Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:20/06/2025

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This “business” claimed I owed ***** money from a past account that was closed. I received confirmation from ***** that I do have something in claims with them but hadn’t mentioned with who. I started paying LM as they claimed they deal with *****. After paying this for a year I started getting worried because the balance wasn’t dropping much. I did more digging and called ***** again. ***** then confirmed they DO NOT deal with LM Credit. I’ve asked LM multiple times for a statement that shows proof that I owe money to ***** and they have avoided my request multiple times and keep going around it somehow. I am no longer going to pay them as ***** has confirmed I no longer owe them anything. And LM still states I do owe them. They cannot even answer my question when I ask why? For what?
  This so called business is scamming people and they now got over 3K from me.

  Business Response

  Date: 25/06/2025

  Good afternoon,

  This client did have an outstanding debt with *****. The confusion is in the part that her debt was sent to collections with *** ***********. In March 2023 she contacted our office in order to obtain the funds to pay off the collection debt to avoid legal proceedings and repair her credit. The initial loan in the amount of $6000.00 was issued on March 20, 2023 and with an interest rate of 49.99% and was to be repaid in bi-weekly payments of $136.02 over 36 months beginning April 14, 2023. (******** **** ********* ********). 

  On February 1, 2025 ******* called in requesting her payments to be changed to a monthly withdrawal at this point the intial loan had only had 10 months activity and in order to change her payment frequency her loan had to be rewritten to account for the change in terms. Her loan was reissued on February 2, 2024 for 60 months at a repayment rate of $229.07 monthly beginning February 14, 2024. (*** **** ********* ********). Upon rewriting this loan the total balance owing was $5150.89.

  Since rewriting this loan ******* has had 6 payments returned as nsf, which as per the loan agreement each incur a $50 nsf fee and continue to accrue interest. ******* at this time still has a past due balance of $558.14 and a total loan balance of $4733.15. (******* ******* ********* ********) 

  If the client is advising that ***** is stating this account is not resolved she needs to contact *** *********** and obtain a release letter as payment was made directly to the collection agency. She can then provide that to ***** to confirm the account was paid and to ******* and ********* to have her credit bureau updated regarding the ***** debt. Regarding this debt with LM she will need to make her payments as agreed and resolve the past due balance to avoid this matter moving to collections/legal.

• Initial Complaint

  Date:17/06/2025

  Type:Billing Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Our loan with this company was paid in full on May 22, 2025 at **** The company continued to deduct weekly payments from my husbands account despite the loan being paid in full. When I asked them to stop today, June 16, 2025- they gave us until today to pay an additional $220.31 or they would continue to remove payments from our account DESPITE the loan being paid in FULL FOR WEEKS!

• Initial Complaint

  Date:10/02/2025

  Type:Billing Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  LM Credit made a credit inquiry without my permission. I did not ask them for a loan. They called me February 7th saying *** **********s had given them my information. At this time I told them I did not give *** *********** permission to give them my information and that I was not interested in a loan and in no position to take out a loan. I apologized for *** *********** wasting their time.

• Initial Complaint

  Date:29/11/2023

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Good day,
  This is in relation to a loan application and the request sent to the company for a copy of the recorded call to validate quote given on the phone vs actual forms and amounts sent.
  
  On the phone the amount advised was over 100 less than the paper work presented.
  During the phone call the document was not yet prepared and all details given were verbal.
  
  Upon receiving the information, I send an email asking for this to be validated , but did not get a reply. Sent another email asking to officially provide me with the a copy or transcript of the call.
  
  I was then advised by a person claiming to be a manger that it would not be possible to provide me with the call.

  Business Response

  Date: 04/12/2023

  We are rejecting this complaint.
  

  CLIENT FAILS TO UNDERSTAND
  WE TAKE THIS CONCERN VERY SERIOUSLY. THE CALL WAS INVESTIGATED INTERNALLY BY
  MANAGEMENT AND WE CONFIRM THERE WAS NO ILLEGAL SALES PRACTICE.
  DURING THE CALL THE AGENET
  CLEARLY DISCUSSED THE TERMS AND THE AMOUNTS OF THE LOAN AS PER THE LOAN AGREEMENT.
  CLIENT DID NOT EVEN ASK THE AGENT TO REPEAT THIS INFORMATION.
  SECONDLY, THE CLIENT WAS
  PROVIDED WITH THE LOAN TERMS IN PAPER WHICH WERE ALL SIGNED BY THE CLIENT. RECORDINGS
  ARE FOR INTERNAL USE, UNLESS SPECIFIED FOR LEGAL USE. RECORDINGS CAN BE SENT TO
  BBB IF REQUIRED. CLIENT NEEDS TO TAKE OWNERSHIP AND ABIDE BY THE TERMS OF THE
  LOAN. WE WILL NOT BE ENTERTAINING THIS REQUEST. 

• Initial Complaint

  Date:18/10/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  **** ***** ********** **** *** ***** **** ******* ***** ** **** ** ****** **** ******* ** ***** **** **********. During Covid I fell behind on my bills, like many others. My credit card company was threatening to garnish my wages if I didn't pay the entire balance in full and I told them that was impossible so I was going to seek either bankruptcy or a consumer proposal. That's when they put me onto LM Credit. The fact that they direct transferred me to a representative should have been my first red flag.
  
  The individual I spoke to was very comforting. I was told that while the interest was high, and the payments equally high, I would be secured in the knowledge that my debt was going to vanish and my credit was going to build. Sounded like a great deal in my moment of desperation.
  
  My original debt handled by LM Credit was just over $15k and my payments were just over $520 a month. If you do the math, it sounds like it would be paid off in no-time, right? Well let's fast forward a year.
  
  LM Credit isn't like a regular loan. They don't provide you with regular statements. Just recently, I've come to realize I've paid out almost $5300 to this company, in 2030, and what I actually owe (the principle) has only gone down $33. Now they'll be quick to point out that I can pay additional money to decrease the principle amount, but who can fork out extra money after, quite literally, throwing away $520 a month?
  
  I, quite literally, feel like I've been roped into * **** by my former credit card company and LM Credit. While it's legal, it certainly feels like I was taken advantage of. I whole-heartedly admit that I still have a balance to pay off, and I continue to fight to do so, but I think this high-interest loan has been specifically designed to prevent me from making any headway. They took advantage of my lack of financial expertise, roped me in with promises of being my savior, and literally left me with nowhere else to go.

  Business Response

  Date: 06/11/2023

  CLIENT:

  That's when they put me onto
  LM Credit. The fact that they direct transferred me to a representative should
  have been my first red flag. The individual I spoke to was very comforting. I
  was told that while the interest was high, and the payments equally high, I
  would be secured in the knowledge that my debt was going to vanish and my
  credit was going to build. Sounded like a great deal in my moment of
  desperation. 

  RESPONSE:

  *** ****** ** ********** ********. CLIENT FAILS TO UNDERSTAND LOAN TERMS AND CREDIT BUREAU AS A WHOLE.
  WHEN CLIENTS ARE IN COLLECTIONS, THAT ITEM REQUIRES IMMEDIATE ATTENTION. OUR
  ROLE IS TO HELP THE CLIENT PAY FOR THIS DEBT IN FULL SO THAT NO LEGAL ACTION
  CAN BE TAKEN. WE CANNOT JUST ‘VANISH DEBT’. WHEN THEY PAYMENT IS MADE, THE
  COLLECTION AGENCY MUST CLOSE OUT THE FILE AND REPORT THE DEBT AS PAID. AFTER THIS
  CLIENT CAN NOW START REBUILD THEIR CREDIT BY REPAYING THIS LOAN. POSITIVIE
  PAYMENTS + NO COLLECTIONS AND TIME, CLIENT WILL SEE THEIR CREDIT SCORE INCREASE. 

  CLIENT:

  My original debt handled by
  LM Credit was just over $15k and my payments were just over $520 a month. If
  you do the math, it sounds like it would be paid off in no-time, right? Well
  let's fast forward a year. LM Credit isn't like a regular loan. They don't
  provide you with regular statements. Just recently, I've come to realize I've
  paid out almost $5300 to this company, in 2030, and what I actually owe (the
  principle) has only gone down $33. 

  RESPONSE:

  AS MENTIONED, THESE ARE HIGH
  INTEREST LOAN. CLIENT WAS AWARE OF THIS PRIOR TO SIGNING. AS PER THE CONTRACT, MINIMUM
  PAYMENTS WILL BE SPLIT BETWEEN PRINCIPAL, INTEREST AND INSURANCE IF APPLICABLE. CLIENTS ARE ADVISED TO MAKE EXTRA PAYMENTS. 

  CLIENT:

  Now they'll be quick to
  point out that I can pay additional money to decrease the principle amount, but
  who can fork out extra money after, quite literally, throwing away $520 a
  month? I, quite literally, feel like I've been roped into * **** by my former
  credit card company and LM Credit. While it's legal, it certainly feels like I
  was taken advantage of. I whole-heartedly admit that I still have a balance to
  pay off, and I continue to fight to do so, but I think this high-interest loan
  has been specifically designed to prevent me from making any headway. They took
  advantage of my lack of financial expertise, roped me in with promises of being
  my savior, and literally left me with nowhere else to go.

  RESPONSE:

  WE ARE TRYING TO RESOLVE
  THIS WITH THE CLIENT, WE HAVE SENT A FOLLOW UP EMAIL AFTER OUR CONVERSATION ON
  OCT 18. WE ARE WAITING FOR THE CLIENT TO REPLY. 

   

  Customer Answer

  Date: 06/11/2023

  
  
  Complaint: ********
  
  
  
  I am rejecting this response because:
  
  
  The message sent to me on October 18th did not require a reply, so for customer service to say they're waiting for me to reply is laughable.  ** ********* ******* ** ********** ** ******** **** ************** ** ******* **** **** ******** ******** ***** ** ********* **** **** ** ****** **** ** ******.  Their reply to my E-Mail in which I basically tell them I feel like I'm being ******* was;
  
  "I understand you feel this way but this should have been addressed prior to signing the loan agreement. This program helps rebuild your credit as we clear you from your debt and report your payments positively to the credit bureau. By doing this your credit score can significantly improve which then you can reach out to a bank and get this paid off. Please continue to monitor your credit and ensure you stay on top of all your other bills and obligations."
  
  There is no attempt to work toward a mutually beneficial solution.  In fact, on or around the 30th of October, I contacted LM Credit directly via the phone to try to get my interest rate lowered.  Their response was a flat no, that interest rate was governed by credit score, which makes no sense to me because you're putting the highest interest on the people who are at most risk of not being able to pay.
  
  At that point I decided that negotiations with LM Credit is pointless.  I've taken my complaint to a higher authority, who knew all about LM Credit, and instructed me to put an immediate stop-payment.  They should be hearing from these individuals within the next week.
  
  
  Sincerely,
  
  
  
  ***** ********

  Business Response

  Date: 10/11/2023

  Client:
  The message sent to me on
  October 18th did not require a reply, so for customer service to say they're
  waiting for me to reply is laughable.   Their reply to my E-Mail in
  which I basically tell them I feel like I'm being ******* was;
  

  Response:
  NOT ONCE DID WE MAKE THE
  CLIENT FEEL LIKE THERE RESPONSE DOES NOT MATTER. OUR EMAIL RESPONSE WAS SIMPLY
  TO ADDRESS THE CLIENTS CONCERN ** ** *** *** * ****. HOWEVER, CLIENT FAILS TO
  ACKNOWLEDGE THE ADVICE PROVIDED.
  CLIENT CAN SIMPLY REPLY WITH
  ANY FOLLOW UP QUESTIONS OR ADRESS WHY THIS WAS NOT A CONCERN WHEN SIGNING THE
  LOAN AGREEMENT. CLIENT IS JUST USING THIS COMPLAINT AS AN EXCUSE AFTER THE DEBT
  WAS PAID OFF BY OUR COMPANY. THIS IS COMPLETELY UNFAIR.

  CLIENT
  There is no attempt to work
  toward a mutually beneficial solution.  In fact, on or around the 30th of
  October, I contacted LM Credit directly via the phone to try to get my interest
  rate lowered.  Their response was a flat no, that interest rate was
  governed by credit score, which makes no sense to me because you're putting the
  highest interest on the people who are at most risk of not being able to pay.

  RESPONSE:
  
  OUR RESPONSE IS STANDARD TO
  THIS CONCERN. WE ARE ALWAYS OPEN TO RE EVALUATE A FILE. HOWEVER, CLIENTS MUST
  COMPLY WITH OUR POLIICY, IF A CLIENT WISHES NOT TO, IT IS VERY DIFFICULT TO
  ASSIST. WE ARE STILL LOOKING TO RESLOVE THIS WITH THE CLIENT. HOWEVER WE HAVE
  YET TO RECEIVE ANY RESPONSE FROM ‘HIGHER UPS”. 

  Customer Answer

  Date: 14/11/2023

  
  
  Complaint: ********
  
  
  
  I am rejecting this response because:
  
  To make everything crystal clear, and keep everyone honest, I've ******** the E-Mail correspondence between myself and LM Credit.  *** *** ******* *** ****, in the message dated October 18th, there was no need for me to respond. The one thing I'd like to point out is the fact they state everything SHOULD have been explained prior to signing the loan agreement.  Yes, it SHOULD have, because nobody in their right mind would sign on to this nonsense if it's clearly explained.
  
  As I have mentioned previously, LM Credit is one of those companies who preys on people in a bad situation.  That's why their new clients are directly transferred to them from credit card companies.  Those credit card companies threaten legal action, then set you up with LM Credit to be your savior.  **** *** **** ********* ***** ******** **** **** ***** *** **** ****** ** **** *******.  Once you're locked in, you're trapped, unless you know the loopholes to get yourself out.
  
  ****** **** *** ** *** ******** ******* **** LMC made no attempt to contact me until I started swinging at the beehive, so to speak.  There was nothing from them, not a single word, until after I filed my complaint with the BBB.  Once that happened they finally reached out to me, on November 6th.  That's when they were told that I was speaking with legal representation (who should be contacting them this week, papers were signed yesterday).  All of a sudden they're now in this huge panic to negotiate a lower interest rate.  ** *** **** ** ***** *************** *** **** ******** **** **** ********  ** **** ** * ********* **** * ***** **** *** ******** ********* **** *** ******
  
  
  
  Sincerely,
  
  
  
  ***** ********

  Customer Answer

  Date: 15/11/2023

  The legal representation I mention is in the form of an insolvency trustee.  When I use the term "legal" it's just in a broad sense, in that they have the legal authority to represent my interests and file motions accordingly.  A consumer proposal has been drawn up and signed, and will be submitted to the business shortly.

  Business Response

  Date: 20/11/2023

  REJECTED RESONSE: 

  Again client is refusing our help as this proposal will nearly ruin the clients credit bureau. Proposals may have a larger effect as the client will not be able to seek lending, and in this economy this is very scary. Client is so negligent and and not understanding the our team is still willing to help. At this point, it is a personal vendetta against our company. All loan documents were reviewed and signed by the client, there is no illegal sales practice. Client needs to do a better job by reading and understanding what they are signing. 

  Customer Answer

  Date: 20/11/2023

  
  
  Complaint: ********
  
  
  
  I am rejecting this response because:
  *** ****** ******* ***** ********* ** ******* ** ***** ***** ** ************ ***** * **** ******* ******* *** **** ****** **** *** *** *******.  My account with LM Credit, prior to filing, was outstanding.  It was their unwillingness to negotiate that led me to this solution (and it is a much better solution).  Only now, when they stand to lose, do they actually care about assisting me.
  
  Here's the truth...  My proposal will mean I pay back only up to what I actually owe, no more.  My credit will be clear of the proposal in 5 years, while I would have been stuck with their outrageous loan for 7 years.  My proposal means I keep my assets, which I've struggled so hard to obtain over the years, as it's not a bankruptcy.  There is no downside for me.  It's what I should have done before getting sucked into LM Credit's nonsense.
  
  In short, I've found my solution, and all that's left is to warn others to avoid the trap I fell into.
  
  
  
  Sincerely,
  
  
  
  ***** ********

• Initial Complaint

  Date:02/10/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  The amount paid to *** to clear the cursor card debt was not followed through

  Business Response

  Date: 03/11/2023

  HELLO TEAM,

  THIS IS NOT A REAL COMPLAINT. THIS ACCOUNT WAS INDEED PAID, HOWEVER CLIENT HAS NOT MADE A SINGLE ATTEMPT TO CALL OUR OFFICE TO RETAIN THIS INFORMATION. WE SENT AN EMAIL ON OCT 12 WHICH WE GOT NO RESPONSE. WHEN THE CLIENT CALLS AND WE CAN VERIFY CORRECTLY, WE CAN EASILY ASSIST WITH THIS,

• Initial Complaint

  Date:12/06/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was pushed by a ****** debt collector and was told to take out a loan by there third party lm credit , when very smoothly at first until all was said and done , they **** completely about the interest rate , **** about being able to manage and see my payments and progress from this debt consolidation, I can not see my total and was told my bi weekly payments that they set will bring my debt down I called and finally got a response and my payments actually don't do anything except increase my total debt amount , they are pulling great sums of money every 2 weeks and something just dosnt seem right they have no system in place for me to see my balance , were my payments are going , or anything about the principle

  Business Response

  Date: 28/06/2023

  Client:
  I was pushed by a ****** debt collector and was told to take
  out a loan by there third party lm credit , when very smoothly at first until
  all was said and done , they **** completely about the interest rate.
  

   

  Response:

  Our interest rate has been
  verbally disclosed and is clear on the loan agreement prior to the client
  signing. It is unfair if clients sign to get their debts paid off and later
  complain about the interest rate which was disclosed.
  

  Client:
   **** about being able
  to manage and see my payments and progress from this debt consolidation.
  

  Response:
  Our customer service team is
  dedicated to providing clients the information they are entitled too. With a
  simple request via phone or email, client can have a statement for any period
  they require. As per email records, this client was provided with all supporting
  documents and an updated statement on Jan 25 2023
  

  Client:
  , I can not see my total and was told my bi weekly payments
  that they set will bring my debt down I called and finally got a response and
  my payments actually don't do anything except increase my total debt amount.
  

  Response:
  Payments are amortized based
  on the term of the loan. Regular payments are split between interest, principal
  and insurance if the client is opting in. If the term is 5 years then it will
  take 5 years to pay this off. The interest adjustment period is where most of
  the payment amount is being applied to the interest, however in the later years
  it will be applied more to principal. Clients also have the option to make
  extra payments which are fully applied to principal and no penalty to close out
  the loan at any time.
  

   Client:
  they are pulling great sums of money every 2 weeks and
  something just dosnt seem right they have no system in place for me to see my balance,
  were my payments are going, or anything about the principle
  
  Response:
  Payment was already agreed
  upon prior to signing. Client has not even updated their phone number with us,
  as operator states the number is not active. This is the client’s
  responsibility. Notes on file show return calls, which none have been answered.
  Client fails to respond to emails as well. 

• Initial Complaint

  Date:20/03/2023

  Type:Billing Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I got a loan through LM formerly Tanda in order to deal with my **** ********* ***********. I ************* *** *********** **** ****** ** horrible with ********* **************. Even though I was asking repeatedly for payee information so that I can pay some amounts. No one ever gave me the information I requested. I even asked for the payment dates so I could start taking responsibility for my things and debts. I wanted to put it to the 20th to coincide with *** so I could guarantee payment but no one ever answered. Now I’m apparently $4000 in arrears which is not feasible for me to pay all at once when * ** * ****** *** *** * *******.

• Initial Complaint

  Date:24/02/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  LM Credit has provided me a loan and stated that I will have access to my account for transaprency and ease of payment, along with transparecny on the interest rate.
  
  After attempting to obtain an online account, I was told the company is "building one" over a year ago, and there is no way to have transpaerency into my account.
  Further more, I have attempted several times to negotiate a lower interest rate (it is 50%) and no one is replying to me.
  
  I am being financially drained by an obscene interest rate and there is no one to help me.

  Business Response

  Date: 09/03/2023

  Request:

  LM Credit has provided me a
  loan and stated that I will have access to my account for transaprency and ease
  of payment, along with transparecny on the interest rate. After attempting to
  obtain an online account, I was told the company is "building one"
  over a year ago, and there is no way to have transpaerency into my account.
  Further more, I have attempted several times to negotiate a lower interest rate
  (it is 50%) and no one is replying to me. I am being financially drained by an
  obscene interest rate and there is no one to help me.

  Response:

  Hello,
  At Lm Credit we are dedicated in providing clients an
  exceptional experience, however we do need to make timely adjustments for us to
  enhance this experience. As we are transitioning to an online platform, our
  customers have access to a toll-free number that connects them to our Customer
  Service team. This team specializes in addressing client concerns which include,
  loan inquiries, payment disputes, providing required documents etc. As per
  multiple email records, client has been provided with regular statements upon
  each request dating back to November 2022. Also, for interest rate reductions,
  customers are aware these requests are exception based, meaning a manager would
  individually review this file and make an educated decision based on minimum
  criteria. However this client immediately fails as this account is past due, as
  the client is behind on their payments. We helped this client get out of collections as his debt was completely paid off, it is now the clients responsibility to repay back his loan as per his signed loan agreement. 

• Initial Complaint

  Date:08/02/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I got a call from LM credit in August of 2022 about a loan I took that went into collections. The told me that I had a choice of going to court or taking up their offer of credit consolidation. I took the credit consolidation route. The amount owing to the collection agency was $3600. They told me if I made payments of $150/biweekly that I would have my debt cleared up in 10 months. Here we are 5 months later and over $1500 in payments do to a $50 "NSF" fee and I still owe $3600. Also I am apparently locked into a 3 year payment plan for a total paying amount of $10,000. All for $3600 owing to a collection agency. I feel like these guys are ******** ** *** just trying to get me to pay more than I have to on what I owe. I also looked for review on this company and if this company was legit or a **** company and the only thing that comes up is one review on how they are an amazing company. So far they are far from amazing and I'm in over my head with a "$10,000" bill I apparently owe them. I don't remember signing for a 3 year payment plan. I remember agreeing and signing for a 10 month payment plan to clear the exact amount I owe to the collection company.

  Business Response

  Date: 09/03/2023

  Request:

  In the interest of time and
  good customer relations, please provide BBB with written verification of
  your position in this matter within 10 calendar days
  

  Response:

  Hello,
  As
  an authorize representative for LM Credit, I ******** ****** can confirm Hari
  K. is the Founder and active CEO of this company.

  Request:

  I got a call from LM credit
  in August of 2022 about a loan I took that went into collections. The told me
  that I had a choice of going to court or taking up their offer of credit
  consolidation. I took the credit consolidation route. The amount owing to the
  collection agency was $3600. They told me if I made payments of $150/biweekly
  that I would have my debt cleared up in 10 months.

  Response:

  As per
  the signed loan agreement; It is very clear on the first page that the balance
  due date is 08/15/2025. Meaning if the client was only to make their regular
  payments, the loan will be paid off on that date (approx. 3 years). However, clients
  have the option to pay this loan off at any point as these loans are open
  loans, thus no penalty for prepayments/ lumpsum payments. 

  Request:

  Here we are 5 months later
  and over $1500 in payments do to a $50 "NSF" fee and I still owe
  $3600. Also I am apparently locked into a 3 year payment plan for a total
  paying amount of $10,000. All for $3600 owing to a collection agency. I feel
  like these guys are ******** ** *** just trying to get me to pay more than I
  have to on what I owe

  Response:

  Loan amortizations are constructed based off the clients
  preference/ affordability. This client made it clear at the time that a 3 year
  loan term would be feasible for his debt. This client fails to understand that
  he is not only making payments to the principal balance but also the interest
  which is accumulated and the optional loan protection, which is why there is no
  immediate reduction on his principal. However, by 08-15-2025 this loan would be
  completely paid off. Also section 5 of the Loan Terms and condition clearly
  states, “In the event that any payment is not honored due to NSF
  or frozen/stopped funds, you agree to pay to us a $50.00 NSF fee”.  Rest assured, we are *** ********** **** ******* *** simply trying to collect what is owed to us.