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Business Profile

Small Business Loans

The Loan Source Inc.

This business is NOT BBB Accredited.

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Complaints

Customer Complaints Summary

  • 3 total complaints in the last 3 years.
  • 0 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

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.

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Complaint status

Complaint type

  • Initial Complaint

    Date:10/13/2022

    Type:Billing Issues
    Status:
    Unanswered
    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 received a text message yesterday (10/11/22) from someone from LoanSource.com stating I had been approved for a loan and it was for a minimum of $1000; the highest being $10,000. I decided on $3500. I have had online loans before and knew somewhat of the process to expect. We then had to go through the process of completing the loan process which consisted of them ensuring that I was the only one on the account. We then had to provide banking information so that they could see this my bank account. At the time, I had cash on me that I just never stopped to deposit and had less than $1 in so I was ok with the fact that you could not take anything so I continued. I became skeptical when they asked for my password, which I questioned and it was explained that it was to solidify that I was the only one on the account and it, in fact, belonged to me. They then wanted to deposit funds into my account and once done, they would contact me back. The rep I had been speaking with the entire time was *****************. I attempted to call him back only to receive voicemail, but the name on it was somewhat jumbled. He quickly returned my call to advise that the money was in my account and to check, but I would then need to return the money back to them with my debit card and the debit card which would have my name on it would be confirmation of my account. I then went to check my account and saw that what was deposited was $2910; not the ***** test I was expecting. There were 3 transactions showing reversal, but what I didn't know was that ********************* called my bank posing as me and put in 3 disputes on payments I had already made and had cleared. Two of the reversals I came to find out were my previously paid rent payments both over $1200 and an Ace Rent A Car payment of 381. Thank God I called the bank and they reversed the disputes and went through the process of undoing what this person had done. Nothing was taken as I caught it in time. Please be careful.

  • Initial Complaint

    Date:08/04/2022

    Type:Sales and Advertising Issues
    Status:
    Answered
    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 have been unsuccessful in filing a PPP loan forgiveness application with ******/The Loan Source. Their website will not allow me to file the application after filling it out, and the help they offer is no help at all. This has been a very frustrating experience. ***** ******** Loan #**********

    Business Response

    Date: 08/20/2022

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

    Dear **********:

    I am responding to Complaint ID # ******** from ******************* of B & B Firestop. I am deeply sorry that ************ had difficulty filing his Paycheck Protection Program (PPP) forgiveness application with The Loan Source. There is no excuse that I can give, please accept our sincere apologies.We take great pride in our customer service responsiveness.

    The Paycheck Protection Program was a large undertaking by both the ***************************** (***) and lenders.Millions of small businesses were seeking economic relief during uncertain times that we have not seen in 100 years caused by a global pandemic. We understand that prompt communication between our borrowers and us and our prompt customer assistance was and remains the key to the success of the program and our borrowers. We are sorry that *** ***** initial request for assistance was not helpful to him.

    As soon as I learned of *** ***** issue, I contacted our Director of ***************** he had our team contact ************ immediately and worked with him and our IT Department to get *** ***** application for forgiveness submitted to us successfully. *** ***** PPP Forgiveness application was approved by the *** on August 15, 2022. I hope ************ was pleased with our response.

    We wish ************ and B & B Firestop the best of luck

    Please let me know if I can provide any additional information to you.

    Thank you so very much.

    Be well.

    My Best,

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

  • Initial Complaint

    Date:06/22/2022

    Type:Order Issues
    Status:
    Answered
    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.
    Our business was approved for a PPP loan through Loan Source and this loan is backed by the **** I've tried to use the portal from the ****** Company and I've been unsuccessful in completing the forgiveness application. This company has not registered with the *** so therefore we can't apply for forgiveness via the *** portal. I've also called the *** to find out if there were any other options and the agent told me there were none since Loan Source has not registered with the **** The agent stated to me that she would file a complaint on our behalf and notate that we are trying everything in our power to get this loan forgiven. I simply want to apply for forgiveness but I am unable to do so through the portal for Loan Source/******. Please let me know what my options are.

    Business Response

    Date: 07/07/2022

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

    Dear **********:

    I am responding to Complaint ID # ******** from ********************************* of Bucks Trucking & Company, LLC. I am deeply sorry that ******************** had difficulty reaching us regarding the forgiveness of her Paycheck Protection Program (PPP) loan with The Loan Source. There is no excuse that I can give,please accept our sincere apologies. We take great pride in our customer service responsiveness.

    The Paycheck Protection Program was a large undertaking by both the ***************************** (***) and lenders.Millions of small businesses were seeking economic relief during uncertain times that we have not seen in 100 years caused by a global pandemic. We understand that prompt communication between our borrowers and us was and remains the key to the success of the program and our borrowers. We are sorry that ******************** request for assistance was not responded to promptly.

    As soon as I learned of ******************** issue on June 22, 2022, I investigated and learned that her application for her PPP loan forgiveness had already been successfully submitted to us and had subsequently been submitted to the *** on her behalf. I called ******************** to confirm that she was aware that her application was now awaiting *** approval. ******************** PPP Forgiveness application was approved by the *** on June 28, 2022. I left ******************* a message yesterday and sent her the confirmation letter from the *** this morning. I hope ******************** was pleased with our response.

    We wish ******************** and Bucks Trucking &Company, LLC the best of luck

    Please let me know if I can provide any additional information to you.

    Thank you so very much.

    Be well.

    My Best,

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

The Loan Source Inc. is NOT a BBB Accredited Business.

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