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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.

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Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that lowered the rating for 5K Loans include:

  • BBB concerns with the industry in which this business operates
  • BBB does not have sufficient information to determine how long this business has been operating
  • 47 complaints filed against business
  • Failure to respond to 10 complaints filed against business
  • 1 serious complaint filed against business
  • Advertising issue(s) found by BBB
  • BBB does not have sufficient background information on this business


Customer Complaints Summary Read complaint details

47 complaints closed with BBB in last 3 years | 47 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

Additional Information

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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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