I am a small business owner in need of some additional capital to complete a warehouse for my business. I have received many notices from Bank of Cardiff stating I am approved for $250,000 and to call to confirm acceptance. I suspected a gimmick, but not to the following extent:
Nov 30, I call 855-234-0166 and spoke with Hashem, their licensed loan officer. Before providing any information, I requested Hashem clarify what their institution is, since I had never heard of them. He explained they are a small, government licensed bank specializing in small business loans. I asked the difference between their money and an SBA loan, and he stated his money is much faster, easier, but costs "slightly" more.
Hashem then asked if I had a wish, what would I want. I proceeded to explain I need about $1 million to complete in project, but I have $350,000 of my own funds still available. He took my request for $650,000 and quoted an interest rate of "around 10%" with terms of 3 - 5 years. I provided every requested document immediately via scan and email. He stated he would have loan approval within two days.
The follow day, I received a phone call from his underwriter who stated they could not do the entire $650,000 up front, but she would approve me $350,000 up front with the balance I needed thereafter. She affirmed the rate would be around 10%, and mentioned their equipment financing which could cover the financial shortfall immediately.
Today is December 5, 2016 and I just received their email confirming their loan terms: $95,000 for one year with a repayment of $125,000 !
Their bate and switch business practices must be illegal along with their implied representation they are a regular banking institution. I will forward a copy of this to the California Attorney General and the FDIC local office for their review.
So I get a call from a female, who says she works for Bank of Cardiff offering working capital and financing. I was in need of a loan so I listened and asked a couple of questions, I could tell by the use of words and pronunciation that this female had very little education. I went ahead with the call they asked me a couple of questions about my business and told me to fill out an application and send it back along with personal info such as, bank statements and tax returns, ID, etc. Thats when I started to feel nervous about the whole thing. This sounded like the real deal, but to be on the safe side started doing some research on the web. I found out that this wanna be Bank is located in Tijuana mexico, and they hire bilingual representatives who were deported from US. After finding that out and reading a couple reviews from other people who had found out about this Bank of Cardiff operating from mexico I was glad I did some research on the web god knows what would have happened if I would of sent my personal info to these convicted felons who were kicked out of the US for what ever reason.
Ladies and gentlemen be very careful to who you send your info if you want to avoid identity theft, fraud, what ever. I kept on looking for other financing options and I am now taken care of by another financial institution here in my city, I can walk in their offices without having to drive to mexico.
Oh and about a week later they called me again and now it was some thug on the phone I just simply hung up the phone.
Bank of Cardiff Reviews
I am a small business owner in need of some additional capital to complete a warehouse for my business. I have received many notices from Bank of Cardiff stating I am approved for $250,000 and to call to confirm acceptance. I suspected a gimmick, but not to the following extent:
Nov 30, I call 855-234-0166 and spoke with Hashem, their licensed loan officer. Before providing any information, I requested Hashem clarify what their institution is, since I had never heard of them. He explained they are a small, government licensed bank specializing in small business loans. I asked the difference between their money and an SBA loan, and he stated his money is much faster, easier, but costs "slightly" more.
Hashem then asked if I had a wish, what would I want. I proceeded to explain I need about $1 million to complete in project, but I have $350,000 of my own funds still available. He took my request for $650,000 and quoted an interest rate of "around 10%" with terms of 3 - 5 years. I provided every requested document immediately via scan and email. He stated he would have loan approval within two days.
The follow day, I received a phone call from his underwriter who stated they could not do the entire $650,000 up front, but she would approve me $350,000 up front with the balance I needed thereafter. She affirmed the rate would be around 10%, and mentioned their equipment financing which could cover the financial shortfall immediately.
Today is December 5, 2016 and I just received their email confirming their loan terms: $95,000 for one year with a repayment of $125,000 !
Their bate and switch business practices must be illegal along with their implied representation they are a regular banking institution. I will forward a copy of this to the California Attorney General and the FDIC local office for their review.
So I get a call from a female, who says she works for Bank of Cardiff offering working capital and financing. I was in need of a loan so I listened and asked a couple of questions, I could tell by the use of words and pronunciation that this female had very little education. I went ahead with the call they asked me a couple of questions about my business and told me to fill out an application and send it back along with personal info such as, bank statements and tax returns, ID, etc. Thats when I started to feel nervous about the whole thing. This sounded like the real deal, but to be on the safe side started doing some research on the web. I found out that this wanna be Bank is located in Tijuana mexico, and they hire bilingual representatives who were deported from US. After finding that out and reading a couple reviews from other people who had found out about this Bank of Cardiff operating from mexico I was glad I did some research on the web god knows what would have happened if I would of sent my personal info to these convicted felons who were kicked out of the US for what ever reason.
Ladies and gentlemen be very careful to who you send your info if you want to avoid identity theft, fraud, what ever. I kept on looking for other financing options and I am now taken care of by another financial institution here in my city, I can walk in their offices without having to drive to mexico.
Oh and about a week later they called me again and now it was some thug on the phone I just simply hung up the phone.