Approval Warehouse / False Statements

1 Review updated:

I saw an ad on craigslist and was led to believe it was not an MLM (later I learned it was, and I was being paid a fraction of what other lenders pay.) I joined their conference calls, only to find unanswered questions, like who was their 8 year old lender. They would not answer the question. Later, I found out they have no "private funding source." They are reselling financing through other companies where I could make 4x the amount on my own. Their associates are also making money on recruiting (primarily) and website fees. After I complained to them over a week ago, they offered a refund. A week later, they have ignored all of my emails.

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  • Fa
      Dec 01, 2011

    Approval Warehouse is nothing but a Ponzi Scheme. They are an MLM, that charges $397 to sign up, which gets you "NO" product, its simply a fee to sign up with Approval Warehouse. Then, the "Agent Sign-up" fee of $397 is paid out to the recruiting upline as commissions. This is the classic definition of an illegal Ponzi Scheme. Its only a matter of time until the regulators shut them down. Google "Ponzi Scheme definition", you will see for yourself that Approval Warehouse is set up as nothing but That, and illegal Ponzi Sheme.

    +1 Votes
  • Yes, without even trying this out I am sure this IS another Ponzi scheme. I have been Ponzied once before (by QNanza) and that was enough to instill in me a radar system for other Ponzi, illegal schemes. Anyone reading these complaints should pay attention. Don't pay them a dime and then get very little or nothing in return. It is definitely a SCAM!

    +1 Votes
  • Ra
      Dec 09, 2011

    I answered an ad on Craigslist as well for Approval Warehouse. I did some "due diligence". I have been “around the block a few times” and “before I commit, I want to make sure this is legit”.
    The statement is made that Approval Warehouse is licensed in all 50 states. I contacted the Maryland State Department of Licensing (my home state), and the State does not have a license recorded for Approval Warehouse nor for the purported parent company Pro Vantage, Inc. I asked the person who contacted me (in California) to provide me with the Maryland License registration number as this should be an easily verifiable statement made by the promoters of Approval Warehouse. No number has been provided to date. I also asked if my contact could provide 3 Merchant references who are offering the financing that I can contact for references on how they like the service. The reply was that they couldn't give merchant references. I concluded to myself that since they couldn't provide a Maryland license to back their claim of being licensed in all 50 states, and could not provide any merchant references, that this is a scam.

    +1 Votes
  • Aw
      Dec 16, 2011

    I think you all need to get a life. We here in America are so skeptical about everything, that is why people come here from other countries and own businessess, because they recognize that this is the AMERICAN DREAM. They take chances!!
    I don't know about you, but I invested 30, 000 in a business and two years later it was gone, done, 30, 000 GONE.
    So you all complain about $397 big whoop I can buy a pair of jeans for that.
    Oh and the big PONZI scheme is that we don't have a PRODUCT are you for REAL. MONEY is what we have and we have it to give to businessess so YOU won't have to drive down the street and see every other business OUT OF BUSINESS.
    WE are the 21st Century ROBIN HOODS (NOT robbing from the rich to give to the poor) but Lending Money To Americans and Their Businessess to Re-Build The Economy, Like I said this is the 21st Century Robin Hood!
    Are you kidding me the company takes 397 from you and then gives it BACK TO YOU. Well thats a real scam!!! Get over it. The economy sucks, banks are not leanding money so lets blame Approvale Warehouse for taking the perverbal Bull By The Horns.

    Thats my 2 cents. GO Approval Warehouse

    +1 Votes
  • Rs
      Dec 30, 2011

    In 2008 this country was given a rude awakening. You cannot finance everyone and without financing some things, the economy comes to a halt. Approval Warehouse is helping businesses with consumer loans, merchant cash advances, and many more products. They are set up like a network marketing company, but they really are different. I have set up over 10 accounts in various state during the last month. They don't approve every merchant or every loan. They do want to stay in business. Banks, finance companies, and insurance companies use business agreements with other companies to allow them to do business in other states. If you think this doesn't happen everyday, you really do not understand the financial world as it exists. Your own mortgage can be sold, moved, and collected by anyone the original lender wants to move it to. Get real. I have received my commissions from Approval Warehouse and really feel they are a good outfit. Their training is some of the best and in many cases probably over the heads of a non salesperson. If you feel Approval Warehouse is not for you, move on. But don't comment about unknowns.

    +1 Votes
  • Th
      Jan 24, 2012

    The bottom line is if they lied about anything, it does not matter what the cost is, how much you make ect. They are not registered in all 50 states. If they can lie once, they can lie anytime. This is not only an MLM but also is a bizop. The worst preditory sales pitc devised. Remember Don Lapre!

    +1 Votes
  • Jb
      Feb 11, 2012

    Approval Warehouse has now changed thier tune...they claimed to be able to finance consumers with as low as a 550 Credit score and in some cases even a 500 under certain circumstances. Now that they have signed up over 2000 agents they have changed it to a 650 minimum credit score. They totally misrepresented themselves.
    They are now concentrating on a business benefits package that is total crap and that you can get from hundreds of other companies. Im sorry i ever had anything to do with this SCAM of a company and i would not reccomend anyone getting involved with them.

    +1 Votes
  • Sa
      Apr 09, 2012

    They pulled the bait and switch on me, I signed up to offer the Consumer Finance product. Shortly after they debited my account they closed the product line. I have not received a refund.

    +1 Votes
  • Bs
      Jun 22, 2012

    I was a Senior Account Exec and I joined the Approval Warehouse in October of 2011. Believe me when I tell you that I was initially impressed with the product and believe that it would work. I totally bought into what they were selling. I began having problems with them roughly about two months into being with them when I sent in a new merchant application and told the merchant that it would take between 7 to 10 days to get a decision. It turns out that it took way over a month and I had to hound them for an answer. I was told that the application I sent was misplaced into a spam folder and was not received. On several different occasions I was told the same thing when I sent the company e-mails. From this experience I should have just cancelled my membership but I was glutton for punishment so I continued with them. I wanted to see whether they would deliver the approval on loans as they told us through their webinars. It turns out this was untrue as well. When my approved merchants began sending in application NONE were approved. This is when I knew this place is totally a scam. I then told the merchant to cancel with them at which time they submitted a letter indicating they wanted to cancel. Approval Warehouse said they never received it although I sent the letter to them as well. They charged the merchant for 4 more additional months!! Please stay away from this company. It's bad news.

    +1 Votes
  • Fr
      Jul 25, 2012

    Approval Warehouse has changed it name to I have cancelled my membership four times and they still charge me $49.95 every month. I finally spoke to Leslie in billing and she was extremely rude and unprofessional. She laughed and said we charge hundreds of people every month who have never done any business with the company Xplocial aka approval warehouse. After sending her the documentation she wont return my $800 she stole. Watch out for Leslie and Larry Marcus. Leslie is a thief. Her information is. Xplocial 999 Walter Whitman Road. Melvel New York 11747. HER PHONE NUMBER IS [protected]. I AM GOING TO FILE A CLAIM IN SMALL CLAIMS COURT THIS MORNING. WATCH OUT FOR LESLIE. SHE IS A CON ARTIST AND THIEF.. XPLOCIAL IS A SCAM. YOU WILL HAVE TO DISPUTE CHARGES WITH YOUR BANK. YOU CAN ATTEMP TO CANCEL AT XPLOCIAL.COM AND THEN GO TO CANCEL TICKET. CANCEL A FEW TIMES THEN DISPUTE IT. MY BANK TOLD ME THEY HAVE HAS SEVERAL COMPLAINTS WITH THIS FRAUDULENT COMPANY XPLOCIAL ALSO KNOWN AS APPROVIAL WAREHOUSE

    +1 Votes
  • My
      Aug 01, 2012

    I have had a similar experience with Xplocial/Approval Warehouse last month. I cancelled my membership in June 2012 by placing a phone call as well as submitting a ticket requesting cancellation of my membership. However, the very next month, in July, I was charged again! I called (again) as well as followed up with another ticket requesting that they return the money to my account and to cancel my membership if they hadn't already done so per my previous request. I received a reply stating that they would put the money back into my account and that, yes, my membership had been officially cancelled. Fortunately, I kept all of my correspondence with Xplocial/Approval Warehouse. If this happens again, I will certainly be contacting my lawyer. Interestingly enough, I received this correspondence from my former upline on Wednesday, August 12, 1012:

    "Dear CEOTeam:
    Chris & I have made a decision to leave Xplocial and move on to other business endeavors.
    We want to personally thank you and your teams for your participation and support with the
    The website will no longer be associated with the Xplocial Business Opportunity.
    We have gained allot (sp) while at Xplocial and more importantly established some great friendships and working relationships along the way and we thank you.
    We want to wish you the very best of luck and success in your business with Xplocial.
    Please contact your leaders and and Stevey Moynahan for any Xplocial questions and support
    Thank you very much and God bless,
    Chris (Delfino) & Mike (Hinsvark)

    What is interesting about this is: 1) This team is my former upline. 2) This was the most (or at least one of the most) productive and prominent teams in Xplocial/Approval Warehouse 3) Just last month on July 20, 2012, I was sent this announcement from this very team with the heading: " Updated! New Video, New Calender New Tools" (Note: Even though I had severed my relationship with Xplocial/Approval Warehouse, I was still part of and, therefore, receiving their emails)

    Now, this team has severed its ties with Xplocial/Approval Warehouse! Seems like I got out just in time!

    0 Votes

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