What does LOANPAL mean on my credit report?

Learn about LOANPAL, an provider offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is LOANPAL?

LOANPAL is shorthand for GoodLeap LLC, with the company name being GoodLeap LLC Inc

Tanguy Serra is president and chief financial officer of Good Leap; Matt Dawson is founder and chief revenue officer; Jason Walker is chief risk officer.

LOANPAL is a Loan Provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with GoodLeap LLC.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

  • ⚫ The average account balance is $34000.

  • ⚫ The average high credit balance is $34300.

  • ⚫ The average monthly repayment is $200.

The account is classified under the following METRO2 categories:

  • ⚫ Unsecured

How do I contact them?

Here is the current contact details for GoodLeap LLC:

Address:

  • GoodLeap, PO BOX 4387, Portland, OR 97208.

Website:

Email:

  • [closingcertificates@goodleap.com solarinfo@goodleap.com](mailto://closingcertificates@goodleap.com solarinfo@goodleap.com)

Phone:

Payments

To make a payment, contact Customer/Partner Support at 1-844-562-6725, Monday-Friday 8am-6pm PST and Saturday 9am-1pm PST. GoodLeap offers a monthly payment plan. To get a payment refund, contact the Customer/Partner Support. Payments cannot be made over the phone but can be made online using GoodLeap’s Order Management Portal. There are no other payment options such as using a check or money order for the Solar or Home Improvement Loan Payment. You can make a payment using a mobile app. There are no penalties for late or missed payments. You can make a payment using a prepaid debit card. Customers can make payments using a wire transfer by contacting CaseNumberTransfer@goodleap.com.

Question Answer
Do they offer a monthly payment plan? Yes
Can I make payments over the phone? No
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

GoodLeap does not offer loan consolidation or loan forgiveness services. However, they do offer the ITC which is a 30% federal tax credit for solar systems on residential properties that could reduce a borrower’s taxes by $9,000. To qualify for the solar federal tax credit, a borrower must own their home, have a sufficient income and federal tax liability, and own their solar system (financing the system with a loan from GoodLeap meets this requirement).

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

You can apply for a loan online with GoodLeap to finance a solar installation, which can qualify for a federal tax credit worth up to 30% of the total cost. You cannot apply for a loan in person or over the phone, but you can use the GoodLeap mobile app. You can also apply for a loan with a cosigner by contacting 1-844-562-6725 Monday – Friday 8am-6pm PST and Saturday 9am-1pm PST.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

LOANPAL IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Loan Provider?

A loan provider is a bank or financial organization that can provide loans. In order to apply for a loan they will run a hard inquiry on your credit account which will negatively impact your credit report. They may make mistakes in their reporting, so if it says that you have missed a payment and you haven’t then if you take the correct action you will be able to remove the late repayment from your credit profile.

How do I remove LOANPAL from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.