Reply from LendingUSAOct 1, 2024
Thank you for your feedback. We take concerns like yours very seriously and would like to address each point you’ve raised.
1. Disclosure of Third Party Involvement: LendingUSA operates in partnership with Cross River Bank, as disclosed in the application and loan documentation. We are committed to complying with both the Fair Credit Reporting Act (FCRA) and the Gramm-Leach-Bliley Act (GLBA). The involvement of Cross River Bank was included in the Truth in Lending Disclosure and other relevant documentation. We regret any misunderstanding, but proper disclosures were made in accordance with applicable laws and regulations.
2. Right to Rescind: Under the Truth in Lending Act (TILA), there are specific guidelines regarding the right to rescind certain types of loans. The right to cancel typically applies to loans secured by a borrower’s primary residence. Since this loan is unsecured, those rescission rights may not apply in this case. However, we operate within all applicable federal and state statutes, and the contract terms were clearly disclosed before any commitment was finalized.
3. Loan Disbursement and Contract Cancellation: Regarding your request to cancel, we understand your frustration. The timing of the disbursement followed the agreed-upon terms in your contract. Once the contract was signed on September 12th, the transaction was considered complete, and LendingUSA is obligated to honor the agreement.
It's important to note that your purchase agreement with the merchant, specifically for a dog, clearly states that returns are not allowed. This is a matter between you and the merchant, as they determine their return policies. For the loan to be canceled, the merchant must first accept the return of the puppy and issue a refund back to LendingUSA. Only once LendingUSA receives the refund from the merchant would we be able to cancel the loan. Unfortunately, unless the merchant agrees to the return and issues a refund, the loan remains active per the signed purchase and loan agreements.
4. Multiple Emails and Communication: We strive to provide timely and transparent communication. Our records indicate that we responded to your concerns within a reasonable time frame, and our responses were consistent with both our policy and applicable laws. While we understand this may not have aligned with your expectations, our team acted in accordance with legal guidelines and our internal policies.
5. Compliance with Consumer Protection Laws: LendingUSA fully complies with federal regulations governing consumer protection and fair trade practices. We appreciate your willingness to return the property, but given that the funds had already been disbursed and the contractual terms agreed to, we were not able to cancel the loan at that stage. The agreement you signed, including the checkbox acknowledging the terms, is legally binding and confirms your understanding of the loan terms, including those related to disbursement.
We value your business and always aim to resolve matters amicably. If you have any further questions or need additional clarification, please feel free to reach out. Our goal is to ensure transparency and fairness in all transactions.
