Complaints

This profile includes complaints for Spring EQ LLC's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Spring EQ LLC

  1 W Elm St Ste 450 Conshohocken, PA 19428-4152

  
• 

  Spring EQ LLC

  100 W Matsonford Rd Bldg 5 Ste 100 Radnor, PA 19087-4559

  

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:03/10/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

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

  Answered:

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

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was interested in a Home Equity Line of Credit and was extended an offer for a Home Equity Loan instead. After going through quite a bit of process my credit was run (hard pull) and after an infuriating number of emails (one of which the loan officer said he mistakenly sent to the wrong e-mail address) and one scheduled phone call that was not followed through on by the loan officer I was denied based on my debt to income ratio being outside their parameters. All of that could have been figured out without the hard pull on my credit. My complaint is in regards to this hard pull being unessesary, and with the general lack of professionalism on the part of the loan officer handling my application.

  

  Business Response

  Date: 04/05/2023

  Dear ******************:
  
  Spring EQ is in receipt of your complaint, in which you express frustration with the application process, including a lack of professionalism on the part of your contact at Spring EQ. You also suggest that the companys disposition of your application could have been made without a hard credit pull, and you request that the credit pull be removed from your credit report.
  
  Spring EQs records indicate that you submitted an online application for a home equity loan with Spring EQ, and through this process you consented in writing for Spring EQ to pull credit. Spring EQ conducts a hard credit pull with each of its applications; this is a requirement in order to apply for credit. Spring EQ cannot remove the inquiry, because there was no error in pulling your credit. You applied for a loan and consented to this.
  
  Spring EQ does regret that your experience did not meet the customer service standards that Spring EQ expects its staff to deliver. We thank you for bringing this to our attention, and we will take this opportunity to coach the individuals involved with the processing of your loan application. We thank you for your business, and we hope to better serve you in the future.

• Initial Complaint

  Date:03/05/2023

  Type:Sales and Advertising 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.

  On Friday the 24th of February, I was referred to this company by my mortgage company to look in assisting me in a home equity loan. I representative called me on the same day, 2/24. I informed him of my desire and that we wanted. We submitted the requested information that they asked for. This agent called me back and stated that he would like to assist us but needed to put the loan in my name only and it would be the following Monday when he would call me back because it was almost the close of the business day for him. On Monday the 27th, I called this company back and instructed them to put this request on hold and not to proceed. The agent asked why? I told him that I was talking to my credit union to see what rates and terms they had to offer. The agency stated, "Wait! You have not given me and an opportunity to see how they could help and GET THEIR RATES. I told him Yes, I understand , but I wanted to wait and I would get back to him if in fact I wanted proceed with his company. The Spring EQ agent , started giving all kind of red flags to be aware of with my credit union and what they was going to offer. I received a letter dated 2/24 with a rejection to approve a loan because of the Value or type of collateral not sufficient. Mind you I have over 150K equity in my home. Also My Income was insufficient ! I feel that the agent was trying to be aggressive and that he got upset because I was giving my business to my credit union. I my opinion, I feel this is bad business Practice after this agent requested to me to wait until Monday 2/27. After my phone call to him on the 27th requesting him to Cease with any and all proceedings in a loan. Further more no appraisal was done on my home from this company. They have no legal or formal way of knowing my home value. I also feel as the letter was back dated to reflect out initial phone interview.

  

  Business Response

  Date: 04/07/2023

  Dear ****************:

   

  Thank you for contacting us. Spring EQ has sent, via ****** a detailed response to your residence. Because it includes information specific to your loan application, we are not including those details here. Please feel free to contact us with additional questions or concerns.

   

  Please let me know if you need anything else from me.

   

  Thank you

   

  ***************************

• Initial Complaint

  Date:01/31/2023

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

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

  Answered:

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

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I applied for a second mortgage loan for 30k from Spring EQ on my own credit check and income, and filled out all the require online information for the Loan and was told they did not need my wife’s income. Loan was sent to underwriters, and came back they would need her income on the Loan also. We added my wife sent all the information required back to Loan Officer and underwriters. I mention my wife was not on my current deed or mortgage because I purchase the house before we were married. Well once again underwriters came back and requested, she be on the deed of my current mortgage. I contacted my lawyer and he did the paper work to add her on the deed which cost me 277$ in the state of Virginia. Once that was completed, I resume the Loan online. When I started to read all the documents, I realize they wanted to 10.75% to 14.%- and in five-years’ time frame they would make over 20K in interest and balloon much higher that if the loan went to term. I contacted the Loan officer and we spoke and that was higher than what I was willing to pay and I withdrew the Loan in Dec/Jan 2022-2023 time frame. I felt I was misled through the whole process and requested all the documents that were sent to him be destroyed and certified letter be sent to me saying they were destroyed properly. He refuses !

  

  Business Response

  Date: 03/14/2023

  Dear Mr. *******:
  
  Thank you for contacting us. Spring EQ has sent, via ****** a detailed response to your residence. Because it includes information specific to your loan application, we are not including those details here. Please feel free to contact us with additional questions or concerns.
  
  Please let me know if you need anything else from us.
  
  Thank you
  
  ***************************
  Customer Experience Manager
  P: ************  
  E: ************************************
  
  ********************************
  **** ** *** ***
  
  Radnor, PA **********

• Initial Complaint

  Date:01/23/2023

  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.

  My name is *******************. Loan #**********. My first payment of this loan was January 03, 2023. My payment is $981.14. My (yearly) interest rate is 8.725%. You are (front loading) the % rate on my payments. You sent an envelope to me showing $907.14 went to the interest charge, and only something like $74.00 went to the principal. I called you and a lady told me that's the way you amortize the loan. My loan documents does not reflect anything about that. This appears to be white collar loan sharking. You hold my loan for 4-5 months with these huge amounts going to the %, and a paltry amount to the principal is unacceptable and hopefully illegal. I don't have the ability to put my account online, because your rep said this loan will be sold in 4 months. This is either stealing, loan sharking or discrimination. One way or the other, this is wrong and needs to be corrected. Now when I call you, I can never get through to you. I will also be contacting the Attorney Generals office, or whatever authorities that deals with these loans.

  

  Business Response

  Date: 02/03/2023

  Dear **************:
  
  Thank you for submitting to Spring EQ your concerns about the amortization of your loan. Please understand that the amortization of your loan is consistent with both your loan documents and the amortization of a fixed rate mortgage loan. You and your co-borrower signed a full amortization schedule at closing, which shows how each monthly payment is applied as between principal and interest for the life of the loan. Spring EQ will send you a copy of that disclosure under separate cover for your reference. Spring EQ must dispute your assertions of discrimination, stealing and/or wrongdoing of any kind. The amortization of your loan was disclosed in compliance with all applicable laws and is consistent with accepted mortgage lending standards. We do thank you for your business, and encourage you to contact us with any additional questions about your loan.Tell us why here...

  Customer Answer

  Date: 02/21/2023

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  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. 
  
  Regards,
  
  *******************
  

• Initial Complaint

  Date:01/17/2023

  Type:Order 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 took out a home equity loan from Spring EQ in November of 2020. The loan was sold to WSFS bank. I am now attempting to sell the home located at **** ********* ****, Fayetteville, NC *****. However, Spring EQ duplicated the loan and have been unable or unwilling to close the duplicate loan in order for me to sell the house. The duplicate loan is an error on the part of Spring EQ and they have failed to take action despite repeated attempts from the law firm hired by the current lender attempting to close on the pending sale of the property.

  

  Business Response

  Date: 02/21/2023

  Dear ****************:
  
  Thank you for bringing this matter to the attention of Spring EQ with your January 17, 2023 complaint through the Better Business Bureau.  Please note that a Request to Cancel Lien of Indebtedness relating to the duplicate lien was executed by Spring EQ on February 2, 2023, and recorded in Cumberland County, ** on February 6, 2023. We hope this addresses your concerns and enables you to move forward with the pending sale of the property.
  
  Please let me know if you need anything else at this time.
  
  Thank you
  
  ***************************
  
  Customer Experience Manager
  
  P: ************  
  E: ************************************
  100 W Matsonford Rd
  Bldg 5, Ste 100
  Radnor, PA 19087-4599
  

  Customer Answer

  Date: 02/21/2023

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  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. 
  
  Regards,
  
  ***************************
  

• Initial Complaint

  Date:01/13/2023

  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.

  Around May 25, I dealt with Michael S****. I had damage a bathroom and waswaiting on a custom shower base. I was told to not proceed until the bathroom was completed. Had to keep pushing out the paperwork due to the delay. Dealt with 3 other people as original ones were moved or no longer with company. Appraisal was scheduled, and I informed everyone that I had recently consolidated 2 houses into one and that I had 4 rooms filled with furniture and boxes that were slowly being emptied, paid $675 appraisal fee. Shannon C****** contacted me to schedule the appraisal. When she showed up (late by 40 minutes), she spent a TOTAL of 15 minutes in and on my property and came in at a low $182,000. Scheduled closing paperwork never happened due to way appraisal was written. The underwriter wanted a 2nd walk thru and would have to clear out everything before she would return and rent a few **** and move things around to them. I decided to investigate another company to do the refinancing with and I had to have a second appraisal done, which was not even $500, and that appraisal came back at $240,000, House was in SAME shape as first one. In a nutshell I want a refund of the appraisal...wrote on 11/15 with no response. So i am bumping up a notch to get a refund. I see that this has happened to others...and you have issued refunds...I want mine. There is much more to this but you can contact me for further information. Collins was evidently having a bad day and I was the brunt of it. .

  

  Business Response

  Date: 02/03/2023

  Dear ****************************:
  
  Please understand that the appraisal process is required to be, and is, completely independent of, and without influence from, Spring EQ. However, given the nature of the difficulties you describe, Spring EQ has agreed to refund your appraisal fee. Spring EQ will provide this refund to you under separate cover. Spring EQ thanks you for your feedback and for your business.

  Customer Answer

  Date: 02/09/2023

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  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. 
  
  Regards,
  
  *********************************