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Business Loan Scam

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Business Loan Scam Reports & Reviews (6)

- Charlotte, NC, USA • Apr 12, 2024
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Repeated phone calls asking my husband to submit the application, they say he requested for business loan, with copies of his bank statement. They say that he asked for assistance. This has been going on for months and use a different phone number and name (no surnames). It is a human, not a robocall. They began by sending text messages. Now we receive calls every day for several days. We do not speak with them, they leave voicemails.

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- Sharpsburg, GA, USA • Feb 20, 2024
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While seeking invertors for a start up, I was contacted by a person from Bain Capital who referred me to an entity that specialized in start-ups. We were required to pay various engagement fees, S.P.A. fees, Intermediary bank membership fees, loan processing fees, closing costs, etc. We were notified that we had been being scammed and turned everything over to Federal and State authorities.

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- Fountain Valley, CA, USA • Feb 20, 2024
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Soror Capital, Turbo Capital & Cycle Holdings

On or about 1/8/24, I received a call from a Jordan Williams of Soror Capital, phone number: 786-233-0824, email: [email protected], claiming to be private lender with a proposal for a business line of credit. He asked if I was still looking for funding or a business loan for my company. I stated that I was still in the market and looking for some working capital. Jordan requested for my 4 months of bank statements then explained the process by stating initially to me that my business can have access to a Line of credit of $300,000 based of my bank statements. For me to have access however, I will need to pre -pay a fee of $ 20,000 for a $300,000 line of credit to which I declined.

Soror/ Capital Jordan then provided another proposal/option: I would go through a performance plan to which go through a Merchant Cash Advance through their affiliate/sister company and once the fund(s) is received, I then pay the cash advance in full plus fee and interest immediately. The fee will be smaller and will save me about $4000 than the pre-payment fee he initially proposed. During the same day, Jordan Williams from Soror Capital sent the agreement for both the MCA advance and Line of Credit. The agreement/contracts was from Soror Capital for the Line of credit and Turbo Capital for the MCA advance- which as explained to me by Jordan Williams are both their sister companies.

Soror Capital Underwriting Dept also sent a link for Cycle Holdings portal access for the line of credit. Jordan Williams of Soror Capital explained to me further that the access for the line of credit will be from Cycle Holdings which is also their sister company.

On 1/10/24, I signed the MCA agreement for the amount of $20,000 with Turbo Capital. On 1/11/24, Jim at Turbo Capital with phone number 917-934-3163 called and did a bank verification. Terms as follows: Net Funded amount to be received $ 14,000 and $999.33 daily. On 1/12/24, the amount of $14,000 was wired to my business account.

Several calls and email were made/sent by Jordan Williams/Soror Capital to follow up on the payoff amount to be wired to Turbo Capital asap on the MCA advance so I can have access to the $300,000 line of credit.

On or about 2/5/24, the amount of $13,990.72 was wired to Turbo Capital bank, Metropolitan Bank in NY with acct # ending in #3205 as payoff for the MCA loan balance after 16 days of daily withdrawal of $999.33. A total amount of $$16,979.33 was paid to Turbo Capital.

A copy of my wire transaction was sent via email to Soror Capital/Jordan. Jordan/Soror Capital and I also spoke to confirm receipt of payoff wire memo. Jordan also proceeded to advise that he will open the Cycle Holdings portal so I can access the line of credit funds.

Please note that I was fraudulently induced by these lenders who said upon receipt of the amount of $16,979.33 would loan me through a line of credit the amount of $300,000.

As of 2/19/24, I am unable to reach Jordan Williams or his office and have not been able to access the line of credit or get a refund of the total amount paid to Turbo Capital $16,979.33. The Line of credit access through Cycle Holdings has now been deactivated.

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- Reno, NV, USA • Feb 08, 2024
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I was reached out via phone call by a man named "Anthony" to get a business funding. He asked me for my DL and a voided check telling me I had gotten preapproved for 350k for the business funding. He sent me a contract via email and stated I could get the funds next day if I paid the first months payment upfront. He instructed me to sign the contract and promised the funds. He instructed me to send a wire and I received wire instructions. I came to my local credit union to process the wire. I called and texted the individual to let him know I had sent the wire and he told me that my credit union wasn't recieving the wire transfer from the 350k I headed to my credit union where they told me there was no ACH or wire of 350k. I called the individual to let him know there was no funds deposited and no response via phone call, email or text. The fraudulent business name used was Liberty Investment Group LLC however they also used AO Industries LLC.

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- West Hempstead, NY, USA • Nov 07, 2023
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Predatory lending tactics include text, email and calls to small business owners to secure a loan or line of credit. Applied for a loan and was asked to payoff the loan to secure a line of credit. I was sent $14,000 and was informed to secure the loc advance I had to have $20k in my bank account and must payoff the $14k loan with interest. I was sent the $14k and paid off the loan in total to secure the advance. Once I sent the $29k to the lender to pay off the loan the LOC was no longer available and I was informed the funder backed out. When I called to follow up the representative began to play on the phone and laugh at me. This was a major lesson and I don't want anyone else to fall victim to this scam.

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This company is offering business loans and using SBA and other buzz words to seem reputable. I filled out an online application for a business loan in which I had to download bank statements. I didn't think much of it until I submitted it and the form did not seem normal. This just happened today. I called the "company" and the first number after a couple hours was no longer available. I called a different number and someone answered and when I started inquiring about the validity of their company they hung up on me and won't take calls. They is nothing about them online. The icons for IG and FB and Twitter are not real. When you click on them they go elsewhere. I am 100% sure this company is a Fraud. I called my bank to alert them already.

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