Loanpal Reviews (2038)
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Address: 8781 Sierra College Blvd, Roseville, California, United States, 95661-5920
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Solar Loan - Nothing but trouble - cannot get a balance or principal/interest breakdown at anytime without calling - asked for a payoff and was told the lien removal fee is $120 when assessor charges $40! Have to pay interest beyond when loan payoff is due! NEVER RECEIVED PAYOFF EMAIL and Loanpal advised they are unable to resend without a request for a new payoff! Cannot get a supervisor on the phone or get one to call back - have tried multiple times. These business practices are horrible - SEC needs to investigate. *** needs to do something. My loan is thru a PO Box in Portland OR that is not listed in the drop down - so here is yest another address for this awful company - ***. Of course they use a PO Box because you cannot sue a PO Box!
Loanpal has confirmed that the $120 assessed to her for the state & county termination filing fees is accurate. The $40 the borrower is quoting is for a regular county level filing; however, her county charges $60 for a UCC filing. However, as a gesture of good faith, Loanpal will reverse off $60 of the fees she was charged. Ms. is now getting an overpayment refund of $62.32, which will be issued out in next week’s payoff overage processing cycle (given that her payoff was just processed 12/12/19). Ms. was advised of this overpayment due to her. Thanks
I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me. However I should not have been overcharged in the first place.
November 23, 2019 LoanPal ***
*** To Whom It May Concern, LoanPal is no longer authorized to withdraw funds of any
amount from my checking account. When agreed to receive the loan to pay for the solar system,
I inquired about there being a penalty for paying the loan off early Vivint
Solar nor LoanPal complained about an early pay off. I am making this complaint
to you about the manner in which you are handling this business transaction.
Previously, I authorized LoanPal to withdraw monthly payments from my checking
account at Navy Federal Credit Union. I am canceling that authorization for the
following reasons: 1. I telephoned LoanPal in October of 2019 and asked for the
pay off balance of my loan. I was informed this amount was $52,549.24. I made
that payment (Attachment A). Listen to your recordings that were made while I
was talking to the representative on the telephone, 2. You later sent me an email informing me that I owed you
an unexplained amount of $100.19. (Attachment B). 3. You recently sent me another email stating I now owe you
an unexplained amount of $20.83. (Attachment C).
Loanpal has cancelled this customer’s ACH withdrawals per his request.
November 23, 2019 LoanPal ***
*** To Whom It May Concern, LoanPal is no longer authorized to withdraw funds of any
amount from my checking account. When agreed to receive the loan to pay for the solar system,
I inquired about there being a penalty for paying the loan off early Vivint
Solar nor LoanPal complained about an early pay off. I am making this complaint
to you about the manner in which you are handling this business transaction.
Previously, I authorized LoanPal to withdraw monthly payments from my checking
account at Navy Federal Credit Union. I am canceling that authorization for the
following reasons: 1. I telephoned LoanPal in October of 2019 and asked for the
pay off balance of my loan. I was informed this amount was $52,549.24. I made
that payment (Attachment A). Listen to your recordings that were made while I
was talking to the representative on the telephone, 2. You later sent me an email informing me that I owed you
an unexplained amount of $100.19. (Attachment B). 3. You recently sent me another email stating I now owe you
an unexplained amount of $20.83. (Attachment C).
Loanpal has cancelled this customer’s ACH withdrawals per his request.
November 23, 2019 LoanPal ***
*** To Whom It May Concern, LoanPal is no longer authorized to withdraw funds of any
amount from my checking account. When agreed to receive the loan to pay for the solar system,
I inquired about there being a penalty for paying the loan off early Vivint
Solar nor LoanPal complained about an early pay off. I am making this complaint
to you about the manner in which you are handling this business transaction.
Previously, I authorized LoanPal to withdraw monthly payments from my checking
account at Navy Federal Credit Union. I am canceling that authorization for the
following reasons: 1. I telephoned LoanPal in October of 2019 and asked for the
pay off balance of my loan. I was informed this amount was $52,549.24. I made
that payment (Attachment A). Listen to your recordings that were made while I
was talking to the representative on the telephone, 2. You later sent me an email informing me that I owed you
an unexplained amount of $100.19. (Attachment B). 3. You recently sent me another email stating I now owe you
an unexplained amount of $20.83. (Attachment C).
Loanpal has cancelled this customer’s ACH withdrawals per his request.
November 23, 2019 LoanPal ***
*** To Whom It May Concern, LoanPal is no longer authorized to withdraw funds of any
amount from my checking account. When agreed to receive the loan to pay for the solar system,
I inquired about there being a penalty for paying the loan off early Vivint
Solar nor LoanPal complained about an early pay off. I am making this complaint
to you about the manner in which you are handling this business transaction.
Previously, I authorized LoanPal to withdraw monthly payments from my checking
account at Navy Federal Credit Union. I am canceling that authorization for the
following reasons: 1. I telephoned LoanPal in October of 2019 and asked for the
pay off balance of my loan. I was informed this amount was $52,549.24. I made
that payment (Attachment A). Listen to your recordings that were made while I
was talking to the representative on the telephone, 2. You later sent me an email informing me that I owed you
an unexplained amount of $100.19. (Attachment B). 3. You recently sent me another email stating I now owe you
an unexplained amount of $20.83. (Attachment C).
Loanpal has cancelled this customer’s ACH withdrawals per his request.
This is in regards to my solar loan. First off, while I understand how principle and interest work, my 1st four payments NOTHING went towards the principle. I've taken financing classes and understand the math, along with looking up calculations, and its wrong. Second, I called about paying off the entire loan and was told I had to wait 72 hours to receive it and get charged their daily interest rate. I'm sitting here trying to it off now, but nope I get to pay additional interest. Third, I have my autopayment scheduled for the 26th, I called on the 26th to payoff the loan. Can't, but I attempt to cancel my payment online, can't...….So I call on their next business day and explain that since I'm paying off the entire loan, I'd like to stop that payment, so I don't get charge 95% of the payment on interest. Nope, they can't do that either. So basically they are going to suck out as much interest as they can even if you are trying to pay in full.
Side note....The website sucks just as bad as the customer service. It doesn't show you anything about what your original loan amount is or what the current balance is. The statements don't show that either, just what you paid and the amounts towards principle and interest.
Loanpal’s response is as follows:
Below are Loanpal’s responses to Mr. Walton’s issues in his complaints.
The payment terms that Mr. agreed to in his loan documents outlined how payments are applied to principle and interest. In the first 18 months of the loan, the payments are interest only. This feature is used to keep the monthly payments lower while the customers apply for their federal solar tax credit. On month 18, customers loans are re-amortized and payments will go to full principle and interest for the remainder of the loan. In order to generate a payoff for a loan, a request must be sent to our payoff department. This can take up to 3 business days.Due to the automated process of taking an ACH payment, cancelling and ACH payment the same day it is due is not possible. That is why Mr. was not able to cancel his ACH payment.
Should Mr. have any additional questions or needs, he can reach out to me directly at
I am rejecting this response because:
It took 10 days to receive my payoff amount, not 3 business days. Even with the 2 days for the holidays. Additionally, I have received 2 different payoff amounts which your company cannot explain and say it's just the higher one. Even though the lower one was sent to me after the higher one.
This is in regards to my solar loan. First off, while I understand how principle and interest work, my 1st four payments NOTHING went towards the principle. I've taken financing classes and understand the math, along with looking up calculations, and its wrong. Second, I called about paying off the entire loan and was told I had to wait 72 hours to receive it and get charged their daily interest rate. I'm sitting here trying to it off now, but nope I get to pay additional interest. Third, I have my autopayment scheduled for the 26th, I called on the 26th to payoff the loan. Can't, but I attempt to cancel my payment online, can't...….So I call on their next business day and explain that since I'm paying off the entire loan, I'd like to stop that payment, so I don't get charge 95% of the payment on interest. Nope, they can't do that either. So basically they are going to suck out as much interest as they can even if you are trying to pay in full.
Side note....The website sucks just as bad as the customer service. It doesn't show you anything about what your original loan amount is or what the current balance is. The statements don't show that either, just what you paid and the amounts towards principle and interest.
Loanpal’s response is as follows:
Below are Loanpal’s responses to Mr. Walton’s issues in his complaints.
The payment terms that Mr. agreed to in his loan documents outlined how payments are applied to principle and interest. In the first 18 months of the loan, the payments are interest only. This feature is used to keep the monthly payments lower while the customers apply for their federal solar tax credit. On month 18, customers loans are re-amortized and payments will go to full principle and interest for the remainder of the loan. In order to generate a payoff for a loan, a request must be sent to our payoff department. This can take up to 3 business days.Due to the automated process of taking an ACH payment, cancelling and ACH payment the same day it is due is not possible. That is why Mr. was not able to cancel his ACH payment.
Should Mr. have any additional questions or needs, he can reach out to me directly at
I am rejecting this response because:
It took 10 days to receive my payoff amount, not 3 business days. Even with the 2 days for the holidays. Additionally, I have received 2 different payoff amounts which your company cannot explain and say it's just the higher one. Even though the lower one was sent to me after the higher one.
This is in regards to my solar loan. First off, while I understand how principle and interest work, my 1st four payments NOTHING went towards the principle. I've taken financing classes and understand the math, along with looking up calculations, and its wrong. Second, I called about paying off the entire loan and was told I had to wait 72 hours to receive it and get charged their daily interest rate. I'm sitting here trying to it off now, but nope I get to pay additional interest. Third, I have my autopayment scheduled for the 26th, I called on the 26th to payoff the loan. Can't, but I attempt to cancel my payment online, can't...….So I call on their next business day and explain that since I'm paying off the entire loan, I'd like to stop that payment, so I don't get charge 95% of the payment on interest. Nope, they can't do that either. So basically they are going to suck out as much interest as they can even if you are trying to pay in full.
Side note....The website sucks just as bad as the customer service. It doesn't show you anything about what your original loan amount is or what the current balance is. The statements don't show that either, just what you paid and the amounts towards principle and interest.
Loanpal’s response is as follows:
Below are Loanpal’s responses to Mr. Walton’s issues in his complaints.
The payment terms that Mr. agreed to in his loan documents outlined how payments are applied to principle and interest. In the first 18 months of the loan, the payments are interest only. This feature is used to keep the monthly payments lower while the customers apply for their federal solar tax credit. On month 18, customers loans are re-amortized and payments will go to full principle and interest for the remainder of the loan. In order to generate a payoff for a loan, a request must be sent to our payoff department. This can take up to 3 business days.Due to the automated process of taking an ACH payment, cancelling and ACH payment the same day it is due is not possible. That is why Mr. was not able to cancel his ACH payment.
Should Mr. have any additional questions or needs, he can reach out to me directly at
I am rejecting this response because:
It took 10 days to receive my payoff amount, not 3 business days. Even with the 2 days for the holidays. Additionally, I have received 2 different payoff amounts which your company cannot explain and say it's just the higher one. Even though the lower one was sent to me after the higher one.
This is in regards to my solar loan. First off, while I understand how principle and interest work, my 1st four payments NOTHING went towards the principle. I've taken financing classes and understand the math, along with looking up calculations, and its wrong. Second, I called about paying off the entire loan and was told I had to wait 72 hours to receive it and get charged their daily interest rate. I'm sitting here trying to it off now, but nope I get to pay additional interest. Third, I have my autopayment scheduled for the 26th, I called on the 26th to payoff the loan. Can't, but I attempt to cancel my payment online, can't...….So I call on their next business day and explain that since I'm paying off the entire loan, I'd like to stop that payment, so I don't get charge 95% of the payment on interest. Nope, they can't do that either. So basically they are going to suck out as much interest as they can even if you are trying to pay in full.
Side note....The website sucks just as bad as the customer service. It doesn't show you anything about what your original loan amount is or what the current balance is. The statements don't show that either, just what you paid and the amounts towards principle and interest.
Loanpal’s response is as follows:
Below are Loanpal’s responses to Mr. Walton’s issues in his complaints.
The payment terms that Mr. agreed to in his loan documents outlined how payments are applied to principle and interest. In the first 18 months of the loan, the payments are interest only. This feature is used to keep the monthly payments lower while the customers apply for their federal solar tax credit. On month 18, customers loans are re-amortized and payments will go to full principle and interest for the remainder of the loan. In order to generate a payoff for a loan, a request must be sent to our payoff department. This can take up to 3 business days.Due to the automated process of taking an ACH payment, cancelling and ACH payment the same day it is due is not possible. That is why Mr. was not able to cancel his ACH payment.
Should Mr. have any additional questions or needs, he can reach out to me directly at
I am rejecting this response because:
It took 10 days to receive my payoff amount, not 3 business days. Even with the 2 days for the holidays. Additionally, I have received 2 different payoff amounts which your company cannot explain and say it's just the higher one. Even though the lower one was sent to me after the higher one.
Revdex.com: I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me but they dragged my fico score down to from good to poorto so is there any way they can resolved this issue and if they would disclosed that they had previously had a bad repto loans I would have not disclosed my personal info
Please see attached
I want to share with the Revdex.com and the company that I have received a response and I appreciate the Paramount company for doing their best to fix the situationThey have offered to settle with what I have asked for and no further concern or complaint needs to be addressedThanks
Thank you for providing this informationWe are looking into this request on our end and gathering the information necessary to complete the requestPlease allow up to business days
The company has completed its research on this matter and we spoke to the customer
We are continuing to work with the client to come up with a satisfactory resolution [redacted] , our EVP who oversees the loan officer referenced in the complaint is speaking with Ms [redacted] We should have resoltion soon Once I do, I will psot it to the Revdex.com website
When the consumer refinanced a loan he had previously obtained from Paramount, he was doing so with the believe that our "Paramount Pledge" would entitle him to a loan without any closing costs Per the terms of our Paramount Pledge, lender credits are applied for some fees but not all This misunderstanding was the basis for the consumer's complaint We explained the terms of the Paramount Pledge to the consumer and offered him a refund check in the amount of $to cover half the title-related fees the consumer had paid The consumer agreed to this resolution To the best of our knowledge we consider this complaint to have been satisfactorily closed
I am rejecting this response because I never asked for anything to be restructured!! Mr [redacted] said he would look into matterI made it crystal clear during his origional call that the transaction was terminatedMr [redacted] interrupted me every time I tried to give my side of the story or explain any issues
After paying off my loan for solar panels in two years of 20 year loan I was informed there is a $120 charge to file loan closure. I won't be using Loanpal or paramont equity mortgage any more. I was told that I won't receive any paperwork about the charge.
After paying off my loan for solar panels in two years of 20 year loan I was informed there is a $120 charge to file loan closure. I won't be using Loanpal or paramont equity mortgage any more. I was told that I won't receive any paperwork about the charge.
After paying off my loan for solar panels in two years of 20 year loan I was informed there is a $120 charge to file loan closure. I won't be using Loanpal or paramont equity mortgage any more. I was told that I won't receive any paperwork about the charge.