ComplaintsforGoodLeap, LLC

• Initial Complaint

  08/19/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Goodleap hides promotional periods, actively hides payoff amounts. I had a year 0% promotional APR, for a loan of $4500 for a new hvac system. I had to call to get the final date of the rate, I paid the loan off a week before due. I get a call saying that I now owe a backdated amount of $1200 because I missed the due date. I got the date from a representative over the phone, the paperwork was very unclear as to the last day of the promotional rate and the first day of the billing cycle. What a scummy company. Stop hiding important information.

  

  Business response

  09/06/2024

  Dear *****************************,
  GoodLeap received the complaint filed on August 19, 2024, with the Better Business Bureau (BBB), concerning your home improvement loan.  In summary, you assert you were misled regarding the terms of the loan, specifically the end of the promotional period.
  GoodLeap's loan agreement was signed by you on December 30, 2022.  The terms of the agreement are clearly reflected, including the length of the promotional period.  The DocuSign Certificate shows the loan agreement was sent, viewed, and signed via the email address on file *************************** which matches the email address listed on the complaint form received.  Additional information was also available within the Welcome Package: Welcome Letter, Loan Closing Certificate, and Truth in Lending Disclosure sent via email on January 24, 2023.  Please see the attachments.
  Be advised, your loan product type is Deferred Principal & Interest IF Paid, with an 18-month promotional period.  In the Truth and Lending Disclosure, it clarifies, there are no scheduled payments during the Promotional Period.  Your first payment date will be due approximately 18 months (the Promotional Period) after your loan start date: January 23, 2023.  Your loan amount will be increased by the amount of accruing interest during the Promotional Period.  If you pay off your loan in full during the Promotional Period, all interest will be waived.
  Please note, since there are no scheduled payments due during the Promotional Period, GoodLeap does not provide payment reminder notifications.  However,our Loan Servicing team confirmed all statements were generated and available in the payment portal clearly showing the Promotional Period End Date;additionally, statements were mailed to the address on file.  All statements generated since May 2023 distinctly state the Promotional Period End Date being July 23, 2024.  See attached.
  Upon receipt of the complaint, your concerns were escalated to our Loan Servicing team for investigation and resolution.  The ************************* reviewed all previous recorded phone conversations with GoodLeap representatives and was unable to find any interactions where a representative provided misinformation regarding the end of your Promotional Period.  Additionally, the Loan Servicing team confirmed that you logged into the Payment Portal before the Promotional Period End Date, so you would have access to the aforementioned statements.
  As of August 16, 2024, your loan has been paid in full.  For your records,we have included a copy of the statement confirming the zero balance.  Should you have any further questions regarding your account, you may contact our ****************** directly at ************** or via email at *************************************************. 

• Initial Complaint

  08/16/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Lied about terms

  

  Business response

  09/06/2024

  Dear *************************,
  GoodLeap received your complaint filed on August 18, 2024, with the Better Business Bureau (BBB), concerning your home improvement loan.  In summary,you assert you were misled regarding the terms of the loan, specifically the Promotional Period and Re-amortization feature of the loan.
  GoodLeap's loan agreement was signed by you, the primary borrower, and *************************, the secondary borrower,on December 16, 2022.  The terms of the agreement are clearly reflected including the length of the Promotional Period and the Re-Amortization feature of the loan.  The DocuSign Certificate shows the loan agreement was sent, viewed, and signed via the email address on file ********************** which matches the email address listed on the complaint form received.  Additional information was also available within the Welcome Package: Welcome Letter, Loan Closing Certificate, and Truth in Lending Disclosure, sent via email on January 31, 2023.  Please see attachments.
  Your loan product type is Principal Only, with an 18-month Promotional Period.  In the Truth in Lending Disclosure, it clarifies, there are principal-only payments during the Promotional Period.  The Loan Closing Certificate clearly shows the Adjusted Monthly Payment as $351.97; this figure assumes that voluntary principal prepayments were made and the Target Balance is met by the end of the Promotional Period, and you do not change the Autopay payment election.  
  The loan is designed to re-amortize at the end of the Promotional Period depending on the amount paid toward the loan by the Target Balance Date.  By the Target Balance Date, the sum of payments made lowered your principal balance to $57,933.81, under the Target Balance of $58,376.17.  As a result, your Adjusted Monthly payment for the duration of the loan will be $349.29, provided you remain enrolled in Autopay.
  As part of the loan process, a member of GoodLeaps ************* team performs Welcome Calls with borrowers to ensure their understanding of their loan terms.  Your Welcome Call took place on January 31,2023.  During this call, the GoodLeap representative explained the terms of the loan agreement and confirmed your contact and banking information provided for Autopay enrollment.  You also confirmed the panels had been installed on the roof of the property. 
  Lastly, the representative reviewed the Re-Amortization feature of the loan and stated your payments would increase at the end of the Promotional Period, regardless of how much was paid during the Promotional Period.  Though you did express concerns about the Full Monthly Payment amount, you stated you understood and agreed to the terms.
  While we certainly understand any frustration, GoodLeap provided you with the information necessary to understand the loan terms and features of the loan as well as the structure of your Promotional Period.  Should you have further concerns or questions about your account, please contact our ****************** at ************** or via email at *************************************************. 

• Initial Complaint

  08/16/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I had solar panels installed by *************** and financed by GoodLeap. After installation of my solar panels on my roof, TITAN SOLAR never completed the work. The panels never communicated to the **** to collect the energy and pulled from my panels. TITAN SOLAR has filed for bankruptcy and going out of business. I feel I was scammed like several other homeowners. I have tried to reach out to GoodLeap to explain the situation to see if they were aware of and had a Solar customer. No response. I still havent been able to get the panels working. Every time I call GoodLeap I get the same response and no functioning panels. Outstanding $68k loan. By your site BBB it appears that goodleap has a history of scamming people. I pay my utilities every month and the loan for the panels with Goodleap. My utilities have not gone down and goodleap is going up. if they are going to s**** me at least have the panels working.......Last year i filed a complaint Titan Solar and did not get any justice.

  

  Business response

  09/06/2024

  Dear *********************,
  

  GoodLeap is in receipt of the complaint filed on August *******, with the Better Business Bureau (BBB), concerning the purchase of a home solar system from ***************** (Titan). By the complaint, you expressed dissatisfaction with the service Titan provided and/or will now be unable to provide since they are no longer in business.  
  

  Please note,GoodLeap operates separately and independently from Titan. GoodLeap is the lender for your solar system purchase; we are not the seller or the installer.
  

  GoodLeaps loan agreement was signed by you on July 13, 2022. The terms of the loan are clearly reflected in the agreement including the interest rate/APR, initial & adjusted payment amounts, and the Re-Amortization feature of the loan.  Additional information is also available in the Welcome Package; Welcome Letter, Closing Certificate, and Truth in Lending Disclosure, originally sent on December ******. See attachments.
  

  Our records indicate the system was installed by Titan on December 2, 2022. After installation, the system is subject to final inspections, and then the local utility company approves and grants the system permission to operate. Be advised, your system was granted permission to operate on September 5, 2023, by your local utility company. It is our understanding; the system has been producing energy since obtaining permission to operate.
  

  To assist with your concerns about the systems performance, one of our Client Support Managers, *****************************, was assigned to this complaint. ****** is currently working with our ****************** team to assign a servicer who will assist with any repairs your system may require, to operate as designed.  
  

  ******* will be reaching out with more details once a servicer has been assigned to your project. For immediate assistance from Goodleap, you may contact ******* at ************** or via email at ************************************
  

  Sincerely,
  *************************
  Compliance Escalation Specialist
  *********************************************

• Initial Complaint

  08/16/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Deceptive billing practices. I had a loan with Goodleap that I was attempting to payoff. I had recently made an autopayment, when I thought the loan was paid in full. I called and they told me that they autopayment had not cleared, but gave me line items for closing the account and the remaining interest. Told me that because the autopay had not cleared they would charge me the total to close the account and interest and then refund the autopay when it cleared. But then I was just charged again, the full amount. When I called again they refused to refund me and told me it was still going to the principal of the loan, but have refused to provide me any statements to indicate where the extra payments were going. So I have now paid $334 +$408 after the loan was paid off and they wont provide any written statements of what those funds are for. When I was explicitly told on the phone That I only owed $408 for account closure and remaining interest and that I would be refunded $334. I would not have authorized the additional payment if I had not explicitly been told that the $334 was being refunded. Still have not received any documentation, invoices or statements from them.

  

  Business response

  09/05/2024

  Dear *************************************,
  GoodLeap received the complaint filed on August 17, 2024, with the Better Business Bureau (BBB), concerning your home improvement loan.  In summary, you assert you were misled regarding the payoff amount for your loan.
  GoodLeap's loan agreement was signed by you on February 29, 2024.  The terms of the agreement are clearly reflected, including the loan start date, the first payment date, and the total of payments.  The DocuSign Certificate shows the loan agreement was sent, viewed, and signed via the email address on file *************************** which matches the email address listed on the complaint form received.  Additional information was also available within the Welcome Package: Welcome Letter, Credit Account Closing Certificate,and Truth in Lending Disclosure Statement, sent via email on March 6, 2024.  Please see attachments.
  Be advised, your loan product type is Daily Simple Interest.  For Daily Simple Interest loans, the interest begins accruing daily, one calendar day following the Loan Start Date.  This is reflected in the Loan Agreement on page five (5), section (2a), your loan began accruing interest on March 6, 2024.  By the first payment date May 5, 2024, there would have been approximately sixty (60) days'worth of outstanding interest accrued from the loan start date.
  When you called GoodLeap Customer Support on August 6, 2024, to clarify if your loan had been paid in full, you were then transferred to our ****************** for further assistance.  We escalated this matter to our ************************* to research this interaction. As a result of the call reviews, we found the Billing representative did provide misinformation to you. 
  As an accommodation for the experience,GoodLeap will refund the payment of $334.50. Please allow three to five business days for this refund to process.  Following this, please note,  your account has been paid in full and is now closed.
  We value your feedback regarding your experience with our Customer Support and ******************; this has been brought to management to review for coaching and process improvement opportunities.  Should you have additional questions about your loan with GoodLeap, you may contact our ************************* at *****************************************

  Customer response

  09/06/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.
  
  

• Initial Complaint

  08/16/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I signed up with ************ over one year ago and got a loan with Goodleap Solar. I contacted BBB and the ************************ two months ago regarding ******. I did not and do not have solar. However Goodleap continues to take $93.00 a month out of my bank accounts for a service I do not have! As of now I have paid $371.06 and in a week another $93.00 will be taken out of my bank account. ******************** informed me ****** NEVER responded to any of their attempts to respond on my behalf, *** to the complaint I filed with the ************************ as I contacted them as well. Paying for Black Hills energy and Goodleap has caused me tremendous financial hardship. I have contacted Goodleap repeatedly and have been told by various representatives that they set up two case files regarding my account. Nothing of any use has been done. I believe this is fraud, illegal and a scam. Please look into my complaint with Goodleap. This company is tied with ****** and I believe it is a criminal theft to be forced to pay for a service I do not and most likely will never ever have.

  

  Business response

  09/06/2024

  GoodLeap is in receipt of the complaint filed with the Better Business Bureau (BBB) on August 16, 2024, concerning the
  purchase of a home solar system from ************************* LLC (Meraki). By the complaint, you expressed
  dissatisfaction with the status of the project and feel you should not be required to make loan payments to GoodLeap until
  the system is producing energy.

  Please note, GoodLeap operates separately and independently of Meraki. GoodLeap is the lender for the solar system
  purchase; we are not the seller or the installer.

  In the signed loan agreement, (see attached), it is explained on page five (5), the loan start date is the date we funded the
  loan to the installer for the system purchased. The first payment date is approximately ninety (90) days after installation,
  which may be before the system has been granted permission to operate by the local utility company.

  Our records indicate the system was installed by ****** on August 16, 2024. After installation, the system is subject to
  final inspections, then the local electric utility company approves and grants the system permission to operate . This final
  step is out of GoodLeaps control.

  Upon receipt of this complaint, we escalated your concerns to our Client Support team. One of our Client Support
  Managers, ***************************** (*******), reviewed your concerns and made numerous attempts to reach Meraki as issues
  related to the system require for the installer to address directly. Unfortunately, ****** has been unresponsive to our
  request for additional information. It is our understanding; ****** has since been acquired by Freedom Forever. *******
  is currently waiting for a response from Freedom Forever regarding the status of your project.

  GoodLeap will continue to make attempts to bridge communication with Freedom Forever. However, we encourage you
  to contact ******* directly for further assistance. Once an updated is received from Freedom Forever, ******* will
  contact you with any next steps. You may reach ******* at ************** or via email at ***********************************.

• Initial Complaint

  08/16/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  On 6/23/2023 I purchased a solar system from a company called Solcius. ******* went out of business in February 2024. I was not notified. Goodleap is the financer of the loan. In July 2024 my solar panels failed to work because the inverter that I had less than a year ago stopped working. ******* stated at the time of my original purchase that I had a warrenty and the cost of this was tied into my contact. I contacted Goodleap to see what I could do to have this rectified. The manufactring company has paid for the inverter due to the circumstanes but now I am responsible for all reparis. I will be out of pocket about $1200 to repair my inverter. Goodleap refused to help me in good faith even though I have been current on my loan and the warranty cost was included in the cost of my loan. They adivsed me that the warranty information was nowhere to be found. This is unacceptable to me as I have a loan for the panels for $40,000.

  

  Business response

  09/06/2024

  Dear ***************************,
  

  GoodLeap is in receipt of the complaint filed on August *******, with the Better Business Bureau (BBB), concerning the purchase of a home solar system from Solcius. In summary, you expressed dissatisfaction with the systems performance, stating you will now have to pay out of pocket for needed repairs since Socius is no longer in business. 
  

  Please note,GoodLeap operates separately and independently from Solcius. GoodLeap is the lender for your solar system purchase; we are not the seller or the installer.
  
  GoodLeaps loan agreement was signed by you on February 10, 2023, the terms of the loan are clearly reflected in the agreement including the interest rate/APR, initial and adjusted payment amounts, and Re-Amortization feature of the loan. Additional information is also available in the Welcome Package; Welcome Letter, Closing Certificate, and Truth in Lending Disclosure,originally sent on March 29, 2023. See attachments.
  

  Our records indicate the system was installed by ******* on March 25, 2023. After installation, the system is subject to final inspections, and then the local utility company approves and grants the system permission to operate. Be advised, your system was granted permission to operate on June 16, 2023, by your local utility company. It is our understanding; the system has been producing energy since obtaining permission to operate.
  

  To assist with your system performance concerns, one of our Client Support Managers, *********************, reached out to you via phone call a total of four (4) attempts as well as reaching out by email and text.
  Goodleap is willing to dispatch a local solar contractor to inspect the system installation and ensure the system is operating as designed.If you would like Goodleaps assistance, please reach out to ***** at 1-479-364-339 or via email at *********************************
  

  Sincerely,
  *************************
  Compliance Escalation Specialist
  *********************************************

• Initial Complaint

  08/12/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I got solar panels installed just over 2 years ago. the company that sold me the panels and sat with me in my living room ******* solar pros went out of business. but my problem is with the finance company Goodleap. I understand they were not the ones in my living room making me promises that never came to fruition but im trying to sell my house due to a medical condition of my wife. I was told by the installers that in the event that I wanted to sell my house any potential buyer would assume the solar loan I owe just over ******. I qualified with a 650 credit score and the panels are up and running. I find a potential buyer willing to buy my house and take over solar panel loan which is 238 per month for next 20 years. I contacted good leap was told potential buyer had to fill out a application and get approved? that's a long way from what I was told that it would be a simple transfer. now the potential buyers credit score is 657 and was told they didn't qualify so they couldn't take over my loan? when I contacted goodleap they said new buyer would have to have a 680 credit score which is moving the goal post? if they are taking over my loan same terms and conditions why do they even need to qualify? panels are already up and running. when I threatened to stop paying I was told very rudely do what you need to do and we will put a lien on your house then when you sell we get all our money lump sum up front. if they can do that to me they can do the same to potential buyer. almost like they are holding me hostage now I can't sell my house even if they qualify for a ******* home loan but not a ****** loan? why isn't my qualifications grandfathered in? I personally think they saw the buyers last name then came up with 680 when it's been ***************************************************** from selling my house. I don't even have a 680 credit score so im not sure where they are going with this. how many people have a 680 credit score?

  Customer response

  08/12/2024

  I dont know what documentation you need from me. I'm trying to get someone to assume my loan as they are buying my house and Goodleap will not let them assume my loan saying their credit score is not high enough. I got approved for a loan with a 650 credit score and now they are moving the goalpost saying any potential buyers have to have a 680 credit score. they are holding me hostage and preventing me from selling my home because how many people really have a 680 credit score? they are shrinking my buyer pool. if my loan qualified at 650 and potential buyer is assuming that loan same terms and conditions why isn't the 650 grandfathered in? my buyer had 657 credit score now they can't buy my house because Goodleap says SORRY they didn't qualify? how is that fair?

  

  Business response

  08/30/2024

  Dear *************************,  
  

  GoodLeap is in receipt of the complaint filed on August 13, 2024, with the Better Business Bureau (BBB), concerning your home solar loan. By the complaint, you expressed dissatisfaction with Goodleaps assumption process.
  

  We value your feedback and hope this response elucidates any confusion regarding GoodLeaps assumption process. Our borrower and the new homeowner should start the assumption process as soon as the home purchase offer is accepted. Applicants must apply for the loan by contacting our Assumption team via email at *************************************** to initiate the application process.
  

  If the applicant is approved, Goodleap will send a Assumption Package to the closing agent and all parties with required forms and information. Once the required items are received after the sale of the home, Goodleap will finalize the assumption by transferring the loan to new homeowner.
  

  As reflected in GoodLeaps loan agreement, the loan is assumable upon the sale of the property to a new owner, if the new homeowner qualifies under GoodLeaps underwriting guidelines. We are unable to disclose any personal information for the applicant referred to in the complaint. However, please know we have reviewed this matter and confirmed the appropriate processes were followed.  
  

  Should you have further questions or concerns, please contact the assigned Assumption Specialist, *****************************, handling your account. ****** can be reached at ************** or via email at ************************************
  

  Sincerely,
  *************************
  Compliance Escalations Specialist

• Initial Complaint

  08/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  The company is operating in a manner that is violation of the Consumer Protection Act. I keep receiving calls from their collection department and now they are calling my employer. They are stating I owe them $375.00 for July 2024 payment. I purchased the property and closing did not occur until late June. I took over the payments for GoodLeap as of July 9th due to a loan assumption. The first bill was due August 5th. Only July 28th they called and said I owed for July 5th. The *** lien was not completed until July 9th. I tried explaining the issue and they told me that I will owe the full amount if I don't offer them any payment. I explained I would make the August payment as agreed with but the July payment needs to be pushed back. I took care of this matter as of August 9th and they received their payment same day. On August 12th, they called my employer and said this was a collection attempt. The company has never sent me a physical bill and I never received contractional confirmation until August 9th. That is when I received proof of the agreement and assumption. I have repeatedly requested physical proof and confirmation. They keep sending emails and telling me I MUST accept this communication. I want Goodleap removed as the loan servicer. I want an investigation into their employees conduct. They refuse to issue me confirmation on any previous payment in the loan assumption. They are refusing to work with me on trying to resolve these issues.

  

  Business response

  08/30/2024

  GoodLeap is in receipt of the complaint filed with the Better Business Bureau (BBB) on August 12, 2024,
  concerning your home solar loan. In summary, you expressed dissatisfaction with our Loan Servicing
  Department, indicating you were billed for a billing cycle prior to when you assumed the GoodLeap loan.

  Our records indicate you assumed the solar loan associated with the purchase of your home at 380
  Langfordville Rd. GoodLeap received a completed loan assumption packet from you and the loan
  assumption was finalized on July 9, 2024. Please note, the loan terms are clearly reflected in the consent
  to transfer loan agreement, which included the loan amount, payment schedule and APR. It was also
  explained the loan is assumed, as is, from the date of the recorded deed. See attached.

  Upon review, our Loan Servicing team sent you an email containing all the details relation to the loan
  assumption process. within this email it was explained to you that depending on the closing date, your
  first physical statement may not be generated and mailed to you until the 3rd billing cycle. One the solar
  was transferred and complete we would provide you with access to our online portal where you would
  be able to make payments. Additionally, an email was sent to you on July 30, 2024, indicating your first
  payment amount $375.45 was due on July 23, 2024. The payment history reflects the payment was
  received on August 9, 2024.

  Please note, our collection calls serve as reminders to avoid negative credit impact to our borrowers. The
  Collections representatives will continue to make calls until they are able to confirm with the borrower
  when the account can be brought current.

  We regret any frustration this may have caused. If you have additional questions, you may contact our
  Loan ******************** at ****************************************.

• Initial Complaint

  08/08/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  When I sold my house I had it in my deal that my Good Leap account was to be paid off. The check was written for the amount of payoff at the time. Well I guess a few days maybe even a week went by and the amount changed due to there interest rates maybe a few dollars more than the payoff at the time of my homes sale. Good leap instead of calling me and letting me know and give me a chance to pay it off in full they let it grow interest, penalties, and late fees has made it a substantial amount. In my are we just had a hurricane so any extra money helps while Im not working because of the storm. Now they somehow have done a payment out of my account that was unexpected. By the way why couldnt they charge my account for the small amount to close it like they did today. Also they didnt charge me the full amount they left 30 cents in my account. I know there is a reason for this so that they can charge me another round of interest and penalties. This is bad business I will never use them again. An if you look at the attached document the amount the charged me was all interest, an on top of that they tried to leave .70 cents on my account to try and keep it open so they could do this again to me in three months. This was all done to squeeze as much money out of me a possible.

  

  Business response

  08/29/2024

  Dear *********************,
  GoodLeap received the complaint filed on August 8, 2024, with the Better Business Bureau (BBB), concerning your home improvement loan.  In summary, you assert you attempted to pay the loan in full, but GoodLeap continued to charge interest on your account.
  **********************'s loan agreement was signed by you on January 26, 2024.  The terms of the agreement are clearly reflected, including the interest accrual rate and information regarding prepayment.  The DocuSign Certificate shows the loan agreement was sent, viewed, and signed via the email address on file ********************** which matches the email address listed on the complaint form received.  Additional information was also available within the Welcome Package: Welcome Letter, Loan Closing Certificate, and Truth in Lending Disclosure, sent via email on February 8, 2024.  Please see attachments.
  Be advised, your loan product type is a standard Daily Simple Interest loan, meaning interest accrues daily beginning the first calendar day following the date the loan is funded (Loan Start Date).  By your first payment date (April 7, 2024), there would have been approximately sixty (60) daysworth of outstanding interest.  Monthly scheduled payments are first applied to outstanding interest and then to the principal payment.  Once the outstanding interest accrued from the loan start date has been satisfied, the portion of the payments applied to the principal balance will increase.
  On all GoodLeap loan statements,including the one that you included with your complaint dated July 19, 2024, it clearly states Outstanding Balance does not reflect payoff amount.  Please call ************** for a payoff quote.  As interest accrues daily,your balance increased between the time you received your statement dated June 18, 2024, and when made your lump sum payment of $12,640.00 on June 25,2024.  For clarity, we have included a copy of this statement with our response (see attached).
  Upon receipt of the complaint, your concerns were escalated to our Loan Servicing team for investigation and resolution.  The ************************* confirmed the payment received on June 25, 2024, was only for the principal amount reflected in the June ************************************************************************* a remaining   balance of $143.97.  Additionally, GoodLeap does not contact borrowers regarding their balance unless the borrower specifically requests it.  As your payment was insufficient to pay the full amount and close the account, the loan continued under the existing terms.  Since the account was enrolled in Autopay, our system continued to withdraw monthly payments until the loan was paid in full.
  As of August 8, 2024, your loan has been paid in full.  For your records,we have included a copy of the statement confirming a zero balance.  Should you have any further questions regarding your account, please contact our ************************* via email at ****************************************. 

• Initial Complaint

  08/08/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  My wife and I hired a company named *********************. Repeatedly during the sales pitch and later , during the project we were told that we had ********************************************************** full without any interest. After the project was completed, we received paperwork from goodleap. On or anround June 20th, after looking it over, and wanting certainty about the deferred payment, we called the number provided and eventually spoke ( on a recorded line ) to their representative in finance. We questioned the interest and we were assured that if we made payment in full before August 18th , we would be charged no interest and that the pay off would be the $52,000 loan amount. On August 7th we contacted goodleap to pay off the loan and were told that we had accumulated over $1,000 in interest. We protested and eventually spoke with a manager and requested that we go back and listen to the taped conversation of June 20. Goodleap refused to allow the tape to be heard, but said they would review it and reprimand the employee if falsehood was said , but that it would not change anything as far as our loan was concerned. We have paid the $52,000 to goodleap, but they are unwilling to negotiate on the proposed interest.

  

  Business response

  08/29/2024

  Dear *********************,
  

  Goodleap is in receipt of the complaint filed on August 8, 2024, with the Better Business Bureau (BBB), regarding your home improvement loan payments. In summary, you assert you were told by a Goodleap representative you would not have to pay interest if the loan amount was paid in full before your first payment date.  
  

  To clarify, your loan product type is a Daily Simple Interest loan. For Daily Simple Interest loans, interest accrues daily, the date the loan funds. By the first payment date of August 18, 2024, there would have been approximately sixty (60)days worth of outstanding interest accrued from the Loan Start Date. Monthly scheduled payments are first applied to outstanding interest and then to the principal payment. Once the outstanding interest accrued from the Loan Start Date has been satisfied, the portion of the payments applied to the principal balance will increase.
  

  As reflected on page one (1) of GoodLeaps loan agreement, signed by you on May 22, 2024, your Loan Start Date is June 18, 2024. Interest on your loan begins to accrue on the first calendar day following your Loan Start Date. Your first payment date will be due approximately two (2) months after your Loan Start Date. Please see attached.The Welcome Package: Welcome Letter, Closing Certificate, and Truth in Lending Disclosure, originally provided on June 20, 2024, clearly lists the Interest Start Date as June 19, 2024, and the First Payment Date as August 18, 2024.See attached.
  

  Our ************************* reviewed the call referenced in the complaint and confirmed misinformation was provided by the Billing representative. One of our Account Research Specialists, *****************, reached out to you via phone on August 14, 2024, to confirm the account will be credited as an accommodation for the experience. As requested by you, this information was also sent via email on August 14, 2024. Should you have any questions or concerns please reach out to ***** at ************** or via email at ********************************
  

  Sincerely,
  

  *************************
  Compliance Escalation Specialist
  *********************************************

  Customer response

  08/29/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.
  
  

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