BBB Business Review

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This business is not BBB accredited.

5K Loans

Phone: (888) 837-3120 View Additional Phone Numbers 262 West 38th Street, Suite 1205, New York, NY 10118 http://www.5kloans.com


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BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that lowered the rating for 5K Loans include:

  • Length of time business has been operating
  • 47 complaint(s) filed against business
  • Failure to respond to 10 complaint(s) filed against business
  • BBB concerns with the industry in which this business operates
  • Advertising issues found by BBB

Factors that raised the rating for 5K Loans include:

  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

47 complaints closed with BBB in last 3 years | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 15
Billing/Collection Issues 5
Delivery Issues 15
Guarantee/Warranty Issues 0
Problems with Product/Service 12
Total Closed Complaints 47

Additional Complaint Information

Consumers recently began complaining to the BBB that this company, Salem Capital Investment Group LLC d/b/a 5K Loans, is offering loans to consumers and requesting an upfront fee to guarantee the loan. These fees are designated as either insurance, a "good faith" payment, taxes, or first installment of the loan payment. Consumers tell the BBB that company representatives instruct them to purchase a Vanilla Pre-Paid credit card (re-loadable) for varying amounts ($120 - $400+) and to provide 5K Loan with the pin numbers to pay the upfront fees. Consumers that make these payments as instructed are reporting to the BBB that they are not receiving the loans they applied for. Consumers also tell the BBB that when they contact 5K Loans to inquire about the status of their loan application, they are given excuses about the delay in receiving the money. Or, if they try to cancel the loan application and request a refund of the advance fees paid, they are denied by 5K Loan representatives. Most of the complaints being filed with the BBB against 5K Loans have gone unanswered.

Consumers can view advisory tips from the FTC about paying an upfront fee for a loan here: http://www.consumer.ftc.gov/articles/0078-advance-fee-loans

Customer Reviews Summary Read customer reviews

0 Customer Reviews on 5K Loans
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: September 06, 2013
Business Category

ADVANCE FEE BROKERS CONSUMER FINANCE & LOAN CO.

Alternate Business Names
Salem Capital Investment Group LLC
Industry Tips
Advance Fee Loans
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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.