Business Profile

Loans

NC Financial Solutions, LLC

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Complaints

This profile includes complaints for NC Financial Solutions, LLC's headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

378 total complaints in the last 3 years.
147 complaints closed in the last 12 months.

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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:08/09/2024
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.
Borrowed money from this company and the contract I signed is not the contract listed on the website. None of the terms are the same, there is no pay schedule, and they changed my monthly payment to biweekly and are trying to have me pay twice as much. I've paid over $2000 and it hasn't even made a dent in what I borrowed.
Business Response
Date: 08/17/2024
We have received the complaint sent to the Better Business Bureau (BBB) by ********************************. As we understand it, ********************* has an inquiry about his line of credit account.
On March 22, 2024, ****************** II opened a $5,000.00 line of credit, offered by ************* & Trust Company (*************) and serviced by NetCredit. ************* is a Kentucky-chartered, federally insured bank. Federal law (Section 27 of the ************************* Act and 12 U.S.C. 1831d) permits state-chartered insured depository institutions to charge interest and/or fees at the highest rateallowed by the laws of the state where the institution is located.Since ************* also maintains a presence and banking center in ****, federal law permits it to export interest rates and/or fees that comply with Ohio law.
When ********************* applied for the line of credit, he was presented with and required to agree to the Republic Credit Agreement and Terms and Conditions (Agreement) if he wanted to proceed with the application process; he acknowledged his acceptance by providing his electronic signature on the application dated March 22, 2024. ********************* can access a copy of his Agreement at any time by signing into his online account at www.netcredit.com.
We would note that the top of the Agreement states, HIGH COST CREDIT DISCLOSURE. THIS IS AN EXPENSIVE FORM OF CREDIT. IT SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS, NOT AS A LONG-TERM FINANCIAL SOLUTION. OTHER CREDIT OPTIONS MAY BE LESS EXPENSIVE.
This Agreement also outlines, in detail, all the terms of the account. Specifically, section IV of the Agreement defines and describes the two types of fees associated with the line of credit.A Cash Advance Fee is the Finance Charge charged for each Cash Advance at the time a Cash Advance is requested, as disclosed in the Account Opening Disclosure in Section I. The Cash Advance Fee is 10% of the amount of the Cash Advance. A Statement Balance Fee is assessed for each Billing Cycle where the Cash Advance Balance,as displayed on the statement, is greater than $25.00. Section V. of the Agreement also describes how minimum required payments are calculated; the minimum amount due on each due date will be 2.5% of the ending Cash Advance balance plus the Statement Balance Fee for that cycle. The Agreement also includes details regarding how payments are applied.
A minimum payment is due every billing period that carries a balance. Whenever a billing period closes, ********************* receives an email notification that his statement has been generated. This statement will detail his scheduled payment obligations, including the due date and minimum payment amount. ********************* has the right to make a payment in advance in any amount and at any time without penalty.
Additional or larger payments generally may reduce the statement balance fees incurred, which is also set forth in ****************** IIs Agreement.
During the application process, ******************** advised that his pay frequency was biweekly, therefore, his repayment dates were scheduled accordingly as biweekly.
Since establishing the NetCredit line of credit, ********************* has requested two (2) cash advances and he has made timely payments. However, his account balance became past due when he failed to make his payment that was due on July 29, 2024.
In reviewing ********************** account statements and payment history, our records confirm that his account has correctly been assessed Statement Balance Fees and Cash Advance Fees as detailed above.
Based on our review, ********************* contacted the NetCredit customer support team in regard to the concerns mentioned in his complaint and also requested to make monthly payments. As such, he was advised of the aforementioned and sent a copy of his Agreement. In addition, he was advised that his repayment dates were scheduled according to his pay frequency. Please note, if he has received a change in his income he can request a change to his payment frequency by contacting our Customer Support.
Further in our review, ********************* account has been managed in alignment with the above referenced Agreement and we are unable to honor his resolution request.
If ********************* has any additional questions regarding this matter, we ask that he please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Customer Answer
Date: 08/19/2024

Complaint: 22118514

I am rejecting this response because:
They changed the terms of the contract.
I had signed up for monthly. The company responded to a direct contact complaint saying weekly, but here they are saying biweekly.
Also the balance was supposed.to.be.getting paid down. I've paid over $2000 and I still.owe the original balance.
Sincerely,

**************************
Business Response
Date: 08/23/2024
Thank you for forwarding the customers additional correspondence to our attention.
As an initial matter, during the application process, ********************* advised that his pay frequency was weekly,therefore, his repayment dates were scheduled accordingly as biweekly. We apologize for the miscommunication in the initial response to the BBB.
The Agreement includes details regarding how payments are applied. Specifically, section V of the Agreement defines and describes how payments are applied.
As mentioned, ********************* has the right to make a payment in advance in any amount and at any time without penalty.Additional or larger payments generally may reduce the statement balance fees incurred, which is also set forth in ****************** IIs Agreement.
As mentioned, ********************** account has been managed in alignment with the Agreement.
If ********************* has any additional questions regarding this matter, we ask that he please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Customer Answer
Date: 08/26/2024

Complaint: 22118514

I am rejecting this response because:
Their response makes no sense. They asked when I could pay again. I told them November 1st. I'm tired of them harassing me over fraud they committed.
Sincerely,

**************************
Initial Complaint
Date:08/07/2024
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 issue I have with them is I had a credit solutions company help after I was drowning trying to pay them back, and per the contract they made together made it so they closed the account until it's paid off... (which is hard, but I understand it.) Yet, as part of their process (NetCredit or also known as NC FINANCIAL SOLUTIONSout of *******, ********), they chose to ding my credit as a late payment until I pay off the account with the ********************************************* company. I don't think the credit solutions company nor I knew about this.I didn't catch it till now. I called them both to find this out today. NC Financial Solutions LLC will continue to mark my as a late payment until it is paid off. Even though I pay every month. I have never seen a company do that. I've seen accounts closed as I continue to pay it off, but not a late payment ding on my credit. This is immoral and predatory.
Business Response
Date: 08/20/2024
We have received the complaint sent to the Better Business Bureau (BBB) by *************************. As we understand it, ************** disputes the accuracy of the credit reporting on her credit file.
On November 3, 2023, ************** opened a $950.00 NetCredit line of credit, offered by ************* & Trust Company (*************) and serviced by NetCredit. ************* is a Kentucky-chartered,federally insured bank. Federal law (Section 27 of the ************************* Act and 12 U.S.C. 1831d)permits state-chartered insured depository institutions to charge interest and/or fees at the highest rateallowed by the laws of the state where the institution is located. Since ************* also maintains apresence and banking center in ****, federal law permits it to export interest rates and/or fees that complywith Ohio law.
When she applied for the line of credit, she was presented with and required to agree to the Republic Credit Agreement and Terms and Conditions (Agreement). As set forth in her Agreement, she is required to pay at least the minimum payment every billing period in which there is an account balance. Additionally, the Agreement advised that we may report information about the account to ********************** bureaus and that late payments, missed payments, or other defaults on the account may be reflected in her credit reporting. ************** acknowledged her acceptance by electronic signature on the application dated November 3, 2023. ************** can access a copy of her Agreement at any time by signing into her online account at www.netcredit.com.
Since establishing the line of credit,************** has requested four (4) cash advances. As part of the loan process,account activity is sent to the consumer reporting agencies.
On February 5, 2024, we received notification that ************** had retained a debt management company and requested to cease communication with NetCredit. Therefore, we have honored this request. In addition, we worked with her debt management company and scheduled a repayment plan. Please note that this arrangement does not replace **************** Minimum Payments due on her account.
Based on our review, ************** contacted the NetCredit customer support team to inquire about the concerns mentioned in her complaint and she was advised of the aforementioned information.
Our review of the loan performance information sent to the consumer reporting agencies indicates that NetCredit is reporting accurate information concerning the repayment history of this loan and status of the account. As we are required to report accurate information,we are unable to fulfill her request to alter credit reporting.
If ************** has any additional questions regarding this matter, we ask that she please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.

Customer Answer
Date: 08/28/2024

Complaint: 22108309

I am rejecting this response because: NetCredit, the company in question, told me on the phone this account is a charge off. My credit report says the account is open. ********************** is reporting me as having 6 late payments with I'm sure the 7th on the way... and all have been paid. I was told on the phone that no matter what I do, short of paying the entire amount off, I will be dinged as having a late payment monthly by Netcredit. Photos of my credit report attached.

Sincerely,

*************************
Business Response
Date: 08/29/2024
Thank you for forwarding the customers additional correspondence to our attention.
As mentioned, on February 5, 2024, we received notification that ************** had retained a debt management company. As such, we worked with her debt management company and scheduled a repayment plan. Please note that this arrangement does not replace **************** Minimum Payments due on her account.
Based on our review, ************** has only contacted the NetCredit customer support team one time on August 7, 2024.During this call, she inquired about the credit reporting and expressed the concerns mentioned in her complaint. Contrary to her assertion, she was not advised that her account was charged off. Instead, she was advised upon completion of the repayment plan, we will report the account as settled.
Please be advised, **************** account balance is not charged off. As mentioned, our review of the loan performance information sent to the consumer reporting agencies indicates that NetCredit is reporting accurate information concerning the repayment history of this loan and status of the account.
If ************** has any additional questions regarding this matter, we ask that she please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Customer Answer
Date: 09/03/2024

Complaint: 22108309

I am rejecting this response because: on the phone call in August the NetCredit representative TOLD ME THE ACCOUNT WAS CHARGED OFF. (All caps just so it's not missed, I do not wish to be obnoxious.)
They said yes they were working with the debt consolidation company and that there was a contract. They said they could not take any payments from me personally, that it would have to go through the debt consolidation company. They said the debt consolidation company WAS making payments every month as agreed. They said they would continue to report my payment as late/missed on my credit report every month until the ENTIRE AMOUNT was paid off. They said I couldn't do anything else really until it was paid off in full. My credit account would keep getting marked as late.
I felt disgusted and stuck. In all my years working with different loan and credit companies I could not believe they were/have been marking late/missed payments monthly when I was paying.
They also dragged their feet when I first started utilizing the debt consolidation company due to a birthdate issue, which was also very strange. I clarified the birth date on the phone. It was a quick call. And that's all I knew. For all I know, it could be the very issue and reason they considered payments late, because they somehow had wrong information. (I mean how could I mess up my own birthday to any company?) These are all phone calls, which hopefully are recorded.
So just to repeat, I was told there was nothing I could do to negotiate anything different. They said I had to pay off the amount through the debt consolidation company and I clarified, will you keep marking my account as late even though I'm paying every month? They said yes because it was late, charged off, and in contract with a debt consolidation company.
It was then that I looked up the account status on my ********************** report and saw it was ACTIVE. That up to 6 months were considered missed/late payments. It now says 7 MISSED PAYMENTS. I was seriously confused due to hearing it was charged off and each payment was received from the debt consolidation company. I have plenty of screen shots available from my credit report.
The right thing to do would be to reverse all the marks on my credit called late/missed payments. If I come into lot of money somehow I will pay them off in full as soon as I get a chance, but the way this company has reported late payments, 7 in a row to be clear and more coming, It will effect my present and future needs for my son and I. Buying a home, car, future business loans, etc. They have lied multiple times now. It is not right. I am a teacher and a single mom for goodness sake. I need help getting these dings off my credit and they seem to be the only ones who can do that.
If they don't change this, I need to keep making my case loud and clear to warn anyone else from working with them.
Help!

Sincerely,

*************************
Initial Complaint
Date:07/31/2024
Type:Billing Issues
Status:
ResolvedMore 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 company has not updated my bank account for payment, has inaccurately reported the wrong account number on my ********************** report and has inaccurate reported and adverse over limit on my TransUnion, Equifax and Experian credit reports. I spoke to an ****** and was asked to email my voided check to update my bank account and they never updated it after I sent it 4 times. No communication, no good customer service and not reporting accurately to the credit bureaus.
Business Response
Date: 08/09/2024
We have received the complaint sent to the Better Business Bureau (CFPB) by ***********************. As we understand it, ************** has an inquiry about his line of credit account.
As an initial matter, we have addressed the same concerns in a previous Consumer Financial ***************** (CFPB) complaint.
As mentioned, on December 5, 2023, ************* opened a $1,500.00 line of credit, offered by ************* & Trust Company (*************) and serviced by NetCredit. ************* is a Kentucky-chartered,federally insured bank.
When he applied for the line of credit, he was presented with and required to agree to the Republic Credit Agreement and Terms and Conditions (Agreement). As set forth in his Agreement, he is required to pay at least the minimum payment every billing period in which there is an account balance. Additionally, the Agreement advised that we may report information about the account to ********************** bureaus and that late payments, missed payments, or other defaults on the account may be reflected in his credit reporting. ************** acknowledged his acceptance by electronic signature on the application dated December 5, 2023. ************** can access a copy of his Agreement at any time by signing into his online account at www.netcredit.com.
In addition, ************** signed an Automated Clearing House (ACH) authorization, allowing credits and debits to be made to his bank account.
As mentioned, we currently do not offer the option to update ACH payment information via the online account center. However, customers are able to add debit card payments to their account center and make debit card payments by contacting the customer service department at ************.
On May 23, 2024 and May 24, 2024, ************* contacted the NetCredit customer support team and requested to update his bank account information. In an effort to streamline the process, NetCredit allows customers to submit their bank statement electronically for verification purposes. The electronic bank statement is the safest and quickest method to verify banking information and will help protect consumers from fraudulent activity. In Mr. ****** instance, the results of the electronic bank statement were inconclusive, and we were not able to verify the bank account information. Therefore, we asked ************** to submit a full copy of his most recent bank statement via email to verify the bank account.
Subsequently, on May 23, 2024, ************* updated his email address and submitted a partial copy of his bank statement.However, the email used was no longer associated with his NetCredit account and therefore, the NetCredit customer support team was unable to respond to advise that a full bank statement was needed to update his bank account.
In our continued effort to address ********* concerns, on June 3, *************************************************************************************** response, ************** advised that he did not have a full bank statement, however, we advised that as an alternative he could submit a voided check. ************** agreed to submit the voided check.
At this time, ************** has yet to submit the required documentation. Again, if ************** would like to update his bank account information, we ask that he please submit a voided check and/or a full bank statement to:
NetCredit Customer Support
Email: **********************************

Please note, *************** of Credit number with NetCredit ends in 3243. However, Mr. ****** customer identification number with ********************** is ********. Therefore, the NetCredit ending in 3243 is the same account as ********.
************** has made timely payments. Accordingly, we have not reported late payments, however, we have reported that the line is suspended as ************** does not have any available credit.
Our review of Mr. ****** line of credit account and the performance information we sent to the consumer reporting agencies indicates that we reported accurate information concerning the repayment history and status of the account. As we are required to report accurate information, we are unable to fulfill the request of altering or deleting accurate credit reporting.
If ************** has any additional questions regarding this matter, we ask that he please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Customer Answer
Date: 08/12/2024

Complaint: 22074066

I am rejecting this response because: Please is not accurate or complete information, and bank statement was sent along with a voided check and your failure to update the account is fraudulent. As I have no idea what you have done with my personal information. This complaint will continue until I see that all information is updated, accurate and complete and you have updated my banking information.

Sincerely,

*************
Business Response
Date: 08/19/2024
Thank you for forwarding the additional correspondence to our attention.
As mentioned, on May 23, 2024 and May 24, 2024, ************** contacted the NetCredit customer support team and requested to update his bank account information. In an effort to streamline the process,NetCredit allows customers to submit their bank statement electronically for verification purposes. The electronic bank statement is the safest and quickest method to verify banking information and will help protect consumers from fraudulent activity. In Mr. ****** instance, the results of the electronic bank statement were inconclusive, and we were not able to verify the bank account information. Therefore, we asked ************** to submit a full copy of his most recent bank statement via email to verify the bank account.
In our continued effort to address ********* concerns, on June 3, *************************************************************************************** response, ************** advised that he did not have a full bank statement, however, we advised that as an alternative he could submit a voided check. ************** agreed to submit the voided check.
However, on August 13, 2024, a member of management again contacted ************** and was able to update his bank account information.
If ************** has any additional questions regarding this matter, we ask that he please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Customer Answer
Date: 08/20/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

***********************
Initial Complaint
Date:07/27/2024
Type:Product Issues
Status:
ResolvedMore 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.
They owe me a refund for over payment. Since June 10th. Every time I call they have a different excuse for how they are going to refund my money. The lastest is it will take 45 days from the date they received the final payment. As of the 25th of July they said they are processing the refund. Everytime I call I get a different answer.I just want my refund and I will encourage everyone to never use this company.
Business Response
Date: 08/07/2024
We received the complaint sent to the Better Business Bureau (BBB) by ***********************. As we understand it, Ms.******s concerns are regarding an overpayment of $330.09 she made on her account.
On July 18, 2023, Ms. ****** opened a $2,200.00 NetCredit line of credit, offered by ************* &Trust ******* (*************) and serviced by NetCredit. When she applied for the line of credit, she was presented with and required to agree to the NetCredit Credit Agreement and Terms and Conditions (Agreement); she acknowledged her acceptance by electronic signature on the application dated July 18, 2023. This Agreement outlines in detail all the terms of the account. Further, Ms. ****** signed an Automated Clearing House (ACH) authorization, allowing debits to be made from her bank account.
On June 10, 2024, NetCredit received a check payment for $1,813.00. However, Ms. ******s total account balance was $1,482.91. Regarding overpayments, our process is to issue a refund 45 days after the date the check payment is received and clears. Therefore, Ms.****** would be issued a refund for the overpayment by July 26, 2024.
Based on our review, Ms. ****** has spoken several times with the NetCredit customer support team, inquiring as to the status of her refund check. Unfortunately, she has been misinformed that the refund would be submitted within 3-7 business days. We apologize for the inconvenience this matter may have caused.
On July 26, 2024, we submitted a request to refund the overpayment of $330.09. We ask that Ms.****** please allow 3-5 business days for the refund to appear in her account.
If Ms. ****** has any additional questions regarding this matter, we ask that she please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Initial Complaint
Date:07/27/2024
Type:Billing Issues
Status:
ResolvedMore 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.
After losing by job due to ******* became behind on payments on this loan. They continued to report late payments to all 3 credit bureaus way past the maturity date of the loan. Once the loan was settled I requested a transaction history to see why it had been reported late for so long, over 2 years and I have yet to receive that history after 2 weeks of calling and everyday. They are scamming people and reporting erroneous information to the credit bureaus.
Business Response
Date: 08/15/2024
Thank you for forwarding this customer complaint. We take all complaints seriously and make every effort to implement a fair and satisfactory resolution.
As an initial matter, NetCredit closely monitored the Coronavirus (COVID-19) pandemic and paid special attention to its impact on our customers.We worked hard to put options in place to help customers who have been affected by the spread of the virus. Specifically, we were being very flexible with due date adjustments, payment deferrals and payment plans. In addition, NetCredit managed credit reporting in accordance with regulations.
On December 9, 2019, **************** was funded a $3,200.00 installment loan with NetCredit. When **************** applied for the installment loan, she was presented with and required to agree to the Credit Agreement and Terms and Conditions (Agreement) if she wanted to proceed with the application process; she acknowledged her acceptance by providing her electronic signature on the application dated December 9, 2019. **************** can access a copy of her Agreement at any time by signing into her online account at www.netcredit.com.
This Agreement also outlines, in detail, all the terms of the account, including the Loan Duration, Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments and Payment Schedule.
Additionally, the loan agreement *************** signed also advised that we may report information about the account to ********************** bureaus. That late payments,missed payments, or other defaults on the account may be reflected in his credit reporting.
Although, **************** has made several payments toward the account balance, she failed to make the required payments and her account balance became past due in January 2021 and remained past due. As such, our collection efforts were initiated. As part of the loan process, account activity is sent to the consumer reporting agencies.
On March 29, 2021, **************** spoke with our customer support team to advise that she had been impacted by the COVID-19 pandemic and that she would not be able to make any payments.Therefore, her account balance remained past due. As such, we notated her account that she has been affected by COVID-19, and we temporarily added a notation to her account that lets the bureaus know she has been impacted by the virus. *************** can reach out directly to the credit bureaus if she would like to better understand how this impacted her credit.
On June 11, 2024, **************** contacted our customer support team and requested to settle the delinquent balance for less than the amount that is owed. As such, we honored her request to settle the account balance and subsequently, **************** paid the settlement.Accordingly, we have reported the loan has been closed and settled for less than the amount owed.
Please note, that although *************** has paid the settlement, it does not negate payment history that occurred before the date she paid the settlement payment.

Our review of Ms. ******* account and the performance information we sent to the consumer reporting agencies indicates that we reported accurate information concerning the repayment history and status of Ms. ******* account. As we are required to report accurate information, we are unable to fulfill the request of altering or deleting accurate credit reporting.
Based on our review, **************** requested a copy of her transaction history and due to an error her request was not fulfilled in a timely manner. We apologize for the confusion this matter may have caused ****************.
NetCredit strives to provide the ultimate customer experience, and we would be more than happy to address any outstanding questions or concerns that **************** may have regarding her account. We ask that she contact our customer support team at ************ for assistance.
We hope that this response resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.

Customer Answer
Date: 08/15/2024

Complaint: 22052995

I am rejecting this response because: while I do understand the late payments have to be reported, my issue is that they continued to be reported beyond the maturation date of the loan. At that time, the loan should have been turned over to a collection company. This loan matured in December of 2021 and the payments after that should not have been reported anymore.

Sincerely,

***********************
Business Response
Date: 08/22/2024
Thank you for forwarding the additional correspondence to our attention.
As mentioned, *************** failed to make the required payments and her account balance became past due in January 2021 and continued to remain past due.
As mentioned, as part of the loan process, account activity is sent to the consumer reporting agencies.
Please be advised, it is within our right as to when and/or if an account will be sold to a third-party debt buyer. As such, since ******************** account is still in our possession we are required to report accurate information.
NetCredit strives to provide the ultimate customer experience, and we would be more than happy to address any outstanding questions or concerns that **************** may have regarding her account. We ask that she contact our customer support team at ************ for assistance.
We hope that this response resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.
Initial Complaint
Date:07/26/2024
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.
Took out a $5800 loan. Paid $8992 to date. They say I still owe over $7000. Not sure how this interest is allowed in state of **. Balance should be considered paid in full or a huge reduction in balance remaining. I did fall behind on payments but I cant keep up with $250 per month with nothing coming off principal balance. Its like a life sentence. Crazy this is allowed.
Business Response
Date: 08/12/2024
Thank you for forwarding this customer complaint. We take all complaints seriously and make every effort to implement a fair and satisfactory resolution.
As an initial matter, NetCredit has addressed her concnersn in a previous Better Business Bureau (BBB) complaint.
As mentioned, on June 6, 2022, **************** was funded a $5,800.00 installment loan offered by ************* & ************* (*************)and serviced by NetCredit. ************* is a Kentucky-chartered, federally-insured bank; therefore, *** is allowed to import the interest rate of its home state. Federal law (Section 27 of the ************************* Act and 12 U.S.C. 1831d) permits state-chartered insured depository institutions to charge interest and/or fees in any state at the highest rate allowed by the state where the institution is located. Since ************* also maintains a presence and banking center in ********, federal law permits it to export interest rates and/or fees that comply with Kentucky law.
When **************** applied for the installment loan, she was presented with and required to agree to the Republic Credit Agreement and Terms and Conditions (Agreement). The Governing Law section of the Agreement states that:
this Agreement (other than the Arbitration Provision) and all related disputes are governed by applicable federal law and the laws of the Commonwealth of Kentucky, without regard to its conflict of law provisions.
As a result, Kentucky law governs the Agreement and any interest rate permitted under the Agreement.
This Agreement also outlines, in detail, all the terms of the account, including the Loan Duration, Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments and Payment Schedule. We would also note that the top of the Agreement that was presented to **************** and she agreed to prior to submitting her application, it states, HIGH COST CREDIT DISCLOSURE. This loan is an expensive for of credit. Other credit options may be less expensive. Additionally,the loan agreement **************** signed also advised that we may report information about the account to ********************** bureaus. These terms included a provision that authorized NetCredit, to report information about the Loan to the credit bureaus. Late payments, missed payments, or other defaults on your Account may be reflected in your credit report.

As mentioned, as set forth in Ms. ******* loan agreement, interest is charged daily. For detailed information about how interest is calculated, we recommend **************** refer to her loan agreement labeled PROMISE TO PAY AND LATE CHARGE, which is always available through her online account.

As mentioned, as set forth in Ms. ******* loan agreement, payments are applied to unpaid interest first. For detailed information about her specific loan, we recommend that **************** refer to her loan agreement, which is always available through her online account.Specifically, we would like to direct her attention to the section of the agreement labeled APPLICATION OF PAYMENTS.

Please note that **************** has the right to make a payment in advance and in any amount on the loan agreement at any time without incurring additional charges. Prepayments of principal may reduce the total amount of interest she is scheduled to pay under the Agreement. Based on our review, **************** contacted our customer support team to assert that she experiencing financial difficulty. As such, in an effort to provide some relief to **************** we offered a temporary payment relief plan (***). This allows **************** to make payments during a defined period of time. The temporary payment relief option reduces the payments during a defined period of time. The smaller payments would replace her current contractual obligations for that period and the original payments owed are deferred to the end of the loan term. The deferred payments will not exceed the original installment amount due for each payment and she will not pay additional interest over the life of her loan. Please note, after the temporary relief repayment period, ****************** regular installments will return to the original amount. However, **************** did not make the payments as agreed upon in the *** plan and her account balance became delinquent.

**************** again contacted our customer support team inquiring about repayment options, again she scheduled another temporary repayment plan to bring her past due balance to a current state. Again, she will not pay additional interest over the life of the loan. However, again **************** did not make the payments as agreed upon in the *** plan and her account balance became delinquent.

We have reviewed Ms. ******* account, and our review concludes that her account has been serviced in alignment with the signed Agreement. Therefore, we cannot honor ****************** request to consider her installment loan paid in full.

If **************** has any additional questions regarding this matter, we ask that she please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Customer Answer
Date: 08/13/2024

Complaint: 22049821

I am rejecting this response because: Per the attachment, they claim that they strive to offer fair and reasonable payments, but that is clearly not the case because I cant afford the payments. Plus the interest that they keep adding on is obviously not fair or reasonable and as I noted in my original complaint that its impossible to get this paid off with the way that they structure their interest so complete false advertisement or statement from the. plus they exceed the state, legal APR for Kentucky So I disagree with their response

Sincerely,

***************************
Business Response
Date: 08/14/2024
Thank you for forwarding the customers additional correspondence to our attention.
Again, as mentioned, on June 6, 2022, **************** was funded a $5,800.00 installment loan offered by ************* & ************* (*************)and serviced by NetCredit. ************* is a Kentucky-chartered, federally-insured bank; therefore, *** is allowed to import the interest rate of its home state. Federal law (Section 27 of the ************************* Act and 12 U.S.C. 1831d) permits state-chartered insured depository institutions to charge interest and/or fees in any state at the highest rate allowed by the state where the institution is located. Since ************* also maintains a presence and banking center in ********, federal law permits it to export interest rates and/or fees that comply with Kentucky law.
When **************** applied for the installment loan, she was presented with and required to agree to the Republic Credit Agreement and Terms and Conditions (Agreement). The Governing Law section of the Agreement states that:
this Agreement (other than the Arbitration Provision) and all related disputes are governed by applicable federal law and the laws of the Commonwealth of Kentucky, without regard to its conflict of law provisions.
As a result, Kentucky law governs the Agreement and any interest rate permitted under the Agreement.
This Agreement also outlines, in detail, all the terms of the account, including the Loan Duration, Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments and Payment Schedule. We would also note that the top of the Agreement that was presented to **************** and she agreed to prior to submitting her application, it states, HIGH COST CREDIT DISCLOSURE. This loan is an expensive for of credit. Other credit options may be less expensive. Additionally,the loan agreement **************** signed also advised that we may report information about the account to ********************** bureaus. These terms included a provision that authorized NetCredit, to report information about the Loan to the credit bureaus. Late payments, missed payments, or other defaults on your Account may be reflected in your credit report.

Again, as mentioned, as set forth in Ms.******* loan agreement, interest is charged daily. For detailed information about how interest is calculated, we recommend **************** refer to her loan agreement labeled PROMISE TO PAY AND LATE CHARGE, which is always available through her online account.

Again, as mentioned, as set forth in Ms.******* loan agreement, payments are applied to unpaid interest first. For detailed information about her specific loan, we recommend that **************** refer to her loan agreement, which is always available through her online account.Specifically, we would like to direct her attention to the section of the agreement labeled APPLICATION OF PAYMENTS.

Again, as mentioned **************** has the right to make a payment in advance and in any amount on the loan agreement at any time without incurring additional charges. Prepayments of principal may reduce the total amount of interest she is scheduled to pay under the Agreement. When **************** contacted our customer support team to assert that she experiencing financial difficulty, we offered a temporary payment relief plan (***). This allows **************** to make payments during a defined period of time. The temporary payment relief option reduces the payments during a defined period of time. The smaller payments would replace her current contractual obligations for that period and the original payments owed are deferred to the end of the loan term. Again, as mentioned, the deferred payments will not exceed the original installment amount due for each payment and she will not pay additional interest over the life of her loan.
However, **************** did not make the payments as agreed upon in the *** plan and her account balance became delinquent.

Again, in our continued effort to assist **************** after she again contacted our customer support team inquiring about repayment options, she scheduled another temporary repayment plan to bring her past due balance to a current state. Again, she will not pay additional interest over the life of the loan. However, again **************** did not make the payments as agreed upon in the *** plan and her account balance became delinquent.
At this time, Ms. ******* account balance remains past due. NetCredit remains willing to work with **************** to arrange an available repayment plan for her outstanding balance. We ask that she contact us directly at ************ Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT, for assistance.
Customer Answer
Date: 08/14/2024

Complaint: 22049821

I am rejecting this response because:
Again did not address my concerns just regurgitated previous response.
Sincerely,

***************************
Initial Complaint
Date:07/24/2024
Type:Service or Repair Issues
Status:
ResolvedMore 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.
Regarding Account #********; Borrower Name ***********************; Loan Number 2022NJ658402644 It has come to my attention that loans with interest fees over 30% are prohibited in my state, **********:To protect borrowers, many states have made usury (charging excessively high interest rates) a crime. In **********, it is considered criminal usury if a lender charges an interest rate of 30% or more to an individual, or 50% or more on an entity (a corporation, limited liability corporation, etc. Therefore, the loan contract that I have with you, according to my state's laws, is not enforceable. My original loan was for $4,000. Thirty Percent of this amount is $1,200. As of today, July 24, 2024 I have paid $9,188.20. By law I have overpaid my loan by $3,900 and some change. I asked them to revoke my ACH authorization and I have not hear from them.
Business Response
Date: 08/09/2024
Thank you for forwarding this customer complaint.We take all complaints seriously and make every effort to implement a fair and satisfactory resolution.
On May 20, 2022, ************** was funded a $4,000.00 installment loan offered by ************* & Trust Company (*************) and serviced by NetCredit.
************* is a Kentucky-chartered, federally insured bank. Federal law (Section 27 of the ************************* Act and 12 U.S.C. 1831d) permits state-chartered insured depository institutions to charge interest and/or fees at the highest rateallowed by the laws of the state where the institution is located.Since ************* also maintains a presence and banking center in ********, federal law permits it to export interest rates and/or fees that comply with Kentucky law.
When ************** applied for the installment loan, he was presented with and required to agree to the Republic Credit Agreement and Terms and Conditions (Agreement) if he wanted to proceed with the application process; he acknowledged his acceptance by providing his electronic signature on the application dated May 20, 2022. ************** can access a copy of his Agreement at any time by signing into his online account at www.netcredit.com.
This Agreement also outlines, in detail, all the terms of the account, including the Loan Duration, Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments and Payment Schedule. We would also note that the top of the Agreement that was presented to ************** and he agreed to prior to submitting his application, it states,HIGH COST CREDIT DISCLOSURE. This loan is an expensive form of credit. Other credit options may be less expensive. In addition, ************** signed an Automated Clearing House (ACH) authorization allowing credits and debits to be made toward ************** bank account.
Based on our review, ************** concerns mentioned in his complaint including his ACH revocation request were escalated to our internal resolution team for further review. Please note, we have revoked our ACH authorization. A confirmation email was sent to him explaining that the cancellation of automatic payments does not relieve the obligation to repay the debt. In addition, his concerns have been escalated for further
We have reviewed **************** account, and our review concludes that his account has been serviced in alignment with the signed Agreement. Therefore, we cannot honor **************** resolution request.
If ************** has any additional questions regarding this matter, we ask that he please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Initial Complaint
Date:07/24/2024
Type:Billing Issues
Status:
ResolvedMore 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.
Regarding Account #********; Borrower Name ***********************; Loan Number 2021NJ516283582 It has come to my attention that loans with interest fees over 30% are prohibited in my state, **********:To protect borrowers, many states have made usury (charging excessively high interest rates) a crime. In **********, it is considered criminal usury if a lender charges an interest rate of 30% or more to an individual, or 50% or more on an entity (a corporation, limited liability corporation, etc.).My original loan was for $3,100. Thirty Percent of this amount is $930. As of today, July 24, 2024 I have paid $6,761.72. By law I have overpaid on my loan by $2,700 and some change. I have asked them to stop my ACH authorization and Have not heard back from them.
Business Response
Date: 08/09/2024
Thank you for forwarding this customer complaint.We take all complaints seriously and make every effort to implement a fair and satisfactory resolution.
On March 25, 2021, ************** was funded a $3,100.00 installment loan offered by ************* & Trust Company (*************) and serviced by NetCredit.
************* is a Kentucky-chartered, federally insured bank. Federal law (Section 27 of the ************************* Act and 12 U.S.C. 1831d) permits state-chartered insured depository institutions to charge interest and/or fees at the highest rateallowed by the laws of the state where the institution is located.Since ************* also maintains a presence and banking center in ********, federal law permits it to export interest rates and/or fees that comply with Kentucky law.
When ************** applied for the installment loan, she was presented with and required to agree to the Republic Credit Agreement and Terms and Conditions (Agreement) if she wanted to proceed with the application process; she acknowledged her acceptance by providing her electronic signature on the application dated March 25, 2021. ************* can access a copy of her Agreement at any time by signing into her online account at www.netcredit.com.
This Agreement also outlines, in detail, all the terms of the account, including the Loan Duration, Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments and Payment Schedule. We would also note that the top of the Agreement that was presented to ************** and she agreed to prior to submitting her application, it states,HIGH COST CREDIT DISCLOSURE. This loan is an expensive form of credit. Other credit options may be less expensive. In addition, ************** signed an Automated Clearing House (ACH) authorization allowing credits and debits to be made toward ************** bank account.
Based on our review, ************** contacted our customer support team in regards to the concerns mentioned in her complaint and requested to revoke our ACH authorization. As such, she was advised of the aforementioned and we revoked our ACH authorization. A confirmation email was sent to her explaining that the cancellation of automatic payments does not relieve the obligation to repay the debt.
We have reviewed **************** account, and our review concludes that her account has been serviced in alignment with the signed Agreement. Therefore, we cannot honor **************** resolution request.
If ************** has any additional questions regarding this matter, we ask that she please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Initial Complaint
Date:07/15/2024
Type:Service or Repair Issues
Status:
ResolvedMore 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 applied for a loan and they asked me to sign onto my bank account. The bank advised that is not allowed. I was told I could submit paystubs. When I tried to them. I was told no only will accept signing into bank statement. I can't do that.Now they refused to let me talk to supervisor.
Business Response
Date: 07/26/2024
We have received the complaint sent to the Better Business Bureau (BBB) by *************************. As we understand it, **************** is displeased with his NetCredit loan product application experience.
On July 14, 2024, **************** submitted an application with ************* & ************* (*************) for a NetCredit loan product, which is serviced by NetCredit.
Based on the information **************** provided on his application we requested additional information from him in order to make a final decision on his application specifically income verification. As such, a copy of ****************** bank statement was needed for verification purposes.
In an effort to streamline the process, NetCredit allows customers to submit their bank statement electronically via Decision Logic. When we need to verify a potential customer's income for our underwriting process, the electronic bank statement is the safest and quickest method to verify banking information and will help protect consumers from fraudulent activity. Please note that, while the customer enters their login credentials to access their checking account via Decision Logic, this information is not received or retained by NetCredit.
On July 15, 2024, **************** contacted our customer support team to advise that an *************** Statement could not be completed with his bank. Therefore, as an alternative, **************** was advised to submit a copy of his two most recent bank statements for verification. However, **************** declined to submit the required documentation and instead advised he would submit a copy of his pay stub. In response, *************** was again advised that bank statements are required.
On July 16, 2024, a confirmation email was sent to **************** advising him that his two most recent bank statements were needed and included instructions on what details needed to be included when submitting his bank statement (e.g.all pages of the bank statement and the beginning and ending balance for a least one full month, etc.).
*************** did not submit the required documentation; therefore, his loan application was withdrawn.
Please note, we provide a thorough verification process to ensure responsible lending. During our underwriting process, we use a variety of tools and techniques to verify identity, employment, banking information, and overall financial health. As such, we require certain verifications to determine a decision.
**************** is welcome to reapply and provide the required documentation to proceed with his application. Please note, his concerns have been escalated for further review.
If **************** has any additional questions regarding this matter, we ask that he please contact our customer service department at ************, Monday Friday, 8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.
Initial Complaint
Date:07/08/2024
Type:Billing Issues
Status:
ResolvedMore 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 account is inaccurate and still showing in my credit report. I've been disputing this account for a very long time now and no action was being made.
Business Response
Date: 07/24/2024
We have received the complaint sent to the Better Business Bureau (BBB) by ***********************. As we understand it, ************* asserts that he is the victim of identity theft.

On February 12, 2019, someone identifying themselves as *********************** applied for an installment loan with NetCredit. During the application process, Mr. ****** personal information was provided, including date of birth and social security number. As part of the application process, consumers must authorize NetCredit to obtain credit reports from consumer reporting agencies.

On February 12, 2019, a $5,700.00 installment loan was approved and the Credit Agreement and Terms and Conditions (Agreement) were acknowledged and accepted by electronic signature on the application dated February 12, 2019. This Agreement also outlines, in detail,all the terms of the account, including the Loan Duration, Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments and Payment Schedule. Additionally, the loan agreement advised that we may report information about the account to ********************** bureaus and that late payments, missed payments, or other defaults on the account may be reflected in credit reporting.

NetCredit has received several payments towards the account balance, however, the account balance became past due in August 2019. Therefore, our collection efforts have been initiated.

On October 13, 2019, ************** was sent a Notice of Right to Cure Default informing him of his right to cure his default by paying the default balance before November 12, 2019, or his entire outstanding balance would become immediately due (accelerated). Due to continued non-payment to correct the past due amounts, Mr. ****** account was accelerated and became immediately due on November 13, 2019.

On October 7, 2020, ****************** outstanding balance was sold to debt buyer, ***** Services (*****) due to continued non-payment of past due amounts. As a result,NetCredit is no longer servicing Mr. ****** account since it is not currently owned by NetCredit. Therefore, should **************, have any inquiries regarding payments, we ask that he contact ***** directly at ************.

Our records do not indicate that ************** has contacted our customer support team to assert that he did not apply for the above mentioned transaction and instead was the victim of identity theft. However, upon receipt of his BBB complaint he was advised, in order to begin our investigation, we ask that he file a police report and provide a full copy to NetCredit.

At this time, ************** has yet to submit the required documentation. Should ************* wish to pursue an identity theft claim, we ask that he submit a police report via email or fax to:

NetCredit ****************
Fax: ************
Email: *******************************************

Upon receipt of the police report, our fraud department will begin review of his identity theft claim.

If ************* has any additional questions regarding this matter, we ask that he please contact our customer service department at ************, Monday Friday,8:00AM 8:00PM CT or Saturday Sunday, 9:00AM 5:30PM CT.

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