The Loan Consultants, Inc. REVIEW: The Loan Consultants clients, feel safe, confident & secure when doing business with a company dedicated to success of clients. The Loan Consultants commitment to client satisfaction, exceptional client experiences & overall success is unmatched. Commitment to Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program. A program that benefits the consumer, assures them of complete satisfaction & confidence when doing business. Boston, Hartford, Los Angeles, Stamford, Toronto, Washington, D.C., Vancouver
I signed up two years ago with The Loan Consultants. They represented that they fund loans or LC Mortgage would. That the programs and loans were plentiful, given the tightening of lending in the country. They represented that the reason so many brokers are shutting down their doors is because they do not know which lenders to contact and that is where their service comes in.
They represented that their technology allows you to submit loans electronicly. This technology is theirs. After obtaining my $11800, they informed me that the name of the software is Point and by the way, it costs another $550.
They represented that the field of equipment leasing and Factoring is virtually untouched and has a great deal of promise. After being in this business for a bit over a year, I can tell you that this business is not only not untouched, but it is almost non existant. Most people in business would simply do a search on leasing and moillions of results pop up. By dealing direct a business would save thousands of dollars every year.
They represented that they will assist in filing the state application. They represented that it was extremely difficult and I would need their help. Folks, Have you ever filled out an application where they asked you your name, address, phone, you know. The super simple stuff. They told me where to put my name. Now that is worth $11800,.
They represented to me that the wholesalers they will put me in touch with, will be able to beat the bank's rates and with less stringent conditions. After signing up with them, I asked them where should I take this client's potential loan. They replied: "Wellls Fargo". After paying $11800 I got the name of the corner bank. Now is that not worth the money?
The most important is that they said that the loan business is always changing and they will send a newsletter quarterly that updates and guides as far as market trends. None was ever mailed. Since two years ago the loan business has gone through a major change and these people left me stranded on an island.
With about a thousand pages of useless material that will take anyone months to read and about six months wait to go through licensing, they will make sure that the one year period in which you may return the product passes before your eyes. By the way I have proof for every thing I have said here.
I have filed an official complaint and very likely would like to file a Law suit if they do not refund my $11800. If there are any one out there that would do the same or has already, I would love to hear from you and coordinate an effort to wipe the country from scam artists as such. I said my name is anonymous below, but will coopreate with any one that will cooperate with me.
Anonymous
Anonymous, California
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
5 Updates & Rebuttals
The Loan Consultants
Los Angeles,California,
United States of America
This Is a Legit Company...NOT A scam!
#6REBUTTAL Owner of company
Wed, September 21, 2011
As the nations oldest and largest Loan Broker Affiliate company, The Loan Consultants, Inc. flatly rejects the accusations that our company is a rip off. Unlike other companies that have attempted to copy what we started, we are a licensed, registered business opportunity company, fully compliant with the Attorney Generals office and have been establishing successful affiliates for nearly three decades.
The Loan Consultants is also NOT a get-rich-quick scheme and thoroughly screens every candidate before they are allowed to join our program. This includes extensive question and answer sessions, interviews with company managers and reference checks. As a result of these efforts we have been able to establish more successful affiliates than any other company in our industry.
On the rare occasion when a client does express a concern we immediately address their issues and do everything possible to help them achieve success, as was the case with this client. Unfortunately, this person made accusations that were completely unfounded and unsupported by our documents and phone records, and demanded that we provide services that are not contained in our contract. He also demanded that we refund his investment but, continue to provide our consulting services. After refusing his unreasonable demands this person chose to litigate and made these same accusations in court. THE JUDGE REJECTED HIS ARGUMENTS AND RULED IN FAVOR OF THE LOAN CONSULTANTS STATING WE DID COMPLY WITH ALL TERMS OF OUR CONTRACT. This person then filed a complaint with state authorities WHICH WAS ALSO REJECTED.
After failing in court and with the state, this person then took to the internet with the intent of damaging our reputation. We have documents in our possession that prove this client is responsible for posting complaints under multiple profiles on this site. We ask anyone reviewing this information to consider these facts as well as the fact that this site has allowed competitors, and people who are NOT clients to post complaints here.
Sincerely,
The Loan Consultants, Inc.
I have been F>>>ED
Houston,Texas,
USA
still there
#6Consumer Comment
Sun, May 30, 2010
just checking on this company...seems like they are still at it! although their ads are much smaller.....Probably means they are making less money....which is good....People this is a dying industry.....With Obama as president there will be alot more oversight which means the days of brokers are limited.....STAY CLEAR! SAVE YOUR MONEY! GO ON VACATION MUCH BETTER INVESTMENT!
Bbb
San Mateo,California,
U.S.A.
More facts
#6Author of original report
Thu, April 29, 2010
Recently got copies of lenders from The Loan Consultants. About half of them were out of business and the other half did not even know who The Loan Consultants are. The lenders I spoke to expressed that they have no knowledge of them and wondered why they claimed to have agreements in place with them. Most of these lenders are under federal guidelines as far as who they will accept and their own experience requirements (2 yr minimum). The Loan Consultants are nobody and the names they throw at you are easily obtainable from Google. The training is not accredited and they are not licensed to do so. If you sign up with Anthony's or Kaplan you will pay about $400 for accredited training and a license from the State of California.
If you have complaints regarding The Loan Consultants you can always contact California DA office in Los Angeles, California Dept Of Real Estate of The Federal Trade Commision.
Consider yourself lucky if you are reading this message and you are contemplating giving these people a huge sum of money. Many have advised for beginners to go and signup with an established Broker to learn the ropes first and I concur. You will find out that now a days the percentage you pay a Broker is well worthed given the complexity of lending now a days. Do not be fooled by the 100% payout.
The fields of equipment leasing and Factoring and Business lending is extremely complex and The Loan Consultants make you think that it is an easy field to enter and prosper in. The actual fact is that Leasing and Factoring business is usually conducted without a middleman. The reason is that both the leasing company and the client are placed into higher payments because of the middlemen and as a result both the lender and the client will try to cut out the middleman.
The Loan Consultants fails to tell people that there are several other softwares that you have buy. These softwares can cost several thousand Dollars combined. Be ware of these scammers.
I have been F>>>ED
Houston,Texas,
USA
The New laws
#6Consumer Suggestion
Sun, December 13, 2009
I n case no one has noticed....a whole bunch of new laws are being passed.....this will most likely have the effect that individual brokers will be put out of business....If I was sinking 14k into this I would read the new laws very carefully!
I have been F>>>ED
Houston,Texas,
USA
Read this
#6Consumer Comment
Sat, December 05, 2009
these people are hurt, but no one cares at the Loan Consultants!