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I applied for the SBA(7a) loan and after two months of going back-and-forth with documents, I was told today that I got denied due to high obligation debt. I'm gonna tell you why this does not make sense to me at all. I made $168,000 last year on my tax return. The three debts that I have are as follows: $906 a month for a business loan, only $93 a month for another and the other loan, which I will not have to start paying until September of this year is $293 a month. Their monthly payment on the loan I was approved for was going to be about $798 a month which obviously from the income that I make I can definitely afford to pay this back. This is very disappointing and upsets me because this is not acceptable. I make a sufficient amount of income a year to pay this loan back. I also had to pay them $1500 for the letter of intent which to me seems absurd but that's besides the point. I need answers because I can afford to pay this loan back and I wanna know why I was denied because this is not right. It was a waste of time for two months going back-and-forth and I could've been told all of this prior. I also hope to see my money back. I will also be speaking to a lawyer, if I don't hear back from anyone. I know that I have a right to fight this case because like I mention I can afford to pay this loan back and I have the proof in my tax returns that I am able to so I'm not sure what is going on. I also reached out to the person five times within the last week and a half who I was working with and all of a sudden he stopped replying to me, but before when he needed documents he needed them in a rush. This person's name is Ishtiaq. The first persons name is May who I worked with who works with you with the preapproval process. In a way, I feel like I got scammed and I am hoping that this is not a scam because no one seems to reach out to you and all of a sudden there was this silence. Either way I need answers otherwise I'm speaking to a lawyer.
Desired outcome: I need this to be appealed and given thought because I qualify. I have the ability as it clearly shows in my returns to pay this loan back.
Look them up on cases filed on federal e-court NY site. Welcome to directly contact me or contact Bollon Stoll PC in NY.
I’ll look that up. Thank you. Did you sue them already or are in the process of it?
Sued already pending in federal court.
Please call Monika or Marshall Bellovin at Bollon Stoll PC Attorneys in New York and file a claim.
This company is a scam! I have sued them. Please contact Bollon Stoll PC Attorneys in New York and file a claim.
Hi Sehra! How are they a scam? That’s what it seemed to me. Thank you!
Hi William, Everett K. Sands the Founder and CEO at Lendistry and President, Head of Sales & Chief Executive Officer at Merchant Money Company. Defendant is involved in serious fraudulent schemes exploiting small business owners and misusing several bank’s operations for his self dealing personal benefit, in order to fraudulently obtain Government-guaranteed SB7A loans which were intended to help small businesses. I hold defendants accountable for their fraudulent actions that impacted my small business operations and monthly income causing eviction and risk of being homeless, default on other loans, high interest penalty and late fee on past due bills, taxes, credit damage unable to get personal loan to to pay for business and personal expenses, cover medical out of pocket payments etc all leading to extreme hardship. I have informed Attorney General’s office, DA, Consumer Protection Bureau dept and SBA to launch investigation and take appropriate action against Lendistry’s management and owners.
Defendants plotted to steal millions in funds that were specifically in assistance to small businesses and vulnerable workers like myself who are still recovering from great economic hardship after pandemic.Specifically, defendant submitted loan applications to the bank on behalf of borrowers like myself and others. These loan applications misrepresented, among other things, the identity of the real loan recipients mixed up like my birth date and tax information and company name. Defendant falsely indicated and approved my loan, assisted in preparing the loan application and charged me a $1500 deposit fees for obtaining loan on my behalf on fraudulent bases submitted applications to bank to receive $ brokerage fee per loan for applicant only to deny the application, steal personal information and pocket the deposit fee. The scheme might have generated a huge amount in fees for the defendant by thousands of applicants falsely promised loans and defrauded.
Defendants are destroying businesses and running their company on nationwide deposit scam as stated and posted by other businesses on Google and Better Business Bureau reviews online. As a result of the violations of federal, state, and city laws delineated above I, seek compensatory damages, punitive damages, liquidated damages in an amount to be determined by a jury. Lendistry and their parent company of B.S.D. Capital and are equally held accountable and because of the nature of Lendistry and B.S.D. Capital’s relationship to them as a parent company, they have established direction or authorization in general policies and procedures that lead to my severe injuries.
The impact of defendant’s wrongful act on my credit financial reputation and creditworthiness in the amount of compensatory damages entitled to me. A person’s credit score is a computerized indication of that person’s credit worthiness, i.e., the perceived likelihood that the person will pay his or her debts fully and on time. The impact of a bad credit rating is much more significant than most people think, because just about every major purchase hinges on one little three digit credit score that is compiled from numerous sources. Consider what people with poor financial reputations face when they want to lease or buy a vehicle, obtain credit cards or refinance their home. Because a person with bad credit is viewed with suspicion, the lender feels the need to protect against the perceived greater risk of default and charges significantly more for extending credit. Many people are victims of credit damage through no fault of their own. Breach of contract can damage good credit reputation, something I worked years to build, is destroyed in a matter of days. As a result, my quality of life diminished.
Please file a claim by calling Bollo Stoll Attorneys at [protected].
Welcome to email me at info@thesereen.com
William they did exactly same thing to me and many other victims. Read Google and BBB reviews. I sued them for breach of contract LOI terms "Agreeing to Agree" to fund us. Thats a breach of contract. You will never get your $1500. I never got mine. It was refunded but it was reversed back from my account bakc to them. Not just that by law they have to provide a reason for denial which they never did. The broker disappeared. I am working with NY, SF and LA District Attorney and BBB and Attorney General's office to stop this company from operating and scamming business. I also informed news media. The CEO of this company knows what his employees are doing so he is accountable. Kymani Smith is one of the brokers who asked me for my personal information and exposed it to third party. He asked me to fill out a tax form 8821 to steal my personal information because when I called IRS they said that Lendistry exposed it to a company called Tax Guard LLC, CEO Hansen Rada. These companies sell applicant personal information without their consent and thats people get million calls harassing and offering merchnant cash advances and fake business loans. IRS said its identity theft because if the loan is not processed then its the responsibility of Lendistry to remove all personal information from Tax Guard which obviousy they never did because they are making money by selling info. I strongly advise you to reach out to Bollon Stoll Attorneys. They handle these kind of cases.