Was lied to and cheated every minute I worked there. - Anonymous employee Loanwise Employee Review

1.0
5 Apr 2017
Anonymous employee
Recommend
CEO approval
Business outlook

Pros

I had great coworkers while I worked there. unfortunately they were all laid off in less than a year and had earned pay withheld.

Cons

positive reviews are actually written by company executives. They hired people on "gaurantees" only to reduce the gaurantees within less than a month of hiring them and eventually deciding that the gaurantee was actually a draw and denying earned commissions. this is not an isolated incident they have literally withheld pay for every loan officer that has ever worked for them. they make changes to their commission and pay plan as they go so you never know what you will be paid (or if you will even be paid) since their decisions are retroactive regardless of any written agreements. layoffs are frequent at every level.

Explore other reviews about Loanwise

5.0
19 June 2018
Recommend
CEO approval
Business outlook

Pros

Excellent team environment with strong employees always willing to get the job done. With all the management hands on experience as needed.

Cons

Layoff with no warning with sale of the production Unit

1.0
2 Mar 2017
Anonymous employee
Recommend
CEO approval
Business outlook

Pros

The employees and middle managers are wonderful. The pay was decent and they finally added vision to the insurance plan.

Cons

This company likes to sell you dream and it ends up becoming a nightmare. There is no training and everyone runs around like a chicken with their head cut off. The upper managers are always switching positions and nothing is structured. This company likes to say you are "Family" and "owners" but will fire you or lay you off like you are trash. Please tell me what "family" does that? The company will feed you all kind of promises to get you there but will never deliver and if you ask them about it then they will let you go. People left stable jobs to come here because they believed the company could be great but were let go without notice and had to scramble to find work and take care of their families. What a way to treat your family Loanwise! This is not a long term employer. Everyone who started at this company is no longer there. I feel like this company is to be built up and sold off to the highest bidder just like the last companies the owners had. If you are looking for a great company with stability then this is not the company for you.

5
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Loanwise Response
9y
Thank you for acknowledging our wonderful employees and managers. We think they are one of the best perks of working at Loanwise! As a newer organization, we are challenged to find the balance between structure and agility and it can sometimes be difficult to see the logic behind certain decision, especially those that effect the continued employment of our people. As we grow and change, we make every effort to transition existing members into new roles or support their efforts to find new opportunities with other companies.
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