I contacted LendingPoint looking at their high star ratings on the web. I needed a small loan to meet an unexpected expense in the middle of the pay day. When I spoke to the Lending Specialist, I was promised too much. The specialist told me that the loan amount would be credited in three days after the form filling.
I confirmed this information thrice to ensure that I heard it correctly. The loan was for too small amount as compared to my income. So, I believed that was the reason why they would process it without much trouble and paper work. The specialist also told me that the loan was pre approved and I would face no problem in getting the loan amount credited in three days.
However, when they asked for the documents, I could not understand why they would need the details of my spending habits. They required a full detailed bank statement with all the information of my expenditures for last three months instead of the normal statement that shows just the income in and income out.
Being a former military guy, I knew how the information was too private and could be easily used to track my past life or the present time. For me, it was openly an invasion of my privacy. I asked him to consider the fact and see if they would use the normal statement clarifying my income details instead of the one they wanted.
However, the specialist told me that this requirement was non-negotiable. He informed me that the loan amount does not matter. His company, LendingPoint has few default papers that must be submitted for loan processing.
I was always late with the loan payment and did not want another credit hit on my file. So, I agreed. They left me with no choice. I requested for $2000 which I believed won’t be a tough job for such a reputed firm which the online feedbacks and reviews claim.
But, it was completely different experience for me. These people are irresponsible and unprofessional. When the amount was not credited in my account, I called the specialist whom I was in talks with. The guy did not receive the call. I tried for three times the same day.
The next day, I again tried for 5 times at various intervals. However, there wasn’t any response that day either. So, I called the firm directly. I enquired about the amount and they told me that the loan was rejected for some bogus reason. I earn way more than the loan amount I requested. My credit score is also good. I am a good citizen with military background. In spite of all the good things mentioned on my file and being pre-approved as per the agent, my loan was rejected. And, this guy did not have the courtesy to inform me on time.
I had to use my savings instead to meet the expense. These guys are only a bunch of liars and scammers.