LoanMe Inc

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.
 
Our
records indicate that the customer agreed to an unsecured consumer...

installment
loan on March 13, 2015, which included the funded amount of $3,100.00 minus a
$75.00 origination fee.
 
Based
on our research of the complaint, we reviewed the original application, as a
part of the investigation, as well as our records and telephone conversations, all
of which are recorded. We have confirmed that our customer provided sufficient
identification information to confirm that he was the applicant that applied
for and obtained a loan from LoanMe. LoanMe uses a third-party bank account
verification system, and we have confirmed that the funds that were deposited were
put into an account that is owned and controlled by our customer. In addition, the
applicant provided a voided check which matches the same account number, along
with a copy of his state issued identification card, as well as a utility bill
in the applicant’s name.
Each approved applicant in this program is also required to sign a Promissory
Note and Disclosure Statement, prior to funding. The applicant signed the
document electronically, after being notified by the agent it was the same as
signing in pen and paper, in compliance with the Electronic Signatures in
Global and National commerce Act (E-SIGN).
 
LoanMe
reports to the credit-reporting agency (Experian) on a rolling 30-day period,
and as a result, the customer’s account would only be viewable on an Experian
credit report. It is the policy of LoanMe to ensure that all information
provided to the credit reporting agencies is accurate and free of errors. It is
also the policy of LoanMe to promptly respond to any inquiries regarding the
accuracy of credit reporting promptly and in accordance with the Fair Credit
Reporting Act (“FCRA”).  If this customer
asserts that the loan was obtained through fraudulent means, he should file a
police report with the appropriate local law enforcement agency, and he should
provide a copy of the filed police report to the company.
 
On
September 6, 2017, LoanMe sent out a Verification of Debt to the customer’s
address.
 
Please
be advised that LoanMe no longer services this loan. The customer’s payment
became more than 120 days past due, and the loan was charged off on October 31,
2015, as a result. The loan was then sold to [redacted] Corporation, on November 5,
2015.
 
Upon
receipt of this complaint, LoanMe has forwarded our customer’s concerns to Sunlan
Corporation for their review. Any further questions or concerns regarding the
loan should be referred to [redacted] Corporation and they may be contacted
directly at 888-566-[redacted], or at the following address:
 
Sunlan
Corporation
8502
E. Chapman Avenue
Orange,
CA  92869
 
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.

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 consumer applied for a loan with...

LoanMe once in March 2016 and again in April 2016. A review of the March 2016 records revealed that LoanMe’s loan agent mistakenly advised the consumer that when LoanMe runs an applicant’s credit during the application process, it is a “soft” credit pull. However, a review of the April 2016 records revealed that LoanMe properly advised the customer that the credit run performed by LoanMe would be a “hard” pull (resulting in an inquiry).   It is LoanMe’s business practice to only run credit reports on applicants who have given their express permission to do so during the application process. If the customer declines to have their credit reports run by LoanMe, the application will not proceed any further and will be denied. The consumer provided consent to check her credit in both occurrences.   LoanMe advertises and offers loans to consumers within a wide range of credit histories and credit risk profiles, and as a result the interest rates and APR’s for our loan products vary widely.  Our internet website accurately reflects the interest rates and APR’s for the products we offer.   In reviewing this complaint, LoanMe recognized the error and have since taken steps to remedy the situation.  As a courtesy, on May 16, 2016, LoanMe submitted a request for both credit inquiries to be removed from the consumer’s credit report, this may take up to 30 days to be reflected on the consumer’s credit report. Please allow our response to serve as a written notification to our consumer.   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 [redacted]

LoanMe, Inc. (“LoanMe”) is in receipt of our customer’s complaint filed on January 21, 2016, and we have reviewed our records including telephone calls (all of which are recorded).  We hope the information provided in our response helps to resolve and clarify the issues raised in the...

complaint. The customer indicated in her complaint that her issues were related to billing and collections. It is important to note that the consumer entered an unsecured consumer installment loan on May 8, 2015.  Our records reflect that the customer’s scheduled payment was due on January 1, 2016 per the terms of her contract.  Our customer scheduled the payment draft for the payment due on January 1st to take place on January 15th in the amount of $351.09.  That payment draft was returned by her bank due to insufficient funds.  By January 19th (the date the customer complains that she received telephone calls from LoanMe), the customer’s account was 19 days past due. Among other essential terms, the Promissory Note and Disclosure Statement (“Note”) the customer executed prior to the funding of her loan does expressly provide that LoanMe may contact the customer regarding her account.  Because the customer was significantly past due, it was important that we contact her to schedule the payment before she became further delinquent on the loan obligation. It is important to note that LoanMe originated and owns this loan, and would not be considered a “debt collector” for this loan under the Fair Debt Collection Practices Act (“FDCPA”). Calls LoanMe places to delinquent customers, however, adhere to the FDCPA, and are never intended to be anything other than a professional effort to collect a debt. Telephone contact attempts to our customer were made only between the hours of 8:00 a.m. and 9:00 p.m. local time, without exception, and were in accordance with the FDCPA.  We have reviewed the recorded January 21, 2016 call referenced in the customer’s complaint.  We found the representative to be courteous, and in no way disrespectful or rude. In fact, the representative explained to the customer that the reason LoanMe attempted to contact her was because she made no attempts prior to the January 21st call, to make any payment arrangements and bring her account current. In any regard, we would like to extend our sincere apology if our customer considered the conversation to be otherwise, as we strive to provide exceptional service during each and every contact with a customer. Additionally, the call has been forwarded to the manager of the agent who handled the call for any potential coaching opportunities regarding “soft-skills” that would have further improved the call. While LoanMe has received no prior written request from the customer to cease telephone contact on this loan, we will consider this written complaint as such notice, and will treat the account accordingly.  In closing, the customer’s loan with LoanMe is valid and owed, and it is currently due for the February, 2016 payment.  For further assistance and questions, the customer 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]

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. The Customer entered into an unsecured consumer installment loan with LoanMe on April 8, 2015, 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 $14,063.87. 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 his loan agreement with LoanMe he was directed to read the Note in its entirety. After he had reviewed the Note he electronically signed or initialed the Note in multiple locations. The fourth of the signatures represents his confirmation that he had read and understood the terms and conditions of the Note.  The interest rate charged on the loan is, despite what the Customer contends, completely legal under California law, and was fully disclosed to him.  He was free to accept a loan with that interest, or decline it. 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 October 16, 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. Please be advised that on September 1, 2015, LoanMe processed a forbearance on the Customer’s account reducing her payment from $294.46 to $148.00 for the next three months. The Customer will be back to her full payment on December 2015.  Our records indicate that the Customer’s payoff amount as of October 14, 2015 is $3,008.34. The Customer may contact LoanMe directly at [redacted] if she has any further questions.

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.
You lied to me and the Revdex.com, we absolutely discussed credit card payment and your rep confirmed this with me when we spoke. 
Regards,
[redacted]

According to our records, an online application was submitted in the Customer’s name on May 18, 2015. When the application was submitted, the applicant was required to give permission for LoanMe to run the Customers 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.  Please be advised, there is only one credit inquiry per application submitted.  On May 18, 2015, the Customer contacted LoanMe and informed them that she did not apply for this loan. The application was immediately notated and denied. On June 1, 2015, LoanMe notified the credit bureaus to remove LoanMe’s credit inquiry from the Customers credit file. Please allow the credit bureaus 30 – 45 days to update their records.   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 the customer agreed to an unsecured consumer...

installment
loan on June 15, 2016, which included the funded amount of $5,400.00 minus a
$275.00 origination fee.
 
Based
on our research of the complaint, we confirmed that our customer contacted
LoanMe to advise that she had an “unexpected hardship,” and as a result was
overextended.  While under no obligation
to do so, LoanMe offered our customer relief in the form of a special
assistance forbearance arrangement in an attempt to assist.  This meant that LoanMe would accept half-payments
from our customer for three months (due on May 1st, June 1st, and
July 1st, 2017).
 
The
terms of the forbearance were that the scheduled half-payments had to be made
by the scheduled due dates, and if the half-payments were made as scheduled,
LoanMe would forgive the unpaid portion of those three payments. If the special
assistance arrangement was not kept however, it would be cancelled and the
payments due under the terms of her Note would apply.  While our customer made the forbearance
payment due in May, she failed to make the forbearance payment due on June 1st,
which cancelled the forbearance arrangement.
 
On
July 6, 2017, our customer requested further assistance. At this point our
customer’s account was delinquent for the full payment due on June 1, 2017
under her original contract. As a
result, at that point she was more than 30 days late on her account.
 
Our
customer incorrectly states that LoanMe inaccurately reported her account
delinquent.  Our records indicate that in
July LoanMe accurately reported the thirty day (30) delinquency to her credit
report, because we did not receive her payment due on June 1, 2017. Our agent
and a supervisor explained to our customer via telephone, that her June payment
was being reported as 30 days late in July, which is in fact accurate. Our
customer disagreed, and stated she would file a complaint.
 
LoanMe
reports to the credit-reporting agency ([redacted]) on a rolling 30-day
period.  It is the policy of LoanMe to
ensure that all information provided to the credit reporting agencies is
accurate and free of errors. It is also the policy of LoanMe to respond
promptly to any inquiries regarding the accuracy of credit reporting promptly
and in accordance with the Fair Credit Reporting Act (“FCRA”).  In reviewing the account, we have determined
that the 30-day delinquency was reported accurately to the appropriate
credit-reporting agency. 
 
Additionally,
LoanMe offered our customer a settlement arrangement on her loan. By extending
an offer to settle, LoanMe agreed to receive an amount that is substantially
less then what is contractually obligated by the customer. This was done in a
further attempt to assist our customer, even though LoanMe was under no obligation
to offer the settlement arrangement.
 
Under
the settlement arrangement, the customer agreed to make a lump sum payment of
$5,400.00 to settle on the loan.  Per the
settlement arrangement, if paid as required, LoanMe would report the account as
“Settled” to the credit-reporting agency and forgive the remaining amount of
debt.  Our records indicate that our
customer honored the settlement agreement, and the status of the loan is now
“Settled in Full”.  We are in the process
of reporting the updated status to the credit reporting agency, which should
soon reflect on our customer’s credit 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 her.  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.There was a payment mailed in June 2016 that had the instructions for auto-debit. When I spoke to customer service I told them the check was mailed. Loan Me never cashed that check and they did not setup the auto-debit. I did receive one phone call in late June, which I returned. The person that I was told I had to speak to was unavailable and would call me back. After that time I called, Loan Me never contacted me again by phone, email or US Mail. This was in late June 2016. Over the last month I have reached out to Loan Me who tells me they cannot help me and I have to talk to Absolute Resolutions. Upon contacting Absolute Resolutions I am told they cannot answer any of my questions, for those answers I have to talk to Loan Me. As stated, I have reached out to Loan Me to get my questions answered regarding credit reporting and resolutions. One person was very helpful and said they would try to help but they needed approval to access the account. They could not get a hold of a director for approval, but said they left them a message and would call me back. I never received any call back (showing a history of no communication I was not surprised.) I attempted again and was given a different person and all they would tell me is to talk to Absolute Resolutions. Again, Absolute Resolutions cannot help me and tell me to contact Loan Me.Trying to get someone to talk to who can answer my questions would be helpful but Loan Me is not interested in helping or answering questions. With both Loan Me and Absolute Resolutions pointing the finger back to the other one I fear this issue will never be resolved.Regards,[redacted]

The customer is raising points that were already addressed in our initial response, so we welcome the opportunity to help further clarify the matter. Please allow this to serve as our follow-up response.We have reviewed the customers complaint, as well as our records and telephone conversations (all of which are recorded), including call attempts placed by LoanMe, Inc. (“LoanMe”) in an effort to reach our customer. Based on our research of the complaint we have determined that the customer was told the account was past due on April 14, 2016 when he was offered a one month deferment, and again on June 7, 2016. During the conversation on June 7, 2016 the customer declined our offer to setup an automatic draft, stating that he prefer to mail in his payment. For this reason, LoanMe is unsure as to why the customer is claiming to have mailed in instructions for a direct debit.A review of the customer’s payment transaction history reflects that he had defaulted on numerous payments, and when a payment was not received by the due date, we attempted to contact him to secure a payment arrangement. LoanMe made many reasonable attempts to contact the customer to help resolve the delinquent account, including leaving emails and voicemail messages, however all of those attempts went unanswered. During the few calls that took place, the customer confirmed the phone numbers and email address on file were valid, and both were provided by the customer to LoanMe as a way to contact him.Our records indicate that the last payment was made on April 15, 2016. As a result, the customer’s account became more than 120 days past due, and the loan was charged-off on September 30, 2016. The loan was then assigned to Absolute Resolutions on November 15, 2016, and any further questions or concerns regarding the loan should be referred to their office.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.Tell us why here...

In our previous response to the Customer’s complaint, we informed the Customer that her application was cancelled per her request. If the Customer would like to discuss this matter further, please have her call LoanMe at ###-###-####.

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 June 1, 2015, in the amount of $3,100.00. This amount includes the loan amount of $3,025.00 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 138.44% and a Total Finance Charge of $16,849.98. 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 June 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 June 1, 2015, to the Customer at the email address provided by her. In addition, after funding, LoanMe called the Customer on June 1, 2015, where a representative went over the terms of the loan with her, including the interest and repayment schedule. The Customer did not raise any concerns about the terms or repayment of the loan at that time. Our records indicate that the Customer is current and the payoff amount as of September 17, 2015 is $3,280.76. If the Customer has any other 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.
I never authorized a "stub" interest payment for my January 1st monthly payment. My loan agreement that I sighed mentions nothing of my payment being reduced to cover the interest only as well. This calculations of a "stub" payment was never disclosed. LoanMe uses this "stub" payment to lock their clients into paying interest-only payments for the duration of the loan! This should be illegal and reversed as I never authorized it, nor does my loan agreement state it. This company lowered my monthly payment to cover interest only so that none of the payment covered my principal balance. Had my payment been deducted as agreed upon in my loan contract, the original payment of $387 would have been sufficient to cover both principal and interest in which my principal balance would have been reduced. Instead, this "stub" payment only covered the interest, which in turn kept my daily interest rate higher, in which I was charged more interest on subsequent payments. Had my payment of $387.00 been applied, $238.00 would have went to interest and $149.00 would have been applied towards my principal balance, lowering my outstanding to $1451.00 and a daily rate of $7.21. On my February 1st due date, I would have been charged interest of $216.44 instead of the $238 again. Each subsequent month is the same as my principal balance is never reducing as I now have to cover this higher interest I am being changed. THIS is how LoanMe illegally charge their customers interest. They are creating these stub payments  that are not enough to cover both principal and interest there for extending the term of the loan as more interest is calculated and tacked on.
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 August 19, 2016, which included the funded amount of $2,600 minus a $75.00 origination fee.   Shortly after the loan funded, our customer contacted LoanMe to advise that he had “unexpected expenses” and was as a result overextended. LoanMe offered him a generous settlement arrangement to significantly reduce the loan term from 47 months to 8 months. LoanMe provided the settlement offer to our customer in writing, November 14, 2016.   Notably, LoanMe agreed to receive an amount that is substantially less then what is contractually obligated by the debtor. The settlement arrangement required that scheduled payments be made on or before the due dates, and if paid as scheduled LoanMe would forgive the unpaid portion of the loan. Per the settlement arrangement, LoanMe will report the account as “Settled” only if the conditions of the settlement arrangements are fulfilled.   Upon review of the complaint and our records, we found that LoanMe did email our customer a confirmation of the settlement arrangement on January 5, 2017 and again May 16, 2017. We recognize that he has made more than one request for a confirmation letter, and we sincerely apologize for any inconvenience he may have experienced when making the request. We have provided the feedback internally to the appropriate department, and have taken steps to ensure a more timely response going forward.   As of the date of this response, he has made 6 payments towards the settlement arrangement.   In closing, we would like to thank you for this opportunity to respond, and hope that we have helped to clarify the matter for him. If our customer has additional questions or concerns, he may contact Loan Me directly at ###-###-####.

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 would like those recorded conversations to be emailed to me, as I do not believe this to be true.
Regards,
[redacted]

LoanMe,
Inc. (“LoanMe”) is in receipt of the above referenced complaint, and we welcome
this opportunity to further 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. Based on
additional research with our Marketing department, we were not able to confirm
that any email was sent to our customer committing to any specific offer or
interest rate. It appears that prior to our
customer applying directly through the www.LoanMe.com website, she
initially accessed and generated a lead that came through a third-party
aggregator who provides various loan options from many different lenders. Our
customer may be confusing LoanMe with another lender’s offer that was presented
to her, however we are not able to confirm without additional information.
 
If
our customer would like to provide the email she states she received from
LoanMe, we would be glad to review such information. She may email the information to LoanMe’s
Customer Concerns Department at [email protected]
for review, and we will respond accordingly.
 
We
thank you for this opportunity to respond and if our customer has questions or
would like to submit additional information, she may email her information to LoanMe’s
Customer Concerns Department at [email protected] or contact LoanMe
directly at 844-764-7368.

Please be advised, as a courtesy, LoanMe reduced the Customers interest rate to 40%. The Customer’s monthly payment has been reduced to $112.33, starting on July 1, 2015.  Also, please be advised that on May 5, 2015, the automatic ACH payments were cancelled on the Customer’s account. Please have the Customer contact LoanMe directly at [redacted] if she has any further questions.

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 December 28, 2015, which included the amount of $2,600.00 minus a $75.00 pre-paid finance charge/origination fee. 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.  Attempts we made to contact our customer were made only between the hours of 8 a.m. and 9 p.m. local time, without exception, and in accordance with FDCPA.  As of March 1, 2016, our customer’s loan was past due.LoanMe’s call records show that we attempted to contact our customer to secure a payment arrangement.  Several call attempts may be made during the course of a day, but once contact has been made with the customer, no further calls will be made that same day without the customer’s permission.  In signing her Promissory Note and Disclosure Statement (“Note”), our customer agreed that LoanMe could contact her to discuss her account or the repayment of her loan.  LoanMe complies with all federal regulations regarding debt collection.  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 her 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].

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 our customer obtained an unsecured consumer installment loan on May 1, 2015 and was subsequently funded on May 4, 2015, in the amount of $10,600.00 minus a $500.00 pre-paid finance charge/origination fee.    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 Annual Percentage Rate (“APR”), the Finance Charge, the pre-paid finance charge/origination fee amount, and the repayment schedule of 84 months.  The terms of the Note also stated 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. Our customer 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.   LoanMe conducted a “welcome call” after the loan was funded on May 4, 2015, at which time the terms of the loan were explained once again, and our customer indicated he did not have any questions or concerns.  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 making only the minimum payments as scheduled.   Our customer states that LoanMe advised that his payments would not incur a finance charge and would go toward the principal balance and not the interest.  This is incorrect. LoanMe did not advise our customer that he would not incur a finance charge. The conversations our customer had regarding his loan prior to funding indicated the interest rate, and APR of the loan, and the Note disclosed this information as well.  The Note our customer signed also indicated that payments made would be applied to earned interest before it would be applied to principal. We have reviewed the payments made toward our customer’s loan, and they have been applied properly.   Our customer believes his current interest rate is too high and would like to have it lowered again. LoanMe has already assisted our customer with his account on July 25, 2015, and as a courtesy LoanMe lowered his interest rate significantly and offered him a one month deferment on his payments.  Based on this, we are not able to lower the interest rate on his loan further at this time.    The terms of our customer’s unsecured consumer installment loan are legal, including the interest rate and APR, and the loan was made in accordance with LoanMe’s Finance Lender License issued by the State of California Department of Business Oversight (License #603 K061).   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].