LendKey Technologies, Inc. Consumer Loan Complaint

Installment loan Shopping for a loan or lease

LendKey Technologies, Inc. Consumer loan department,

Installment loan Shopping for a loan or lease Ohio

In attempting to refinance my student loans into a variable rate I was preliminarily approved at Lendkey. In order to proceed I had to acknowledge that I may be required to open an account and that my credit ( soft hit ) would be pulled to conditionally approve me and send to a lender that fit my criteria which I was fine with. Once my preliminary credit ( soft hit ) was run they sent me to the - Credit Bureau out of - -. The - - - ran my credit ( hard hit ), approved me and then sent me a link to open the account that was necessary. When clicking on the link it required that I either be a 1. employee, retiree, or family member of an - - - -, 2. Live, work, or go to school within Washington -, or 3. Pay a membership fee to - of the - organizations that they support. When I called - they stated that a person should not be really referred to them unless I met criteria - or -. While I was willing to open an account and keep a minimum balance or otherwise I was

not in any way monitor the requirements to open an account for the credit unions they work with and could not send me to another lender since I wanted a variable rate - was the only one that qualified. If I did n't qualify for an account at the places I was eligible ( AgFed the only - in this case ) and if additional fees to get an account would be required then this should have been disclosed upfront since I would n't have agreed to it early on and would have withdrawn my application on my own prior to my credit bureau ( hard hit ) being pulled. Since my credit had been pulled my score has thus dropped because of the inquiry. Therefore Lendkey misled me as a consumer and had no other options when the only credit union they could send me to was going to cost additional fees. They said if I was n't willing to proceed they would withdraw my application which of course they did after I said I was n't willing to pay fees to an organization I was n't interested in.

LendKey Technologies, Inc. customer in Ohio
Nov 20, 2015

* Source: CFPB Complaint Database

LendKey Technologies, Inc. response to complaint:
Closed with explanation

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