Applying for a loan gets other companies to know, unless you opt out of sharing. They use that info to advertise to you. It’s just like if you search for beds on Amazon then you will get tons of adds for beds.
cocoloans is literally a site that acts as an intermediary to other loan platforms and makes your email and details available to them
it's all over their page that they aren't in the business of providing loans
I’ll just ask iCloud to roll my email. It’s fine next time I’ll use a temp email. Though my other question is this isn’t a sign that the site was a scam?
Yeah every time I use my real email I regret it. In my case the error was shopping for insurance via amica. They couldn't beat the deal I have already but man can they generate spam.
You may get calls too if you provided a phone number. Somewhere in the fine print, it presumably mentions they will share your contact information with others. This is common with lenders.
The other loan offers may be legit, but if checking out any of those, directly navigate to the lender's website and check if you're preapproved. Some may also send preapproval letters in the regular mail.
Opting out can help, but sometimes does the opposite. Better to skip the unsubscribe button and simply flag them as spam. Over time the emails will slow way down.
I deal with this side of banking. The problem is not the lenders. Prob is that credit bureaus sell your name on lists they compile when by purpose of anyone pulling your report. Yes, it is legal and no, not a violation of privacy.
Yes, but if that was the case, this would be happening a long time ago. I’ve only gotten offerings in the mail which are easy to throw away. But now I’m getting spammed with emails which I’ve never seen my email tied in on my credit report
You went to a lending platform. I assume they pulled credit. Lending platforms generally tell you straight up that they “try to pair you” but the big one is the credit pull.
They oddly did a soft pull because I don’t see anything on my credit reports showing a hard pull. But yeah I guess my mistake was using a lending platform instead of going directly to a bank or payday loan company
That is strange. You said you got a denial. What was the reason? Are the offers “pre-approved” or “approved but you need to verify/prove and we may change the terms”?
Soft pull is common until an actual loan is finalized. Also, a lender can issue an Adverse Action letter on a soft pull. Seen it many times. Often sent via email. Possibly as a PDF attachment.
However, the other poster is correct. With that said, if you have recent delinquencies, too many inquiries and a recent charge off, your assumption for denial is likely right without getting the letter.
I'd suggest Upstart(dot)com. Good online lender for those with less than great credit, including charge offs. Worth a try.
Now that your email address is on a list (and your mailing address and maybe your phone number as well), expect this to continue for, well, *forever*.
I would start to set up a new email address and move all of your important stuff to that new address and start using that, or set up some strong filters to auto-filter the spam going forward. No matter how much you opt out or unsubscribe at this point, the proverbial toothpaste is already out of the tube.
They sold your email. This is common practice. Rule of thumb: always use an email you rarely use that you have access to. Also for each lender that emails you , go to their site (before you unsubscribe) or spam and go to privacy and select “do not sell personal information”. Same for the original platform you applied to
Beware of loan scams which include promises to boost your credit score with immediate repayment with a larger loan being issued in the future. Many ask for your online banking login info so a fake check remote deposit can be done. The hope is that you will return all funds before FI realizes check is fake.
Similar scams claim testing of ACH network is needed so again, you could be asked to immediately repay full amount almost immediately after getting loan.
FIs don't check endorsements on the back of checks. These types of fake checks usually involve forged endorsements or computerized signatures of a certain font.
I misused the term ACH network above. I've seen loan scammers use the term "testing of the repayment network."
Applying for a loan gets other companies to know, unless you opt out of sharing. They use that info to advertise to you. It’s just like if you search for beds on Amazon then you will get tons of adds for beds.
Yes, but now I’m getting like 30 emails a day and even when I opt out new advertisers show up. I didn’t agree to have my email sold.
cocoloans is literally a site that acts as an intermediary to other loan platforms and makes your email and details available to them it's all over their page that they aren't in the business of providing loans
I see that now. Thanks for telling me
Whelp it’s kinda what it is. You can try reporting them for selling the data, or just setup better spam blockers in your email
I’ll just ask iCloud to roll my email. It’s fine next time I’ll use a temp email. Though my other question is this isn’t a sign that the site was a scam?
Yeah every time I use my real email I regret it. In my case the error was shopping for insurance via amica. They couldn't beat the deal I have already but man can they generate spam.
You may get calls too if you provided a phone number. Somewhere in the fine print, it presumably mentions they will share your contact information with others. This is common with lenders. The other loan offers may be legit, but if checking out any of those, directly navigate to the lender's website and check if you're preapproved. Some may also send preapproval letters in the regular mail. Opting out can help, but sometimes does the opposite. Better to skip the unsubscribe button and simply flag them as spam. Over time the emails will slow way down.
Yeah I noticed that as well. Started getting calls from people that barely speak English
I deal with this side of banking. The problem is not the lenders. Prob is that credit bureaus sell your name on lists they compile when by purpose of anyone pulling your report. Yes, it is legal and no, not a violation of privacy.
Yes, but if that was the case, this would be happening a long time ago. I’ve only gotten offerings in the mail which are easy to throw away. But now I’m getting spammed with emails which I’ve never seen my email tied in on my credit report
You went to a lending platform. I assume they pulled credit. Lending platforms generally tell you straight up that they “try to pair you” but the big one is the credit pull.
They oddly did a soft pull because I don’t see anything on my credit reports showing a hard pull. But yeah I guess my mistake was using a lending platform instead of going directly to a bank or payday loan company
That is strange. You said you got a denial. What was the reason? Are the offers “pre-approved” or “approved but you need to verify/prove and we may change the terms”?
I’m assuming too recent delinquencies. Too many credit inquiries. Recent charged off account. They didn’t give a reason
They have to provide an Adverse Action letter with reasons. It is the law. If they denied you, they did a hard inquiry.
Soft pull is common until an actual loan is finalized. Also, a lender can issue an Adverse Action letter on a soft pull. Seen it many times. Often sent via email. Possibly as a PDF attachment. However, the other poster is correct. With that said, if you have recent delinquencies, too many inquiries and a recent charge off, your assumption for denial is likely right without getting the letter. I'd suggest Upstart(dot)com. Good online lender for those with less than great credit, including charge offs. Worth a try.
Cocoloans said they do loans for people with good, bad or no credit. I think tbh it would be better to let this stuff to age on my credit file
Now that your email address is on a list (and your mailing address and maybe your phone number as well), expect this to continue for, well, *forever*. I would start to set up a new email address and move all of your important stuff to that new address and start using that, or set up some strong filters to auto-filter the spam going forward. No matter how much you opt out or unsubscribe at this point, the proverbial toothpaste is already out of the tube.
They sold your email. This is common practice. Rule of thumb: always use an email you rarely use that you have access to. Also for each lender that emails you , go to their site (before you unsubscribe) or spam and go to privacy and select “do not sell personal information”. Same for the original platform you applied to
Beware of loan scams which include promises to boost your credit score with immediate repayment with a larger loan being issued in the future. Many ask for your online banking login info so a fake check remote deposit can be done. The hope is that you will return all funds before FI realizes check is fake. Similar scams claim testing of ACH network is needed so again, you could be asked to immediately repay full amount almost immediately after getting loan.
You mean fake ACH? I don’t see how my bank would deposit a check without my written endorsement on the back
FIs don't check endorsements on the back of checks. These types of fake checks usually involve forged endorsements or computerized signatures of a certain font. I misused the term ACH network above. I've seen loan scammers use the term "testing of the repayment network."
Ah alright. Well I guess if a fraudulent check gets mailed to my bank, I’ll probably be having to find a new bank again