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Report: #1327647

Complaint Review: ENERBANK - Nationwide

  • Submitted:
  • Updated:
  • Reported By: NH03431 — SULLIVAN New Hampshire USA
  • Author Not Confirmed What's this?
  • Why?
  • ENERBANK Nationwide USA

ENERBANK Would not provide terms and conditions in writing or on website before I applied for a loan, and I had to do it over the phone Nationwide

*UPDATE Employee: EnerBank USA Response

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I planned to install a standby generator for my home and saw that the contractor had an offer of 180 days same as cash.  I inquired and was provided with a paper that had a phone number and the name of Enerbank on it.

I called the number to inquire on the terms, conditions, and fees as I could not find anything on their website. They let me know the phone conversation was being recorded.  I asked where the terms and conditions were on their site only to be told they don't have them up yet, but they would send them to me after I applied and had been accepted.  I asked if I could apply on line so I could print and retain a copy of all of the information I provided, I was told they didn't have that option yet.  I then asked if they could email  or postal mail a copy of the terms and conditions before I applied, again I was told NO. the only way to know what I would be bound to was AFTER I had applied and agreed to these unknown terms.     I told them thank you and I hung up.

My credit score is over 800 and I can afford to pay cash for the 9k for the work but I wanted to use someone else's money if I could.   Not everyone is in this position and I don't know if this is legal, but it certainly isn't ethical. 

This report was posted on Ripoff Report on 09/12/2016 04:30 AM and is a permanent record located here: https://www.ripoffreport.com/reports/enerbank/nationwide/enerbank-would-not-provide-terms-and-conditions-in-writing-or-on-website-before-i-applied-1327647. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 UPDATE Employee

EnerBank USA Response

AUTHOR: EnerBank USA - (USA)

POSTED: Wednesday, September 14, 2016

EnerBank USA provides a variety of unsecured loan options to qualified borrowers based on our objective underwriting criteria, and any promotions offered by home improvement contractors. EnerBank USA is in the process of offering an online application option, and we hope to introduce that option in the near future.

Once an applicant has been approved, the terms of the loan are provided verbally by the lender over the telephone, as well as in writing. The applicant then has the opportunity to review all terms and conditions associated with their loan. Before any funds can be disbursed on their behalf, the applicant must sign a Payment Authorization Form.

Unfortunately, due to the unsecured nature of our loans, we are unable to provide specific loan terms prior to approval as the repayment terms, payment amount, and interest rate may be affected by an applicant’s credit score.

We apologize for any inconvenience this situation may have caused.

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