Business Profile

Holding Company

NewtekOne, Inc.

Headquarters

Complaints

This profile includes complaints for NewtekOne, Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

27 total complaints in the last 3 years.
8 complaints closed in the last 12 months.

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The complaint text that is displayed might not represent all complaints filed with BBB. 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.

Initial Complaint
Date:04/11/2025
Type:Product Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I hired NewTek to run payroll for my small business. I changed to another payroll company in 2023. I have received a letter from the *** stating there is a discrepancy from what was reported. I reached out to my current payroll company (******), who said I needed to collect that information from my previous payroll company. I have phoned several times and finally had a chance to speak with a representative of NewTek on April 9, 2025, and was told the reports I was requesting would be emailed over but I have not received any emails. This is time sensitive information that I am requesting.
Business Response
Date: 04/14/2025
The requested reports were sent to the client on April 11th. The client is no longer utilizing our services, and the response was sent within 48 hours of the request.
Initial Complaint
Date:03/31/2025
Type:Service or Repair Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
We have had a ***** loan with this company for 6 years. Last year we were informed that a forced flood insurance policy was placed on the property we have financed with Newtek, During Hurricane ****** the property was severely damaged and we informed NewTek. We inquired about the policies that they had and they informed us that the policies were indeed in place and they would activate a claim. We were eventually told that the policies had been approved for payment and that Newtek would hold the funds and disburse them as work was completed on the property. We were instructed to have the contractors submit the bills along with a w9 to get payment for the work. Based on the information Newtek provided we hired the contractors and work began. As bills were submitted we received calls informing us that the bills were going to be paid however there would be some changes in the requirements to get paid. After several weeks and no payments being sent work has halted and our contractors are threatening legal action against us. We have had to retain legal representation as Newtek stopped communicating all together regarding this matter. The delays in payment and recovery work are putting our business at risk and payments are still due with Newtek for the mortgage. We are extremely disappointed that none of the promises that were made to pay our contractors have been made good. The trauma of experiencing catastrophic damage was hard enough and now we are being put through costly delays on our recovery.
Business Response
Date: 04/08/2025
Thank you for your patience and understanding during this challenging time. As we discussed, Newtek acquired a lender-placed insurance policy prior to Hurricane ******** impact,which you were aware of but never reimbursed Newtek for. While the insurance proceeds belong to Newtek and could have been applied toward your loan balance,**** agreed to use the funds to assist with the building repairs. After meeting with you and your legal counsel, weve outlined how the proceeds will be disbursed through our ***************************** and we appreciate your cooperation in working with us on this process. Should you have any further questions, were here to help.
Customer Answer
Date: 04/23/2025

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.

Sincerely,

***** ********
Initial Complaint
Date:02/21/2025
Type:Product Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I had a loan through NewTek One, and I have inquired with their customer service and loan officer several times to gain access to my loan on their loan portal. They are actively deducting amounts from my bank account monthly. The loan officer, ********* ****, will not return my call. Their customer service could not give any other name for help. In what other scenario with a loan like a mortgage, car loan, etc., is there only one person to help and no other person can answer? When messaging today with their customer service, the *** divulged that my loan was actually a CLOSED account. ********************** is STILL deducting payment from my bank account monthly. Why would they still be taking money from me, and why did they not communicate to me that the loan was closed? This company is holding me hostage in not providing information about my loan status and STILL taking money from me. I need the BBB to step in and pressure this company to stop taking money from me and refund me what they have taken from the time the loan was closed.
Business Response
Date: 03/11/2025
Thank you for sharing your concerns with us. We sincerely apologize for any frustration caused by the difficulty in reaching your representative and the confusion regarding the status of your account. We understand how important clear communication is, and we are glad that one of our representatives was able to connect with you to resolve any misunderstandings about your account, which remains open.

To ensure faster responses in the future, we recommend that you reach out to ******************************** should you experience any delays with your representative's response. We value your business and are committed to providing the best service possible.

If you have any further questions or need additional assistance, please don't hesitate to contact us.
Initial Complaint
Date:11/06/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I am filing this formal complaint against NewtekOne Bank for what I believe are fraudulent, obstructionist practices that go beyond mere inconvenience. Your restrictive policy allowing only one external account link is deeply problematic, especially when my currently linked ******** account has been closed, a fact I have documented exhaustively. Despite my repeated requests to ****** this closed account so I can access my own funds, I am met with continual resistance and delays. This banks refusal to enable account access feels intentionally obstructive, and I question the integrity of your policy and commitment to customers.Excessive and Unnecessary Documentation: I provided official documentation from ******** confirming the account closure, yet your team is now demanding more paperwork on ********s letterhead to process my request. These excessive demands are nothing short of a stalling tactic, making it harder for me to access and transfer my funds as I wish. This goes beyond simple policy; its deceptive and unacceptable.Unacceptably Slow and *********************** Responses from your customer service are outrageously slow, taking up to several business days to respond, even with critical issues like this. Further, on October 31, I received an email from account manager ******* **** that started with As I said last timea disrespectful and condescending tone that any client, particularly one with a significant balance, should not have to endure. This dismissive approach reflects a complete lack of professionalism and courtesy.I am beyond dissatisfied with the banks service and believe these practices should be investigated immediately. I demand urgent action to unlink my closed ******** account and allow me to link a new, active account without further delay. The conduct and policies of NewtekOne Bank are unacceptable, and I will escalate this matter if it is not resolved promptly.
Business Response
Date: 11/27/2024
RE: BBB Complaint ID # ********

Dear Better Business Bureau,

Newtek Bank, N.A.(Bank) appreciated the opportunity to respond to the above referenced complaint. The complainant claims the Banks policy to allow one external account to be linked to their account is restrictive, fraudulent and obstructionist. Additionally, claiming the process and unlink an account due to closure is deceptive due to the documentation requested, timeliness, and service provided. For resolution, the complainant demands the unlinking of the existing account to link a new one, and monetary compensation for damages.
Subsequent conversations were held with the complainant prior to the receipt of this complaint, on November 7, 2024, our customer service and operations department worked with the customer and were able to link the other external account.
It is the banks policy that customers are only allowed to link one external account. This measure is in place to ensure the highest level of security for both client and the financial institution. As a digital bank we require proof of account closure exhibiting ownership name and account number on an official banking letter head or statement.
We understand that this may be an inconvenience, and we apologize for any limitations this may have caused. Please accept our sincere apologies for any frustration this may have caused. Our goal is to ensure each interaction with our team is helpful and respectful. We take your feedback seriously and we will use it to improve our service. We are committed to addressing any areas where we have fallen short.

Sincerely,
Compliance ****************************************** N.A.
Initial Complaint
Date:11/01/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
We have an SBA loan with Newtek, with which we bought a small business in town. Weve always paid them on time and every year we take excess cash to pay down about 20% more on the loan.We used our home for collateral b/c the business doesnt have a lot of physical assets to collateralize.Along comes hurricane HeleneOur insurance appraiser comes out, says that for homes completely destroyed like ours, they issue a $30k check so we can start paying for repairs until they can get working on our claim/s.Our bank tells us they are making exceptions for addresses in disaster areas and will sign and overnight checks right away, no questions.Not NEWTEK. We sent documents for our first work quote, valued more that the $30k check they have and they still wont sign and return it.Our insurance adjuster offered to speak with them to explain how this works and they wont contact him. Two weeks have gone buy and I dont get responses for a day or two ******* it all off, sometime ago they sent a letter stating our flood coverage was about to expire and telling us it was federal law to have flood insurance on the business. If we dont get coverage they would take coverage out with their own insurance provider. We looked at what the cost was and said okay, well go with your provider.We call them after the hurricane and surprise, they decided to cancel the coverage in May/June because it wasnt needed. I thought that was odd because the notices we got were for a year of coverage, not biannually. So I go through bank statements, there is no extra draw for insurance, there is no increase in our monthly payment draws but for some flexibility in interest.I think they lied to us and never took out the coverage, basically leaving us naked with no coverage.The tried claiming force placed coverage yet the notice of premium docs we have, say flood insurance all over them and that the coverage is for the building and contents and not personal property.Were homeless
Business Response
Date: 12/10/2024
We have received your complaint and apologize for any inconvenience. Newtek truly values your business and would like to make this right. We have endorsed the insurance check for $30k to cover the repairs. We also sent email communication to begin the process of payment deferment. Newtek is looking to quickly resolve Mr. ****** request and have provided him with direct communication to his Servicing Officer as well as the *** Client Success & Services for all future requests to ensure immediate assistance.
Customer Answer
Date: 12/30/2024

Complaint: 22500414

I am rejecting this response because:
While we did receive the $30k check, that matter of our flood insurance expiring mysteriously just before the hurricane only got worse.
after contact Newteks insurance team we discovered the insurance was never actually put in place, for two years we thought we had coverage and my worse fears played out they left us naked with no coverage. To top it off the service *** has resigned and we were told sorry (name) lied to you.
this complaint still stands on the second half of my complaint and actually got worse, in my opinion.

Sincerely,

***** *****
Business Response
Date: 02/04/2025
The borrower experienced damage to property that secures their indebtedness with Newtek. An insurance check was issued which needed Newteks endorsement. The endorsement process was explained to the borrower. The check was sent to Newtek, we endorsed it, and sent it back to the borrower. The borrower also questioned why we didnt maintain a lender placed insurance policy on the subject property. We explained the purpose of lender placed insurance however the borrower mistakenly thought lender placed insurance was a replacement for an insurance policy that they are supposed to provide. The borrower felt that if we provided lender placed insurance that they were relieved of the responsibility of properly insuring their assets. In the case of lender placed insurance, the borrower is not the insured and has no rights to file a claim. On a separate note, we have provided additional assistance to this borrower by granting a deferment of payments while they recover from the impact of the hurricanes.
Customer Answer
Date: 02/05/2025

Complaint: 22500414

I am rejecting this response because:
the first part of the resolution is correct. The incorrect component is the insurance coverage. Why do the communications I have state Flood and Contentscoverage on them?
the claim Newtek made was that this was force placed insurance, yet docs state otherwise.
why also, after approving offered coverage through NewTek, did the contacts stating we need to have flood insurance stop?
the whole insurance aspect of this ordeal was driven by NewTek informing us that our flood coverage was about to end and we agreed to use the coverage they stated they would purchase for flood coverage. I have receipts on all comms regarding this message. Newtek stated there were about two lines of notes recorded by their service *** (in a phone call) where they also stated the service *** lied to us along the way.

Sincerely,

***** *****
Business Response
Date: 02/10/2025
We are in a dispute over the facts and the complaint.
Initial Complaint
Date:10/31/2024
Type:Billing Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Following multiple unauthorized charges on what was supposed to be a free account, I canceled my services with NewTek. They just charged me a $50 non-sufficient funds fee for a charge that was reversed when I canceled my services.
Business Response
Date: 11/05/2024
After a careful review of Mr. ******* concerns, Newtek believes the charges where within the terms of the Agreement he signed, but Newtek has elected to refund the money in question as a courtesy to one of our valued clients. In speaking with Mr. ******* he agreed that was sufficient and the funds were refunded on November 4th. We believe this matter is now closed.
Customer Answer
Date: 11/05/2024

Complaint: 22496677

I am rejecting this response because: The account as explained by ****** ******* included no monthly fees and none were stated in the agreement. Based on the business's response, acceptance of their response is pending. Refund, and written confirmation that all charges have been removed from collections.

Sincerely,

***** ******
Business Response
Date: 11/13/2024
Our Chief Risk and Compliance Officer spoke to the customer and advised him there is no balance due and agreed we would talk to the Salesperson about not promising any customer there would be no fees and to explain there are minimums after a certain time period. Our Chief Risk and Compliance Officer also sent the customer an email stating there are no outstanding balances, and the previous changes are null and void.

We believe the customer was comfortable with the response.
Customer Answer
Date: 11/13/2024

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.

Sincerely,

***** ******
Initial Complaint
Date:08/14/2024
Type:Billing Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
We are being billed for services that we properly terminated 2 years ago. Our credit card has been charged for many of these incorrect invoices.
Business Response
Date: 08/26/2024
The client, Carlton *********** requested in June 23 to cancel their ********* Subscription with us. We accepted that request and turned off billing in our system,however the cancellation with ********* was not completed in its entirety so when the license renewed earlier this year, the billing resumed. One of our team members received an inquiry to the charges earlier this month and noted the error. The client has already been refunded for the charges made in error and we have shut the licensing off permanently to avoid this error in the future.
Customer Answer
Date: 09/06/2024

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.

Sincerely,

***********************
Initial Complaint
Date:05/16/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I inquired about a small business loan in January 2024. I was assigned a business service specialist, *************************, in April to complete my application. During the prequalification phase I was denied. I was told that my credit score fell below the minimal requirements. More than once after this, I tried to get in contact with her and none of my emails or calls were returned, until finally I reached out to someone else within the bank who then re-directed me back to her.It was suggested that I get a co-applicant, which I did. My co-applicant received a soft credit pull and we were told that one was "approved". We then gathered all of the requested docs and submitted the full application on May 3. By May 14, I hadn't heard anything back and decided to check my portal. There was a denial letter dated May 8 stating a credit score and insufficient collateral as the reasons. I called customer service and was "greeted" by one of the nastiest individuals I'd ever had the displeasure of talking with. I then called the **** **************** and left voicemails and emails asking for some clarity, as the score didn't match and the collateral I provided was approximately 75% of the loan value. She finally called me and told me that there's nothing for her to look into. Once their underwriting department has made a decision, it is set in stone. I was only seeking clarity. After emailing someone else in the bank, she then writes me back to tell me that they use Experian V2 (which is a mortgage score) and that I can try again in 6 months. I asked why they didn't use my co-applicant and if I could please speak with someone re: the process and my experience. She simply restated her stance about applying in 6 months, refusing to allow me to escalate my concerns. I would like to share the emails and recordings with someone in the bank (or the ****** if for no reason other than a training opportunity.
Business Response
Date: 06/04/2024
RE: BBB Complaint ID # ********

Dear Better Business Bureau,

Thank you for the opportunity to respond to the above referenced complaint submitted to Newtek Bank, N.A. (Bank). In the complaint, the complainant claims that after applying for a small business loan, they were denied during the prequalification phase due to their credit score. They claim it was difficult contacting their assigned specialist and were redirected multiple times within the bank.Even after including a co-applicant, their full application was ultimately denied, with reasons cited as credit score and insufficient collateral.
Upon receipt of the complaint, the Bank investigated further into the matter. ****************** initially applied with us on January 4th, 2024, but did not meet the prequalification criteria due to her personal credit score not meeting the requirements. On April 2nd, ****************** returned with an additional guarantor who met the minimum credit score requirements for prequalification. We then worked with her to gather all the necessary documents for underwriting. On May 10th, the application was declined due to the weak strength of the guarantors and the insufficient collateral.
The additional guarantor helped meet the minimum FICO requirements for prequalification, but the overall quality of the scores and recent delinquencies, combined with the lack of adequate collateral, were the primary reasons for the loan decline. ****************** was provided with a formal adverse action letter outlining these deficiencies on May 14th via her lending portal, and our business service specialist explained the decline reasons to her on the same day.
****************** alleged that we have incorrect FICO scores, we clarified that we use FICO v2 scores.Consumer-accessible credit scoring may not always align with our scoring methods. Additionally, the available collateral, did not meet the required standards for SBA loan approval.

Sincerely,
Compliance ****************************************** N.A.
Customer Answer
Date: 06/05/2024

Complaint: 21720511

I am rejecting this response because:

the collateral provided (stock units) was more than 80% of the loan amount. SBA guarantees 75% of the loan. For this reason alone, I know that the denial letters sent are generic.
Additionally, the account specialist did not address my concerns when I initially brought them forward. She simply kept telling me to reapply in 6 months, repeatedly and this was to every question I asked. I should not have had to contact FOUR different people for her to respond to me. My gripe is not with the decision, but rather with how I was treated

Sincerely,

*****************************
Initial Complaint
Date:03/22/2024
Type:Order Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
2 years ago I signed a contract with newtekone to develop a site and host the site on their servers. They refuse to complete the website and demanding I pay the rest of the contract for a finished website that's not finished.
Business Response
Date: 03/26/2024
Customer stopped paying their bills mid to late last year. Finance worked with the Customer to put them on a payment plan that they recently also failed to pay.After two months of trying to work with them we notified legal and suspended their account for non-payment. The customer is behind on payments that currently total $31,289.19.

The Customer has 3 contracts with the Company, including a signed project completion acknowledgement on file.
Initial Complaint
Date:03/04/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I applied and was approved for an SBA loan with Newtek. I also received approvals from a few other lenders and decided to change course and go with one of them as the terms were better. Newtek filed a *** with the *** prior to closing. The *** shouldn't be filed until after closing. My current lender notified me and my loan ******** ***************************** began hanging up my phone calls and not sending vague responses that he was working on the issue. It was only after I threatened to complain to the corporate office that he sent over the termination document which had been filed 3 days before. We were also told that the good faith deposit that we made would not be refunded since all of the documents were already ordered. An itemized copy of the money spent on the ordered documents was requested and still has not been sent over.
Business Response
Date: 03/12/2024
The invoice breakdown will be out shortly everything will of course be accounted for. **** are not filed at closing they are pre-filed that is a standard lending process, and the borrower even approved the prefiling in their signed approval letter. A break out from the letter itself is attached. It is unfortunate the customer did not want to proceed with their closing requirements, however we have been processing their requests, the *** was terminated and the invoices are being collected from third parties. I understand the customer may want things to be done immediately, but we must have time to facilitate the request and have been doing so.

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NewtekOne, Inc. is BBB Accredited.