Payday loan, title loan, or personal loan -- Was approved for a loan, but didn't receive the money -- Complaint #6588874
Complaint Overview
Complaint ID: 6588874
Company: Wlcc
Product: Payday loan, title loan, or personal loan
Sub-Product: Payday loan
Issue: Was approved for a loan, but didn't receive the money
State: Indiana
ZIP Code: 46383
Date Received: 2023-02-18T12:00:00-05:00
Date Sent to Company: 2023-02-18T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On or about XX/XX/2023 I applied for a payday loan with Explore Credit. This loan was to be used to cover bills for the next two weeks. Immediately after applying, I was approved for the loan ( image 1 attached ), I signed the agreement, and Explore Credit stated the money ( {$600.00} ) would be available in my account within two to three business days. I was able to log into my account, and even view the balance, and also the payment dates and amounts for the loan. Upon receiving an email this morning however, I was shocked to see that after I had been approved, signed the agreement, and been able to access my account, I was all of a sudden denied due to these reasons : -Unable to verify identity -Unable to verify bank account -Unable to verify employment -Insufficient income for credit amount requested They also included what appears to be a statement out of the equal credit opportunity act which states various reasons as to why they can not deny me. It boggles me however, that even after I was approved and signed the agreement I was still denied, when one signs an agreement with another they are under the impression that both have agreed to the stated terms in the agreement, in this case, to provide me with a {$600.00} loan. The point of a credit application, and also submitting documents before hand is to make sure you are approved for the loan, which I clearly was, they were clearly able to verify all of the above noted items in question if I was able to log into my account, see the amount that is loaned to me along with the installments, and to top it off the fact that they approved me for the loan. I have submitted exhibits below.
Frequently Asked Questions
What is Complaint #6588874 about?
Complaint #6588874 was filed against Wlcc regarding Payday loan, title loan, or personal loan specifically about Was approved for a loan, but didn't receive the money. It was received by the CFPB on 2023-02-18T12:00:00-05:00.
How did Wlcc respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against Wlcc?
Yes, visit the Wlcc company profile at readthecomplaint.com/company/wlcc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.