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BBB Accredited Business since

Formula Funding

Phone: (877) 240-4163 6950 Friars Rd #225, San Diego, CA 92108 http://www.formulafunding.com/


BBB Business Reviews may not be reproduced for sales or promotional purposes.

Description

This company offers business loans.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that Formula Funding 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 Formula Funding include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 1 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

1 complaint closed with BBB in last 3 years | 1 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 1
Total Closed Complaints 1

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Formula Funding
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: January 16, 2012 Business started: 10/12/2011 in CA Business incorporated 10/12/2011 in CA
Type of Entity

Corporation

Business Management
Mr. Jason Marks, Marketing Director Mr. Jeremy Lenz, Finance Coordinator
Contact Information
Principal: Mr. Jason Marks, Marketing Director
Number of Employees

12

Business Category

Loans - Small Business

Alternate Business Names
Formula 5 Capital Inc
Industry Tips
Financial Industry

Additional Locations

  • 6950 Friars Rd #225

    San Diego, CA 92108 (877) 240-4163

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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)

7/9/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: This company has continuously called us to the point of harassment. We have repeatedly asked them to remove us from their lists. We do not want their products. This is a busy medical office and these calls are disruptive to the medical care by drawing staff members away from patient duties to argue our right to NOT receive solicitations. We received mail today and we are at our wits end. We would like it in writing that this company is to stop all contact to this business. Our business name is: ****** * ********* ** *** *** ********** ****** ** ******** ********** **** ********** **** * ****** *** ***** ***** ********

Desired Settlement: CEASE & DECIST any contact to the ********** ****** ** ******** ********** by any means, including but not limited to any contact to this business, its employees, vendors or affiliates by means of telephone, cell phone, by electronic methods, or by mail of any type.

Business Response: Hello Mrs. ****, 

We value our BBB accreditation and take great strives to do right by our customers. Thank you for taking the time to respond regarding the mail piece you received.  We mail financing offers to business owners that we feel may benefit from our services however we will gladly remove your business from all future mail drops. Our records indicate we have only sent you the one letter that was mailed June 18th, 2015. 
Regarding the harassing calls you mentioned, I can not speak to that. We do not originate any business by telephone or telemarketing.  I searched our database of existing clients and we have never spoken to your business or called the phone number you listed.  Our only forms of marketing are direct mail and website traffic.  I can guarantee the calls you speak of do not originate from our organization. The mail piece you received from Formula Funding is in no way related to the phone calls you speak of. 
There are hundreds of companies that occupy this space and any one of them could be responsible for telemarketing calls (I have received them myself!).  My suggestion would be to check with your phone company and track down the source of the phone calls to file a complaint or block their calls directly. Telemarketing is simply not how we choose to do business. Thank you very much for your time and again, we will be sure to remove you from all future mailings.  Hopefully this resolves the issue in a mutually agreeable manner.
Sincerely, 
***** *****
Marketing Director

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. you are not satisfied with this resolution. 

I do not believe the  claim about their not being party to phone solicitations, we did not give the info but the callers recited,  ver betim, the information on the mailer (which looked like a cheesy fradulant solicitation).  This is a medical office and we do not want to be bothered by this company.
Regardless of the denial of phone solicitation contacts, I would like to have in writing that we will not receive further solicitation from this entity.

Regards,

***** ****



Business Response: Mrs ****, 

I put in writing in my previous response that we will not send further mailings to your business. You have already been removed from our mailing list for any future campaigns and will not receive mailings from Formula Funding.  
Regarding your phone solicitations; Again, we do NOT phone solicit or run any kind of telemarketing campaigns. We have no way of preventing you from receiving further solicitations as we are not the source.  Please see our A+ BBB record.  If we ran a business based on cold calling or harassing telemarketing campaigns we would certainly have many more complaints from angry customers. We have maintained a flawless BBB record by doing right by our customers. Telemarketing to unsolicited businesses is not in our business plan nor would we ever conduct business that way. Regretfully you are taking your frustration out on an innocent business that did nothing more than send you a letter offering business financing.
Please don't take my word for it - - - you can verify this through your phone company.  Ask your service provider to pull records on the calls you have received and track their source.  You can then confirm that the origin of these calls is NOT Formula Funding.  I do apologize for your inconvenience on this matter and I hope you can rectify the matter with the phone company.
Sincerely, 
***** *****, 
Marketing Director

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,

***** ****