E-Loan
Complaint 303062 Details

Loan officer identifying himself as calling from E-Loan Company contacted me regarding on-line loan application I placed. He proceeded to verify application information and informed me that i was approved for a loan amount up to $5000. I informed him that i wanted to only take a loan of $2000. He then proceeded tell me about the terms of the loan. Monthly payment, length of loan and interest rate. All seemed reasonable. Then he said that I would need to show that I could afford that payment by securing it on a Green dot Moneypack card. I was hesitant on doing that, so I held off on proceeding with the loan. After several follow up calls from this company I decided to proceed with a loan amount of $3000. The
loan officer informed me that the monthly payments would be $206. He then proceeded to tell me where to go to purchase the Green dot Moneypak card and to call back with money pack number. He assured me that the money would not be taken out, it was just to show that i could afford payment. He assured me that once this was done the $3000 loan amount would be electronicly deposited into my bank account. I didn't just that. I check on the Moneypak balance shortly after and discovered it was withdrawn. Iiimmediately call the company and was told n poo t to worry the $206 would be deposited along with the $3000 loan amount. He told me to expect a call from the funding department. Sure enough a David Connell called to what he claim was to complete the transfer. He placed me on hold to, what he claim was to deposit the $3206 into my bank account. But when he came back on the phone he told me that the credit bureaus would not let the transfer go through. I thought that was odd, and proceeded to question him regarding my approval pending on me proving my ability to make the payment. He said that because of my credit score being low that I would have to take out an insurance of $480. And that I would do that through E-Loan. The company would take care of all the necessary paperwork. I was less than pleased and told him I did not have that amount immediately available. He asked if I wanted to cancel the loan, but if I did I would be fined as much as $700. And that amount would be taken out of my bank account. I told him to place the loan on hold. He agreed to do so. This was Friday 1/24/2014.