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 matterPlease allow this to serve as our formal
response
Our records
indicate that our customer obtained an unsecured consumer
installment loan on March
30, The customer proceeded to make all payments as scheduled using
automatic drafts from his checking account, which he authorized and agreed to
during the loan process
On July 13th,
2017, our customer called LoanMe to request a lump sum settlement offer that he
could pay in one large payment, to reduce the amount paid on the account. A settlement offer was extended to our
customer for the amount of $2,821.83. On
July 25, 2017, our customer called LoanMe, and made a payment for the approved
settlement amount of $2,
When the lump
sum settlement payment was paid by our customer, the representative who
processed the payment needed to update the account to stop the automatic
payment drafts, but errored by not correctly updating the setting on the
accountThis oversight caused an additional payment of $to inadvertently
draft from our customer’s bank accountLoanMe sincerely apologizes for the error and
any inconvenience that this may have causedWe are using this as a training
and coaching opportunity for the representative, to ensure the mistake does not
happen again
Because the additional
$drafted was the remaining payoff balance on the loan (not taking the
settlement arrangement and reduced amount into consideration), it resulted in
the account being updated as “Paid in Full” as opposed to “Settled in Full”
On August 17,
our customer called LoanMe understandably upset, to inquire about why the
additional amount was drafted from his bank accountLoanMe sincerely apologized for the error, and
offered to have the payment refunded as quickly as possibleThe supervisor our
customer was speaking to also advised that LoanMe would be willing to reimburse
our customer for any bank charges experienced as a result, but our customer
advised that he did not have time or wish to submit the documents required to
process a reimbursement
LoanMe notified the
customer that if the $amount drafted from his bank account was refunded,
his credit report would show as “Settled” rather than “Paid”, because the full
loan would not have been paid if the refund takes placeAt the end of that telephone conversation, our
customer instructed the supervisor to forget about the refund, and to make sure
his account is reported as “Paid”LoanMe followed this instruction from our
customer, and cancelled the refund request
LoanMe confirms
the account currently shows as “Paid” in our systems, and in 10-business
days, our customer will receive a copy of the Promissory Note and Disclosure
Statement in the mail stamped “Paid in Full”LoanMe reports to the
credit-reporting agency (Experian) on a rolling 30-day period, and our customer’s
account will be reported as “Paid” upon the next update
LoanMe
again sincerely apologizes to our customer for any frustration or inconvenience
the mistake may have causedWe remain willing to review, for potential
reimbursement, bank-statement documentation our customer submits indicating any
bank fees directly caused as a result of our mistake
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 his complaint. If our customer has additional questions, he
may contact LoanMe directly at 844-764-

Loan me asserts; " New Mexico State statute requires a minimum 10-day grace period before a late fee can be imposedHowever, as a courtesy to our customer’s, LoanMe charges a late fee of $if/when payments are days lateLoanMe charges a $fee for returned payments, i.e., non-sufficient funds (NSF) when applicableAs an additional courtesy, we provided our customer with the option to have her payments electronically drafted on the 15th of the monthHowever, if a payment is made after the 15th of the month, it is considered late and a late fee will apply"
Does this look like compliance to this assertion:
06/15/ MISCELLANEOUS DEBIT LOANME ***....EN-RETURNED ITEM UNPAID Posted
06/22/ ShareDraft *** Posted
05/25/ LOANME *** Posted
05/15/ LOANME *** Posted
04/27/ Share Draft 569, Posted
04/25/ ShareDraft Posted
04/17/

I just spoke with the California Department of Business Oversight and the LoanMe people are within their rights according to this:
"Finance lenders and brokers, by number of licensees and dollars of loans originated, is the largest group of financial service providers regulated by the DepartmentA finance lender is defined in the law as "any person who is engaged in the business of making consumer loans or making commercial loans." A finance lenders license provides the licensee with an exemption from the usury provision of the California Constitution." Below is a link to the website
http://www.dbo.ca.gov/Licensees/Finance_Lenders/About.asp
This explains a lot They don't call me any longer to collect, and I don't allow them to just take the money from my bank They hope I'll default I mentioned to one of their agents about "usry laws" this caused a level of defensiveness that rivals the Repubs and ObamacareThis also sparked them sending me multiple email, and blowing up my phone trying to reach me The following month when I confronted them about NOT calling me to collect, she told me their "system said my phone was disconnected" citing times of contact as 9:and 9: Yeah right! I just pay online now and follow up with a phone call to be sure they got the money They don't provide a receipt and I note it on my bank statement
If you can get a personal loan to pay these people back ASAP While what they're doing isn't illegal it should be

THIS COMPANY REPORTED INFORMATION TO CREDIT BUREAUTHIS IS ABSOLUTE SCAM AND INTEREST RATES ARE 120%
BE AWAREI AM GOING TO SUE THEM FOR DAMAGE TO MY CREDIT PROFILE EVEN BY PAYING THEM OFF IN FULL, AND THEY REPORTED ITS PAID AS SETTLEMENTWORST AND RUDE CUSTOMER SERVICE TO WORK WITH

LoanMe, Inc(“LoanMe”) has investigated the Customer’s complaint and has found that it acted properly at all timesThe Customer entered into an unsecured consumer installment loan with LoanMe on March 16, 2015, in the amount of $2,This amount includes the loan amount of $2,net the
Prepaid Finance Charge/Origination Fee of $The Note clearly notes at the top in the TILA disclosures an Annual Percentage Rate of 138.27% and a Total Finance Charge of $13,These disclosures were made in accordance with the requirements of the Truth in Lending ActIt 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 entiretyAfter the Customer had reviewed the Note she electronically signed or initialed the Note in multiple locationsThe 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 NoteAccording to our records, the Customer signed the Note on March 14, 2015, via electronic signatureThis 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 regulationsLoanMe also emailed a copy of the Note on March 16, 2015, to the Customer at the email address provided by her Our records indicate that the Customer’s account is currentThe payoff amount as of May 20, is $2,As stated above, if she is not happy with her loan, the Customer may pay off her loan without penalty at any time. The Customer may contact LoanMe directly at *** if she has any further questions

I will say this company did provide me with a good laugh $30,loan $"origination fee" $per month payment for months Total payback: $119, My response was I could receive more favorable terms from the Gambino crime family I expect to see Jonathan W and Louis O on a future episode of "American Greed"

I need to file a complaint, loan me , needs to not be in business, stealing money from people who take out loans, I plan on writing to my state capital about them, should be a lawsuit against this business, they are not truthful, how is California allowing them to practice, goes against everything ethical in are world, I looking for legal counsel, next step, I believe as a nation if we all, not give them any business, they will be forced to shut down business, power, word of mouth,let's stop them, buy hurting working people, ask for Loan, then triple five times what we owe, take from us, surprise the IRS hasn't looked at their profits on what they stealing from people,

My experience with this company is terrible I got a loan for $and I've being making payments of the first one and then if $each month for months, now I called them today 03/31/to pay off my loan and they said that my total is $3850!!! Seriously? Oh no I'm unemployed right now and I offered them a settle for $and the didn't accept, this is terrible

I will say this company did provide me with a good laugh $30,loan $"origination fee" $per month payment for months Total payback: $119, My response was I could receive more favorable terms from the Gambino crime family I expect to see Jonathan W and Louis O on a future episode of "American Greed"

Today I came in contact with a loan officer by the name of Brian N and he was very rude to me over the phoneEverytime I tried to explain my situation to him he would talk over me and become very argumentativeI will not do business with this company ever again nor will I recommend them to my worst enemyI believe this company is out to rob everyone of all their moneyStay clear of them PLEASE!!!!

Bad credit OK?! I contacted them to get a small loan and after they ran my credit and then informed me I wasn't eligibleI don't understand because the commercial clearly states "bad credit is ok"Well, it's not true apparentlyI just wanted to let everyone who wants to apply they DO check your credit and it DOES matter,

LoanMe is knowingly reporting information to Experian This account is not mine and they have failed to validate it as such
After pulling my own credit Reports in August 2017, I noticed that LoanMe is reporting an ERRONEOUS, INVALID, and UNVERIFIED account to Experian which has caused a highly negative impact on my personal credit report
I spoke with them on the phone, and I faxed them
When I spoke to them on the phone, they said they had sold the loan to a collection agency and that I would need to speak to them, but they still didn't remove LoanMe's invalid, adverse loan account from my credit report
When they received my fax, they responded via email twice In both email responses, they failed to provide me with competent evidence that I have any legal the obligation to pay them, and they also failed to completely remove the invalid account and send me written confirmation of the removal All actions are clear violations of the FCRA
The account

I have tried their loan and honestly it was fast but very very unclear and when it was time to pay intrest rate was so high that out of my almost $monthly payment only $went to the principleThey did

LoanMe, Inc(“LoanMe”) has investigated the Customer’s complaint and has found that it acted properly at all timesThe Customer complains of receiving telephone calls regarding paymentIt 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 possibleWe are sorry if the Customer found any calls to be otherwiseHowever, please be advised that we have ceased all calls to the Customer as of January 7,
Calls to delinquent customers are never intended to be anything other than a professional effort to collect a debt that has become delinquentLoanMe follows both state and federal debt collection practice guidelines with respect to debt collectionsTelephone 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 FDCPASeveral 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 day without the customer’s permissionPlease be advised, on December 5, 2014, per the Customer’s request, LoanMe ceased all calls to the Customer’s place of employment
Our records indicate that the Customer is two months in arrears and the payoff amount as of January 16, is $4,The Customer may contact LoanMe directly at 844-764-to discuss payment arrangements

When I signed up with this company the one stipulation I had with them is that they take credit cards There was no way that I was going to agree to pay 135% interest for the length of the loan I needed the money immediately due to health reasons, the only way it would work is if I could transfer this incredibly high interest rate to a 15% interest rate credit card The person I spoke with on the phone promised me time and time again that yes, they do take credit cards and people do this all the time Fast forward to today, they changed their policy a week ago and now don't take credit cards They did not inform their clients, they did not send an email and it still states on their website that they take credit cards This form of payment was the entire reason I agree to use this company and take this money I am now in a horrible cycle of paying this entire loan with the 135% interest rate This is not what was promised me by the company and this is not what I agreed to I s

I wrote the following review in the YELP app just to warn people:
No matter how desperate you are, don't ever loan from them! Look for other loan companiesI'm telling you from experienceBorrow $Paid $a monthA year later I owe $Please! Don't do itThey're taking advantage of people in desperate situationsJust my opinion and experienceCan't say I didn't warn you (they warned me too!) I was stupid!
Their reply:
Nic B: ***, please understand these are unsecured loans, therefore due to the high risk that is inherited with these agreements, interest is going to be highPlease don't cry and whine when you had every opportunity to read the loan agreement's fine print decline the loan all togetherRead the fine print sweetie! (** * *** ***)

I have stmts from Aug and zSept showing a total balance due of $I was lateNow they are saying they sold it to a 3rd party collector in an amt of over $This is total robbery, I am able now to make the $pymtMy original loan to them was only $3100, of which I have already paid over $due to interest, etcAnd I've been paying over a yearThey are charging an additional $because I was late and did not pay the $by Sept This should be completely illegal

LoanMe was provided my contact, and personal information by a Utah firm named LendioLoanMe accessed by credit report on Equifax without my permissionThis was a soft, and hard pull without my authorization
I was contacted by individuals by the name of: Jermane *** and Naisha *** by both telephone and emailThese individuals claim to be employees of LoanMe
I did return a few employees think that this was a lender for Small BusinessInstead, after reading hundreds of negative reviews, LoanMe is a Predatory Lender located in the State of California charging small business customers, and consumers loan rates of 300-500%
When Naisha *** contacted me she did not disclose that I was being recordedCalifornia is a two-party State and both the party recording, and myself must agree to being recordedNaisha never closed this warning
Instead she had all of my personal information and asked to run my creditAt that point I DID NOT GIVE MY AUTHORIZATION I immedi

LoanMe has helped me pay off my credit cardsBig thanks to Robert Reyes, a Senior Loan Agent from LoanMe for accommodating my needs and walking me through the processHuge helpVery quick and friendly serviceThe process was also a walk in the parkAgain, Thank you to Robert and the LoanMe team!

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
They stated "Because the payment was due on March 1st per the Note, and already extended to the 15" My response: The 1st lie..my loan was financed/deposited into my account on May 22, at which time I requested the due date of the 15th for every month, the rep told me that my payment would come out on the 15th of every month and if the 15th fall on a holiday/weekend etcit would come out on the next business daySo they have NOT extended anything to me! that's how my account was set up for the 15th of every month (PLEASE SEE MONTHLY PAYMENT REMINDER EMAILS SENT TO ME FROM LOANME AND BANK WITHDRAWLS IN ATTACHMENTS). IF NEEDED I WILL PROVIDE ACTUAL BANK STATEMENT PRINTOUTS and FORWARD EMAILS proof that my payments never was scheduled for the 1st of each month.They stated "At the end of that conversation, our customer advised that she did not wish to change her payment draft date after all"My response: After being interrogated as to why I wanted to change the dated to the 25th after I told her over and over again because my husband was laid off I grew tired of the back and forth I told her to forget it keep it as it wasI also explained that I'm not trying to back out nor skip a payment just wanted a little extra time I became exhausted with the drill sergeant and strong arm tactics! I gave up! which is a shame because I never missed a payment nor was I ever late on a payment. This was my first time ever calling to speak with them since May 2015.They stated "This resulted in the follow up call on March 14th, and we apologize for any confusion it may have caused." Incidentally, during a subsequent call, our customer elected to have her draft date for the March payment changed to the 25th of the month. and has waived the $late fee that was charged.My response: The 2nd lie..I received a email from LoanMe on March 14, 10:47am (see attachment)that's when I called LoanMe asking what was going on..They never called me I called them! how would I have known that the representative changed my account to a promise to pay without my consent or knowledge after I told her on the 10th of March to leave it as it is.(refer back to their response). I was never called and was not told it was a mistake that she made and I was NEVER GIVEN an APOLOGY and I repeat I was never called, never told she did it by mistake nor was I EVER given an APOLOGY. She done that after I hung up in her face because I made it perfectly clear to everyone that I was contacting the Revdex.com....and yes at that point I did ask for the same thing I tried to ask for on March 10th when I originally called for my date to be changed to the 25th...only when I mentioned that I would be filing a complaint with the Revdex.com that's when they wanted to accommodate me period..not any other time.....PERIOD
Regards,
*** ***