LoanMe Inc

LoanMe, Inc. (“LoanMe”) is in receipt of the consumer’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 the customer entered into an unsecured...

consumer installment loan on April 4, 2015, which included funded amount of $3,100.00 minus a $75.00 pre-paid finance charge/origination fee.  During the pre-funding conversation, the LoanMe loan agent informed the customer of the interest rate, the loan’s Annual Percentage Rate (“APR”) and the total amount that would be paid on the loan if the loan was kept for the full term of 47 months.  The customer called LoanMe, on July 10, 2015, stating that she was unable to make her scheduled payment of $351.09 in full, which per the terms of the Note was due July 1, 2015.  As a courtesy, LoanMe made an arrangement with the customer to pay $180.00 by the 15th of July and another $180.00 by the 15th of August (rather than the regularly scheduled monthly payment).  The customer would then go back to the regularly scheduled payment of $351.09 for the month of September.  Our customer agreed and honored this arrangement LoanMe received a call from the customer on January 21, 2016, requesting additional assistance with her monthly loan payment.  A LoanMe representative explained to the customer that, based on her current circumstances, her February payment could be deferred to the end of the term of the loan.  In order to do so, the customer was told by our representative that she would have to bring the loan current by making the January 1, 2016 payment and that she would only have until January 31, 2016 to electronically sign and return the Modification Agreement, which could not be sent to her until she made the January payment, bringing the loan into a current status.  The customer paid the scheduled January 1, 2016 payment on January 29, 2016.  On the morning of January 30, 2016, LoanMe emailed the customer the Modification Agreement which needed to be signed electronically and returned via email no later than January 31, 2016 or the offer would become null and void.  The customer called LoanMe on February 1, 2016 and stated that she received the Modification Agreement via email but that she was unable to open it.  The customer stated that she lives in a rural area without internet access and that she has to travel into town to use a computer with internet access.  As such, she was unable to electronically sign and return the agreement by the deadline of January 31, 2016. Due to the customer’s inability to access the internet, LoanMe extended the deadline of the Modification Agreement and sent the customer a revised agreement on February 10, 2016, which the customer electronically signed and returned to LoanMe via email that day.  The loan modification will allow the customer to defer the February 1, 2016 to the end of the term of the 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, she may contact LoanMe directly at [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.
Problem: I was told re-assuringly and repeatedly that all payments I make will not incur a finance charge and also that all payments will go toward the principal balance and not the interest. Well, I just made my first non-regular payment and both conditions were violated.Desired Outcome: 45% interest is still very. very high. I would like to see the interest drop to 20%.
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]

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.
This is the email I received (attached). Where does it say that is was cancelled by customer as you mention???? You obviously continued the process without my permission. Most of what you say is contradicted by the email response I received 15-20 days after. Explain that?!?!After careful review of your loan application, we are sorry to advise you that we cannot grant you a loan at this time. If you would like a statement of specific reasons why your application was denied, please contact the address shown below within 60 days of receiving this letter. We will provide you with a statement of reasons within 30 days after receiving your request.Credit Inquiry Dept.[redacted]
[redacted]
[redacted]
[redacted]The decision not to grant you a loan at this time was based in whole or in part on information contained in your credit report. The following information arises out of such report:Dear [redacted] ,After careful review of your loan application, we are sorry to advise you that we cannot grant you a loan at this time. If you would like a statement of specific reasons why your application was denied, please contact the address shown below within 60 days of receiving this letter. We will provide you with a statement of reasons within 30 days after receiving your request.Credit Inquiry Dept.[redacted]
[redacted]
[redacted]The decision not to grant you a loan at this time was based in whole or in part on information contained in your credit report. The following information arises out of such report:Your credit score 584source: Experian Date:7/24/2017The range of score Scores range from a low of 320 to a high of 844.Generally, the higher your score, the more likely you are to be offered better credit terms.Key Factors thatadverselyaffected your credit score SERIOUS DELINQUENCYPROPORTION OF BALANCE TO HIGH CREDIT ON BANK REVOLVING OR ALL REVOLVING ACCOUNTSTOO FEW ACCOUNTS RATED CURRENTNUMBER OF ACCOUNTS DELINQUENTAs part of the loan application approval process, LoanMe uses information obtained from Experian credit reporting agency. Experian's address and toll-free telephone number are shown below. Experian played no part in our decision and is unable to provide specific reasons why we have denied credit to you. You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at the consumer reporting agency. You have a right to a free copy of your credit report from the reporting agency if you request it no later than 60 days after you receive this notice. In addition, if you find that any information contained in the report you received is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency. You can find out about the information contained in your file (if one was used) by contacting:Experian Credit Information[redacted]
[redacted]
[redacted]
[redacted]Notice: The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is the Federal Trade Commission, Equal Credit Opportunity, [redacted], [redacted], [redacted].Please do not reply directly to this system-generated email. This mailbox is not monitored and you will not receive a response. 
Regards,
[redacted]

LoanMe has reviewed the customer’s response and conducted a further investigation. Our review, has confirmed that the terms of the loan were properly disclosed to the customer.
On July 9, 2015, the customer entered a legally binding contract with LoanMe for a consumer installment loan. In compliance with Truth in Lending Act, LoanMe’s Promissory Note and Disclosure Statement (“Note”), properly displays the terms of the Note and provides full disclosure. In addition, the terms of the Note explicitly state that interest is calculated on a 360/360 simple interest.  Paragraph three on page one of the Note states specifically that “Your payments will be applied first to any outstanding charges or late fees, then to earned interest and finally to principal….”.  In reviewing the payment history of the loan, the current balance is accurate and is consistent with the terms set forth in the Note and the customer’s payments have been properly applied.All customers have the opportunity to print their Note upon completion of the loan process.  In order to complete the loan process, the customer must check the box signifying that they have read and understand the terms and conditions of the Note thereby, agreeing to be bound by its terms. In addition, the customer signed the Note via electronic signature, which is a valid electronic signature under the Electronic Signatures in Global and National Commerce Act (E-SIGN) and other applicable laws and regulations. Prior to funding LoanMe representatives explain the terms of the loan to all customers, and our records indicate that this was the case with this customer. After a loan is funded, LoanMe conducts Welcome Calls with its customers, once again to ensure that new customers understand the loan. In this instance, a Welcome Call was conducted with the customer on July 10, 2015. LoanMe makes every effort to ensure that the applicants and existing customers understand our loan terms and firmly believe that the customer was apprised of all terms of the contract. LoanMe has made no attempts to mislead the customer regarding the interest rate, as it disclosed the terms to this customer in a variety of ways. We thank you for this opportunity to respond. LoanMe values its customers and take great pride in ensuring that all our customers concerns are properly addressed.

LoanMe Revdex.com Complaint – [redacted] (Complaint ID: [redacted]): LoanMe, Inc. (“LoanMe”) is in receipt of the consumer’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...

offers a wide variety of convenient payment options for its customers, which includes paying by personal check, money orders, [redacted], ACH withdrawals / Electronic Funds Transfer (EFT) payments, and walk-in cash payments at our corporate office in Anaheim, California.  As an additional courtesy to its customers, LoanMe accepts [redacted] credit card payments, as well as [redacted] and [redacted] debit card payments. Our records indicate that our customer applied for a loan, which was approved in the amount of $10,600 on April 28, 2015.  During the pre-funding conversation, the LoanMe loan agent informed our customer of the interest rate, the APR, and the total amount that would be paid on the loan if she kept the loan for the full term of 84 months. In addition, the terms of the customer’s loan were also disclosed to her in accordance with the Truth in Lending Act (TILA) prior to her signing the Promissory Note and Disclosure Statement (the “Note”). By signing the Note, she indicated that she understood and agreed to be bound to the terms and conditions of the Note. When our customer’s loan funded, and as indicated in the Note she signed, she elected to set-up her monthly payments via ACH withdrawals.  There is nothing in the customer’s Note or other loan documents stating specifically that credit cards would be accepted as a method of payment. On January 5, 2016 our customer attempted to pay off her loan on the LoanMe website with a [redacted] credit card.  While, as indicated above, LoanMe accepts [redacted] credit card payments and [redacted] and [redacted] debit card payments, it does not accept [redacted] credit card payments. The payment website did not indicate the distinction between credit cards and debit cards next to the selections for [redacted] and [redacted], which we understand was confusing to this customer when her payment was not accepted. LoanMe’s website payment options were set-up as a convenience to our customers.  We want paying on-line to be a seamless experience, and we appreciate the fact that we now know that our options were not as clear as they could have been.  As such, we have implemented a change to our website, effective January 16, 2016, that is more user-friendly and now makes a more clear and specific distinction between credit cards and debit cards. The lack of ability to accept [redacted] credit cards is not at LoanMe’s choice, as we would very much like to be able to offer our customers with another additional convenient method of payment. Rather it is our relationship and agreement with [redacted] that does not allow us to accept [redacted] credit cards.  The relationship with [redacted] does not allow a LoanMe loan to be paid with a [redacted] credit card, as paying a debt with a debt is a higher risk transaction. Since the ability does not exist for LoanMe to accept a [redacted] credit card payment directly, we suggested that our customer try to obtain a convenience check from her credit card company but the customer did not want to consider this option. 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].

The Customer made uninformed, erroneous and defamatory statements in his complaint.   Loan Me, Inc. (“LoanMe”) is an active company with a valid California Department of Business Oversight Finance Lenders License and has a NMLS number.  Further, contrary to the Customers allegations,...

LoanMe changed its name after obtaining its license in California and LoanMe was awaiting approval of license applications in certain states that require NMLS registration while license applications are being processed. In regards to the customer’s application, our records indicate that the Customer submitted an online application with LoanMe on July 24, 2015.  After careful review of all calls, it appears that the Customer contacted LoanMe on July 24, 2015 but his assigned loan agent was no longer in the office. The Customer was provided with the agent’s direct number. It has been confirmed that the Customer did speak to the loan agent assigned to his application.   However, the Customer later decided he did not want to move forward with the application process and cancelled the loan. LoanMe properly cancelled the Customers 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 to the Customer.   If the Customer has any questions or additional concerns, he may contact LoanMe at [redacted] for assistance.

LoanMe, Inc. (“LoanMe”) has investigated the Customer’s complaint and apologizes for any inconvenience this may have caused.  After carefully reviewing the Customer’s account, we have found that the Customers loan reflected a payment reversal in error. We sincerely apologize for...

this.    The payment that we received from the Customer on October 1, 2015 was treated as an e-check payment, which takes longer to receive confirmation from the bank that the payment has cleared. The payment was applied to her account and her account is current. The Customer received the calls because her account reflected the payment reversal in error.  However, please be advised that we have ceased all calls to the Customer as of October 12, 2015. Also, LoanMe has waived the NSF fee that was applied to her account on October 2, 2015.  As such, our records indicate that the Customer’s account is current. The payoff amount as of October 16, 2015 is $3,265.57. If the Customer has any other questions she may contact LoanMe directly at [redacted].

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 March 2, 2015, in the amount of $10,600.00. This amount includes the loan amount of $10,100 net...

the Prepaid Finance Charge/Origination Fee of $500.00. The Note clearly notes at the top in the TILA disclosures an Annual Percentage Rate of 99.75% and a Total Finance Charge of $71,484.12. 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 the loan agreement with LoanMe, the Customer was directed to read the Note in its entirety. After the Customer had reviewed the Note she electronically signed or initialed the Note in multiple locations. The fourth of the signatures represents and confirms that the Customer had read and understood the terms and conditions of the Note.  As part of our business practice LoanMe records when and where the borrower signs the Note. According to our records, the Customer signed the Note on February 27, 2015, via electronic signature. This Note, in its original format, is an electronic document fully compliant with the Electronic Signatures in Global and National Commerce Act (E-SIGN) and other applicable laws and regulations.  LoanMe also emailed a copy of the Note on March 2, 2015, to the Customer at the email address provided by him. In addition, after funding, LoanMe called the Customer on March 5, 2015, where a representative went over the terms of the loan with him, including the interest and repayment schedule. The Customer did not raise any concerns about the terms or repayment of the loan at that time. Please be advised that the statute cited by the customer does not apply to loans of more than $10,000 like the one at issue here.  Under Arizona law, loans in excess of $10,000 carry no interest cap as long as the contract is in writing – as was the case here. . Ariz. Rev. Stat. § 44-1201.   Our records indicate that the Customer has not made any payments on this account and is two months in arrears.  The payoff amount as of May 11, 2015 is $12,588.03. The Customer may contact LoanMe directly at [redacted] if he has any further questions.

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 May 4, 2015, in the amount of $10,600.00. This amount includes the loan amount of $10,100 net the...

Prepaid Finance Charge/Origination Fee of $500.00. The Note clearly notes at the top in the TILA disclosures an Annual Percentage Rate of 99.75% and a Total Finance Charge of $71,428.17. 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 the loan agreement with LoanMe, the Customer was directed to read the Note in its entirety. After the Customer had reviewed the Note he electronically signed or initialed the Note in multiple locations. The fourth of the signatures represents and confirms that the Customer had read and understood the terms and conditions of the Note.  As part of our business practice LoanMe records when and where the borrower signs the Note. According to our records, the Customer signed the Note on May 1, 2015, via electronic signature. This Note, in its original format, is an electronic document fully compliant with the Electronic Signatures in Global and National Commerce Act (E-SIGN) and other applicable laws and regulations.  LoanMe also emailed a copy of the Note on May 4, 2015, to the Customer at the email address provided by him. In addition, after funding, LoanMe called the Customer on May 4, 2015, where a representative went over the terms of the loan with him, including the interest and repayment schedule. The Customer did not raise any concerns about the terms or repayment of the loan at that time. Please be advised, on July 25, 2015, the Customer contacted LoanMe and requested assistance on his account. The customer requested to have his interest rate reduced, LoanMe confirmed that all of the terms of the loan were prominently disclosed to the customer before the loan funded and that the customer had expressly agreed to those terms.  Nonetheless, strictly as a courtesy, LoanMe will reduce the Customers interest rate to 45% and offer him a one month deferment.  The Customers new monthly payment will commence on October 1, 2015 and the new payment amount will be $417.03. Please have the Customer contact LoanMe at [redacted] to discuss payment arrangements.

As previously stated, the loan agent went over the terms with the Customer. Also, the Customer was directed to read the Note in its entirety. After the Customer had reviewed the Note he electronically signed or initialed the Note in multiple locations. The fourth of the signatures represents and confirms that the Customer had read and understood the terms and conditions of the Note. If the Customer has any further questions, please have him contact LoanMe’s [redacted].

LoanMe, Inc. (“LoanMe”) is in receipt of our consumer’s follow-up complaint, and we welcome the opportunity to help further clarify the matter. Please allow this to serve as our response.   The customer is raising points that were already addressed 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. As LoanMe previously stated in our last response, we have reviewed the complaint as well as our own records, including telephone conversations that took place between the customer and LoanMe representatives, all of which are recorded. Based on our research of the recorded calls we have determined that a conversation concerning credit card payments did not take place prior to the customer obtaining her loan. During a call on January 17, 2016 at approximately 10:02 a.m., our customer provided her information and submitted an application for credit. There was no discussion regarding credit card payments that took place during the call. At the end of the call the loan agent explained to the customer that she would receive a call the following day to review the Promissory Note and Disclosure Statement (“Note”). The next call took place January 18, 2016 at approximately 8:33 a.m. to review the Note with our customer. During the call we informed our customer of the interest rate, Annual Percentage Rate (“APR”), payments, the total Finance Charge, and the payment amount and scheduled due dates. Our customer agreed to the terms, and indicated that she did not have any questions or concerns. During this call there was no discussion regarding credit card payments. On January 21, 2016, at approximately 4:21 p.m., after the loan was funded, we conducted a “welcome call” with our customer, during which we again discussed the terms of her loan and payment due dates. Our customer indicated she understood, and that she did not have any questions or concerns at that time. At no time during her application for the loan, prior to funding, or immediately after receiving the funds was there a discussion about credit card payments as stated in our customer’s complaint. The terms of the loan have remained the same, contrary to the statements by our customer. Nowhere in the Note that our customer signed did it indicate that payments could be made via a credit card during the life of the loan. Furthermore, the Note included our customer’s election to have the monthly payments debited from her bank account via ACH drafts each month. By signing the note, our customer certified that she understood and agreed to be bound by its terms. Unfortunately, LoanMe can no longer process credit card payments directly. However, in our previous response we explained that she could potentially still use her credit card to pay her loan. If our customer wishes, we suggest that she contact her credit card company directly to discuss the possibility of using a convenience check or cash advance. Additionally, LoanMe offers various payment options that our customer may still utilize, including [redacted] which may accept payment via credit card online and at many of its locations. If our customer is interested in pursuing this, she is encouraged to contact [redacted] directly to research this option. Upon a complete review of the complaint and our records of the matter, we found that LoanMe has been forthright in our business practices. If our customer has additional questions or concerns, she may contact LoanMe directly at [redacted]. 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. LoanMe

LoanMe, Inc. (“LoanMe”) is in receipt of the consumer’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 the customer entered...

into an unsecured consumer installment loan on April 22, 2015, which included the funded amount of $3,100.00 minus a $75.00 pre-paid finance charge/origination fee.  During the pre-funding conversation, the LoanMe loan agent informed the customer of the, the loan’s Annual Percentage Rate (“APR”) and that the loan does not have a pre-payment penalty and the total amount that would be paid on the loan if the loan was kept for the full term of 47 months.  Again, during the ‘welcome call’ after the loan was funded, the representative went over the interest rate, the Annual Percentage Rate (“APR”) and that the loan does not have a pre-payment penalty.
 
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, the pre-paid finance charge/origination fee amount, and the repayment schedule of 47 months. In addition, the terms of the Note stated that interest is calculated on a 360/360 simple interest basis, and the Note indicated that the loan can be paid in part or full at any time without incurring a prepayment penalty. The loan agent encouraged our customer to read the Note in its entirety before signing. .  The Note our customer executed also stated that, “THIS 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 STRONGTLY 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.”  By signing the Note, our customer certified that she understood and agreed to be bound by its terms. Our customer then signed the document electronically in compliance with the Electronic Signatures in Global and National Commerce Act (E-SIGN), indicating that he read and agreed to the terms and conditions of the Note.
 
The customer raises a concern regarding how his loan could have a higher balance 15 months after it funded than the amount that was initially borrowed.  The reason for this is because a payoff amount is comprised not only of the principal amount owed, but also any interest that had accumulated on the loan. Because during the first few weeks of the loan the principal had not been paid down and accumulated interest was due (calculated on a daily basis as indicated above), the payoff balance would be higher than the original loan amount of $3,100.00.
 
As with most loans, and consistent with the terms of the Note and the amortization schedule provided to the customer, 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 gets allocated to principal until the loan is paid in full. The LoanMe representative informed the customer in the pre-funding telephone call that the loan has no prepayment penalty.  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.
 
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 the 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.
 
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. 
 
As
mentioned previously, documents are signed electronically in compliance with
the Electronic Signatures in Global and National commerce Act (E-SIGN). As
documents are signed electronically, there are no
physical signatures and information is recorded digitally.
 
When our
customer applied for the loan, he was provided with and the following
disclosure, and he indicated his agreement by selecting “I Agree” and
proceeding with the application process:
 
“To apply for and obtain a loan from LoanMe, Inc., you
must agree to receive all disclosures, notices, terms and conditions, and other
related documents and all changes to the disclosures, notices, and other
documents electronically”.
 
Additionally, the promissory note that he
signed electronically indicated the following disclosures:
 
“This Note is in original format an electronic
document fully compliant with the Electronic Signatures in Global and National
Commerce Act (E-SIGN) and other applicable laws and regulations, and that the
one, true original Note is retained electronically by us. All other versions
hereof, whether electronic or in tangible format, constitute facsimiles or
reproductions only.”
 
“YOU HAVE READ ALL OF THE TERMS AND
CONDITIONS OF THIS PROMISSORY NOTE AND DISCLOSURE STATEMENT AND AGREE TO BE
BOUND BY ITS TERMS. YOU UNDERSTAND AND AGREE THAT YOUR EXECUTION OF THIS NOTE
SHALL HAVE THE SAME LEGAL FORCE AND EFFECT AS A PAPER CONTRACT.”         
 
We also confirmed that a loan agent did in
fact discuss the above disclosure and indicate the following during the signing
call that took place on March 12, 2017:
 
Loan Agent: “The last one
says you understand the terms of this agreement, and that this is a legal
document just like you are signing with a pen and paper.”
 
Customer: “Okay.”
 
During the same call, the loan agent then
provided our customer with further instruction on how to accept the loan, and advised
once again that by doing so he was providing his electronic signature.
 
We
thank you for this opportunity to respond, and if our customer would like to listen
to the recorded call, he may contact LoanMe directly and we will be glad to
play for the call for him. LoanMe may be reached at 844-764-7368

LoanMe, Inc. (“LoanMe”) is in
receipt of the 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.
 
A review of our records indicates
that the consumer submitted an...

online application with LoanMe on July 24, 2017.  The original credit application that the consumer
completed when applying for his loan with LoanMe clearly contains the following
Credit Agreement, which he accepted when applying for his loan.
 
Credit Agreement: You understand that by clicking on the I AGREE button
immediately following this notice, you are providing 'written instructions',
under the Fair Credit Reporting Act authorizing us, to obtain information from
your personal credit profile or other information from Experian.
 
LoanMe only runs credit reports on applicants who give their
express permission to do so during the process of applying for a loan.  The applicant had submitted an online
application but then stated he no longer needed the loan, and as a result,
LoanMe denied the application.  No credit
was extended by LoanMe based on the application that was submitted; however,
the credit inquiry is valid and reported accurately because the consumer submitted
the application and provided his authorization to access the report.
 
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 he made in his complaint. If our customer has
additional questions or concerns, he may
contact LoanMe directly at [redacted].

LoanMe, Inc. (“LoanMe”) is in receipt of
the 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.
 
Initially,
please note that LoanMe does not engage in predatory lending...

as stated in the complaint.  The terms of our customer’s unsecured
consumer installment loan were well disclosed, including the interest rate and
Annual Percentage Rate (APR), and it was made in accordance with LoanMe’s
Finance Lender License issued by the State of California Department of Business
Oversight (License #[redacted]).
 
Our records
indicate that our customer obtained an unsecured consumer installment loan on
July 8, 2016, which included the funded amount of $10,600.00 minus a $500.00
origination fee.  During the loan
origination process, a loan agent reviewed the terms of the loan with our
customer verbally, 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. During the conversation, our customer stated that she
thought the loan would be at a lower interest rate. The loan agent again
confirmed the terms of the loan that the customer was qualified for, and the
customer acknowledged the terms and agreed to proceed with obtaining the loan. In
addition, the loan agent also explained to our customer multiple times she
could reduce the overall interest paid on the loan by paying the loan off
sooner than scheduled, because there is no prepayment penalty.
 
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 86 months. In addition, the terms of the Note disclosed that
interest is calculated on a 360/360 simple interest basis, the origination fee
amount, 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 86 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 also received
a settlement email that included a copy of the Promissory Note and loan terms,
as well as a full amortization schedule indicating the allocation of payments
to principal and interest. The payment schedule indicated the amount of each
loan payment that would be allocated to principal and interest if loan payments
were made only as scheduled.  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.
 
After a careful review of our records and
of the statements made by our customer, LoanMe has determined that our customer
was fully aware of the terms prior to signing the agreement.  LoanMe takes pride in ensuring that the loan
products offered meet the needs of our customers, and that the terms of each
loan offered is open, fair, and transparently disclosed.
 
In addition, our records indicate that
her loan was paid in full on July 11, 2017. The loan currently reflects a “Paid
Off” status, and no further amount of principal or interest is owed on the
loan.  Because the loan was over-paid by
$200.76, a refund check in that amount has been issued to the customer.
 
In closing, we would like to thank our
customer for this opportunity to respond, and hope that we have helped to
clarify the matter regarding the statements made in her complaint.  If our customer has additional questions, she
may contact LoanMe directly at 844-764-7368.

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.
As stated in several other messages, this company's representative gave false information to me. I would have never taken this loan out if I knew up front that it was going to take 10- 11 months to pay off. I questioned it over and over that if I pay "$6000.00" back how long would it take for me to pay it off. The representative told me 4-5 months.  I was also pushed in taking out this big loan, while I only request $3000.00.  
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.Not right to flag i'm delinquent for the month of July after I paid the $5,400 on July 6, 2017.  My agreement to [redacted] the one who is handling my account I will pay what I owed after one year paying the interest and he and his manager agreed and according to him my account is fully paid after all the payment is all cleared and he will send me a letter after 7 days that my account is fully paid not mentioned "Settled in full "and he gave me a confirmation # that was mentioned to my original complaint and he even mentioned that our conversation is recorded.  They did  not offer the settlement I asked if I can pay the balance and according to [redacted] is around $6,000 I asked if I can pay what the original amount I borrowed on June 2016 which is $5,400 and they agreed.  If i'm delinquent in the month of June 2017 which is what they are saying, they should put June not July.  Also, on July 12, 2017 I received an alert from the [redacted] that LoanMe pull an inquiry to my credit without my permission and I do not apply for any new loan and new business with Loanme.  I called [redacted] and talked the dispute dept. I told the I do not know anything about the inquiry from Loanme I do not apply for new loan and in fact my loan was paid in full.  They advise me to call Loanme and ask they need to remove ASAP the inquiry from my file they are violating the Fair Credit Reporting ACT for pulling an inquiry from the credit report without my permission and no transaction to them. On 7/12/17 at 12:27 PM I called Loanme and the customer service told me they will report to their "Concern Dept" and it takes 24 to 48 hours to get an answer.  Next day, July 13, 2017  i received a call from Vanessa from their Concern Dept.  She told me that they made a mistake for pulling an inquiry from my credit report and she even mentioned they already sent a letter to [redacted] to remove the inquiry and it will takes 3 business day.  Also I told her that my account is fully paid and she checked and told it was Settled in Full and I told her my agreement to "[redacted]" I will pay $5,400 and my account is fully paid and that was his promise, he did say Settled in Full.  Vanessa said she will call me back or somebody from their dept will call to find out the agreement.  Our conversation and agreement on July 6, 2017 according to [redacted] is recorded and he actually gave the confirmation # that my account is fully paid after all payment is cleared.  I do not why they giving me a hard time after I paid my account because I cannot pay anymore interest.  In good faith I paid the account and the original amount I borrowed after a year of paying the interest.  Loanme should remove the inquiry from the report "as soon as possible" and report the accurate information.  They are violating the FCRA for pulling inquiry without permission or new business with them.  Also reporting wrong information.  If they cannot resolve or fix their mistake  i will file a complaint from FTC.  
 
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.
["The applicant signed the document electronically, after being notified by the agent it was the same as signing in pen and paper."  This is untrue.  An agent never notified me that an electronic signature is the same as signing in pen and paper.  I did not sign any document with my signature in my own handwriting.  This is the primary evidence/document necessary under the FCRA.  Therefore, this entry on my credit report is in violation of FCRA.]
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.
[redacted] concluded there investigation and reviewed the documents I presented. This company continues to pursue taking thousands of dollars unauthorized from my account. Even after I changed checking accounts at the request of my banker. I am not in default and they payments they are pursuing are over and above the agreed amount of $433.00 a month. It appears, they are applying the 204% interest on a monthly basis. Aga
in, I have been a homeowner for 58 years and this company may cause me at 79 years old to file bankruptcy. They target the vulnerable, poor and senior populations knowing these accounts can never be paid back at those rates. They should not be members of the Revdex.com, and I believe there are more individuals like myself who need to be aware of there practices.