EnerBank USA - Profile & Reviews

We got a loan to do a bathroom remodel. All was good in the beginning. A couple of things to know their website is very basic and simple. You cannot look up your balance all you can do is make a payment. When I called to make a principal payment their reply was we don't take principal payments. They were very rude on the phone when I asked why they couldn't take a principal payment they did not really have a reason, they just said they could not take them. I was like what? How can you not take a principal payment? Still no answer. They also could not tell me if the interest was monthly or daily. They couldn't really do much for me over the phone. Terrible company to deal with. I should have just gotten a loan from my bank. Next time I will not pay for the convenience of using them, I will take the time to shop around for a Home Improvement type of loan.

As if 9% isn't bad enough (even if it is better than a credit card etc), interest accrues daily. I've had months where-with payments 30 days apart-I have $40 in interest, and the next month, when the principal should be less, they charge $380 of a $400 payment in interest. In addition, if you want to get on their website and make payments, they charge you for it.

If you use billpay through your bank to avoid their fees to pay they will apply to interest 1st and not allow a "principal only payment." I'm paid ahead 5 months-no payments due-yet interest is taken out. I've sat on hold 5 different times anywhere from 18-45 minutes trying to talk to someone. They say it's due to Covid, yet all these people should be working from home answering phones? Magically the person who finally left me a voicemail a week after I sent a message on their website was the same person who I spoke with after almost 20 minutes on hold, which makes me wonder if there's not 1 person taking all the calls for this company.

Basically they make it difficult to pay off early because the only way to make a principal only payment is to make 2 payments in the same day....but they still get money out of you by charging you to use their website to make payments. Customer service is not available which makes me even more upset when they could have addressed this sooner. I do not accept an excuse of Covid when these are all people who should be able to work from home.

Rates and terms were very reasonable compared to what I found on the open market (2 separate loans with good terms for the main construction). The only things that is a little lacking (take away from quality) is the lack of a real online management portal. Everything is paper which for being 2017, you would expect e-Bills to be the standard or at least a choice, but they still invoice you via mail and have an online portal to pay at least which doesn't add any extra fees/overhead.

I would never have thought it possible to make my dream come true of using solar energy to reduce my carbon footprint on our planet. When Enerbank called to tell me I was approved for my loan I was overjoyed. I now have a 48-panel solar installation that is supplying my home with clean, renewable energy. They gave me an interest-free loan equal to the tax exemption, payable within 12 months, and a very low rate on the balance of the cost of the panels, payable over a 12-year period. I can pay this off monthly, and when it is time to sell my house and retire, I will pay it off entirely. I always remind folks that it may cost more in the short run to invest in solar panels, but the savings to the health of the planet far outweighs this and cannot be undervalued.