Loanpal Reviews (2038)
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Address: 8781 Sierra College Blvd, Roseville, California, United States, 95661-5920
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I have a solar loan with loanpal. The experience in obtaining information about my payments, how much has gone to pay interest, how much toward principal, how they handle extra payments and their customer service is beyond difficult. The most user unfriendly financial company I have ever encountered. If you have a solar loanpal loan you better be prepared to maintain your own ledger of payments, interest charged, principal reduction and more. You simply cannot obtain this information from them online. I want to reduce the principal of my solar loan in addition to making the required monthly payments; their system simply does not permit that as they are evidently focused on having as much as possible of payments going towards interest. Loanpal is a nightmare.
Thank you for forwarding the issue one of our customers is having. We take pride in our ability to help our customers and when their needs are not met, it is important that we solve it.
Mr. is correct in his communication that our online payment website does not include any loan information. This website is used to make online payments for a customers loan and not set up to show account details. For account details, our customers can reference their monthly billing statement we mail each month. As for the comments about principal not being paid down on his loan, all of Loanpal's solar loans come with a feather that starts the first payment 60 days after funding. This is explained in the loan documents our customers execute. This is a courtesy we extend to our customers as we want to ensure the solar panels are operating and they are enjoying the benefits of the solar panels before they begin to pay on the loan. During those 60 days , interest accrues on the loan. Once payments begin, all monies are first applied to interest, then principal. Once the interest has been paid down future payments will begin to be credited towards both monthly interest and principal. If Mr. would like a copy of his payment history, he can email *** and I will ensure it is provided to him. Please let me know if you have any additional questions or need additional information.
I am rejecting this response because: the LoanPal response indicates that the first two months of interest is a "feature" extended to customers and that implies the customer has an option to reject that and simply begin the monthly payments in the first month. I did not see such an option presented to me; had I seen that I would have begun making the monthly payments in the first month. I requested, but never received, an itemization of how much that first two months interest was. And, yes, you can ultimately receive an itemization of how much of a payment is applied to principal and how much to interest. However, to receive that you have to request it and then wait for a supervisor to send it days later. LoanPal does not do a good job of providing full disclosure and transparency to their prospective borrowers. In my case I wanted to exit the relationship with LoanPal so much that I took out a loan from a credit union to pay off the LoanPal loan. What they do may be legal and you can ultimately find out how much was paid in interest and principal however since you never are told how much those first two months of interest are you have no way of knowing when you have actually paid that first amount of interest off.
We have a solar loan through LoanPal. The website to access our account is www.loanpalsolarloanpayments.com. The account summary only has the original loan amount and is not adjusted for payments made so we could be paying on this loan for the rest of our lives and never know how much we owe. I contacted loanpal for tax questions when we needed to know how to file for the solar rebate, I got a response in less than thirty minutes. I have submitted a request for a statement with the current amount owed and I have received no response over a month I have never had a loan where the entirety of the payment is applied to interest and NO amount goes to principal. Surely, that can't be legal.
To whom it may concern,
Thank you for bringing this issue to our attention. We have been in direct contact with Ms. explaining the issue. A summary of that correspondence is below.
At this time, your unpaid principal balance and payment history is not available on our website. We are working to implement this visibility in the near future so our customers can see their balances, and payment applications. At this time, your balance and payment application is only viewable in your regular monthly billing statement. I've attached a payment and loan history for you so you can see your payment applications, and running unpaid principal balance as of today.Please let us know if you have any additional questions or concerns.
Please let us know if there is still an outstanding issue here.
Thank you.
My agent (David H) provided fast, courteous, friendly and professional services in refinancing my home. Even during the COVID-19 pandemic, I was able to lower my interest rate and payments plus get loan approval and close in less than a month. Thank you David.
Just got off the phone with Loanpal about my loan for solar. I have been paying for almost 18 months now and the associate tells me that my principal is still the same as the day I got the loan. I asked how this can be true and she said it is because I have not paid EXTRA on the loan. So for 17 months making my payment on time I have only paid interest on a 5.99% interest loan. The woman on the phone stated that there are many people that pay their loans off on time and even extra and that I JUST DON'T KNOW HOW INTEREST WORKS. This seems strange to me.
Nathan S is an honest hard-working man and I would recommend him to anyone
Nathan S is an honest hard-working man and I would recommend him to anyone
Just got off the phone with Loanpal about my loan for solar. I have been paying for almost 18 months now and the associate tells me that my principal is still the same as the day I got the loan. I asked how this can be true and she said it is because I have not paid EXTRA on the loan. So for 17 months making my payment on time I have only paid interest on a 5.99% interest loan. The woman on the phone stated that there are many people that pay their loans off on time and even extra and that I JUST DON'T KNOW HOW INTEREST WORKS. This seems strange to me.
Nathan S is an honest hard-working man and I would recommend him to anyone
Just got off the phone with Loanpal about my loan for solar. I have been paying for almost 18 months now and the associate tells me that my principal is still the same as the day I got the loan. I asked how this can be true and she said it is because I have not paid EXTRA on the loan. So for 17 months making my payment on time I have only paid interest on a 5.99% interest loan. The woman on the phone stated that there are many people that pay their loans off on time and even extra and that I JUST DON'T KNOW HOW INTEREST WORKS. This seems strange to me.
Nathan S is an honest hard-working man and I would recommend him to anyone
Just got off the phone with Loanpal about my loan for solar. I have been paying for almost 18 months now and the associate tells me that my principal is still the same as the day I got the loan. I asked how this can be true and she said it is because I have not paid EXTRA on the loan. So for 17 months making my payment on time I have only paid interest on a 5.99% interest loan. The woman on the phone stated that there are many people that pay their loans off on time and even extra and that I JUST DON'T KNOW HOW INTEREST WORKS. This seems strange to me.
The process was clear and the representatives were professional. I was kept informed about the status of my loan at least weekly.
Easy and wonderful to work with. They simply try to please their customers and look out for their client’s interests.
James C and his team were great. Process was all online except the final signing with the notary. The process drug on for a little but James and his team were always looking for and found me the best deal.
The process was clear and the representatives were professional. I was kept informed about the status of my loan at least weekly.
Easy and wonderful to work with. They simply try to please their customers and look out for their client’s interests.
James C and his team were great. Process was all online except the final signing with the notary. The process drug on for a little but James and his team were always looking for and found me the best deal.
The process was clear and the representatives were professional. I was kept informed about the status of my loan at least weekly.
Easy and wonderful to work with. They simply try to please their customers and look out for their client’s interests.
James C and his team were great. Process was all online except the final signing with the notary. The process drug on for a little but James and his team were always looking for and found me the best deal.