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Loan Offer Reports & Reviews (3)

- Bryan, OH, USA • Feb 26, 2024
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Loan offer with low interest rate Seems fake and has your logo on the site but not accredited with you

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- Rockaway, NJ, USA • Jan 18, 2024
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voicemail statinf she will help me with a loan

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I submitted my information to a business loan marketplace. I was contacted by several lenders including a loan broker Derick H**** from Advanced Funding Capital(advancedfundingcapital.com). He said that I was prequalified for a business line of credit with ABC Capital (ABCCapitalin.com). He sent me an email with the prequalification information and asked for a month-to-date business bank statement, voided check, and my ID. He scheduled a meeting with myself and Alex, a loan officer from ABC Capital. Alex interviewed me and asked questions about my business and what I would use the funds for. He then said that my Paydexscore was 87 and it needed to be a 90 for me to qualify for them to insure a $250K line of credit. He and Derick explained that my options were to pay a private underwriter $25K to underwrite the LOC or establish another tradeline and pay it off in a manner that would increase my score.Derick told me that he would reach out to his network of lenders to see if he could find a lender who would work with me to raise my credit score. He called me back a few hours later and mentioned by Better Way Funding (betterwayfunding.com) would issue me a Merchant CashAdvance with daily payments and if I paid the cash advance off plus the fees by the 3rd day it would raise my score enough to qualify for the line of credit. He explained that the fees would total $7,900 and that they would report the tradeline status immediately. It took me a few days to get the $7900 and during that time Derick was very responsive. He called and texted daily to check on the state of the payment. Once I sent the payment He was not proactive. At one point I told him that my mentor was willing to lend me the money; however, he wanted to be sure that I would get the line of credit. Derick offered to provide a letter of contingency from ABC Capital. He sent the letter within a few minutes of my asking for it. I sent the payment on 7/27 and received confirmation that the payment receipt was received and that he would request the payoff letter and confirm with ABC Capital that they got a policy on my line of credit. I did not hear anything on 7/28 (Friday), so on 7/31 (Monday), I reached out to verify that everything was received. He told me that the payoff letter was issued by Better Way Funding and that ABC Capital took out a policy on the line of credit, so I should receive a DocuSign with the funding agreement from ABC Capital either that day or the next day. I Followed up on 8/1 and was told that if I didn't hear anything by the next day he would follow up with them. He reached out on the morning of 8/2 and when I told him I still didn't receive any documents from ABC Capital he said he would reach out. He replied a few hours later and said that ABC Capital resent the policy that morning and it can take an additional 2-3 days. He explained that this is likely due to clerical errors and sometimes happens. He advised me to keep checking for the funding agreement. I spoke with him on 8/14 and he said that he was out of the office and would like into it the next day. I followed up on 8/17 and have not heard back. The other websites involved are abccapitalinc.com and betterwayfunding.com.

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