Horrible customer service I wouldn't use to wipe my dog's feet with
Written: Oct 25 '04
The Bottom Line
Avoid eloan unless you like stress and frustration. Any company will be better. upside: eloan won't be around for long, i'm sure.
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We filed for this loan because they had a competitive interest rate, and claimed that we would be able to get our loan quickly. While the interest rate doesn't appear to be that bad the speed is slower than molasses in winter. This isn't just due to a slow processing system, but more to the incompetence of eloan employees in general. Let me explain.
We first filed for this loan about a month ago… We filled out the details, and received a call from a loan councilor the next day. So far, so good… fat chance. We were told that our credit report looked great and that we had a good chance of getting a loan. I thought that meant that it would go quickly, but no luck.
Day 3: We call back the loan officer as we haven’t heard anything from them in a couple days, and found out that they were “swamped” and had to gather some additional information. They were just about to call me. Sure they were.
Day 6: I get to speak to the loan officer’s manager, who wanted to collect this additional information. They apologize for the delay and I give them additional information, including bank account numbers, brokerage accounts, assets I own, so they can gather the additional information. Why they didn’t request this before, I don’t know. I’m told that it looks very good and if there are no other glitches I will have my money shortly. I should expect to get a call back the next day.
Day 10: I call eloan as I have not received a call back. We find out the loan councilor we’ve been dealing with has left the company – and nobody ever called his clients (us) to inform us!
Day 12: They tell me that the paper work is being processed and I will get a call from a loan closure that day.
Day 13: still no call from a “closing agent”.
Day 16: Closing agent calls to tell my “congratulations, your loan has been approved!” Perky, too perky. She tells me that she has paperwork for me for 3 checks, one for me and two for my outstanding credit card balances. I said what outstanding credit card balances, I don’t carry a balance! And the numbers she was reading me I had paid off LAST MONTH. She tells me, “oh, well we will have to go back to the loan officer to get this changed”. I said don’t do that, I don’t want to wait even LONGER to get my loan. She says that she can’t help me if it’s not what I expected, and they will get back in touch with me. Grrr. I just wanted to take the checks and I could always get a reimbursement for an overpayment from my credit card companies, but she said no, that it would have to go back through the system.
Day 17: My loan councilor calls me and says “well we have two ways we can do this. We can reprocess your loan so we don’t pay out this money to the credit card balances, or we can just leave it as it is and it will go through faster”. Great, I say, let’s leave it as is. I foolishly thought that his claim of making my loan faster would actually come true. Hahaha, fat chance.
Day 20: I’m told I will receive my paperwork in the next couple days, and to have a notary arrive at my house the following evening to have me sign the documents.
Day 22: No notary arrives to watch me sign the loans that haven’t arrived. I guess that’s a good thing.
Day 24: I call my loan consultant to say “where’s the paperwork and notary”, and I was told that “sorry, your loan is undergoing an internal audit. Oh don’t worry, this is an audit that we perform on ALL loans, part of a new procedure. I wasn’t aware of this new procedure and the additional time it would take”. We’ll send your paper work out as soon as we finish.
Day 28: Still no paperwork. The notary will arrive in a couple days, or they are supposed to anyway.
Day 30: Notary is rescheduled as we do not have the paper work
Day 34: Paperwork arrives, but it has the name of a dead relative listed. We call them and the paperwork process starts all over. I call a second loan agency and begin the process to try to get it expedited.
Day 37: A new set of documentation arrives. This is finally correct
Day 40: Notary shows up to sign documentation.
Documentation is finally signed, and I think it will go through. I’m out of the country at this point.
Day 60: no closing information has arrived yet.
Day 80: first statement is sent, but to the wrong address.
I call Eloan to change the address, only to find out that my loan has been sold to a loan servicing company, (this is common practice). So Eloan can not change my address, I need to call the loan servicing company myself… problem is they didn’t know who it was sold to! We finally find the name of the company, but Eloan does not have any of their contact information on file! No phone number, website, nothing. So I turned to my good friend Google, and discovered my loan servicing company is owned by PNC Bank. THANK GOODNESS, I hope that means I will never have to deal with e-loan again. I hope.
If you made it this far in reading, wow.
E-loan is a horrible company to deal with, poor customer service.
Recommended:
No
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