Dividend Finance Inc. CFPB Complaints

2000 Latest Complaints

Date Received	Timely Response	Product	Issue	State / Zip	Submitted Via	Tags
02/10/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Getting the loan	GA 318XX	Web
To the XXXX XXXX XXXX XXXX XXXX, Greetings, I am writing this letter as a result of being sold a solar power system by XXXX XXXX ( and financed by Dividend Finance ) for my house in a manner that after further reflection and investigation I believe to be misleading and predatory. In XX/XX/XXXX I followed an online advertisement for home solar systems with XXXX down payment. I was skeptical but figured I would see what they had to say for themselves. I was quickly called and a salesman was sent to my home the next day. Throughout the sales process I had lingering doubts that I should have listened to, but all my questions and concerns were answered, although I would later discover often in misleading fashion. The sales presentation included a large percentage of the overall sale being reimbursed through the federal solar tax credit. I checked and saw that the basics were correct, that it would cover XXXX percent of the total cost and that it could be applied for even if a loan were taken for the system. All of this tracked so I set it aside and tried to understand all the paperwork and numbers involved. The loan itself was designed with this tax credit as part of the process the loan would begin at a lower monthly rate calculated by taking the tax credit as a balloon payment within the first XXXX months. Without this, the monthly payments would increase substantially. When this topic came up, I was asked whether I paid taxes. I explained that as a stay at home dad, we lived off my wifes income as an elementary school teacher, and we had XXXX small children ; so we filed taxes certainly but we always got refunds. I asked specifically whether this tax incentive would apply to our situation and was assured it would. Further, it was presented as though this would be a payment from the government which I would then pay forward on to the loan. I was led to believe this would function the same as child tax credits or the first time home buyers credit I received when buying our first home. It was not until XXXX weeks later after the new year that I sat down to begin mentally preparing for tax season that I discovered how I had been misled. Rather than a refund credit, I discovered that the solar credit only applies to reduce tax liabilities, which is to say taxes owed could be reduced by this amount. I would not receive the credit as a refund and therefore would not be able to pay this forward to the loan. As I learned what tax liabilities means, I checked my prior tax returns and confirmed that in our current financial situation, we have no liability, therefore the solar credit could be claimed but would provide no actual value. After learning this, I went back to the paperwork from the solar purchase and discovered that there was indeed fine print legalese that provided legal coverage for the company which claimed they are not a tax service and do not provide tax advice. Despite this, the salesman did provide this sort of advice when asked for clarification. Given a full understanding of the tax credit, no reasonable person would conclude that my situation ( low income bracket with XXXX dependents ) would qualify for the solar credit. The presentation of ideas in the sales pitch and in the loan itself is misleading to make it seem as though this credit is money that the government will provide to help fund the system, which is simply untrue. Instead, as it is written, this tax credit only serves to aid those in higher tax brackets and does not provide any funds to be paid forward to the lender. After installation of the system, I also discovered that I had been misled on the amount of power that the system would generate. Rounding for simplicity, this is the presentation I was given : the loan payment ( lowered by the tax credit ) would be XXXX XXXXXXXX and the system would generate an average of XXXX XXXXXXXX of power. The net payment would therefore be {$130.00}. The reality is much different. Given that the tax credit is worthless to my situation, the payment will instead be $ XXXX, and so far the system has only been generating around $ XXXX in power, meaning my cost would be above {$300.00}, more than double my expected net payment ( granted winter production is lower, but even still ). After seeing these numbers develop, I looked over the sales documentation once more and discovered that what I was told in the presentation did not match the numbers in the actual document, now that I understood more acutely the precise cost of power per kilowatt-hour. The printed estimate when calculated by the cost I pay for power ( XXXX XXXX XXXXXXXX ) was less than {$900.00} annual, meaning less than XXXX XXXXXXXX average, approximately half what I was told by the salesman in the visual presentation ( which claimed {$140.00} average monthly production ). By this calculation therefore my monthly net payment would average at {$300.00}, considerably more than the {$130.00} I had planned to budget. As I discovered the problems with the tax credit I attempted to contact the solar company, initially the customer service rep assigned to my case told me to speak to the salesman, who in turn did not respond. As a result, I contacted the finance company, Dividend Finance, and after XXXX long emails and XXXX weeks of waiting, I finally got in contact with their complaints department. Although I was variously shamed over the phone by the representative for the fact that I had signed these documents and not caught these points until it was too late, we did settle on a proposed compromise : the battery system ( which I have come to realize is nearly worthless and very expensive ) could be taken back by the solar company and the amount of refund would cover the difference of the tax credit. This would keep my payment at the initial level of {$270.00}, although now that I have understood the numbers better, the misleading $ 140 monthly is unlikely if not impossible, but even so the final average net cost would be $ 200 monthly, still XXXX XXXX more than I expected, but potentially doable. I have contacted the solar company again to indicate that I am filing this complaint with the finance company and again have not received any reply. Having heard nothing back from either the solar company or the finance company, I filed a complaint with the XXXX XXXX XXXX ( XXXX ) on XXXX, XX/XX/XXXX. The solar company, XXXX XXXX, responded to my complaint with a polite but vague reply on Monday morning indicating a desire to rectify the situation but offering no actual plans. The representative from the solar company reached out later that afternoon, approx XXXX pm, with a phone message and short email. I missed the call as I was preparing dinner for my family but immediately responded to the email and clarified my request to have the battery system returned and refunded to cover the loss of the tax credit. I did not receive a reply the next day, so Wednesday, XX/XX/XXXX I emailed the representative again asking for a timely response as the XXXX only gives XXXX days for the consumer to reply to the business, accepting or rejecting their message. The representative responded that the company was not willing to accept this compromise and reminded me of the rebate the company had provided which covers the first year of payments. My issue, however, is not with the introductory payments, but what happens to them after the loan re-amortizes and the rate goes up for the remaining XXXX years of the loan. Further, my central issue, that I had been purposefully misled in the sale of the system, was never acknowledged or even discussed. I also made it clear that I would take up further action with the XXXX XXXX XXXX XXXX XXXX and XXXX Attorney General, as well as contact news agencies. To this message I received no reply. Accordingly, I rejected the company reply to maintain my complaint with the XXXX. It should be noted that the XXXX system itself appears to preference the company over the consumer. The company is given XXXX days to reply to the complaint, but the consumer is only given XXXX days once the reply has been made to accept or reject it. If the reply is accepted then the complaint is closed. The solar rep when contacting me said she would reach out in another week if she hadnt heard back from me, which would mean that the case had already expired and closed. The reply of the company was calculated to meet the requirements of the XXXX and give generic platitudes, but avoided any actual plan of action, relying either on an initial feeling of goodwill to accept the vague reply or let the timer run out. Indeed, I allowed myself to relax some in the sale process when I had seen that the company had a high XXXX rating, but now I realize that they are just very good at avoiding damaging complaints, something the XXXX system appears to allow. Given that the deceptive numbers and ideas were all woven into the sales presentation, I believe that my situation is not unique or an outlier, but rather represents a core business strategy built on selling high value systems on misleading credit and loan terms. Initially, I was impressed with how fast the company worked to install the system, but in hindsight I believe this emphasis on fast install is to ensure that customers do not have adequate time to reconsider the purchase and research the various financing issues involved, particularly the highly misleading tax credit. While the legal disclaimers tucked variously in fine print cover the company legally, I believe I was purposefully and repeatedly misled on key aspects of the financing process as well as the performance of the system itself. This process and the many weeks I have spent anguishing over these issues has caused me significant personal stress and anxiety. I am left with the options of having a loan payment for a significant portion of our limited household income for decades, or defaulting on the loan and losing the high credit score I have diligently earned over my adult life. As I have been learning of the deception involved in this process, I have looked online to see if there are news articles warning of this scam, and I was somewhat surprised to find very few on the subject. Given the way in which this company sells their systems, and the misleading presentation of ideas involved, I expect there are many more people out there in similar situations. Even while I was caught by fine print legalese which protects the company from legal liability for their deceptions, the public must be made aware of this situation so that they can detect the lies when they encounter them. Given the manner in which the loan was offered and presented, I believe it fits the federal definition for predatory lending, as it includes a highly misleading balloon payment based on a tax incentive program that does not refund the customer that causes a major increase in the cost of the system and associated payments. Further, the sales process itself, the extensive fine print, and speed of financing and installation all point towards an awareness by the company that what it is doing is misleading and in essence traps their customers into systems that they can not reasonable afford ( while using an upfront rebate as a XXXX to quiet customers when they discover the problem ). Never once during the sales process was I advised by the salesman to slow down and seek outside counsel ( such as an attorney or accountant ) even if the many pages of documents included such warnings ; instead all my concerns were smoothed over and explained away. If the salesman had been honest about the tax credit, perhaps we could have designed a smaller more affordable system, but never once was this presented as an option. In essence, he sold me a loaded XXXX when I could really only afford an entry-level XXXX. Further, the sales process also preyed upon my desire to do my part to improve our ecological impact and energy independence. Slogans like are you ready to own your own power? and the sort were offered to spur on the sale and gloss over issues that might have led me to realize the misleading aspects of the purchase. I should have recognized all of this and indeed had a suspicion that something wasnt right, but I could never quite discern what the problem was until it was too late to cancel. All of this has had a very negative personal impact on me and produced a great deal of anxiety, turning it over in my head repeatedly and blaming myself for not being smarter about it all. Ultimately, this situation has caused me considerable distress and will likely hurt my credit score as I doubt that a compromise with the solar company can be reached leading to default on the loan. Indeed, after filing the XXXX complaint and pushing the issue, I was told as much, that no compromise would be offered and that the rebate should give me peace of mind about the loan payments. As I am likely going to default mainly on the principle of the deceptions by which the loan was established, the solar equipment will have to be repossessed, causing more hardship and damage to my home. My roof, only a few years old, will have to be repaired to fix the damages caused by the solar installation ( which has already started to leak ). Further, the reputation of the XXXX XXXX itself will become associated with swindling sales and misleading scams, hurting the vital process our nation is undergoing to produce sustainable energy infrastructure. I am deeply angered about the whole thing and hope that I can help to alert the broader public about the nature of this situation and how the promises simply dont line up with the realities. Thank you for your consideration in this matter.
08/01/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with additional add-on products or services	TX 77379	Web	Servicemember
My name is XXXX XXXX. In XXXX of XXXX, my wife, XXXX XXXX XXXX both retired XXXX, WERE TAKEN ADVANTAGE OF BY XXXX XXXX XXXX XXXX XXXX XXXX I signed a contract with XXXX XXXX XXXX. The agreement was 22 panels with a backup battery system. the salesman, XXXX XXXX, was a smooth talker and promised that this system would generate enough power to be 95 % self-sufficient in electricity. He also said that the company would replace our outdated breaker box, and we wouldn't have to make any payments until XX/XX/XXXX. Unfortunately, according to the same XXXX XXXX Vice-President, the system we have in our house is undersized for our home production. This means that XXXX XXXX knowingly sold us an undersized, defective system. A crew showed up in the first week of XX/XX/XXXX and started installing our system. they could not finish in XXXX day and said they would return the next day. However, a completely different team arrived the next day. There seemed to be some frustration and confusion about how much progress had been made the day before. By the time they finished, it was dark on the second day. Another verbal promise had been that they would blow insulation into our attic. They reluctantly and XXXX blew a small amount into the attic when I asked about this. I also had to call the HQ and ask for a promised box of gifts. This showed up finally almost two months later. After a quick class, they told me they had taken all the pictures they needed to send to the utility company to get PTO or permission to operate. This would allow us to sell excess power back to the utility company. This inspection has been rejected three times by our power company. Every time this happens, it is challenging to get a representative to come to fix the problem. Since this began, the company changed its name to XXXX XXXX. Finally, after the third rejection from our utility company and numerous calls to get an update, a crew hopefully came to fix the situation. Our system had been showing an error for over two months. I had called XXXX, the manufacturer of the backup battery system, so they could remotely try to fix the problem. They claim that power home solar did not use the correct wiring and snap so that it would be compatible with the backup battery system. When the crew arrived, I confronted them about this, and they admitted it was true. The company blatantly used the incorrect wiring and snaps because they were trying to expand stock already purchased. On top of that, we had an entire row of broken panels that did not work. It has been almost eight months going round and round with this company for a system that costs over $ XXXX. We were taken advantage of ; they took the money and are not cooperating. We have already made over {$900.00} in payments for this inefficient system. Also, our power bill has not gone down ( to the contrary, it went up ) as they promised. Oh, and guess what, they put a lien on my house without me even knowing and telling me about it. I asked the salesman that question precisely, and he said No, their company doesn't do that. XXXX XXXX dollars of worthless equipment ( they are trying to blame XXXX and XXXX if fighting back ). The owner 's name is XXXX XXXX billionaire. In XXXX, he owned XXXX XXXX in NC, did precisely the same, scammed, fraud, and then filed for bankruptcy. So, it's all out there. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
02/03/2023	Yes	Payday loan, title loan, or personal loan Installment loan	Charged fees or interest you didn't expect	AZ 85396	Web
Dealt with XXXX XXXX XXXX XXXX XXXX as a contact for landscaping for my back yard. I met with XXXX XXXX and discussed getting landscaping for my yard. He quoted me a price of around $ XXXX for my yard. I explained that I wanted to check with another company for a quote as well then he offered me a percentage off my yard if I signed with him that day ( XX/XX/XXXX ). I told him that I have someone else to come by and he stated that his prices would be the cheapest with a 16 year warranty if anything was to happen to parts of the yard. He stated that I would 20 % off my price with the warranty and all I needed to do was place signage in my yard for 2 weeks and allow pictures to be posted to their XXXX account of before and after pictures to receive the discount. He stated that the price would be around {$13000.00} with out the retaining wall I inquired about. I reluctantly agreed to see if I would qualify for the loan. He stated that there are different options and that he suggested that I go with the longer payment plan with cheaper payments and just make more payments to pay it off faster. The financing would be 12 years at the lower monthly payment he stated. He stated that I was approved and just needed to sign the forms. I signed the original forms on XX/XX/XXXX and he stated that I will need to sign electronically when he returned in a couple days ( XXXX ) for the workers to begin work. He stated that the papers I was signing electronically was the exact papers of the actual papers signed on the first. The documents never stated and interest first loan in which I later found out after contacting the company. XXXX was scheduled to come to my home to do a final walk through for the yard and he was more than an hour late after the scheduled time. XXXX XXXX XXXX XXXX XXXX XXXX XXXXl. He rambled about things that were not about the yard after stating the yard looks good. I came home to my yard with plates from the workers lunch and the black tarp above the gravel.This was corrected after I was assured that it would be. I was told by him my payments would start in XXXX then it changed to XXXX then to XXXX of XXXX over time. This allowed for interest to build. I contacted the company after noticing the first payment did not look applied to the account. Customer service stated that it hasn't been applied yet. Second payment was made and I notice the balance went up instead of down and I contacted them back and that when I was told that this was an interest first loan. If I would've known it was an interest first loan, I would not have gone with the deal. I sent a letter of Cease and Desist then Affidavit of truth pointing out the deceptive and unfair debt collect practice along with obtaining my information under false pretenses and failure of allowing my to opt out of certain report per my consumer rights. I am supposed to have an agreement that is clear and conspicuous as well and that it was not so I also included my invoice as a Notice of Default and Opportunity to cure.
01/21/2023	Yes	Debt collection I do not know	Took or threatened to take negative or legal action Threatened or suggested your credit would be damaged	TN 37363	Web
XXXX XXXX, I had solar panels installed on my home by XXXX XXXX XXXX XXXX The finance for the solar panels is Dividend Finance. There was no application process for this loan. My wife and I were asked our monthly income amount and that was all it took, Predatory Lending. On XX/XX/XXXX, Dividend Finance calls to tell me that I have been installed and my payments would begin 60 Days from the install date. The system installed was not operational and had not passed any inspection. I informed Dividend Finance that I did not want to begin payments until I had an operational system. I made several calls to Dividend Finance in the following months because 6 months later the inspections were completed and in XXXX XXXX XXXX the system became operational. I had paid even though I did not approve because I did not want to disrupt my perfect credit score. In the first week of XXXX, my wife and I noticed that our solar panels were not operating as before. I contacted XXXX XXXX XXXX about the issue, and they directed me to XXXX. I was informed of an issue with a connector that XXXX supplies for the Solar panels. I scheduled an appointment with XXXX to have a repair person come to my home. I received letters and emails from both XXXX XXXX XXXX and XXXX concerning the issue with the XXXX XXXX connectors and the repairs, but no one came to my home. In the meantime, I discover that XXXX XXXX XXXX and XXXX were at odds with each other. I understood that XXXX XXXX XXXX was filing a lawsuit against XXXX. We are well into XXXX XXXX XXXX, and I receive an email stating that XXXX XXXX XXXX was filing bankruptcy and closing the doors to the business. There goes any and all workman warranties on the solar panels I purchased. I contacted Dividend Finance and informed them that my system had not been working since XXXX and now XXXX XXXX energy has filed bankruptcy. Dividend Finance was aware of the situation and mentioned giving me a 4 month deferment on my loan. However, after I concluded my phone call that was the one and ony time I heard of any deferment. On XX/XX/2022, I stopped payment on this loan and have contacted Dividend Finance each month since telling them why I stopped payment. My credit score has now been damaged by XXXX points and my perfect credit score is diminished. I have since learned more about XXXX XXXX XXXX and Dividend finace and the predatory methods in which they gained customers. Now XXXX XXXX XXXX is in bankruptcy litigation, Dividend Finance is a predatory lender and holding myself and many others hostage over a loan that was overpriced in the beginning. I tried to use the resources of the sun to negate high electrical cost and to be a more green member of society. However, I am now being held hostage to the electrical company and the rising cost of electricity and to Dividend Finance. this is a predatory company and will destroy a good man 's credit over a system that was overpromised and under delivers.
06/19/2021	Yes	Debt collection Other debt	Attempts to collect debt not owed Debt was paid	CA 90250	Web	Servicemember
I had chosen to use Dividend Finance because it was easy for my remodeling contractor to manage his risk and because it seemed to suit my needs. The contractor did tell me that the interest rate was 9.99 % APR. Upon approval of financing, I received absolutely nothing from Dividend Finance describing the terms of this loan. I completed a welcome call with Dividend on XXXX XXXX. This call was completely devoid of useful information. On XXXX XXXX I received two letters from Dividend, each dated XXXX XXXX. Neither letter referenced a full account number. On XXXX XXXX, I typed the website noted into the letter into my browser. I opened an on-line account for me ( XXXX XXXX ) and one for my wife ( XXXX XXXX ). It was at this time that I finally obtained the full account numbers for the two loans : XXXX for XXXX in the amount of {$9600.00} and XXXX for XXXX in the amount of {$44000.00}. Both of these amounts were the agreed prices of the work done on my house. Since I had recently closed on a HELOC, my plan was to pay the principal balances of both loans in full immediately. It was at that time I discovered that Dividend Finance charged me {$450.00} interest on account XXXX, and {$60.00} interest on account XXXX. Given the date of the letter, I must surmise that the loan period began on XXXX XXXX. That must interest does not accrue on those amounts at 9.99 % interest in 10 days. I attempted to contact Dividend that day, but no one answered the customer service line at XXXX. I also paid the principal balances in full on both accounts on XXXX XXXX, which Dividend has acknowledged. I contacted Dividend again during the morning of XXXX XXXX and demanded an accountability of the terms and forgiveness of the debt, The customer service agent stated that interest began accruing when they paid my contractor, but neglected to say when that was, except that it was " about a month ago ''. Perceiving that the customer service was not empowered to make a decision of any kind, I asked to speak to his supervisor. He put on an extended hold, and then told me that a manager would call me later to resolve this issue. No manager ever called.
09/23/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with additional add-on products or services	GA 30019	Web	Servicemember
My solar loan is through Dividend Financial, sold by XXXX XXXX XXXX XXXX XXXX and after signing the contract we found out that we were overcharged on our system by {$25000.00} and Dividend Financial approved the loan amount knowing the system size and capacity. XXXX XXXX sold fraudulent systems that don't work and are undersized saying it would cover our needs, they did this to thousands of customers, only to find out the system doesn't do what promised and they also missed many disclosures in my contract. Dividend Finance allowed them to bill me for a system that wasn't even approved by the power company or hooked up, and began making me make payments on a system I could not use. I began that issue with Dividend Financial on XX/XX/XXXX, XXXX Dividend Financial did nothing, only expected their payment even after I told them the system wasn't installed all the way. XXXX XXXX just up and closed their doors on XX/XX/22 so all their customer contracts have become null and void, workmanship warranty, material warranties, everything gone with no recourse. It was found out that XXXX XXXX 's sales staff wasn't properly licensed in several states and I have a screen shot of their software showing how much they overcharged customers so Dividend Financial would approve the loan, documents were falsified and Dividend Financial takes no responsibility for not protecting the customer, as a matter of fact they steal the XXXX XXXX XXXX XXXX the customer is supposed to get by overcharging the sale and tying the XXXX XXXX to the loan to pay it down in 18 months, but in my case and many like me it takes XXXX years to aquire that credit. Dividend Financial needs to take responsibility for their part in supporting the fraud that XXXX XXXX participated in because they should only be backing loans for what the product is actually worth being they use an XXXX XXXX lein on the property, which means I can't sell my house without paying off this {$69000.00} debt. I feel Dividend Financial needs to be held accountable for joining XXXX XXXX in FRAUD and writing PREDITORY LOANS!
10/03/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with additional add-on products or services	CT 06484	Web
My partner XXXX XXXX XXXX XXXX and myself ( XXXX XXXX ) purchased a two-family home earlier this year and shortly after were contacted by XXXX XXXX offering us their services that were financed through Dividend Finance. While we felt the salesperson was pushy and pressured us to sign the contract, we still believe purchasing solar panels are a good decision for us. Dividend Finance 's contract with us noted that project funds would only be disbursed approximately 60 days after the solar panels were installed. However, Dividend Finance 's protocol in ensuring that panels are installed is problematic. Namely, Dividend Finance will fund projects without confirming with the borrower, but only the contractor. According to Dividend Finance, a project is considered " installed '' as long as the solar panels are on our property. That means, even if the solar panels installed are defective or installed incorrectly, Dividend Finance considers this a completed installation and funds the project. In our case, XXXX XXXX incorrectly installed the panels, such that there is no reasonable way to expect them to work as intended. However, XXXX XXXX told Dividend Finance that the project is complete and now the projected is funded. I have contacted Dividend Finance twice letting them know this issue, however they said as long as the panels are on the property, that is considered an installation. However, as a consumer, I believe it is not unreasonable to expect that an installation would constitute a " proper installation '' and not simply placing the panels onto my roof. A quick XXXX Search or search on the XXXX will show that this issue is rampant with solar loans issued by Dividend Finance. I hope that CFPB can investigate this situation and make sure that other consumers do not get affected by this.
03/17/2023	Yes	Payday loan, title loan, or personal loan Installment loan	Charged fees or interest you didn't expect	OH 44128	Web	Servicemember
Initially a complaint was filed with the XXXX with no resolution. The XXXX complaint number is XXXX. This started as a business arrangement amongst three parties. The parties are the contractor ( XXXX XXXX XXXX ), the financier ( Dividend Finance ), and the consumer ( myself ). It took the contractor XXXX months to provide an install date from XX/XX/2022 to XX/XX/2022. This was despite the contract stating an install date of XX/XX/2022. This was issue number one. Issue number two On XXXX XX/XX/2022, the contractor misrepresented the system 's status and functionality to the financier in order to receive compensation. Also, on XXXX XX/XX/2022, via email, I notified the financier the system was not whole and not functioning as intended and that under no uncertain terms should the contractor receive payment. This is when the financier then altered the terms of the arraignment. Instead of exercising a modicum of due diligence and investigating my concerns, the financier released funds to the contractor anyway. Thereby putting the contractor 's interest above the consumer, this action deprived the consumer of equality in this arraignment. On several occasions, I spoke with and emailed the financier 's employees and stressed that they should do more to get the contractor out the correct my system 's issues. They did not do enough. The financier was under the misconception that they could compel the consumer to pay for an inactive system that was not functioning as intended. This situation continued for XXXX months and has resulted in Dividend Finance entering negative information on my credit report.
12/06/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with the payoff process at the end of the loan	TN 37615	Web	Older American, Servicemember
We obtained a loan from Dividend Financial to cover the cost of installation of a solar system. This company was recommended by the solar company, XXXX XXXX XXXX, XXXX XXXX. The finance company would accept the 26 % rebate from taxes as the down payment for the system and thus keep the monthly payment at a more reasonable rate. They started collecting this payment prior to the complete installation of the system. Additionally, XXXX installed a system that did not meet the expected outcomes. We were told that the system would decrease our utility ( electric ) bill to {$20.00} to {$30.00} per month and that it would definitely be less than {$50.00} per month. This has not come to fruition, as the electric bill has remained essentially the same. I believe that Dividend XXXX knew this was an issue and did not take any steps to protect the consumer. Additionally, I believe that XXXX knew that there were defaults in the system and continued to sell a system that would not live up to expectations. The result is a loan that I must continue to pay and a utility bill that I would have paid anyway. Ultimately, these XXXX payments result in a 300 % increase in my electric bill. The expressed payoff of the decrease in electric bill to offset the cost of the loan has not materialized. I am seeking some relief from the loan or the terms of the loan to offset the lack of realized decrease in electrical energy billing. XXXX has subsequently filed for XXXX XXXX XXXX, leaving us without any company to monitor our system, perform any warranty work, and without legal recourse to seek payment of damages.
03/06/2023	Yes	Credit reporting, credit repair services, or other personal consumer reports Credit reporting	Credit monitoring or identity theft protection services Problem with product or service terms changing	MD 20774	Web
I got approved for a loan for Solar installation from Dividend Finance, via Maryland-based XXXX XXXX XXXXXXXX , in XX/XX/XXXX. I completed all the paperwork and have been waiting for installation that's been scheduled for XX/XX/XXXX I received an email from Dividend Finance on XX/XX/XXXX, stating that they have cancelled my loan. I called the company on XX/XX/XXXX and spoke to someone who identified themself as XXXX. She gave me the following reasons why the loan was cancelled : Documents not signed Proof of ownership verified on XX/XX/XXXX Insufficient credit history Inactivity on the account After each reason, I explained how that did not make sense since that reason did not apply - and explained why and provided the evidence. XXXX then said I have to wait for a letter they mailed to me. I explained that I needed to know now what was happening as my installation is fast approaching. I asked to speak to a manager and she hang up. I finally got the letter electronically on XXXX XXXXXX/XX/XXXX, and it states the loan is cancelled because of insufficient credit history. This is interesting given the loan was approved with my same credit history and a lower credit score back in XX/XX/XXXX. At no point before the cancelation notice did I receive any request for from Dividend or XXXX XXXX XXXX for additional documents or information that I failed to provide. Dividend 's decision to cancel the loan feels off and discriminatory. The reason they provide makes no sense. Please look into this for me. Attached is a copy of my contract with them. Thank you.
01/28/2023	Yes	Payday loan, title loan, or personal loan Installment loan	Incorrect information on your report Account status incorrect	FL 33823	Web
This complaint is in regard to a solar & LP backup generation project loan for {$70000.00}. On XX/XX/XXXX I signed a financing contract with Dividend Solar Finance LLC ( XXXX XXXX XXXX, XXXX XXXX XXXXXXXX XXXX, CA XXXX ) to finance my project with XXXX ( XXXX XXXX Located At : XXXX XXXX XXXX XXXX # XXXX XXXX, FL XXXX ( XXXX ) XXXX License No. : XXXX XXXX ). I have been in constant contact ( 10+ phone calls and emails with details of my complaint ) with Dividend since I received their errant notice of project completion and repayment initiation on XX/XX/XXXX. This notice of completion was fraudulently filed by XXXX ( contractor ) with Dividend to get paid for a project that they had not satisfied the terms thereof. XXXX XXXX is aware my concerns and has not taken action to correct the issue. I have documentation to support my effort to resolve this issue and XXXX has not attempted to resolve the issue, complicit allowing the unfinished contract to continue, knowing they have fraudulently submitted for, and been paid by Dividend. Dividend is located in California.I have been clear that we have not satisfied the terms of the contract for repayment to begin as my project is still not completed as of the date of this complaint. The is the first of many agency complaints I intend to raise with ( California, Florida & federal ) in regard to XXXX & Dividends fraudulent practices. No lawsuit has been filed yet. and I have not retained an attorney.
09/14/2022	Yes	Payday loan, title loan, or personal loan Personal line of credit	Getting a line of credit	TX 79706	Web
The Dividend Finance, XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, Ca XXXX processed a loan prequalification application that I did not request or approve. They also ran my credit score and notified me via email that I my application for a loan had been approved. Again I have never heard of Dividend Finance. The company did talk to regarding the potential acquisition of a solar system for my home was Pure Energy, at no time did I agree to a loan application or any intention in purchasing a system via any loan process, I was merely seeking information regarding a " no cost " solar system using a Texas Incentive program. My complaint is the simple fact a financial institution operating in the US used my personal information received from a third party of which I did not give anyone the authorization to use for an application to obtain money from a lending institution. I did speak to a Dividend Finance person on the phone and they admitted that they ran a loan application with my information from Pure Energy but they could not produce any authorization from me for this action or to run my credit score without my permission.
01/26/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with the payoff process at the end of the loan	CO 800XX	Web
The company is Dividend Finance. I sold my home which included a purchased solar system. Despite Dividend Finance being asked ( by me, the title company, and both seller 's and buyer 's Realtors ) for weeks to provide data to the title company for closing, they didn't respond until the day prior to closing. They demanded {$800.00} as a " transfer fee '' for the home buyer to assume the loan, despite this fee not being identified in the original purchase contract. To complete the sale of my home, I was forced to pay them the {$800.00}, despite numerous calls and emails to Dividend. Following closing, they are still refusing to complete the loan transfer. They now state they must be paid an additional {$6300.00} up front to complete the loan transfer. They will not provide info as to what this is for, a principal payment ultimately lowering the monthly payment, or something else. The home sale closed XX/XX/22, and today is XX/XX/22. The solar loan is still in limbo, and Dividend has now processed a withdrawl from my account for the monthly payment!
01/16/2023	Yes	Payday loan, title loan, or personal loan Installment loan	Charged fees or interest you didn't expect	IL 62703	Web	Servicemember
I was sold a solar system from XXXX XXXX XXXX XXXX XXXX XXXX of 2021. The company told me I would receive a Government incentive of XXXX this was misrepresented. The company sales person filled out my loan paperwork on a tablet, I was never given paper copies of anything. Or told of my timeline to cancel. The company filed bankruptcy without completing my Solar Installation, and Dividend finance company is still holding me responsible for the loan without me receiving anything in my contract. The loan is set to ballon if I dont give them {$14000.00} the full amount of my estimated Government Solar rebate. This rebate is not a lump sum or automatic, you have to qualify. Had I been informed about this I would not have agreed to get Solar. Had I know that the products being used were faulty, I would not have gotten the loan. I dont understand how I can be responsible for equipment that wasnt installed and services not being provided and they expect the full price of this system which is nearly {$60000.00}.
08/12/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Getting the loan	TX 775XX	Web	Older American, Servicemember
On XXXX XXXX signed contract for a Solar Power System from, XXXX XXXX XXXX XXXX XXXX Contract states that the payment to this company would be done by Dividend Finance in two steps, or Milestones. Seller/Contractor meeting certain requirements related to the design and installation of the Collateral ( Milestones ). The first Milestone is the submission of an installation agreement, work order, or other document, if required by Lender, that provides the details of the design and installation of the Collateral ( Milestone 1 ). The second Milestone is the installation of the Collateral ( Milestone 2 ). Lender will disburse a portion of the Principal at Milestone 1 and will disburse the remaining amount at Milestone 2, and the amount disbursed at each Milestone will be based upon arrangement between Seller/Contractor and Lender. The system has not been fully installed or activated and Dividend Finance have paid XXXX XXXX XXXX XXXX XXXX the full amount of loan. This is a breach of contract.
12/05/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with the payoff process at the end of the loan	TX 77340	Web	Servicemember
we purchased a solar system through XXXX XXXX XXXX which on XX/XX/XXXX closed their doors and went bankrupt and we had problems since the day we received the .solar and continually communicated with Dividend Finance concerning the fact that the system was non-producing as well as we never filled out an application for this loan that we were just placed with and also DF never assisted us with the problems, knowing they were occurring and also continuing to give out loans for this solar company. We have told DF that we want this trash taken off of our home and this fraudulent loan dissolved. DF was well aware of this company and their XXXX product and was well aware of the predatory loan they were giving out. This company is unwilling to assist in this matter, and they know what they need to do as well as to file with the bankruptcy court as a creditor so that they can recoup their money from XXXX. I will recommend to people to NEVER do business with this company.
10/21/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Getting the loan	GA 31548	Web	Servicemember
This company as the financial arm in partnerships with both XXXX XXXX, and XXXX XXXX XXXX XXXX XXXX, sold us a product using a deceptive contract and false promises. They ( together ) approved a significantly large loan in relationship to our debt-to-income ratio. Dividend Financial is an affiliate of XXXX XXXX XXXX XXXX XXXX. After the sale, the product ( solar panels ) does not meet the expectations as agreed upon during the sales meeting. The solar company 's person facilitated the loan with XXXX. They used electronic paperwork so finding the small details related to the loan was impossible. For example, I can not stop payments from being withdrawn from my account. They said they finance the equipment, not the solar power, the system is the collateral. Offered XXXX deferment but with interest accruing. They didn't mention that when they say they are trying to " help '' Taking advantage of middle-income XXXX veteran and retired XXXX veteran.
03/22/2023	Yes	Debt collection Other debt	Took or threatened to take negative or legal action Threatened or suggested your credit would be damaged	OH XXXXX	Web	Older American, Servicemember
XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ; XXXX XXXX XXXX, Ohio XXXX came to my home to install 10 windows totalling XXXX workers stated they were finished noticed my bedroom window shade was pulled down I called them back they broke expensive shade they sent two different gentle men out they said the windows were not finished raised the windows 2in up they went all the way up buy them selves they also said balances weren't checked old storm windows weren't removed & a frame on out side was not put on Dividend finance Co start sending bills right away job was not complete I called & wrote them I would not make payments until 2 months after job was completed per our contract they have been billing with late fees etc bad credit scores they are due to complete XX/XX/XXXX I'm not obligated to start my payments until may per our contract with XXXX
01/10/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Incorrect information on your report Account status incorrect	CO 80226	Web
I purchased a solar system from XXXX XXXX and Dividend Finance was the loan company. This company is a division of XXXX Bank. I was happy with the loan and the APR, and the paperwork for my loan explicitly states this loan is a secured loan ( backed by the panels themselves ), which makes a big difference vs an unsecured loan. Fast forward to a month ago when I took out a personal loan to finance some other expenses, and my lender for the personal loan flags this solar loan as an unsecured loan, which then eats into the amount I can borrow since personal loans are capped at 50 % of your annual income. I've been in contact with both Dividend and XXXX Bank, but so far the response has been lack luster. I am waiting to hear back, but at this point I am very frustrated that they changed this loan type without notifying me.
11/03/2022	Yes	Payday loan, title loan, or personal loan Personal line of credit	Problem with additional add-on products or services	CA 90745	Web
On XX/XX/2021, a construction company installed a sunroom without a permit ( permit is included in the contract with homeowner ) and informed the financial institution that it was completed. The financial institution disbursed the funds ( $ XXXX ) without confirmation from the homeowner. The XXXX insti. sent an email/notice to the homeowner that the funds was disbursed for completion of the project. The homeowner informed the financial inst. that the project wasn't completed due to failure to obtain permit. And asked what is their process in place before disbursing the funds. Financial inst. declined to respond via email. XXXX spoke to XXXX inst. over the phone and was told that " as long as the project was installed, funds will be disbursed.
03/15/2023	Yes	Payday loan, title loan, or personal loan Installment loan	Getting the loan	VA 23701	Web	Servicemember
I inquired about putting Solar panels on my home. They did not work for the first couple of months, the panels finally worked-because my electric bill came down to what was promised when I accepted the loan. Other things did not work, such as losing power in certain places in my home. Then the company went bankruptXXXX XXXX. I am stuck paying a loan of {$60000.00} for a product that does nothing. I have filed a complaint with the bankruptcy court in NC where XXXX XXXX case is. I do not want to mess up my credit but I do not want to continue to pay for something that does not work. Dividend financial will continue to take pays out of my bank account. They can only apologize for what XXXX XXXX has done.
02/23/2023	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with additional add-on products or services	GA 31088	Web	Servicemember
XXXX for Solar Panels, Dividend was and is a part of XXXX XXXX XXXX XXXX XXXX They misled their customers by performing fraudulent loans on Solar Contracts with consumers with malice intentions on consumers in GEORGIA! The solar panels never worked for us, we got them installed in 2021! Please research the company before you do business with them! XXXX XXXX XXXX XXXX XXXX have victims, XXXX these companies, you all can verify what I am saying is true! The Solar companies filed bankruptcy and we dont have no one to fix the equipment!
08/27/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Problem when making payments	AL 351XX	Web
Acquired loan on XX/XX/22. Payment prior to statments XX/XX/22 {$100.00}, XX/XX/22 {$100.00}. Additional money sent XX/XX/22 statement {$14.00}, XX/XX/22 statement {$14.00}. All additional payments are being applied to the interest and not the principal. I contacted the company by email and a letter on XX/XX/22 stating all additional payments, dates that were to be applied to principal and asked for correction by next statement. No corrections have been made and they continue to apply all money sent to interest.
02/09/2023	Yes	Payday loan, title loan, or personal loan Installment loan	Getting the loan	MD 21117	Web	Servicemember
I asked dividend for a breakdown of the finance charges listed on my solar & roof loan agreement. They stated that it should have possible after I have the loan finalized. The information is helpful to see how overpaying each monthly can save me. I can save interst, but paying extra won't save money on their hidden fees. When I pointed out that they want me to sign a document without a detailed explanation, the rep just apologizes that there is nothing him or his supervisor could do
10/05/2021	Yes	Debt collection Other debt	False statements or representation Attempted to collect wrong amount	AZ 85120	Web
In XX/XX/2021 we signed a loan with Dividend Finance in the amount of {$8500.00} for work done in our back yard by a contractor. The loan was deferred interest if we paid the full amount within 18 months. we called today XXXX to pay the whole amount and we were told we would have to pay over {$900.00} in interest in addition to the loan amount.
08/03/2022	Yes	Payday loan, title loan, or personal loan Payday loan	Problem with the payoff process at the end of the loan	TX 77340	Web	Older American, Servicemember
We purchased solar through XXXX XXXX which is a scam and they XXXX made us finance through dividend finance, we weren't given a choice, and the system we were sold under performs and dividend finance is aware and will not help us that just keep taking our money knowing we were sold XXXX that the are a part of.
10/30/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Charged fees or interest you didn't expect	TN 382XX	Web
I purchased a XXXX back up system. It began having issues and XXXX XXXX, now XXXX XXXX, now XXXX. System does not work properly.
12/29/2022	Yes	Credit reporting, credit repair services, or other personal consumer reports Credit reporting	Credit monitoring or identity theft protection services Problem canceling credit monitoring or identify theft protection service	OK 74133	Web
Contacted XXXX of the credit companies, advised about an alert thru XXXX XXXX XXXX company pulled my credit.
04/12/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Getting the loan	MA 023XX	Web
Dividend Financial did a hard inquiry on my credit and opened a loan in my name without my permission.
02/02/2023	Yes	Checking or savings account Checking account	Managing an account Deposits and withdrawals	FL 33543	Phone

01/23/2023	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with additional add-on products or services	TN 37110	Phone	Servicemember

12/03/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Charged fees or interest you didn't expect	TN 38230	Web	Servicemember

11/01/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Charged fees or interest you didn't expect	MI 48044	Web

10/25/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with the payoff process at the end of the loan	AZ 856XX	Web

07/20/2022	Yes	Credit reporting, credit repair services, or other personal consumer reports Credit reporting	Incorrect information on your report Information belongs to someone else	CA 92679	Web

03/04/2022	Yes	Credit reporting, credit repair services, or other personal consumer reports Credit reporting	Incorrect information on your report Information belongs to someone else	CA 90006	Web

12/21/2021	Yes	Payday loan, title loan, or personal loan Installment loan	Getting the loan	NY 127XX	Web	Older American

10/25/2021	Yes	Payday loan, title loan, or personal loan Personal line of credit	Charged fees or interest you didn't expect	CA 90706	Phone	Older American, Servicemember

06/22/2021	Yes	Payday loan, title loan, or personal loan Installment loan	Problem with additional add-on products or services	TX 75019	Postal mail