ComplaintsforNewtekOne, Inc.

• Initial Complaint

  10/31/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Following multiple unauthorized charges on what was supposed to be a free account, I canceled my services with NewTek. They just charged me a $50 non-sufficient funds fee for a charge that was reversed when I canceled my services.

  

  Business response

  11/05/2024

  After a careful review of Mr. ******* concerns, Newtek believes the charges where within the terms of the Agreement he signed, but Newtek has elected to refund the money in question as a courtesy to one of our valued clients. In speaking with Mr. ******* he agreed that was sufficient and the funds were refunded on November 4th.  We believe this matter is now closed.

  Customer response

  11/05/2024

   
  Complaint: 22496677
  
  I am rejecting this response because: The account as explained by ****** ******* included no monthly fees and none were stated in the agreement. Based on the business's response, acceptance of their response is pending. Refund, and written confirmation that all charges have been removed from collections.
  
  Sincerely,
  
  ***** ******

  

  Business response

  11/13/2024

  Our Chief Risk and Compliance Officer spoke to the customer and advised him there is no balance due and agreed we would talk to the Salesperson about not promising any customer there would be no fees and to explain there are minimums after a certain time period. Our Chief Risk and Compliance Officer also sent the customer an email stating there are no outstanding balances, and the previous changes are null and void.
  
  We believe the customer was comfortable with the response. 

  Customer response

  11/13/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***** ******

• Initial Complaint

  08/14/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  We are being billed for services that we properly terminated 2 years ago. Our credit card has been charged for many of these incorrect invoices.

  

  Business response

  08/26/2024

  The client, Carlton *********** requested in June 23 to cancel their ********* Subscription with us.  We accepted that request and turned off billing in our system,however the cancellation with ********* was not completed in its entirety so when the license renewed earlier this year, the billing resumed.  One of our team members received an inquiry to the charges earlier this month and noted the error.  The client has already been refunded for the charges made in error and we have shut the licensing off permanently to avoid this error in the future.

  Customer response

  09/06/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  05/16/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I inquired about a small business loan in January 2024. I was assigned a business service specialist, *************************, in April to complete my application. During the prequalification phase I was denied. I was told that my credit score fell below the minimal requirements. More than once after this, I tried to get in contact with her and none of my emails or calls were returned, until finally I reached out to someone else within the bank who then re-directed me back to her.It was suggested that I get a co-applicant, which I did. My co-applicant received a soft credit pull and we were told that one was "approved". We then gathered all of the requested docs and submitted the full application on May 3. By May 14, I hadn't heard anything back and decided to check my portal. There was a denial letter dated May 8 stating a credit score and insufficient collateral as the reasons. I called customer service and was "greeted" by one of the nastiest individuals I'd ever had the displeasure of talking with. I then called the **** **************** and left voicemails and emails asking for some clarity, as the score didn't match and the collateral I provided was approximately 75% of the loan value. She finally called me and told me that there's nothing for her to look into. Once their underwriting department has made a decision, it is set in stone. I was only seeking clarity. After emailing someone else in the bank, she then writes me back to tell me that they use Experian V2 (which is a mortgage score) and that I can try again in 6 months. I asked why they didn't use my co-applicant and if I could please speak with someone re: the process and my experience. She simply restated her stance about applying in 6 months, refusing to allow me to escalate my concerns. I would like to share the emails and recordings with someone in the bank (or the ****** if for no reason other than a training opportunity.

  

  Business response

  06/04/2024

  RE: BBB Complaint ID # ********
  
  Dear Better Business Bureau,
  
  Thank you for the opportunity to respond to the above referenced complaint submitted to Newtek Bank, N.A. (Bank). In the complaint, the complainant claims that after applying for a small business loan, they were denied during the prequalification phase due to their credit score. They claim it was difficult contacting their assigned specialist and were redirected multiple times within the bank.Even after including a co-applicant, their full application was ultimately denied, with reasons cited as credit score and insufficient collateral.
  Upon receipt of the complaint, the Bank investigated further into the matter. ****************** initially applied with us on January 4th, 2024, but did not meet the prequalification criteria due to her personal credit score not meeting the requirements. On April 2nd, ****************** returned with an additional guarantor who met the minimum credit score requirements for prequalification. We then worked with her to gather all the necessary documents for underwriting. On May 10th, the application was declined due to the weak strength of the guarantors and the insufficient collateral.
  The additional guarantor helped meet the minimum FICO requirements for prequalification, but the overall quality of the scores and recent delinquencies, combined with the lack of adequate collateral, were the primary reasons for the loan decline. ****************** was provided with a formal adverse action letter outlining these deficiencies on May 14th via her lending portal, and our business service specialist explained the decline reasons to her on the same day.
  ****************** alleged that we have incorrect FICO scores, we clarified that we use FICO v2 scores.Consumer-accessible credit scoring may not always align with our scoring methods. Additionally, the available collateral, did not meet the required standards for SBA loan approval.
  
  Sincerely,
  Compliance ****************************************** N.A.

  Customer response

  06/05/2024

   
  Complaint: 21720511
  
  I am rejecting this response because:
  
  the collateral provided (stock units) was more than 80% of the loan amount. SBA guarantees 75% of the loan. For this reason alone, I know that the denial letters sent are generic. 
  

   Additionally, the account specialist did not address my concerns when I initially brought them forward. She simply kept telling me to reapply in 6 months, repeatedly and this was to every question I asked. I should not have had to contact FOUR different people for her to respond to me. My gripe is not with the decision, but rather with how I was treated  

  
  Sincerely,
  
  *****************************

• Initial Complaint

  03/22/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  2 years ago I signed a contract with newtekone to develop a site and host the site on their servers. They refuse to complete the website and demanding I pay the rest of the contract for a finished website that's not finished.

  

  Business response

  03/26/2024

  Customer stopped paying their bills mid to late last year. Finance worked with the Customer to put them on a payment plan that they recently also failed to pay.After two months of trying to work with them we notified legal and suspended their account for non-payment.  The customer is behind on payments that currently total $31,289.19.
  
  The Customer has 3 contracts with the Company, including a signed project completion acknowledgement on file.

   

• Initial Complaint

  03/04/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I applied and was approved for an SBA loan with Newtek. I also received approvals from a few other lenders and decided to change course and go with one of them as the terms were better. Newtek filed a *** with the *** prior to closing. The *** shouldn't be filed until after closing. My current lender notified me and my loan ******** ***************************** began hanging up my phone calls and not sending vague responses that he was working on the issue. It was only after I threatened to complain to the corporate office that he sent over the termination document which had been filed 3 days before. We were also told that the good faith deposit that we made would not be refunded since all of the documents were already ordered. An itemized copy of the money spent on the ordered documents was requested and still has not been sent over.

  

  Business response

  03/12/2024

  The invoice breakdown will be out shortly everything will of course be accounted for. **** are not filed at closing they are pre-filed that is a standard lending process, and the borrower even approved the prefiling in their signed approval letter.  A break out from the letter itself is attached.  It is unfortunate the customer did not want to proceed with their closing requirements, however we have been processing their requests, the *** was terminated and the invoices are being collected from third parties. I understand the customer may want things to be done immediately, but we must have time to facilitate the request and have been doing so. 

• Initial Complaint

  01/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I am a very small business. I was excited to be able to use a card processor. Newtek was the one my bank recommended. I made sure that the only fee I would have to pay was the percentage fee. The man who set up my account told me the only fee I would have to pay was the prosessing fee .My tiny business can bearly afford that. I started the process in April 2023. I never paid an annual fee. Then here comes December 4 2023 and I get a charge for ****** for **** yearly fee. I have called and try to talk to someone but all I get is rude unprofessional associate. I have told them that I was not made aware of this fee. If I had I would have never signed up newtek one. I just want my money back, this was a hard hit to what little my business makes.

  

  Business response

  01/05/2024

  **********************************************,
  
  We take any customer service inquiry seriously and we have carefully reviewed the call records of your inquiries. We apologize if the ************* Representative did not fully explain the request was under review and we appreciate your patience while we completed the review process.
  
  We have fully reviewed your history with Newtek Payments and as a valued client, we are processing a one-time refund of the Annual System Enhancement Fee of $149. It may take several weeks to process and post the refund to your checking account, but rest assured the refund process. 
  
  We value your business and please feel free to call us should you have ***************.
  
  Sincerely,
  Newtek Merchant Solutions

• Initial Complaint

  12/17/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  I was a Newtek customer for over ******************************************************************* the last year, I have been unemployed and looking for a job. I was updating my portfolio with more work samples to help me get a job. I found many broken links on my portfolio that previously were not broken. I fixed them and updated my website but they were still broken. I had to call Newtek many times to find out why my website changes were not appearing on my website. Calling became impossible, so I had to email and wait for them to contact me. I had a job offer and lost it due to my website changes not appearing on my website. When I finally talked to someone, they told me that my website was on a **** server and kept going down repeatedly. They did email me and asked if I wanted to be moved to another server for more money per month. I moved my website to another web host and now I can update and see the changes I make immediately. I emailed Newtek and cancelled their services around 10/25/2023. Since then, they have billed me twice for hosting ($14.82/month). I would like $29.64 refunded and to CANCEL their services. Please help.

  

  Business response

  12/18/2023

  We have issued a refund back to Ms. ********** card for $29.64, please allow a few business days to post to her account.  We have also cancelled the monthly services associated with those fees.

• Initial Complaint

  12/07/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  A payoff letter was provided by Newtek, the requested payoff amount was paid , money accepted by newtek , nest day newtek requesting additional over $32 thousand dollars, Newtek is holding 7 proerties a hostage with liens due to they miss calculations, i am a minority and a business owner and my whole future is being ruined and future of other minority business owners due to Newtek not releasing liens on the properties after accepting the pay off in the amount of $2,557,394.41our renovations stopped and the contractor is ready to *** us because they can not get funds due to Newtek not releasing the liens, its a horrible domino effect that is going to cause 6 lawsuits and national publicity, we need that resolved at once, its been over 70 days

  

  Business response

  12/08/2023

  This complaint is associated with two loans to ******************* #****** and #******.  The same situation occurred on both loans.
  
  #******
  On 8/30/23 the principal balance of the loan was $692,297.52.  That day the borrower made a monthly principal and interest payment of $14,716.80 which reduced the principal balance of the loan to $685,262.19.  The borrower requested a payoff letter which showed the principal balance of $685,262.19.  On 9/5/23 the $14,716.80 payment was returned, and the principal balance of the loan was corrected back to $692,297.52.  At this point, the payoff letter was no longer accurate.  However, instead of requesting an updated payoff letter, the borrower sent us a payoff on 9/27/23 that was short by $15,475.64. 
  
  #******
  On 8/30/23 the principal balance of the loan was $1,847,650.50.  That day the borrower made a monthly principal and interest payment of $20,702.25 which reduced the principal balance of the loan to $1,844,489.60.  The borrower requested a payoff letter which showed the principal balance of $1,844,489.60.  On 9/5/23 the $20,702.25 payment was returned, and the principal balance of the loan was corrected back to $1,847,650.50.  At this point, the payoff letter was no longer accurate. However, instead of requesting an updated payoff letter, the borrower sent us a payoff on 9/27/23 that was short by $5,404.75.
  
  A staff member informed the borrower of the payoff shortage on 9/28/23.  The matter was escalated to me, and I spoke with the borrower on 10/3/23.  The borrower would not admit that the payments bounced. On 10/9/23 the borrower introduced their attorney who sent us a demand letter on 10/16/23.  This matter was referred to in-house counsel the same day.  The loans were assigned to a liquidator on 11/20/23.  To date, we have not received the full pay off and we have not released the collateral.  According to the liquidator, he is actively negotiating with the borrower and is hoping the matter will be resolved within the next week. 
  

  Customer response

  12/11/2023

  i made payments in August and 7 payments in July, no one asked if they can take money out of account that had no ********************** and i did not owe it, Newtek had 21 days to varify the funds before closing, that did not happen only after closing and wire accepted by Newtek for $2,557,394.46 of which $4,000 was not applied they decided to ask for $32,000 more, I am a woman bussiness owner and Newtek needs to relese the liens on my proerties and refund my $13,700 taken from escrow i have had 162 closings in my life which 7 of them were SBA never in my whole 35 year career something like that happened, Newtek is holding me and 2 other owners a hostage by not releasing the liens for las 75 days, it created a bad relationship with my new bank that is 2nd on the loan after paying off Newtek, this needs to be resoled today, Thank You

  Customer response

  12/12/2023

   
  Complaint: 20971496
  
  I am rejecting this response because: made payments in August and 7 payments in July, no one asked if they can take money out of account that had no ********************** and i did not owe it, Newtek had 21 days to varify the funds before closing, that did not happen only after closing and wire accepted by Newtek for $2,557,394.46 of which $4,000 was not applied they decided to ask for $32,000 more, I am a woman bussiness owner and Newtek needs to relese the liens on my proerties and refund my $13,700 taken from escrow i have had 162 closings in my life which 7 of them were SBA never in my whole 35 year career something like that happened, Newtek is holding me and 2 other owners a hostage by not releasing the liens for las 75 days, it created a bad relationship with my new bank that is 2nd on the loan after paying off Newtek, this needs to be resoled today, Thank You
  
  Sincerely,
  
  *****************************

  

  Business response

  12/19/2023

  Newtek has received the payoffs and has release the liens..

• Initial Complaint

  12/04/2023

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I got business insurance for my small catering business in 2022 through Newtek One by way of Chubb Insurance. I paid the entire policy amount. I had to close the business due to the financial hardship that came with the economic inflation that we experienced. In July 26, *********************** emailed me letting me know he would now be working with me. That very same day (as shown below in the attachments) I responded to his email letting him know that I wished to cancel the business insurance policy after we had to recently close the business. He did not respond. Today I received a letter in the mail by way of Chubb insurance saying that I owe $481 for the cancellation of the policy that I never agreed to. My initial cancellation on July 26, 2023 was the notice that they needed to end the policy and not renew it since I paid the original policy in full (which I have proof of every payment and confirmation number).I just want the policy to reflect that it was cancelled on the date I sent **** the email and for the charges to be dropped. I cannot afford to pay $481 after experiencing the financial hardship that I have undergone with my mothers breast cancer and other added financial obligations. And I feel I should not have to pay that amount when the request I had given was in ample amount of time for the policy to be cancelled.

  

  Business response

  01/08/2024

  After receiving the BBB complaint, we called and emailed the insured same day. We looked at our records which indicated we had sent the cancellation forms to the client in August in which she responded to them in October. She e-mailed to the account handler at the time who had left the company and we were not aware of the response issue. We were able to connect on December 13th, 2023 in which we received the cancellation forms from the client to submit to the carrier. We received correspondence from the client that they received another bill and the cancellation was not processed yet. I have resent the forms to the carrier another way and also reached back to the insured on the update. We will have this resolved with the carrier this month. 

  Customer response

  01/08/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *************************

• Initial Complaint

  11/30/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Beginning in April of 2022 I was matched with Newtek through the *** 7a match program for a business loan to open a restaurant. Newtek contacted me through that match to apply for a loan. I applied for the loan through Newtek, requesting a loan of $75,000 startup funding to purchase equipment and for additional cost associated with the startup. I was working with ************************* and his assistant *******. per their requirements my co applicant and I met and exceeded their listed requirements for the loan. When it came time to submit my loan packet to the underwriters ****** suggested I actually request a larger amount seeing as I met the needed requirements and so the final loan application request was increased to $100,000. Once submitted to the underwriters I checked back in my loan portal a couple of days after submission where I would submit my documentation to be sure I didn't have any additional requested items needed for the underwriters. In my loan portal I found a ****** article of a man that had been arrested for kidnapping and possible murder of his girlfriend. The mans name in the article matched my co applicant of the loan. I contacted ****** asking as to why that type of article would be in my loan portal and if it was of concern why wasn't it discussed with us to clear up the obvious misunderstanding. ****** would not address the article only followed up stating the loan was denied. He said due to excessive student loan debt and credit issues we were denied. The student debt was present on my behalf before I applied my credit was reviewed as well as the co applicant and it was never presented as an issue. I requested an official denial letter and was told they don't give official denial letter but he could email me a detailed detail letter via email. ****** then emailed me stating the loan was denied. I tried to reach a supervisor and someone called me back stating being a startup restaurant it was too risky although I was matched with them for it.

  

  Business response

  12/07/2023

  The customer was aware of the decline reasons, and our policy at that time was to not issue formal decline letters in addition to the conversations we have with the clients.
  
  In addition, just because we partnered with SBA through lender match does not mean they are approved for a loan. We evaluated the credit, and rendered a decision.
  
  If the customer believes the circumstances surrounding their decline have changed, they are welcome to reapply.   
  

  Customer response

  12/14/2023

   
  Complaint: 20937932
  
  I am rejecting this response because it was not only because my loan was declined. It was declined initially not because of the reasons you stated but based on defamation, and discrimination. I did not state that because partnered with the *** would warrant an approval. The *** was mentioned because I thought each company associated would be held to legal standards but in speaking with the *** it was told that they have constant complaints on how Newtek handles business in regards to loan applicants and their unfair practices. By law I am supposed to receive an official letter by mail of decline explaining the reasons in detail not by email or discussion. Newtek handled my case with unfair and illegal lending practices.  
  
  Sincerely,
  
  *****************************

  

  Business response

  12/14/2023

  The customer is well aware of the decline reasons for the loan, none of which have anything to do with what is being indicated in her complaint on BBB. If she would like a formal decline letter we would be more than happy to furnish one if it will satisfy her complaint with the BBB. But until the circumstances noted to the customer on her decline change, ********************** will not be able to give her a loan. If she believes that her business is now in a position to overcome those concerns she is welcome to reapply. Newtek patently disagrees with the commentary in the complaint that she was declined for discrimination and has offered no proof of this fact and has done nothing to overcome the real decline reasons noted to her. 

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩