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Business Profile

Consumer Finance Companies

Loop Fund

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Consumer Finance Companies.

Complaints

Customer Complaints Summary

  • 3 total complaints in the last 3 years.
  • 1 complaint closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

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.

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Complaint status

Complaint type

  • Initial Complaint

    Date:10/02/2024

    Type:Customer Service Issues
    Status:
    Answered
    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 am a working single mom, also going to school and I only needed help with rent so I took out a loan for $900. That was several months ago and my balance is even higher because of the insane interest! Also, I can't log into my account to even see anything. I have emailed back and forth numerous times and nothing works. I want them to stop taking money, because I know I payed back what I borrowed and I want my account closed with no further contact. I have eviction learing over my head and I need this to stop. Please.

    Business Response

    Date: 10/11/2024

    Please see the attached response. 

  • Initial Complaint

    Date:05/21/2024

    Type:Customer Service Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I got a loan from this company and have paid it back and much much more. I emailed them revoking my ACH Authorization, which I have every right to do. They took money anyway, which is breaking Federal Law. I am was willing to work out other arrangements after I complete my research on their licensing. I do not want to facilitate illegal loan practices. I cannot find them to be licensed in my state. Im also looking into how the business is affiliated with the tribe.

    Business Response

    Date: 05/28/2024

    Please see the attached response 

    Customer Answer

    Date: 05/28/2024

    [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:01/27/2023

    Type:Billing Issues
    Status:
    Answered
    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.
    01/25/2023 requested an online loan through cashland was re-routed information to a site called Loop Funds and my information was pre-populated. I received a spam email indicating that funds would be deposited and also taken out of my account 01/31/23 this upcoming Monday. I never received any funds into my account and have an email indicating that they would be deducting payments. I called their customer service number to dispute it and cancel any pending inquires letting them know I didn't authorize and any requests and they informed me they couldn't do anything about it and wanted me to confirm my bank account information. Informed them I didn't enter that information online and they indicated they had a document showing that funds were requested and deposited 01/26. I informed them again I didn't receive any funds into my account and could only confirm my routing information with them, but didn't initiate the request.

    Business Response

    Date: 01/30/2023

    Please see the attached response

    Menominee Indian Tribe of *********, a federally recognized sovereign Indian nation (the Tribe)that adheres to federal consumer finance laws and operates within the boundaries of the Tribal land.Fox Lending LLC dba Loop Fund was established and licensed and is operating under the jurisdiction and laws of the Tribe and its operations are required to comply with Tribal and Federal consumer protection laws, and not subject to the jurisdiction or laws of any state. To that end, the Tribe maintains its own mechanisms and procedures for handling consumer grievances and otherwise ensuring compliance with applicable law. Nothing in this communication should be construed as a waiver of the Tribes sovereign immunity, all of which are expressly preserved.The complaint and ********************* records have been carefully reviewed and we wanted to take this opportunity to provide clarification. Fox Lending LLC dba Loop Fund received a loan application from *************************** requesting an installment loan. *************************** completed the loan approval verification process, was approved for the loan and then electronically signed the loan agreement at each acknowledgement point. The loan agreement terms and conditions contained all appropriate disclosures, including but not limited to the Truth-in-Lending Act (****) disclosures and the dispute resolution procedures. The **** disclosures clearly state the Amount Financed, Annual Percentage Rate, and Finance Charge, along with Total of Payments expressed within ********************* loan agreement. On January 26, 2023, funds were deposited into the bank account as provided by ***************************. This account number was incorrect. The customers bank corrected the account number for the customer and sent a correction notice to us. On January 28, 2023, *************************** sent an email to the Company and confirmed the deposit of funds into the correct account. In an additional email that same date, *************************** requested assistance from us regarding payment of the loan.We responded today, January 30, 2023, thanking *************************** for the confirmation of funds received, advised as to how the withdrawal of the payment will work and that we will provide confirmation once payment has cleared. We also let the customer know that if they have any further questions to please contact us.We hope that this explanation is found in satisfaction to the complaint content. If the customer has any further questions, we encourage them to conta

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