LoanMe Inc

On August 10, 2015 a LoanMe Loan Agent contacted the Customer and spoke to him regarding the application he had submitted online. If the Customer has any further questions, please have him contact LoanMe’s [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. 
 
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
###-###-####.

LoanMe Revdex.com Complaint – [redacted] – (Complaint ID: [redacted]): Posted: 1/19/16 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. Our records indicate that our customer applied for an unsecured personal loan on July 1, 2015, which was approved in the amount of $5,400.  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 fact, the loan agent specifically asked the customer if she was okay with the terms of the loan and the customer said that she was fine with the terms. On January 7, 2016, the customer called LoanMe to make a $5,400 payment to pay off her loan in full and was informed by the representative that the payoff amount was $5,992.42.  The representative explained to the customer that her last payment was on December 1, 2015 and, as stated in her Promissory Note, interest accrues on a daily basis (360/360 simple interest), which brings the payoff amount as of  January 7, 2016 to $5,992.42. At the customer’s request, the call was escalated to a supervisor, who reiterated the terms of her loan.   In an attempt to assist the customer further, the supervisor  then transferred  the customer  to our Customer Care Department and the supervisor let the customer know that a representative from that department  would get back to her within 24-48 hours.  At no point did the supervisor say that she would not accept the $5,400 payment, although she thought it would be in the customer’s best interest to wait to hear from a representative in the Customer Care Department before making her payment.  A representative from our Customer Care Department called our customer the following day, January 8, 2016, and as the representative was going over the terms of the loan the customer terminated the call.   That same afternoon the customer called LoanMe again and made a payment of $5,400, which left a small balance on the loan. The terms of the customer’s loan were explained fully during the loan application process, as well as during the signing of the loan agreement documents, and additionally, during the welcome call after the loan had been funded.  We have reviewed the servicing calls (all of which are taped and saved) between our representatives and the customer and found that the information regarding the interest rate being accrued on a daily basis was communicated to her.  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].

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 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 reporting did not take place prior to the customer obtaining her loan. During a call on March 9, 2016 at approximately 4:47 p.m., a LoanMe representative informed our customer that we report to the credit reporting agency ([redacted]) on a rolling 30 day period. There was not a previous conversation in which she was informed that LoanMe reports to all three credit bureaus as she states in her complaint. 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, 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 December 19, 2015, which was subsequently funded on December 21, 2015 in the amount of $2,600.00 minus a $75.00 pre-paid finance charge/origination fee.   A review of LoanMe’s records show that phone calls made to our customer in the month of May 2016 were professional attempts to secure a 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 in bringing her loan current. If our customer interpreted any of the conversations between us to be less than professional, we would like to sincerely apologize as that was not our intent.  As of the date of this response our customer’s loan is past due for both the May and June 2016 payments.   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].

Revdex.com:
I do not see that Loanme provided or had me sign the Electronic consents required for this type of transaction. Also Loanme stated that I was apprised of the loan terms which I state were not fully clear to me. I did not consent to sign or receive disclosure electronically as required by CA law. 
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]

Unfortunately, the email notifications sent by the Revdex.com in regards to the Customer’s complaint were in our spam filter and we unfortunately missed them. However, we first identified the complaint on your online dispute resolution web site on December 30, 2014.
LoanMe, Inc....

(“LoanMe”) is a separately – licensed and separately – owned company from CashCall and rejects the Customers assertions. Further, LoanMe’s records of the Customer’s application dispute the Customer’s claim.
LoanMe has investigated the Customer’s complaint and has found that it acted properly at all times. The Customer entered into a consumer installment loan with LoanMe on August 4, 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 $11,587.62. 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, the Customer was required to electronically sign or initial 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 August 4, 2014, 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 August 4, 2014, to the Customer at the email address provided. In addition, after funding, LoanMe called the Customer on August 4, 2014, 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.
On November 15, 2014, the Customer was granted a deferment when he called and advised LoanMe of medical issues; however, the Customer did not make the subsequent deferred payment.
The Customer complains of receiving telephone calls regarding payment. It is LoanMe’s business practice to contact borrowers 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 December 30, 2014.
The Customer’s loan with LoanMe is legal, valid, and owing. Our records indicate that the Customer is two months in arrears and that the payoff as of today’s date is $3,519.11. The Customer may contact LoanMe directly at ###-###-#### to discuss payment arrangements.

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, by filling out and submitted an online
application an applicant has given their express permission to run their credit
report.  Later our customer decided he
did not want to move forward with the application process and cancelled the
loan. 
 
LoanMe properly cancelled his 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 our customer confirming that no credit
was issued in this case.    No other
information is reported to the credit report agencies following the initial
credit inquiry, unless a loan is approved and funded.  The original credit inquiry was generated
properly based on the application for credit, 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.
 
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 Revdex.com Complaint – [redacted] – (Complaint ID: [redacted]): Posted: Due: 1/21/16 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 takes the security of our customer’s personal information very seriously and realizes the sensitive nature of such information.  LoanMe only runs credit reports on applicants who give their express permission to do so during the process of applying for a loan. Loan Me records indicate that the identifying information provided by the consumer who contacted LoanMe on January 11, 2016, is the same individual who applied for a loan with LoanMe in September, 2014.  Based on the identifying information provided, LoanMe also verified that the last time we ran a credit inquiry on the consumer was when the application was taken in 2014.  No credit was extended by LoanMe based on the application that was submitted at that time. Our records indicate that the consumer contacted LoanMe on January 11, 2016 to report a hard inquiry on his credit report.  He stated that he wanted the inquiry removed because he had never applied for credit with LoanMe.  LoanMe’s records indicate that an applicant by the same name, social security number and phone number as that consumer applied for a loan in September 2014.  LoanMe conducted a preliminary fraud investigation regarding the September, 2014 credit application we received, but have been unable to determine it was submitted fraudulently. During the recent phone call the consumer indicated that he was the victim of a government hack.  Our representative asked the consumer if he had filed a police report and he responded that he did not, that the letter he received from the government informing him of the hack did not advise him to contact the police.  Our representative informed the consumer that, in order to initiate an investigation into his credit report, LoanMe requires a copy of the police report (“Identity Theft Report”) before we could commence that process.  The consumer asked the LoanMe representative if there were any other alternatives to providing a police report and she apologized and said that there was not. In addition, The Federal Trade Commission recommends that any potential identity theft victim file a report with the local police department, as well as calling the companies where the fraud occurred.  Filing a police report is a very important step for anyone who has been a victim of identity theft, which this customer appears to indicate may have taken place. We thank you for this opportunity to respond, and hope that we have helped to clarify the matter for the consumer. If the consumer has additional questions or concerns, he may contact LoanMe directly at [redacted]