We have a situation with a lender that has performed a "third-party” go between to acquire our SBA loan for our small business.We were under the impression that they would be charging us up to $1000 for filing on our behalf,(10% of the $10.000 grant that we also applied for). In their initial email to us, they told us that we met the criteria to receive the $10,000 grant. They said we also needed to apply for the loan in order to be considered for the grant. They failed to mention that we would have to pay them 10% fee for the loan as well as the grant. But we were never given any exact terms, nor did we sign any paper work regarding this agreement. And now they are charging us 10% of the loan amount. We feel there is a predatory lending scheme involved and we want to bring it to the attention of the SBA.
Pathway Financial Reviews
We have a situation with a lender that has performed a "third-party” go between to acquire our SBA loan for our small business.We were under the impression that they would be charging us up to $1000 for filing on our behalf,(10% of the $10.000 grant that we also applied for). In their initial email to us, they told us that we met the criteria to receive the $10,000 grant. They said we also needed to apply for the loan in order to be considered for the grant. They failed to mention that we would have to pay them 10% fee for the loan as well as the grant. But we were never given any exact terms, nor did we sign any paper work regarding this agreement. And now they are charging us 10% of the loan amount. We feel there is a predatory lending scheme involved and we want to bring it to the attention of the SBA.