BBB Business Review

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

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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 | 1 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:

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


Alternate Business Names
Salem Capital Investment Group LLC
Industry Tips
Advance Fee Loans

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We offer free reviews on businesses that include background, licensing, consumer experience and other information such as governmental actions that is known to BBB. These reviews are provided for businesses that are BBB accredited and also for businesses that are not BBB accredited.


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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.


BBB Complaint Process

Your complaint will be forwarded to the business within two business days. The business will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the business's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.


Industry Tips


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BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.


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