Complaints

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

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  NewtekOne, Inc.

  4800 T Rex Ave STE 120 Boca Raton, FL 33431-4479

  
• 

  NewtekOne

  1981 Marcus Ave Suite 130 Lake Success, NY 11042-1046

  
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  NewtekOne

  1981 Marcus Ave Suite 130 Lake Success, NY 11042-1046

  
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  NewtekOne

  1981 Marcus Ave Suite 130 Lake Success, NY 11042-1046

  
• 

  NewtekOne

  1981 Marcus Ave Suite 130 Lake Success, NY 11042-1046

  

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:11/03/2022

  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.

  NewTek is my SBA lender, that relationship began in November 2020. My current residents was used as collateral, as such, a lien was placed on my home. There is a way that the lean can be removed from one home to a new property of purchase using unilateral authority and NewTek has been unethical about the process, Miscalculating numbers, misrepresenting SBA requirements and not presenting information timely to the lender and buyers/sellers causing a breach in contract resulting into law suits ** I can no longer sell my home and buy my new one. This impacted 4 families.

  

  Business Response

  Date: 12/02/2022

  This stems from a servicing request *************** (of ***** Apex, LLC) asked of us to substitute collateral (residential home sale and purchase) back in August of this year. Her servicing representative (CSR) sent her a list of required documents she would need to provide before the request could be reviewed. It took her some time to upload the necessary documents and it was finally assigned for review in mid-October. Upon assignment we learned that she scheduled a closing for 11/4 which provided insufficient time to review and prepare for closing and advised her this would need to be postponed.  Despite this, each of our servicing and legal representatives spent considerable time to meet her expectations but she was continually distraught by delays not of our making and sent numerous caustic and threatening emails when all we were trying to do was to accommodate her but do so within our process and SBAs regulations. For example, initially her lender on the home to be purchased/substituted as collateral, would not allow us to place a 2nd lien behind their new mortgage which became an immediate stop for us and further delayed matters until it got resolved. Again, not our fault. Thereafter, upon a review of the collateral value for the new home in comparison to the existing home to be released, we determined we would be losing equity/collateral value of a specific amount and therefore required a paydown to offset that loss. She was not pleased and additional negative emails were received. Ultimately, the issues were resolved and the closings occurred on 11/14, only 10 days after she unilaterally set a 11/4 closing date. In fact she sent very positive emails to us on both 11/9 and 11/10 when we advised the issues delaying closing had been resolved, stating that the matter had been resolved in a positive manner and she was very grateful for the response given from Newtek. Im grateful from the bottom of my heart!
  
  Newtek bent over backwards to accommodate this borrower in a very truncated timetable while dealing with her representatives that caused significant closing hurdles that had to be overcome in order to get to 2 successful closings and its quite disturbing to read her complaints below containing inaccurate details, untruthful statements, and mischaracterizations with the use of words like unethical. *************** while frustrated, had a complete lack of understanding as to what it would take to complete her request yet we did so in a short timeframe for such a request and she thanked us for the effort at the time. That only makes this complaint that much more disappointing.

• Initial Complaint

  Date:11/02/2022

  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.

  They were matched to me by the *** they required ****** down to do my loan and kept the money when I decided to do something different. their fee stated **** would be non refundable but instead they kept the entire $******

  

  Business Response

  Date: 12/19/2022

  In this case, the applicant was approved and decided to withdraw, the good faith deposit ("GFD") language on the finance proposal the applicant signed states that if for reasons out of the borrowers control, they cannot move forward we will return the entire GFD net of the $2,500 non-refundable, but in this case it was in the borrowers control. 

• Initial Complaint

  Date:11/01/2022

  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.

  I canceled my credit card terminal mid-Jan of 2022. Sent the credit card terminal back by end of Jan 2022. Newtek continued to charge me for the terminal from Feb- May 2022 for $18 a month. I have called/emailed customer ******************** and talked directly to *********************** for a refund. I still have not received my refund. I should be refunded for the charges of Feb, March, April and May of 2022

  

  Business Response

  Date: 11/16/2022

  Newtek appreciates the concerns of *********************** and while there was no malice on the part of Newtek, the refund was clearly missed when handled by various team members who erroneously assumed someone else was processing the refund. Since this was brought to our attention, the Newtek Head of **************** has contacted ********** and apologized for the oversight and the refund requested was processed. By now ********** should have the charges in question returned to her depository account.
  
  We apologize for the oversight and hope that ********** understands this was not intentional.
  
  If there are any questions,please feel free to reach out to our offices.

  Customer Answer

  Date: 11/24/2022

   
  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. The company reached out and has resolved the issue.
  
  Sincerely,
  
  *******************

• Initial Complaint

  Date:10/24/2022

  Type:Customer Service 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.

  Set a meeting with them to speak about an SBA loan. When they missed the meeting I called to inquire about it. The phone number I was given is out of service. So I then emailed and received one back telling me that there were sorry but my account had been moved to another agent. So they canceled my meeting without reaching out to me in any way. There only solution was to tell me that that he would ask management to reach out to me but there was no further information he could provide me. No contact info for management, my new agent, or apparently anyone else with this company. They have failed in every way to demonstrate any efficiency, professionalism, or just common courtesy.

  

  Business Response

  Date: 11/04/2022

  This applicant was contacted and prequalified already. 

  Customer Answer

  Date: 11/07/2022

   
  Complaint: 18305046
  
  I am rejecting this response because: Being qualified for a loan is great but that was never the point. They did apologize but no coherent response for what happened was ever given. I want to know EXACTLY what led to this and by whom, and EXACTLY what steps will be taken going forward to ensure that this does not happen again.
  
  Sincerely,
  
  *********************************

  

  Business Response

  Date: 12/21/2022

  Although we acknowledge the missed appointment, we have done what we could to offset that miss. We apologize for any inconvenience to the customer.
  

• Initial Complaint

  Date:10/10/2022

  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.

  We are a Minority Woman Owned Business and we have been taken advantage of by Newtek. Newtek bait and switched us at the last minute into a fully adjustable high fee loan when we were told for months that we would get a fixed rate and the *** promotion to waive guarantee fees would be honored. At the closing we found out there was $100k in fees that were added on. It came out later that Newtek knew these fee's would be added but waited purposely until the closing to tell us. They knew we would not have done the loan if those fees were there and they knew if we found out at closing it would be too late and we would be forced to sign the docs because we had to payoff the existing construction loan that month. Now our payment has increased by about $10,000 in just 9 months and it looks like it will continue to rise. We have a 5 million dollar building and we only owed 1.8M . There is no reason we should not have been offered a fixed rate *** loan. Next, Newtek took the $9000 per month credit towards our first 3 months of payments for our real estate loan and took all the money for themselves and called it interest. ******* the servicer emailed us and told us that the $9k credit is only for interest. We called *** and found out that was not true. *** stated the $9k credit goes towards the payment as principle and interest. Even worse, we have been paying 10's of thousands in additional principle to responsibly try to pay our debt down faster. Newtek has taken all that money and again called it intrest , charging us interest over and over for the same time period going completely against what the promissory note allows. we have found other borrowers that have had the same problem with Newtek and There is a class action lawsuit coming.

  

  Business Response

  Date: 10/12/2022

  If this is for RID ******* Storm Troopers, the prequal letter they signed outlined the 3 potential options, but at no point did we ever offer them a fixed rate and then turn it into a floating rate. The official loan approval they signed was for a floating rate.
  
  As far as the fees these were not fees we charged to profit on, but rather they came about based on the transaction. The collateral on the loan consisted of a fleet of vehicles, there were additional fees associated with us securing these vehicles and are not a product and function of our rates, all expenses were invoiced and itemized for the customer prior to the close.

  The customer brought all these issues up prior to signing for the loan, and the referral source/broker who was helping the client cut their fees to help offset the higher title fees on the vehicles.
  
  The interest that they are referring to is the short interest on the loan for the interest only period, and this is fully allowable under SBA rules. Regarding fixed vs. floating rate that is just not Newteks practice and so would never happen even by accident.

• Initial Complaint

  Date:08/05/2022

  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 was pre-qualified for a small business loan on April 13th 2022 by *************************. I submitted all requested documents including personal and business tax returns bank statements and profit and loss reports by April 14th. I was told that my loan was submitted to underwriting at that time. I was also told the underwriting process could take up to 45 days. Still to this day my loan still shows pre-qualified in the loan portal. I have not received a denial, an approval, or funds for this loan. I haven't received any mail correspondence regarding this loan application. I'm not sure if this is a legitimate Lending company or not. They have all my personal information. I have yet to receive anything in writing from them I sent multiple emails and made multiple calls to get information on my loan with no success. Finally in late June I was able to get ******* on the phone who told me verbally that my business credit score didn't qualify. I asked for full disclosure of that in writing. I was told that I would receive a letter stating that shortly. I have not received anything from them. I feel that my rights as a consumer has been violated. The company's responsibility to disclose the results of a loan application have not been done.

  

  Business Response

  Date: 09/07/2022

  As a non-bank business lender we are not required to provide the applicant a decision in writing. They were informed of their decline verbally. 

• Initial Complaint

  Date:07/31/2022

  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.

  Newtek Business Services Corp. (Newtek) is an SBA-approved small business lender. I applied for an SBA loan through them for my small business. They requested a "Good Faith ******** for my SBA loan application, which they deducted immediately once I gave them my banking information. Newtek failed to complete my loan application and I notified them I would not be continuing with the application process. I requested my Good Faith ******* (~$1200) be returned which to date they have not. The good faith deposit was to be used to assist in my closing, I am seeking the return of my Good Faith *******. I have sought a resolution from the company without any response. I have called and emailed them.

  

  Business Response

  Date: 08/30/2022

  Would need more information from this customer in regards to his loan RID because based on his name and email we have never gotten a file of his beyond prequalification status and never collected a Good Faith ******* ("GFD") from this person.
  
  We do not collect GFDs until loans are approved, and in this case the borrower became unresponsive when asked to supply documentation to even get to credit committee.
  
  If however, he was approved and we did collect a GFD, it is clear by our original letter language that it is refundable net of third party expenses. Here is the disclaimer on our approval letters when issued. Invoices for all expenses would be evidenced with receipts when asked.

  GOOD FAITH DEPOST:   $1,150.00 will be required upon acceptance of the terms and conditions of the loan.  This deposit shall be applied toward closing costs, which include but are not limited to:  cost of reports (appraisals, environmental, business valuations), searches (bankruptcy, judgment and lien) and title insurance.  These costs can be paid from your working capital loan proceeds or you can pay them outside of closing.  In the event the loan does not close, Newtek shall apply the deposit funds to pay third party vendors costs, with any remaining balance returned to Borrower.