I didn't qualify for the loan amount I was looking for unfortunately my credit card debt was effecting my score badly but they recommended me to consolidated credit and they helped me lower my monthly payments on my credit cards by over $200 per month and now I'm going to actually be able to pay them off instead of just paying for interest!
They denied my loan, which I thought would happen. No big deal I took a shot they have really low rates and I don't have enough of a credit history to qualify as excellent. However, I became dissatisfied with them when I tried to delete my account and they refused. Apparently their system has restraints which don't allow them to close accounts, ever. Personally I think that's insane. They have your social security number, dob, and address which is more than enough info for one hacker to steal your identity if (in today's world more like when) their system gets hacked. I'm feeling uneasy knowing that a bank who I will actually have conducted no busy with, and will have no contact with from today on, will have my personal information, forever. I don't really understand what they need all my information for either and no one in customer service was able to solve that mystery. I would not recommend applying for a lightstream loan to anyone who is the least bit concerned about their personal information being in the hands of an inept bank.
Do not use this company! They do NOT keep your information safe! I had a loan with them for 3 months and paid it off not a day late with their 160% interest, I call in for a smaller loan, the underwriter says I have changed employers and he has a check stub on file from me with a company I have never worked for, 6 months from before I was even a customer! Called in to speak to a manager to see where this come from and get a copy, after being hung up on twice the manager couldn't find this paystub I was told was on file with them yesterday with my name and my ssn on it...so u had a fraudulent doc yesterday on file and today it's conveniently not there? I will be reporting this to the BBB, I don't like being lied to.
Marcus has a very sleazy way of how they accept repayment of their loans. First of all, they try to strong arm you into setting up an auto-payment plan. If you decide to do it on your own, you are only permitted to make a current month's payment within an allocated number of days per month. For example, if your payment is due on the 30th and you make your payment at the beginning of the month, you are still on the hook for that month's ENTIRE payment because you made it outside of their "window" which is normally 2 weeks before the due date. In my case, my payment was due on the 31st, I received an email from Marcus on the 15th telling me to make my payment which I immediately did. However, given that it was made ONE DAY BEFORE the allowable period, Marcus ends up applying the entire amount to the principal and tells me I'm still on the hook for that month's payment. When I raised the issue of the timing of the payment, they more or less told me "Too bad, your fault" and that was that. Fortunately I am able to payoff the balance which I did and I encourage ANYONE who is looking for a personal loan to look elsewhere and avoid these crooks.
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