ComplaintsforFunding Circle USA, Inc.

• Initial Complaint

  01/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  My complaint is for Funding Circle a lending business. I came across this company by receiving calls and emails from one of their account managers. He contacted me about loans and how convenient and low the interest were. The gentleman named, ********************* contacted me via phone and emails numerous times from personal numbers and at crazy hours of the day for me to agree to a loan; *** pressured me and convinced me that the loan was too good to missed on and so I took it. Shortly after signing documents and receiving the funds, I start receiving phone calls about the loan. I quickly tried to get in contact with (***) the person that assured me the loan was great however I was never able to find him or get in touch with him again. The situation quickly escalated, these people started calling me twice and three times a day and when I tried to reach the phone numbers on the documents I first signed it seemed the company went by various names which is odd! fast forward a year having this loan, this people CONSTANTLY harass me! they have used profonity when speaking to me, they have terrorized me and said "I will receive calls from them 24/7 and I will have to hear from them all the time" , they have even shown up to my business disturbing the peace. It has come to such a point that I am not sure what to do, I try to speak to upper levels but it seems like there's nobody competent enough that can have a regular conversation with a customer/client without threating them and screaming " YOU SIGNED". Dealing with this company has taken a toll on my health and my business with high payments, high interest, daily fees, late fees, harassment, constant calls.I have been in contact with multiple people and have recently been in contact via emailed and phone calls with ***************************** who said she was a manager however her emails state she is a collection specialist.

  Customer response

  01/12/2024

  To make the correction on the report, my full name is *******************

  

  Business response

  01/17/2024

  MARDALENA MINI MARKET, LLC.
  50340166695
  
  
  We would like to express our sincere apologies for the recent poor experience you had with Funding Circle. Your feedback is invaluable to us, and we want to assure you that we take complaints very seriously.

  
  We understand that you felt the attention and the outreach during the loan process felt excessive. Our ***************** Representatives work with our borrowers to get through the process and fund small businesses in a short window of time. Our intention is not to ****** our borrowers, but service their needs as quickly as possible.

  
  After some investigation with our collections team, our Collections agents had been attempting to contact you to speak about a payment arrangement for your situation, and were trying their best to prevent your account from going 90 days past due. ***************************** is the final specialist that handles any accounts before reaching the process of being charged off, which is why she was the one to speak with you last in order to reach a current status on your account. In the event that the due date begins approaching that delinquency, a 3rd party field agent may be sent out to confirm that the business still remains at the address that is in our records. 

  
  Given that we are unable to alter any parts of the loan agreement and the situation could not be settled with our collections team, there are no other options that we can provide. 

  
  Thank you for your understanding and for giving us the opportunity to address this issue.

  
  Best regards,
  Funding Circle Customer Support
  

  
  

  Customer response

  01/17/2024

   
  Complaint: 21135236
  
  I am rejecting this response because:
  
  Sincerely,
  
  *******************

• Initial Complaint

  10/20/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I had a loan with Funding Circle that I was looking to pay off in full with other funding form another entity. I called and emailed requesting a payoff amount. They stated that their policy is that it takes ***** to get a payoff amount. This loan accrues interest daily so that alone seems unfair to have people wait. I waited the 48 hours and called them for the payoff amount. The representative said that the previous representative never entered the request and they would have to start a new request (another 48 hours of interest accruing) They had no record of my email request either, which was also sent during the first phone request. The loan was finally paid off via wire. I called them to confirm receipt of the wire and to get a statement showing a zero balance.......another 48 hours. I waited 48 hours and again - no evidence of the request......another 48 hours. I asked if they had a portal that I can view my records, so I was given access. When I logged in - it did not allow me to see anything because the loan was closed. How is a consumer/business not able to see their payment records without waiting 48 hours I am considering a lawsuit for the additional interest that I was charged due to their incompetence They should not take 48 hours to give a payoff and charge interest for that time period

  

  Business response

  11/03/2023

  Dear *******,
  
  The team at Funding Circle sincerely apologizes for the less than ideal experience you encountered during your interaction with our services. Your feedback is invaluable to us, and we take this opportunity to address the situation and make things right.
  
  We are pleased to inform you that we have already taken steps to rectify the situation. Our customer support team promptly reached out to you and provided a copy of your payoff letter for your records. We have also submitted a request for your UCC termination and expedited the refund for the accrued interest between the time you initially submitted your request to close your loan and when it was processed within our system.
  
  We understand that this inconvenience may have caused you, and we deeply regret the frustration you experienced. Your satisfaction is our priority, and we appreciate your patience and understanding in allowing us to resolve this issue. Your input helps us improve and ensures a better experience for all our customers.
  
  Once again, we apologize for any inconvenience you encountered, and we thank you for bringing this matter to our attention. If you have any further questions or require additional assistance, please do not hesitate to reach out to our team. Your satisfaction is important to us, and we are committed to providing the high-quality service you expect from Funding Circle.
  
  Sincerely,
  
  The Funding Circle Team

• Initial Complaint

  05/17/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I had two *** loans with Funding Circle. Forgiveness applications were submitted for both. Both are eligible for forgiveness. Funding Circle has failed to process the forgiveness application, has converted the *** loan into a payment plan, and continues to withdraw funds from my account. All the relevant documents have been submitted to Funding Circle for forgiveness. To date, Funding Circle has withdrawn over $6,000 from my account on this forgiven loan. I have made several attempts to contact them by phone and email for the past several months. Funding Circle has refused to respond.

  

  Business response

  05/30/2023

  ********************,

  Thank you for reaching out to us so we could review your concerns. In reviewing your concerns, we noted that your second Paycheck Protection Program (PPP) loan was not granted forgiveness initially, but forgiveness has subsequently been granted by the **** Please note that PPP Forgiveness is determined and granted only by the **** not by Funding Circle. 
  
  We understand that you have been in contact with our Servicing Team and that they are working to ensure that the forgiveness of your PPP loan is fully processed. Additionally, our Servicing Team noted that your ACH payments for your PPP loan have been turned off so no additional payments will be pulled. Once the forgiveness payment from the *** is fully processed to your account, any remaining balance from payments you have already made to your PPP loan will be refunded to you.
  
  Sincerely,
  The Funding Circle Team
  

  
  

• Initial Complaint

  05/08/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I am due a refund of approximately $5K from Funding Circle. My Paycheck Protection Program (PPP) has forgiven the full balance of my PPP loan. Prior to its approval, Funding Circle informed me that I had to pay $500 a month until a decision on its forgiveness was made. I made all of my payments on time.It was approximately 6 months ago when my forgiveness decision was made that my PPP loan was forgiven. At first Funding Circle told me that I would have my refund in 2-3 weeks. That was months ago. To-date, I have not received my refund. Funding Circle is also not giving me a payment status despite my numerous requests for a status.

  

  Business response

  05/09/2023

  **********************,

  Thank you for reaching out to us so we could review your concerns. We are constantly striving to deliver a superior level of customer service, and therefore, apologize for falling short of that standard. 

  In reviewing your concerns, we noted your Paycheck Protection Program (PPP) loan was funded through one of our lending partners, ************* as listed on your PPP loan agreement. We have escalated your request to our Payments Team who is working with ************ to initiate the refund that is owed to you as quickly as possible.

  We apologize for the amount of time this has taken to resolve this issue and for any inconvenience this has caused.

  Sincerely,
  The Funding Circle Team
  

  
  

• Initial Complaint

  05/08/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I am trying to get off their mailing list, and after more than several attempts, I still keep getting solicitations in the mail. I do not want to receive any solicitations from this company ever.

  

  Business response

  05/08/2023

  ****************,

  Thank you for reaching out to us regarding your request to opt-out of receiving our marketing materials. We have contacted your Marketing team and requested that your information be added to our marketing suppression file. We check all marketing lists against this suppression file before they go to print to ensure that businesses that have opted-out from marketing do not receive our letters in the future.
  
  Given the lead-in time for our mail marketing campaigns there is a possibility that you will receive further mail from ** in the coming weeks if it has already gone to print, but after that you will no longer receive marketing from **.
  
  We apologize for any inconvenience this may have caused. We wish you and your business the best.
  
  Sincerely,
  The Funding Circle Team
  
  
  

  Customer response

  05/16/2023

   
  Complaint: 20030954
  
  I am rejecting this response because:

  I've asked to be remove multiple times before, but I keep getting these flyers.

  I've reported it:

  09/18/2022

  11/28/2022

  01/03/2023

  02/06/2023

  03/15/2023

  05/08/2023

  I am sure enough time has past to remove me from the list. What is going to be done to get this resolved?????
  
  Sincerely,
  
  ***********************

• Initial Complaint

  04/17/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Funding Circle regularly sends me information about applying for a loan. Via email on 10/19/22, I asked them to stop mailing me with their marketing. I sent my 10/19/22 removal request to email address ************************************************************** and they responded and indicated "We have submitted the address you provided to be removed from our direct mailing list. Please allow up to six weeks for the request to be fully processed.". However, 24 weeks later, (a FULL 6 months), I am still receiving the company's mailers. Prior to emailing my remove request on 10/19/22 I also called their company 2 times on 10/18/22 during the evening and on the morning of 10/19/22 to request removal, however for all 3 calls there was no answer from the business, only an outgoing voicemail message indicating the caller should leave a message. They continue to ignore my remove request and I am continuing to receive their unwanted marketing. Their refusal to remove my mailing address has resulted in a massive amount of lost time and billable wages using time to contact them and continue making remove requests

  

  Business response

  04/24/2023

  ****************,

  Thank you for reaching out to us regarding your request to opt-out of receiving our marketing materials. We have contacted your Marketing team and requested that your information be added to our marketing suppression file. We check all marketing lists against this suppression file before they go to print to ensure that businesses that have opted-out from marketing do not receive our letters in the future.
  
  Given the lead-in time for our mail marketing campaigns there is a possibility that you will receive further mail from ** in the coming weeks if it has already gone to print, but after that you will no longer receive marketing from **.
  
  We apologize for any inconvenience this may have caused. We wish you and your business the best.

  Sincerely,
  The Funding Circle Team

   

  Customer response

  05/01/2023

   
  Complaint: 19948138
  
  I am rejecting this response because: The business did not provide a timeline for when I can expect to no longer receive their communications. Can the business please provide a timeline, in quantity of days/weeks, where I will no longer receive their communications?
  
  Sincerely,
  
  ***********************

  

  Business response

  05/08/2023

  ****************, 
  
  Given the lead-in time for our mail marketing campaigns, it can take 6-8 weeks for your information to be fully removed.
  
  Sincerely,
  The Funding Circle Team
  
  

  Customer response

  05/13/2023

   
  Complaint: 19948138
  
  I am rejecting this response because: Although you have responded and indicated 6-8 weeks before I stop receiving mailers, I did want to attach and note in the file that I have received another mailer as of 5/4/23. I want this noted in the files since this is not less than my 2nd time requesting removal. 
  
  Sincerely,
  
  ***********************

• Initial Complaint

  03/04/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  Funding Circle regularly sends me information about applying for a loan, sometimes addressed to my non-profit, The *********************************** Network (NPIEN). I am the Executive Director of NPIEN, a volunteer 501.c3 non-profit. We have asked them ********************************************************************** their services. They continue to ignore **. They have multiple addresses, and we receive correspondence from *************************************************** and *******************************************. We sent a letter to them 16 times vis ** mail. This has resulted in over $10.00 of postage costs for us plus envelopes.

  

  Business response

  03/07/2023

  ********************,
  

  Thank you for reaching out to us regarding your request to opt-out of receiving our marketing materials. We have contacted your Marketing team and requested that your information be added to our marketing suppression file. We check all marketing lists against this suppression file before they go to print to ensure that businesses that have opted-out from marketing do not receive our letters in the future.
  
  Given the lead-in time for our mail marketing campaigns there is a possibility that you will receive further mail from us in the coming weeks if it has already gone to print, but after that you will no longer receive marketing from us.
  

  We apologize for any inconvenience this may have caused. We wish you and your business the best.
  

  Sincerely,
  The Funding Circle Team
  

  
  

  Customer response

  03/07/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.  I recommend to the business that when someone like me makes a request they do so immediately.  I asked 16 times.  
  
  Sincerely,
  
  *****************************

• Initial Complaint

  02/23/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Good morning I received a invoice for a ppp loan i never received I did apply for it but never received fund I would like to get those funds if possible or let me know what are the options i have call the number on the invoice but they tell me that they only do collections so they told me to email this other department its has been a 1 week and no reply

  

  Business response

  02/27/2023

  **************,
  
  
  Thank you for reaching out so we could review your concerns. Our records show that a Paycheck Protection Program (PPP) loan was issued to your business on June 18, 2020; however, we were unable to fund your bank account due to a name mismatch. At that time, you asked us to send the funds to a different bank account, which we were unable to do without a new PPP application being submitted so we could verify the new bank account information. Additionally, we noted that a new application was not received from your business, and therefore, the original application was closed on June 30, 2020. 
  
  
  We are continuing to look into why you would have received a statement regarding this account, but you may disregard this statement as our records show that the account was closed.
  
  
  Sincerely,
  
  
  The Funding Circle Team
  
  

  Customer response

  02/27/2023

   
  Complaint: 19453514
  
  I am rejecting this response because: so why Im getting letters and calls that my ppp loan is past due and you guys never release me so I could get an a loan through another bank
  
  Sincerely,
  
  *********************

• Initial Complaint

  02/13/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Entered by BBB staff DC.  Consumer applied for a loan about one month ago and was denied.  Consumer states Feb 11, 2023 received an email he was denied a loan which the consumer did not apply for.  Wants all alerts to stop and is frustrated that this company could be fraudulent.

  

  Business response

  02/17/2023

  **************,
  

  Thank you for contacting us so we could look into your concerns. We have contacted our Sales Team and were informed that they had spoken with you regarding a loan application you submitted for ****************** on January 25, 2023.

  
  In addition to our small business term loan, Funding Circle works with a network of lending partners to offer loans to small businesses. In reviewing your concerns, we noted that your application was considered for funding by Funding Circle and our lending partner, Bluevine. Unfortunately, neither Bluevine nor Funding Circle were able to make you a loan offer at this time. Thus, an email was sent to you on February 11, 2023, informing you of the decline. This email is a notice that we are required by law to send to all applicants when a loan application is declined for funding.

  
  Were sorry that we could not assist your business with funding at this time, but we wish you and your business all the best in the future.

  Sincerely,
  The Funding Circle Team
  

  
  

• Initial Complaint

  02/10/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Circle Funding charged me twice in one month - January 2023. They overdrafted my account. They refused to refund me the extra monies they took. They are now claiming that I am past due for the month of February 2023 even though they charged me twice in the month of January with out my authorization. I was not behind on payments. I only owed for the month of January 2023 yet they charged me twice. I attempted to have them reimburse the extra charge and they would not do it. They said they would initiate the reimbursements but after weeks of this request, my account is still overdrawn.They said there is nothing they can do. I am in a very vulnerable position as a consumer. This company drafted money from my bank account and refuses to return it and they won't apply it to February's payment. I want to make consumers aware of this abuse of consumer. They are in a position in which they have created financing hardship for me, not to mention, the time that I have to spend in attempting to have the issue resolved with no resolution. Consumers should not do business with companies who abuse their authority or their power as a company. I have experienced stress over this situation and I am in disbelief that a company can do such financial harm to a consumer.Circle Funding is engaging in Consumer Fraud - Consumer fraud is commonly defined as deceptive business practices that cause consumers to suffer financial or other losses. The victims believe they are participating in a legal and valid business transaction when they are actually being defrauded. Fraud against consumers is often related to false promises or inaccurate claims made to consumers, as well as practices that directly cheat consumers out of their money. They have done this by telling me they initiated a refund of my money and they never refunded the extra monies they took from me.

  Customer response

  02/13/2023

  I'm not exactly sure what clarification you're requesting.

   

  I'm attaching the 3rd file I originally uploaded and didn't seem to save. If you need further clarification, kindly specify what it is you need me to clarify.

   

  Thank you in advance.

   

  -*****

  

  Business response

  02/17/2023

  ********************,
  
  Thank you for reaching out so we could review your concerns regarding your January 2023 loan payment. In reviewing your concerns, we noted that two payments were received from you in January - one was the automatic ACH payment you authorized when you set up your loan and the other was a manual payment you submitted through SMS text payment. Our Payments team has credited the second payment toward your February 2023 payment. Additionally, our Payments team has stated that they will be reimbursing you for the overdraft fees you incurred from your bank as a courtesy.
  
  Sincerely,
  The Funding Circle Team
  
  

  Customer response

  02/21/2023

   
  Complaint: 19383442
  
  I am rejecting this response because:

  I asked circle funding to reschedule my auto payment to the 20th of January. Circle Funding begin sending me emails informing that my payment was past due prior to January 20th, which prompted me to make a payment earlier than the 20th. At no point did they say if you have an auto payment scheduled, please disregard this message, or warn me that making a manual payment could cause my account to be charged twice. They are making it sound like I authorized both payments when the intent all along was to only ********* payment. Moreover, they have yet to reimburse me the *** that was charged to my account as a result of them drafting me twice. 

  
  Sincerely,
  
  ***************************

  

  Business response

  02/27/2023

  ********************,
  
  
  Please note that per the terms of your loan agreement, monthly payments are due on the 8th of each month, and while we do allow borrowers to change the date of their automatic ACH payments, this does not change the monthly payment due date per the terms of your loan agreement. Thus, since a payment of $634.70 was not received from you on or before January 8, 2023, your account was in default and collections efforts began.

  
  As was communicated in our previous response, we noted that two payments were received from you in January 2023 - one was the automatic ACH payment you authorized when you set up your loan and requested to be rescheduled for January 20, 2023, and the other was a manual payment you submitted through SMS text payment. Our Payments team has credited the second payment toward your payment that was due on February 8, 2023. Additionally, our Payments team sent an ACH credit of $34 on Friday, February 24th to reimburse you for the overdraft fees you incurred from your bank as a courtesy. It may take a few business days for your bank to process this ACH credit to your account.

  
  Sincerely,
  The Funding Circle Team
  

  
  

  Customer response

  02/27/2023

   
  Complaint: 19383442
  
  I am rejecting this response because:

  Respectfully, if a customer pushes their payment date out, and the new payment date it is granted by the company, that should be communicated to the system. Moreover, no one in your customer service department ever advised me that I would still be receiving "payment due, pay here" alerts" prior to the new payment date. Nor did they advise me that if I pay prior to the new payment date, that I should cancel the scheduled automatic draft. I believe the system needs to be improved in order to avoid these mishaps that have occurred. Furthermore, I believe the customer service representatives should communicate what could happen within the scenario we're in. By doing so, and taking the recommendations into consideration you would contribute towards a better customer service experience. 
  
  Sincerely,
  
  ***************************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩