LoanBuilder, A PayPal Service
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I honestly am not dealing with PayPal…
I honestly am not dealing with PayPal an for partnering with this company. PayPal could have definitely picked a way more reputable lending partner. There is nothing good about feeling scammed. As soon as my $57,500 loan was funded w/light speed. I finally saw "the origination fee" that was being waved was now called an "original fee amount" for $7,911.54. Nick Riccobene swore...No Origination fees and No Prepayment penalties. So now the jig is up.. I call him back and call him on it and there's this deafening silence, because he knows that he has scammed me. You would expect this from a foreign company, somewhere in India perhaps, but NOPE, these good ole boys are right here in the good ole US of A, scamming business in the middle of a pandemic and PayPal is partially at fault for this. The weekly payment amount, was $1,250. Yes weekly, not monthly was to be deducted from my business account. So I called back to have the loan rescinded, and I was promptly told that I could not have the loan rescinded, and I could send the money back but it would cost me $7,911.54 to repay a loan that was all of two minutes old. So I called several times and finally got through to Taylor Cave (whose direct number is a prompt starter for a voicemail system), so call the 1800 number, Who then told me that I could rescind the loan and with no other cost (hint...the loan includes the $7,911.54). I promptly asked for it in writing and to my non-surprise he was hesitant. I said, "I need an email stating this in writing because I am not going to let you put me on the hook for that $7911.54." He sent back the most vague wording and said I had 72 hours to wire the funds back. News Flash.....You cannot pay it back through PayPal (their own partner is not good enough to handle a loan repayment....hmmm!) I would have to move the money to my own bank which takes 72 hours, and since my bank has daily wire limits of $25,000, it would take 3 more days to get this money to them at $30 per wire transfer. I went back to see the details in the DocuSign, and my agreement was voided and I do not have access to it. So just to be on the safe side, I have opened a case with my state attorney general. There is no reputable financial institution on earth that would charge you that much interest for 2 minutes, unless they were a scam. PayPal...how could you?