EnerBank USA
Terrible Company!
Please, save yourself, if you don’t have an EnerBank USA loan, please DO NOT get one.
This was one of the worst decisions I have ever made; they are an absolutely terrible company.
I have an EnerBank USA loan and was, again, disappointed by them.
My draft date is the 20th of each month, but yesterday on 01/28/2019, I noticed the money still hadn’t come out of my account from the 01/20/2019 draft.
I received an automated Payment Receipt email from EnerBank USA on Friday 01/25/2019, stating that the money had come out; but it was for a different amount than I have withdrawn each month, and on a different date, showing 01/25/2019 and not 01/20/2019.
Looking at my checking account, the money was still not out of my checking account.
I called and spoke to a rep named Mindy. Mindy did not verify any of the necessary security questions to protect customers against fraud (such as my name, address, DOB, etc).
She immediately began speaking with me about my private, sensitive, account information.
This made me very concerned and upset, as this leaves ALL EnerBank USA’s customer information at risk; anyone could call in and get this information.
Mindy stated that the website did “something weird,” and did not draft on any loans with a draft date of the 20th in January 2019.
I requested to speak with a Supervisor, as Mindy did not sound confident in what she was telling me.
She stated that no Supervisors were available, and that I would have to leave a voicemail.
I told her I would want, because I wanted to handle this while on the call. She said I could not wait on the line until a Supervisor became available.
She stated she could try to get a Specialist on the phone. I was put on hold for over 10 minutes.
She came back and stated that no Supervisors and/or Specialists were on the phone, but that she was speaking to her Trainer, a woman named Taylor.
Taylor apparently conveyed to Mindy that the fact that the normal scheduled amount did not occur on 01/20/2019 was a system glitch, and it should go back to normal February 02/2019.
I do see today, 01/29/2019, the money is as a Pending charge on my checking account.
All in all, this call took 35 minutes, or more, to find out something that should have taken 3 minutes, tops.
I am, again, astounded at how bad EnerBank USA’s customer service is. If this was indeed a system glitch, why not send out a quick email to customers with those draft dates, letting them know? Terrible company!
They will never tell me how much of my payment is for interest or peinciple
Do not use Enerbank.
Can't pay off the loan early
When you go on the website it give you no option to pay off the loan. Customer service does not help so the only way is to get the monthly statement and write a check and send it in. Then they might or might not cash it. Truly a scam
This was yet another call to understand.
Overall I have been satisfied with the service provided by EnerBank. The loan was very easy to get for my home improvement project. I was paying 1/2 and financing half. The rates are high but it is enticing to get 1-year interest free but you do need to understand that the the interst acumilates in the background and you will need to pay it in full if you do not payoff the loan in 12 months…something I would have no trouble doing.
So why 3 stars if everything is working out well for me? All the information about their product is spelled out but on the front end it is not clear how payments are made. In 2016 I’d assume I could make online payments and check my account balance and easily get my payoff amount…but you cannot. This might be hard for many people has I know a lot of people that no longer have ‘hard’ checks. I have not written a check in 10 years! So this is #1 way they make if difficult to pay off your loan.
I did find their Service Reps to be very helpful on the phone and was always given the information I needed. The #2 way they make it hard to pay…kind of…is that the monthly statements “amount due” only represents the interst amount that is accrued monthly. If you only pay this amount you will do nothing to reduce your principle balance.
Now, there is nothing wrong with them doing this and there is a large and bold text on the statement that should help you understand but once again it took me a phone call to really understand how they were doing this. #3 When looking at the statement, it seems that your payment is being split into principle and interst payments but that is not really the case during the 12 months no interst. This was yet another call to understand.
Update on earlier post. It is impossible to figure out your loan.
Update on earlier post. It is impossible to figure out your loan. They charge daily interest so the only way to find out the balance is to calculate what it is if you know the day they cash the check.
The best I can figure out is the only way to tell would be to set up a spread sheet to track the extra principal payments and use it to double check on their calculations.
They will give you the formula but it is way beyond my excel abilities and you would still need to know when the check was cashed. Sticking with rating but not the least happy with the opacity of the system
This is liable to not be the first post on this subject.
This is liable to not be the first post on this subject. I have a $10349.00 loan with enerBank First payment was for $95.67 so I paid a $100. Second statement arrives I am told I paid $87.27 for principal and $12.73 interest per the statement I was sent.
Mailed the second payment sent $200 in on a payment amount of $95.67. receive my second statement and I find that I paid $152.30 in principal and $47.70 in interest. The statements show the payments received at least a week prior to the due date.
For a fully amortized loan this seems exceptionally questionable. I will be calling Monday trying to get an amortization schedule and trying to figure out if I send in $300 this month if I will be paying closer to $60 in interest. I am giving it a conditional 3 stars since the only time I needed to call them they did answer the phone.
Sticking with rating but not the least happy with the opacity of the system.
Update on earlier post. It is impossible to figure out your loan. They charge daily interest so the only way to find out the balance is to calculate what it is if you know the day they cash the check. The best I can figure out is the only way to tell would be to set up a spread sheet to track the extra principal payments and use it to double check on their calculations.
They will give you the formula but it is way beyond my excel abilities and you would still need to know when the check was cashed. Sticking with rating but not the least happy with the opacity of the system.
At the beginning of our association,
At the beginning of our association, so far great customer service and professional associates.
I would use this service again, if necessary.
Fairly good lender. Communication was very snail-speed. It was great that we had the option to defer interest if we paid in full before a certain date. I would use this service again, if necessary.
The down side is online you cannot see what the loan balance is.
The down side is online you cannot see what the loan balance is. This can only be achieved by calling customer service. Luckily I got a knowledgeable service person. Was able to get my balance and paid loan off before deferred interest was added.
I would neither recommend nor not recommend this bank. Only went with them because of the deferred interest because planned to pay off before interest was added to principle.
I do not want or need to be charged to make payments just to access online.
The major downside is not being able to log into an account to view payments made, how much is owed, etc. When I spoke to a representative, I was told the only way to access it is by making a payment via the website. I do not want or need to be charged to make payments just to access online.
There were times I was uncomfortable or uncertain about the company.
The 2-star rating “Meh, I’ve experienced better” applies here, but it wasn’t that bad of an experience for me. My main complaint, as with others, is with the inability to see the remaining amount of your loan in the online payment system, but I see in the responses that they are working on rolling out a solution.
The other thing I notice is that the replies to upset customer reviews here are considerate and professional. If they weren’t, I’d give Enerbank fewer stars. Additionally, every time I had to call, their reps were courteous and helpful. I never had a negative experience with an individual, although I understand it can happen.
In my experience, the interest rate wasn’t great and the daily interest accrual is frightening, but I had always planned to pay off my loan as soon as possible. If you’re not able to do the same, definitely consider a bank with better loan terms. There were times I was uncomfortable or uncertain about the company.
Bad Service
Not surprised by the negative reviews, this company is difficult to deal with and is somewhat in the dark ages [1980’s]. I’m actually on my second home improvement load with them but would rather deal with a different entity.
The first was paid off on time via the auto pay, but after sending in the entry form on the coupon book (e.g. 1980’s), it took a call by me to confirm they received it and the first payment would processed on time.
Now on the second loan I’m at least receiving some type of statements via snail mail unlike before, but surprise surprise, no paperless billing. Just unreal.
Not a happy customer.
I am very leery of the fact that a current balance isn’t available anywhere on their “site” – you can only make a payment. Even on paper statements sent, there is no current balance shown.
It doesn’t show previous past payments either, just any activity that occurs on the account between each statement dates. I have never done business with any company where you can’t find this information easily without having to take time out of the work-day to call on the phone. Not a happy customer.
It's just a terrible experience.
Their entire setup is completely unacceptable. You can’t find your account balance, you can’t email them for help, their paper statements are useless if you plan on paying off your loan before the interest kicks in. It’s just a terrible experience.
When starting a new loan that is stacked you send all apps.
When starting a new loan that is stacked you send all apps. at once and not explaining what is what and mistakes are made by signing both parts of the app when the first part is to be signed first to release start money to the install company and the the second part to be signed after the work is complete but nothing in the e-mail explains which to do first and which to do second and then the loan is done and payment is due before the work is complete.
Even calling the help people you get the wrong info as to which to sign first and which to sign last. Very poor way of doing online business I personally would not tell anyone to do business with you unless changes are made A.S.A.P.