ComplaintsforCFG Merchant Solutions, LLC

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Initial Complaint
06/14/2024
Complaint Type:
Product Issues
Status:
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.
I was overcharged for 2 days past the agreement of the loan. When I inquired their reasoning was that the system has caught up. They illegally withdraw money that was not due to them.
Business response
06/26/2024
The refund was issued on 6/14, the same day the debits were pulled. This was resolved on the same day before balance was settled in full.
Initial Complaint
12/07/2023
Complaint Type:
Service or Repair Issues
Status:
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.
CFG is a predatory MCA advance provider. They or their agents have harassed me and my business by reaching out to my personal employer and providing more than legal information, my customers making legal and threatening demands, taken money from my bank account in violation of their contract and debilitated me and my business financially.
Customer response
12/31/2023
Better Business Bureau:

At this time, I have not been contacted by CFG Merchant Solutions, LLC regarding complaint ID ********.

Sincerely,

*********************
Business response
01/04/2024
Business took the advance and defaulted.
Customer response
01/04/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved
This business has not reached out to me to communicate a resolution to their actions, nor have they taken ownership of their illegal or unethical actions irregardless of proof of these actions.

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

** ********
Business response
01/23/2024
Business took the advance and defaulted.
Initial Complaint
10/24/2023
Complaint Type:
Service or Repair Issues
Status:
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.
I received a loan from CFG and made multiple payments bringing my balance down as my business failed and I received an email stating my loan was paid in full but now I am being harassed by their collection department for a default balance of $9000. I dont understand how they are still in business with this kind of shady business practices. Im sure this is going to get worse before it gets better and possibly need lawyers to handle this for a business that has went under.
Business response
12/27/2023
Business defaulted on the advance. There is currently no active payment plan and the merchant has not been responsive to outreach.
Initial Complaint
10/02/2023
Complaint Type:
Order Issues
Status:
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.
My business borrowed **** and before disbursing the finances CFM deducted 500 for fees and when my company fell on hard times and we had to shut down, they turned around and emailed me and very rude through every correspondence telling me that I owe them 21k now. No way in h*** am I paying 300% interest this is downright illegal and they need to be shut down and prosecuted.
Business response
11/29/2023
This company defaulted on their advance on day three of payments. Unfortunately, our company was forced to send this business into collections as they did not work with us on a payment plan of any kind, while accepting the advance. Additionally, there are other distinct falsehoods mentioned in this compliant. A cash advance is a purchase of future receivables, there is not an APR interest like a loan - let alone a 300% payback amount.
Initial Complaint
05/01/2023
Complaint Type:
Service or Repair Issues
Status:
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.
I thought I was taking a legit loan from this company but I didn't realize it was a MCA. I ran into trouble when the company I was leased onto stopped working me. I called and CFG put a 2 week hold on payments, but when that 2 weeks was up they went into my account under another name and a higher amount. At the time I didn't know it was them so I put a stop payment. Now they have ARG after me with a UCC lien against me when I had money to ********* but he got disrespectful and wouldn't take my payment. Now CFG and ARG are both just refusing to see that I had money to pay and shouldn't be in this situation.
Customer response
05/26/2023
Better Business Bureau:

At this time, I have not been contacted by CFG Merchant Solutions, LLC regarding complaint ID ********.

Sincerely,

*****************************
Business response
11/29/2023
The business owner did not pay back the revenue-based financing according to the executed terms of their agreement. The file was sent to collections and is now on a payment plan. We consider this compliant resolved.
Initial Complaint
02/01/2023
Complaint Type:
Customer Service Issues
Status:
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.
This company is ruthless. Our Account manager was *******************. Once our business slowed down and we couldnt keep up with our daily payments he harassed us with multiple calls, text, and emails. Got to a point where he started blocking calls and also then calling from co workers numbers. At one point he called me over 100 times in one week including back to back to back about 23 times non stop. *** filed a police report, obtained legal counsel and recorded all occurrences when they continued to harass me even after *** told them to stop several times. ***** would text me randomly and call me several times back to back and tell me Im a joke and his approach made me feel unsafe. Hopefully nobody has to deal with my experience. Their practices are wrong and they need to be looked into. I felt like we sold our soul to the devil and this company and ******************* is just that. Also ***** was asking us to cash app someone named *****************************. CashApping to pay a bill made me feel a little funny. Just a heads up dont pay your them via CashApp
Business response
11/29/2023
The business owner stopped paying back the revenue-based financing on day 4 after receiving the advance. Due to the lack of payments, our company was forced to send this file to collections - the business owner has not setup a payment plan or made any payments since the default.
Initial Complaint
01/18/2023
Complaint Type:
Service or Repair Issues
Status:
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.
In October of 2022 I entered into an agreement with CFGMS regarding a loan. Within three business days of receiving the funding, I contacted CFG and explained that I was no longer in need of the funds and wished to void the agreement. It was stated to me on the phone, by two representatives, as well as covered in the contractual agreement that the loan could be cancelled within three business days, and there would be no penalty for doing so, and I would also receive a full refund of any amount they had already withdrawn once they received the the full amount of the initial deposit. I have attempted to call and email the company multiple times since then and they have seemingly refused to answer or respond to any of my contact attempts. One of the representatives initially responded, but his response to my last message was stating that he simply no longer worked for that company anymore.
Business response
11/29/2023
Merchant was provided an early pay discount after three days of settlement. The broker on this deal seems to have misrepresented some details which is out of our control.
Initial Complaint
11/22/2022
Complaint Type:
Billing Issues
Status:
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.
CFM merchant solutions contacted me regarding a business loan. After I turned in all of my information I was contacted and made aware that I was approved for a loan. After me submitting all my bank information and voided check no one contacted until I reached out. They turn around and disapprove the loan after receiving all of my sensitive bank information. The reason for reversing the agreement is a criminal background check. They never told me this from the beginning. I could have made that clear and it was based on when I was 17. This company not only deal in deceptive practices but have my bank account information. I need to know that my information is safe. I was contacted by a ***************.
Business response
11/29/2023
CFG Merchant Solutions does not provide loans, but instead merchant cash advances which are a form of revenue-based financing. A merchant cash advance is a purchase of future accounts receivables, not an interest-based loan. his individual has never been a customer of CFGMS, and we cannot discuss why this individual was denied financing in a public forum. We can only confirm that this individual has never been a customer of CFGMS.
Initial Complaint
11/10/2022
Complaint Type:
Service or Repair Issues
Status:
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.
Our business recieved funding from cfg ms and we made daily payments to them, suddenly our business lost money on a job we could no longer afford our payments and we were in constant contact with the company, they were told that we could not afford what they wanted, and the proceeded to harass, and accuse us of things we did not do, they were also rude and nasty and sent our file straight to their legal department. Once our file was there they started freezing our assets, mind you we never lost contact with the company, now their legal team is un willing to accept a payment that we can afford and is going to try to take everything when we are trying to work with them and repay this, but they want more than we have. They are going by bank statements that are 3 MO ths old and our situation changed we have little to nothing and we are willing to pay what we can bit they want so much more than that. I want them to just accept our offer and move on.
Customer response
12/05/2022
Better Business Bureau:

At this time, I have not been contacted by CFG Merchant Solutions, LLC regarding complaint ID ********.
I have tried to contact them but they will not respond to me
Sincerely,

*************************
Business response
12/27/2023
The business was contacted directly, and this has been resolved. Business is currently on an active payment plan.
Initial Complaint
05/26/2022
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I had a business that used CFG for financing. When Covid hit the business went under and I was personally responsible for financing. I continued to make daily payments as required. The loan was paid off around 3/25/2022. However, the company kept taking daily payments from my bank account until I reached someone at the company on 4/13/2022. I should be reimbursed the extra payments that were taking from my account. I have called and emailed multiple times and no one will help with the refund of excess payments.
Customer response
06/21/2022
Better Business Bureau:

At this time, I have not been contacted by CFG Merchant Solutions, LLC regarding complaint ID ********.

Sincerely,

*****************
Business response
01/04/2024
Merchant took the advance and was not overcharged per their agreement.
Business response
03/19/2024
Reached out directly to the business owner, awaiting response.
Customer response
03/21/2024
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 and the matter has been resolved.

Sincerely,

*****************

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