Complaint Review: Able Lending Inc.

Able Lending goes through all of the motions of getting you a small business loan. They even tell you that you are approved and that you are 5 days out from getting the loan money. In the end, they get you to send them your SSN, DOB and banking information as well as the SSN, DOB and banking information of 3-5 of your friends and/or family. Then they kindly tell you that they actually can not provide the loan, even after you have been approved....***It can easily be construed that this company is promising you a small business loan to only gain access to your vital information AND the vital information of your friends and family. I am recommending this to the Attorney General of the State of Texas as well as to the FBI.

Able Lending Inc. has a "system" where you get a loan, lets say for $10,000 for your small business. $2500 of that loan actually will come from your friends and family. This is supposed to help those that wouldn't get approved for a traditional bank loan, to get one through Able Lending. Sounds great right?

They require the "friends and family" to deposit the $2500 in their "business account" UPFRONT. Once they receive that $2500 then they will send you the other $7500.

After the "Pre-Approval" Phone conversation. You go through an "Underwriting process" that does include a “credit check” with your SSN etc. Then they "Approve" you for $XXXX.XX amount of dollars.

Then, once you are "approved", they send you a non-binding proposal. Let me make sure I said that correctly "NON-BINDING Proposal". I actually asked them why it was non-binding since I had just been approved by their "underwriting department" and my credit had been checked. They gave me a generic response like "nothing is going to happen, the lawyers make us put it...etc"

Then they get you excited by telling you that you are 5 days out from getting your funds. But FIRST, they need your SSN, DOB and Banking information AGAIN. I felt it was strange to give them my information again, but hey, I had just been approved and they needed my vital information AGAIN to go forward with the loan.

Then they asked for my friends and family’s SSN, DOB and banking information. I was a little hesitant, since I had just signed a NON-BINDING Agreement but I TRUSTED Able Lending Inc and their underwriter team when they told me I was “Approved”. So I told me family and friends to go ahead.

At this moment, my mother, who was one of my backers (and Obviously Very Intelligent), asked me are you sure this isn't a SCAM? I re-assured her that no, they are a reputable company and I have already been approved...well I was WRONG!!

After Able Lending Inc receives all of your VITAL INFORMATION, they tell you that you are even closer to getting your loan deposited...then a day passes, 3 days pass. You try to reach out to the company but they are very hard to get a hold of. FYI: ***The "business phone line" goes straight to voicemail*** Another FYI: ***All of their employees communicate with you on their personal cell phones*** Finally, after multiple calls, I get the famous “underwriter” to answer his cell phone. He then tells me that they aren’t going through with the loan with NO VIABLE EXPLANATION…

Warning Signs that should have knocked me off of their path:

-Call their main phone number, it goes straight to voicemail

-All of the people that you talk to use their cell phones (Including the Underwriter!)

-You will get emails at 11PM from workers

-You are given a NON-BINDING proposal after you are “approved” by the “underwriter”

-They want you to GIVE them 25% of the "proposed" loan upfront

-They have been in business for less than 2 years

-NO physical address listed on their website

IN CONCLUSION: Able Lending Inc. is supposed to be helping small businesses get loans to grow their business. Instead, It can easily be construed that this company is promising you a small business loan to only gain access to your vital information AND the vital information of your friends and family.  CONSUMER BEWARE!!!!