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Description

This company offers small business loans lines of credit.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that Dealstruck Inc meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.


Reason for Rating

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

Factors that raised the rating for Dealstruck Inc include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 3 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

3 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 3
Total Closed Complaints 3

Customer Reviews Summary Read customer reviews

1 Customer Review on Dealstruck Inc
Customer Experience Total Customer Reviews
Positive Experience 1
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 1

Additional Information

BBB file opened: December 20, 2013 Business started: 04/08/2004 in CA Business incorporated 07/02/2012 in DE
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Department of Business Oversight (DBO)
7575 Metropolitan Dr #108, San Diego CA 92108
http://www.dbo.ca.gov/
Phone Number: (866) 275-2677
Fax Number: (619) 682-7217
The number is 603K266.

Type of Entity

Corporation

Business Management
Ms. Alexandra Chrisman, Chief Marketing Officer Mr. Ethan Senturia, CEO
Contact Information
Principal: Ms. Alexandra Chrisman, Chief Marketing Officer
Customer Contact: Mr. Ethan Senturia, CEO
Number of Employees

20

Business Category

Loans - Small Business Financing

Industry Tips
Debt Relief Strategies Financial Industry

Additional Locations

  • 1901 Camino Vida Roble #120

    Carlsbad, CA 92008 (855) 610-5626 (858) 430-8301

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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.

Complaint Detail(s)

8/17/2016 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: After waisting hours of my time sending financial statements and talking on the phone, I got denied based on unfounded bad reviews which aren't accurate. The company should've looked at all that before prequalifying me..don't you think? Deal struck has caused an increased risk of identity theft with all the financial statements they have on my company and myself

Desired Settlement: I want the original deal I was offerred or delete all my financial information. I will continue to drive your reviews down and your business will be judged

Business Response:

Hello BBB,

This borrower applied for a business loan application.  As part of our underwriting process, we look at both quantitative (business financials, credit history, etc), as well as qualitative factors such as presence of website, # of reviews, positive reviews, star ratings, etc.  When we reviewed this borrower's reviews, we found an alarming number of negative reviews, including an F rating with BBB and 1-Star rating on ********** and *******************.

When we declined the loan, the borrower became irate and immediately posted negative reviews on BBB and ********** along with accusations about us and our partner that just aren't true.

I attempted to reach out to the borrower by email on 8/4 and by phone that same day at 9 a.m. PDT.  When I did not hear back from him, I called again on 8/5 at 4 p.m. Still no response.  ********** has since removed his review.

Please take a look at the BBB review here.  ****************************************************************************************************************** The company is clearly not looking out for the best interest of their consumers and is therefore a company we do not wish to have in our portfolio.  Please let me know if you have further questions.

Sincerely,

**** ********

************

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

The business pre-qualified me for a long so that means they should've reviewed my company online before deciding to fish for financial documents which opens me up to identity theft.  My credit history is good and I just got done paying a 70 K loan with quarter spot so obviously those reviews are not accurate and BBB complaints are being worked on right now because I wasn't receiving them.

 

I became irritated because the company requested all these financial documents from me after pre-qualify me for the loan and denying me anyway based on other factors not related to finance. 

 

 Legal action may be pursued and Dealstruck should definitely delete all my financial information.



Regards,

***** ********



Business Response:

Hello.  Mr. ******** did respond to me via voicemail and in a nutshell requested that we delete all his financials or he would pursue legal action.  I called him back, got his voicemail, and confirmed via voicemail that his financial documents have been deleted.  I am still open to talking to Mr. ******** if he would like to have a live discussion about our process. Please let me know if further information is needed.  

Thank you.

6/30/2016 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: We were lied to repeatedly regarding contract terms for a term loan and a line of credit. We were initially told that the line of credit was a monthly payment and had to be repaid within a 1 year time frame. On the day we signed, we were rushed contracts with limited time as we had to get to the airport for business trip. We could not open the agreements after sending 3 times so we ran out of time and hastily signed. In turned out that the line of credit was not monthly but weekly and the payback was 8 weeks not 1 year. We were also told that if our inventory was delayed or we had a bad month, we could just pay interested only. Our inventory is in fact now delayed and when we called dealstruck to notify them, we are now being told that this is only upon approval and that we are not approved. They also explained to us that they have to do whats in the best interest of their company and since we have no inventory and cannot make our weekly payments (we did not agree to) that when we default, they will be able to collect our assets which by their own omission was in "the best interest of their company". I quickly notified the CEO ***** ******** regarding this issue to seek resolution and after my initial email ***** quickly replied and told me that they would provide a satisfactory resolution. Not only have we not received a resolution but since I reached out to *****, Dealstruck has now debited our account twice in one week consuming all our payroll and operating capital.

Desired Settlement: At first, we were just requesting to receive interest only for the next 2 months in order to get our inventory and payoff this terrible line of credit but after this experience, we would like to request 2 months of interest only and for them to honor the 1 year payback with monthly payments. We would also like to see this situation made public if this is not resolved within 24 hours.

Business Response:

Dear BBB,
It is unfortunate that Mr. ***** feels that he was lied to. Our loan products are fairly straightforward and our Lending Specialists are well-versed in the 3 products that we offer. We do not have monthly payment terms on either of our credit lines, so it's not likely that any of our specialists would have made the mistake of stating that the payments were monthly.  Furthermore, we do not have payback terms of one year on either of our credit lines, so again - it's not something our Lending Specialists would have misstated. Mr. ***** may have confused the payback term with the expiration date of the credit line which is indeed 12 months.
Dealstruck is a transparent and full-disclosure lender.  Unlike many other lenders in our space, we disclose all fees and APRs to our borrowers. We would never intentionally mislead our borrowers; we just don't conduct business that way.  
I have attached the offer letter that was provided to the borrower, which shows acknowledgement via his electronic signature.  In the section entitled "Advance Terms", it clearly states that the terms of each credit line advance is 12 weeks, consisting of 4 weeks of interest-only payments and 8 weeks of principal and interest payments. The description clearly states that the payments are weekly, not monthly.  This offer letter was provided in advance of the actual loan documents that he signed, which also clearly state the terms of the loans.  Mr. ***** had ample opportunity to review both documents and ask questions if anything was unclear. 
Please feel free to contact me if you need further clarification on our response.

Sincerely,

********* ********, CMO

*******************

************ ext. ***

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.


Regards,

****** *****



6/9/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I own business based in *******, and I applied for business line credit through dealstruck I Got interviewed twice over the phone and got initial approval and final will be based on the documents I submit. I send them everything they ask for and the underwriter contact me to clarify couple things and she was saying That everything look good and she wanted to send one more document. I was preparing that doc she asks for and next thing I know is getting email saying we don't want that doc anymore because she was talking to the director and they don't (feel) comfortable to give me the line credit because my customers are government property!!!! That's the worse excuse ( my customers are guaranteed money) Also if my doc completed why I get denied over feeling? I thought that was business transaction I requested the dirctor info many times and no one has responded to me. I wasn't happ to share my income and tax return and Ssn, all that was scam to me because untill this moment I don't have legit reason. I will file court case if no one solve this issue.

Business Response: Several members of our team have spoken with the prospect since receiving the complaint.  The issue has been satisfactorily resolved and we are proceeding with the loan.  As is often the case, this was all due to a misunderstanding of the collateral that we were using in underwriting the loan. Because that collateral did not support an approval based on our credit policies, the loan was initially declined.  After our Director of Credit spoke with the prospect, the misunderstanding was resolved and the supporting collateral was submitted to us and we were able to provide loan approval.

We take complaints very seriously and we will use this as an opportunity to improve our communications with our borrowers.
Please feel free to reach out to me at ******************* or ************ if you have any questions.
Sincerely,
**** ********

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

**** *****


Customer Review(s)

The customer review(s) below are un-filtered. These positive and negative reviews are not used in the calculation of the BBB Rating. If you wish to file a complaint and request a resolution to your issue please click here. This customer review section is not BBBs complaint resolution system. Customer Reviews are the subjective opinion of the individual who posted the review and not of Better Business Bureau. A customer review is not posted on a business if a BBB complaint on the same issue(s) is also filed. BBB cannot guarantee the accuracy of any customer review and is not responsible for the content of any customer review. Public comments are not customer reviews.

Customer Reviews Summary

1 Customer Review on Dealstruck Inc
Neutral Experience (0 reviews)
Negative Experience (0 reviews)
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