Legal scan, they never send you a statement with the hope that you forget to pay. using them will cost you money. when you call for a statement update you get K--e on the phone who has the personnality of a toad, not helpful. mailed a check to them on September 22, 2012 and by September 26th they claim they haven't received it, thus incurring additional interest. must have been part of the government bailout rip us off once if they received a bailout and then twice with the double talk in the loans
I purchased a Solar Electric System recently and chose to use the Enerbank Same As Cash Loan as recommended by the solar contractor. I paid close attention to the terms and this offer was much better than leasing the system. I have found Enerbank to be very helpful and they explained the payment schedule very well. It seems other posters on here are not familiar with Same As Cash financing or were mislead by their contractors. Enerbank is a bank, they make money on money. In my case I got cheap money for a year and was able to float my 30% federal tax credit. Pretty good deal really. I'm okay with Enerbank making some money off of me (I assume that my contractor paid them a fee and worked it into my bid), because I get to hold onto $10,000 for a year instead of paying it now. I can make money off that $10k by investing it for the next year and I will be sure to pay off the SAC loan so I don't become subject to "unexpected" fees and charges. Coming from a financing background, this is a no-brainer. People who "forgot" they would need to make payments on a loan should not blame the lender. there is no free lunch!
I too have a "same as cash" account with them. This is supposed to be true if I pay in full prior to 545 days from Jan 3, 2012. I'll calculate it later but it looks like that is July or August of 2013. I too have not gotten a statement ever from them. I have paid roughly half of the balance due as of now. I too am trying to make contact with them with no success so far. After reading all the other reviews I am afraid to call them or write to them for fear they will demand payment in full for some obscure reason hidden in the fine print that I haven't found yet. I am keeping track of every penny I have paid to them complete with copies of all cancelled checks. (That cost a little extra to get the copies of the checks but under the circumstances, I think it will be worth it.) I signed up with them via "Systems Pavers" who installed a very nice driveway and walkway here. I am going to send "Systems Pavers" a copy of my note here along with copies of all the other posts. I made one other complaint with "RIPOFF Report" and I noticed when I returned home from being out of town for the last two days that there had been 3 phone calls from EnerBank USA. Maybe they read the comments. I don't think System Pavers will want to continue using these guys after my experience to date and all the other postings on here. I will update my story as it progresses. I will be sure to pay off the loan in full prior to 545 days for sure. Best of luck to all.
Enerbank is a real financing company but they will rip you off. Their zero interest deals are a fraud. The contractor has to charge you the interest in the cost of the project. So you pay more for the project than if you would just use your own bank. I was a contractor in their program and they pressured me to push the zero interest deals. They also threaten to pull the program from us if we didn't send them more deals. The real interest rate for the zero interest is almost 18%!! Do not use them. We left the program.
I really like the bank for it's 0 interest home imporvement loans, but I wish they would send year-end or quarterly statements indicating the outstanding balance. Even if only available electronically.
They only send out payment coupon books (antiquated) and nothing else.