like to thank you for this opportunity to respond, and hope that we have helped to clarify the matter for our customer regarding the statements made in her complaint. If our customer has additional questions or concerns, she may contact LoanMe directly at 844-764-7368. Tell us why here...

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.They said I did the application online. I called in the application and spoke to a [redacted].If they pull the phone records, they will hear that halfway through the application via phone, I told [redacted] that I did not wish to proceed with the application and to close it. [redacted] gave me a bit of an attitude saying then "why did you waste our time" and we ended the call. 
Regards,
[redacted]

According to our records, Mr. [redacted] contacted LoanMe, Inc. (“LoanMe”) on September 22, 2014 and advised a LoanMe loan agent that he was interested in obtaining a loan.  After reviewing the various loan products available to him, Mr. [redacted] gave his permission for LoanMe to run his...

credit.  Per applicable laws and regulations, a credit inquiry is generated when a consumer gives a creditor express consent to run his or her credit, which is the case here. 
Mr. [redacted] later decided the he did not want to move forward with the application process and cancelled the loan. LoanMe properly cancelled Mr. [redacted]’s loan application and noted the reason for cancellation as “cancelled by the applicant”.  Per applicable laws and regulations, a notice of Adverse Action was sent properly to Mr. [redacted] confirming that credit was not issued in this case.  This Adverse Action letter is a standard template letter sent out in compliance with applicable law.  No other information is reported to the credit reporting agencies following the initial credit inquiry, unless a loan is approved and funded – which is not the case in Mr. [redacted]’s instance.  As such, there is nothing to be removed from Mr. [redacted]’s credit report.  The original credit inquiry was generated properly, per applicable laws, and will remain according to the proper timeframe as outlined by the Fair Credit Reporting Act (FCRA).  No other information was reported or shared with the credit reporting agencies.
LoanMe thanks you for the opportunity to respond. If Mr. [redacted] has any questions or additional concerns, he may contact a LoanMe Customer Concerns representative at (844) 764-7368 for assistance.

Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below. To whom it may concern, LoanMe stated: "Our records reflect that the consumer was pre-screened in November of 2015 and received a pre-approval letter shortly thereafter." Answer: The fact is that this letter was received on or around January 6th 2016. The letter indicates No print or ship date, however it does indicate: Offer Expires February 14, 2016.  or has provided absolutely no facts that shows this letter was sent out in November, and as usual is incorrect, because I received the letter at the beginning of January.  LoanMe Stated: " On January 11, 2016, a LoanMe representative contacted the applicant to advise him that his loan application was declined because he was no longer qualified under LoanMe’s underwriting criteria based on his current credit history information." Answer: The letter had stated : "...you received this offer because you satisfied certain criteria of creditworthiness LoanMe, used to screen persons for this offer."  That response is false and misleading, because LoanMe has provided no information to what changed, in a response to declining it, and I believe nothing has changed in my credit report, they're providing incorrect and false information about this situation. I base this also on my conversation with [redacted] on January 11th- Senior Loan Agent of LoanMe -stating that I was declined due to my Income not Credit Score.  LoanMe is also dishonest and misleading claiming the credit score was the reason, because on the back of the TERMS and CONDITIONS, it shows an example of: "A consumer in California with a 560 FICO who meets income and other credit requirements, could receive a loan for $10,600 with an interest rate of 95% and origination fee of $500 for an APR of 99.75%" Yet my credit score provided and attached is 577, and I'm denied a loan. This leads me to believe they're denying a loan due to other reasons which may be discriminatory, because my credit score is up to par with the example given, and I have a steady and better than average income.LoanMe stated: "  “credit may not be extended if after you respond to this offer, you no longer meet the selection criteria”.  In this instance, from the time the applicant was pre-screened in November to the time he applied on January 8, 2016, his credit had changed, such that he no longer met the criteria required to qualify for a loan."Answer: Attached to this email you will find my Credit score which has not changed at all during the month of January that shows: 577. On January 8th, I received an email from LoanMe that stated that my Credit Score was 538. This is incorrect again and when I presented this fact to [redacted] on an email, he declined to comment and gave other reasons why the loan was declined. Phone calls are recorded by them, I'd ask that LoanMe, provides records of all 3 call backs from [redacted],  to Revdex.com, as a proof that information I was given from him for the decline was different and other than the credit score. This is a deliberate attempt to avoid their "false advertising consequences. "LoanMe stated: " This was clearly and truthfully stated in the letter the consumer received.  A “pre-approval” is not a final approval of the loan.  Rather, it is a preliminary evaluation of potential applicants, and a stage in the application process prior to final approval.Answer: Attached to this email is a copy of the letter. No where in this letter does it say: "A pre-approval is not a final approval of the loan" or anything like "It is a preliminary evaluation of potential applicants, and a stage in the application process prior to final approval"  LoanMe is stating that "this is clearly and truthfully stated in the letter the consumer received."  This is a lie and I ask that LoanMe to provide evidence and facts about what they're claiming, otherwise I ask that Revdex.com finds them dishonest, with questionable business practices. And I also ask the Revdex.com to render any penalties that may result as an outcome of this investigation, and unsubstantiated claims made by LoanMe.In Closing LoanMe has provided false and misleading information on their reply. They've also lied about the terms and conditions on this letter, to make it sound more favorable to them. This letter does NOT state: " This was clearly and truthfully stated in the letter the consumer received.  A “pre-approval” is not a final approval of the loan. Rather, it is a preliminary evaluation of potential applicants, and a stage in the application process prior to final approval." To the contrary, this letter states: "information from your consumer credit report was used in connection with this offer and you received this offer because you satisfied certain criteria of creditworthiness, used to screen persons for this offer" This letter leads to believe that as long as long as one meets the Income and minimum age requirements, one is approved for the minimum, and based on credit score,  it could go up to $10,600.LoanMe has provided a contradicting credit score.  They've not been truthful as what was said to me by [redacted] during the phone conversations on January 11th. They've also not told the truth because this letter was received in January, and they have provided no facts stating what changed on my Credit Score. I ask that this is investigated further and Revdex.com, lowers their Revdex.com rating, for being Untruthful, dishonest and false advertising.Regards,[redacted]

LoanMe
Revdex.com complaint –(Complaint ID:[redacted]):We
have reviewed the consumer’s response and have further investigated the issue.
We provide this additional information in hopes that it will be helpful in
better clarifying the matter for the consumer.  As
previously stated in our prior response, we take matters such as identity-theft
seriously, and we have established prudent procedures to assist victims of
identity theft who reasonably believe that their information was used
fraudulently to obtain a LoanMe product. When
this consumer initially called LoanMe, he advised that he was a victim of
identity theft.  The consumer provided his information, and we were unable
to locate the consumer in either our application processing or loan servicing
system(s). This confirmed that there was no application submitted to LoanMe
using the consumer’s information. In
order to investigate the matter further, LoanMe requested that the customer
provide additional information regarding the situation to our Fraud
Investigations department, so that we could assist the consumer with the issue
and concern. As
an additional measure, LoanMe contacted the Credit Reporting Agency (CRA)
regarding the credit inquiry on the consumer’s credit report and was advised
that the inquiry was not an inquiry generated because of any application or due
to any fraudulent activity, but was instead a “soft pull” inquiry that the CRA
provided to LoanMe for marketing purposes. Most
CRA’s provided to consumers with their consumer credit report an explanation
and indicator that distinguishes between soft inquiries provided for marketing
purposes, and other types of inquiries such as those generated in response to
an application for credit. As
confirmed by the CRA, soft inquiries may be performed without a consumer’s
permission, and while a soft pull may appear on a consumer’s credit report,
they have no bearing the consumer’s credit, nor will they affect the consumer’s
credit score. Soft inquiries may not be removed from a consumer’s credit
report. We
also confirmed that the consumer was mailed marketing material regarding
LoanMe’s products, and based on this information it is our belief that a soft
inquiry was provided by the CRA.   As stated we have no evidence of
the consumer’s information being used for an application or loan product.We
have no records that substantiates fraudulent use of the consumer’s
information. In this particular instance, we find that this is not the case, as
no fraud was perpetuated on this consumer regarding the inquiry in
question.  We encourage the consumer to contact the credit reporting
agency to confirm the type of inquiry made by LoanMe if it is not already
indicated on the credit report he received. If
after confirming the above information, the consumer still believes the inquiry
is related to fraudulent activity, he should forward the documentation
requested to LoanMe’s Fraud department, and we will be glad to investigate
further.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
[I said in my initial complaint I was told the rate. My complaint is the rate did not match the offer e-mail.  It's a bait and switch. I was told this higher interest rate after the hard inquiry on my credit, so, I felt I had to go along with it. It is predatory]
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
It appears that we are not able to resolve your error and mistake of placing an erroneous hard inquiry on my credit report by ourselves. Therefore, I will now seek help and file a complaint with the California State Department of Consumer Affairs.
Regards,
[redacted]

LoanMe,
Inc. (“LoanMe”) is in receipt of the above reference complaint, and we welcome
this opportunity to respond to help clarify and resolve the matter. Please
allow this to serve as our formal response.
 
Our
records indicate that our customer obtained an unsecured consumer...

installment
loan on February 29, 2016, which included the funded amount of $3,100.00 minus
a $75.00 origination fee. During the application process, a loan agent reviewed
the terms of the loan with our customer, including the interest rate, the APR,
the monthly payment amount, the origination fee, and the number of payments
required on the loan if paid as scheduled. Our customer agreed to the terms as
explained by the agent and proceeded with the loan application.
 
In compliance with the Truth in Lending
Act (“TILA”), LoanMe’s Promissory Note and Disclosure Statement (“Note”)
properly displayed the loan terms and provided the required disclosures,
including the interest rate, the APR, the Finance Charge, and the repayment
schedule of 47 months. In addition, the terms of the Note disclosed that
interest is calculated on a 360/360 simple interest basis, and that the loan
can be paid in part or full at any time without incurring a prepayment penalty.
The Note she executed also stated that, “THE
LOAN CARRIES A VERY HIGH INTEREST RATE. YOU MAY BE ABLE TO OBTAIN CREDIT UNDER
MORE FAVORABLE TERMS ELSEWHERE. EVEN THOUGH THE TERM OF THE LOAN IS 47 MONTHS,
WE STRONGLY ENCOURAGE YOU TO PAY OFF THE LOAN AS SOON AS POSSIBLE. YOU HAVE THE
RIGHT TO PAY OFF ALL OR ANY PORTION OF THE LOAN AT ANY TIME WITHOUT INCURRING
ANY PENALTY. YOU WILL, HOWEVER, BE REQUIRED TO PAY ANY AND ALL INTEREST THAT
HAS ACCRUED FROM THE FUNDING DATE UNTIL THE PAYOFF DATE.” She then signed the document electronically in compliance with the
Electronic Signatures in Global and National Commerce Act (E-SIGN), indicating
that she read and agreed to be bound by the terms and conditions of the Note.
 
Upon
funding, our customer was provided with a complete amortization schedule as a
part of her loan document process. The payment schedule indicated the amount of
each loan payment that would be allocated to principal and interest if payments
were made only as scheduled. As with most loans, and consistent with the terms
of the Note and the amortization schedule provided to her, payments made
towards the beginning of a loan have a greater portion of the payment allocated
toward interest and less towards principal. Over time, and as the loan is paid
down, a larger portion is allocated to principal until the loan is paid in
full. LoanMe encourages our customers to pay extra amounts toward principal to
pay the loan off earlier than scheduled, and to reduce the overall expense of
the loan compared to when making payments only as scheduled.
 
The terms
were again communicated to her during the Welcome Call on March 2, 2016, after
the loan was funded, and our customer indicated she understood and did not have
any questions or concerns at that time. 
Based on our records, our customer was fully apprised of and agreed to
the loan terms.
 
In
closing, we would like to thank you for the opportunity to respond, and hope
that we have helped to clarify the matter for our customer regarding the
statements she made in her complaint. If our customer has additional questions
or concerns, she may contact LoanMe directly at 844-764-[redacted].

LoanMe,
Inc. (“LoanMe”) is in receipt of the above reference complaint, and we welcome
this opportunity to respond to help clarify and resolve the matter. Please
allow this to serve as our formal response.
 
The
customer did not raise any new points that were not already addressed by LoanMe
in our initial response.  If our customer
has new facts or additional information that was not considered in our initial
response, LoanMe would be happy to review such information. 
 
Please
note that our customer’s loan with LoanMe is a simple interest loan with
interest accruing daily.  The customer
agreed to the terms of the loan and it was encouraged that the customer make
additional payments towards the principal to pay the balance down because there
is no prepayment penalty. Regarding the settlement agreement, LoanMe accepted
an amount that was less than the full amount owed under the contract, and
furthermore allowed the customer to pay the settlement amount over a period of
months. This is not the same and should not be compared to making the full monthly
payments due under the contract that the customer agreed to at the time of
borrowing the loan amount. 
 
The
customer’s account of the payment history on her account is not accurate. Our
records indicate that she had not made a payment since September 2016 at the
point in time the customer entered into the settlement agreement with LoanMe. She
was past due for both the October 1st and November 1st
2016 payments, when only a partial payment of $160.29 was paid on November 28,
2016. The monthly settlement payment
amounts are below the required monthly payments due under the Promissory Note
and they do not cure the delinquent status of the loan, which is being reported
accurately. Once the settlement amount has been paid completely, LoanMe will
forgive the remaining amount of the loan, and the loan will be reported as
“Settled in Full” to the credit-reporting agency. 
 
As
previously mentioned, LoanMe reports to the credit-reporting agency (Experian)
on a rolling 30-day period, and as a result, the customer’s account would be
viewable on an Experian credit report. LoanMe does not report directly to other
credit reporting agencies.
 
We
thank you for this opportunity to respond and if our customer has questions or
would like to submit additional information, she may contact LoanMe directly at
###-###-####.