Payday loan, title loan, personal loan, or advance loan -- Problem with the payoff process at the end of the loan -- Complaint #8151384
Complaint Overview
Complaint ID: 8151384
Company: Paramount Gr Holdings, LLC
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Installment loan
Issue: Problem with the payoff process at the end of the loan
State: Florida
ZIP Code: XXXXX
Date Received: 2024-01-11T12:00:00-05:00
Date Sent to Company: 2024-01-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
GoodLeap, formerly Loanpal is a finance technology company that provides financing options to customers of other companies, especially to solar energy installers ; https : //goodleap.com. GoodLeap will not provide me with statements or information concerning my account. This is possibly a deliberate, system wide, policy to confuse GoodLeap customers and prevent consumers from paying off their loans on time. Failure to pay off the loan balance within the promotional period will trigger a 15.49 % interest charge for an entire year. Therefore it is greatly in GoodLeaps interest to have confused consumers miss their promotional deadline. In XX/XX/XXXX my HVAC contractor installed two new HVAC units and convinced me to use GoodLeap to finance the {$24000.00} plus bill. GoodLeap created my account as follows : Account Number XXXX deferred interest rate 15.49 % Maturity Date : XXXX/XXXX/XXXX Promotional Period End Date XX/XX/XXXXXXXX First Payment Date : XX/XX/XXXX Inder the terms of my GoodLeap loan no payments were required for one year and no interest was charged if full payment was made by the Maturity Date. If the loan was not paid off in full by the Maturity Date, the customer is charged 15.49 % on the entire loan amount for the entire previously year. Obviously GoodLeap enjoys no benefit if the loan is paid off by the Maturity Date. Obviously GoodLeap enjoys considerable benefit if the loan is not paid off by the Maturity Date. Therefore it is in GoodLeaps interest to confused consumers by not providing timely account information. On numerous occasion I logged into the GoodLeap webpage to see my loan balance and payment history. Most recently I did this on XX/XX/XXXX. When my loan information was unavailable I telephone GoodLeap. The GoodLeap steered me to the webpage where monthly statements are available. I pointed out these statements do not show the original loan amount, the principal paid to date, and the remaining principal. The GoodLeap agent said my monthly statements showed {$0.00} amounts because I had not made a payment. The GoodLeap agent said the GoodLeap webpage did not have a place where I could access my original loan amount, the principal paid to date, and the remaining principal. In my opinion, this basic information should be easy to access and readily available to consumers ; it is not.
Frequently Asked Questions
What is Complaint #8151384 about?
Complaint #8151384 was filed against Paramount Gr Holdings, LLC regarding Payday loan, title loan, personal loan, or advance loan specifically about Problem with the payoff process at the end of the loan. It was received by the CFPB on 2024-01-11T12:00:00-05:00.
How did Paramount Gr Holdings, LLC 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, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Paramount Gr Holdings, LLC?
Yes, visit the Paramount Gr Holdings, LLC company profile at readthecomplaint.com/company/paramount-gr-holdings-llc 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.