Legitimacy Of Prism Loans: What You Need To Know

Prism is a service that has received mixed reviews. While some users have praised the service for its ease of use and functionality, others have criticized it for being misleading and deceptive regarding transaction fees. On Trustpilot, Prism has a rating of 4.8/5, with users highlighting the seamless and stress-free experience of buying property in the UAE. However, on other platforms, users have expressed concerns about unexpected fees and questionable business practices. Some have even accused the company of harassment and disrespectful communication. It is important to consider all reviews and make an informed decision about the legitimacy of Prism Loans.

Prism's Trustpilot rating

Prism has a varied Trustpilot rating, with Prism Events Digital Advertising and Prism Conveyance rated "Excellent" with 4.3/5 and 4.8/5, respectively. However, Prism UK has a "Poor" rating of 2.3/5.

The positive reviews for Prism Conveyance praise the company's professionalism, seamless processes, and commitment to safeguarding customers' interests. On the other hand, the negative reviews for Prism UK highlight issues with billing, poor customer service, and a lack of empathy from the complaints manager.

It is worth noting that Trustpilot allows anyone to write a review, and companies can ask for reviews via automatic invitations. Reviews can be edited or deleted by the writers at any time and will remain displayed as long as the account is active.

Prism's billing and fees

In response to these concerns, a representative from Prism clarified that the company is attempting to monetize the app, and one approach under consideration is transaction-based fees. This explanation suggests that the fee structure is subject to change as the company experiments with different monetization strategies.

The terms of service agreed upon by users likely grant Prism the right to introduce, increase, or decrease fees at their discretion. However, users have expressed frustration over the lack of transparency and clear communication regarding these potential changes. Some have reported being caught off guard by unexpected fees, even when they believed they had thoroughly read the FAQ and understood the billing structure.

Late fees and the potential repossession of collateral are also mentioned in the context of Prism's billing practices. Prism has stated that late fees are not assessed until a payment is 10 days late, but interest continues to accrue during this period. If an account falls past due multiple times, Prism may elevate the collection efforts to prevent further default or repossession. In some cases, users have reported experiencing harassing phone calls, texts, and emails from Prism regarding late payments, despite requests to cease such communications.

Prizm Financial Company, LLC — BBB complaints

Prizm Financial Company, LLC is a Cincinnati, OH-based company that offers loans and financing services. It provides flexible and alternative financing solutions to the retail automotive marketplace, including independent and franchised automobile dealerships. BBB records show that the company has a license number of GL.501967.000 issued by the Ohio Department of Commerce - Financial Institutions.

BBB complaints against Prizm Financial Company, LLC include issues with payoff and repossession. In one case, a customer claimed that they requested a payoff on their account and were given a 10-day payoff timeframe. Despite making the payment within this period, they received multiple phone calls regarding their account being late and were told their car was out for repossession. The customer also experienced delays in receiving their refund check.

Another complaint involved a customer who paid off their car loan in full and requested a copy of their vehicle title or a release of lien statement. The customer reported that Prizm refused to cooperate with their request and provide the documentation. The customer also expressed dissatisfaction with Prizm's service and their inability to speak with management to lodge a complaint.

It is important to note that BBB Business Profiles are provided to assist individuals in exercising their best judgment and making informed decisions. While BBB asks third parties to affirm the accuracy of the information provided, they do not verify or guarantee its accuracy. The nature of complaints and a company's responses are often more important than the number of complaints.

SuperMoney reviews of Prism

SuperMoney users have given Prism a rating of -2, or 3 on a 5-point rating scale. This means that most users do not recommend the product. The recommendation score reflects customer satisfaction with a provider. A score of +100 means every customer recommends the provider, while -100 means none of them do. These scores are based entirely on community member votes and are not influenced by partner compensation.

While SuperMoney does not have any reviews for Prism Bank, specifically, there are reviews for Prism on the site that are worth taking into account. One user, attempting to streamline their budgeting, found that Prism had the visual interface they were looking for. However, when they went to pay a bill for the first time, they were alerted that a fee would be charged, despite the FAQ stating that no fees would be charged. The user found this deceptive, if not illegal. Another user agreed, calling the app shady and saying they were irritated that Prism had their banking information.

A different user, however, offered a more nuanced view. While they acknowledged that the situation was shady, they didn't think it was illegal. They speculated that in the terms of service, Prism likely reserved the right to introduce, increase, or decrease existing fees at their discretion. While Prism should have notified users of this "beta" test, the user argued that most people wouldn't notice, and Prism would get away with increased revenue.

It is worth noting that the reviews for Prism on SuperMoney are from 2016 and 2020, and may not reflect the current state of the app or company. Additionally, Prism has received positive reviews on Trustpilot, with a rating of 4.8/5 stars. These reviews praise the professionalism and efficiency of Prism's team in helping with property sales and purchases in Dubai.

Prism's customer service

However, on other platforms, such as Reddit and the Better Business Bureau (BBB), there have been complaints about deceptive practices, poor communication, and harassing behaviour by Prism. Some customers have accused Prism of misleading them about fees, claiming that they were charged fees despite assurances in the FAQ that they would not be. There have also been reports of Prism employees using disrespectful and offensive language in their communications with customers, as well as engaging in harassing phone calls, texts, and emails when payments were delayed. These issues have led some customers to consider switching to different financial institutions.

It is worth noting that the reviews on Trustpilot are specifically for Prism Conveyance, which appears to be related to real estate in Dubai, while the BBB complaints refer to Prizm Financial Company, LLC, which deals with car loans and consumer finance. The Reddit reviews appear to be about a bill payment app called Prism, which may or may not be directly related to the other two companies.

In summary, while Prism Conveyance has received positive reviews for its real estate services on Trustpilot, there have been separate complaints about Prizm Financial Company's handling of financial matters and a bill payment app called Prism. These negative reviews highlight concerns about deceptive practices, poor communication, and harassing behaviour, which have impacted customers' satisfaction and trust in the company.

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