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ABOUT THE RIPOFF REPORT BELOW:
Ripoff Report would like to let readers know that Ripoff Report emailed this customer so the member business could make things right with them. When a business joins the Corporate Advocacy Program, Ripoff Report emails everyone from the past so the member business can make things right with them. Of course, everything within reason. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer. The author of the Ripoff Report below never responded to our offer to help them.
STATEMENT FROM WMC FUNDING:
This individual, again, had an extremely risky deal which we chose to align with another underwriter. He went through several calls establishing the terms of the deal and executed the fee page which he describes as unauthorized. We have proof that it was authorized. Moving forward, we have established a head of compliance to act on these issues so that there is no further miscommunication.
NOW TO THE ORIGINAL REPORT THAT WAS FILED
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Was contacted by Anthony of WMC Funding looking to see if I was interested in working capital May 2016. Just so happened we were in the process of looking for a new funding source to pay off a high interest loan we secured in 2015. Anthony said we were approved for $22,000 in funding that was broken into 2 phases. phase one was a short term 8 month loan with a high interest (twice what we already were paying) that was to see if the business was viable to not default. After the first month we were to get 2nd round of funding and then the terms agreed to 11% per year on $22,000 for 2 years would begin.
we received first funding July 2016, the day after funding deposited WMC illegally took $995 when I called and complained Anthony said it was for origination and application fees even though it clearly states in loan contract (the turned out not to be there's) that there was no fees of any kind. Anthony smoothed things over and we paid the first month. When time for 2nd funding we were transferred from Anthony to Brian, by this time we were already 3 weeks past the 1 month deadline for 2nd funding so I suspected a scam. Brian began taking my calls only to say he was just walking in to a meeting and would call back and never did. My 2nd funding was constantly in legal or underwriting or somewhere. this went on for 6 weeks then Brian stopped answering my call.
It's been 3 months now and I have not heard from Brian or Anthony in over a month they took their money and ran. I am stuck with a horrendous loan that is straining our business. WMC Funding needs to be held accountable and prosecuted if possible. WMC Funding is to be avoided at all costs. They are conmen misrepresenting themselves as a funding company. The originator of my Loan (Rapid Advance) didn't even get my loan from WMC, they got it through yet another broker I never heard of. WMC Funding is a complete scam.