BBB Business Review
This Business is not BBB accredited
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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 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
|Complaint Type||Total Closed Complaints|
|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
ADVANCE FEE BROKERS CONSUMER FINANCE & LOAN CO.