Lyon Financial
Bait and switch

This company finances swimming pool loans in North Carolina. I applied on March 10 for a $30,000 pool loan. I received an email then a letter stating that we were approved for this loan. I just had to send in my income information and that the loan is on it's way. The only stipulation was this loan had to be uded within 90 days. We found a pool company that would build us a pool for under the amount approved. On the day of going to sign the pool contract a member of Lyon, David told me the company made changes and that now the payouts for the pool company was 30% after the excavation was done, 60-% after the pool was completed and the last 10% when it was approved and inspected. I said I would explain this to my contractor, my contractor agreed with the change. Later that morning, David told me to have the contractor call him to let him know that Lyon will charge him $700, up front then a charge on some dates if certain parts are not completed under their conditions. I said, you never spoke of this, and why would the pool company be involved. This was a loan to us, as a signature loan. The property in not held nor is the pool. The contract is between the pool finance company and us. This is definately a bait and switch way of doing business. And they need to be told.

Company: Lyon Financial
Country: USA

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