Business Loan Scam Reports & Reviews (8)
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SCAMPULSE
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Scammer's website www.credyfly.com
Scammer's address New Jersey, NJ 33333, USA
Scammer's email [email protected]
Country United States
Victim Location FL 33332, USA
Type of a scam Advance Fee Loan
I was recently contacted by James Clark ([email protected]), who claimed my business was pre-approved for financing through Credyfly’s “Term Loan Partners Program.” The initial offer, outlined below, appeared straightforward:
Unsecured Loan Amount: $1,500,000.00
Total Payback: $1,700,000.00
Term Length: 60 months
Monthly Payments: $28,333.33
Prepayment: No penalties, with prepay discounts available
Initial Next Steps Requested:
James asked me to reply with a voided check and month-to-date bank statements for January, stating funds would be released after these were uploaded to their portal, pending final underwriting approval. Up to this point, nothing raised immediate concerns, so I complied with the request.
However, a subsequent email from Credyfly introduced a significant red flag:
They stated that their “underwriting and accounting team” found “insufficient deposits from different sources” for this long-term deal.
Due to “recent high default rates and risk management precautions,” they required a monthly payment ($28,333.33) as a deposit before funding, claiming it would be deducted from the loan balance and guarantee same-day $1.5M funding if wired before a 4:30 PM EST cutoff.
They noted the next payment would be via ACH on April 4th.
This demand for an advance payment contradicted standard lending practices, prompting suspicion. Shortly after, James requested I sign contracts and an addendum for this “advance fee model.” By then, I strongly suspected a scam but continued engaging to gather evidence. I signed the documents after requesting basic company details address, phone number, incorporation records but received no response to these inquiries.
Next, I received a call from an alleged underwriter, Steve Harris, which was supposedly recorded. He reiterated the deal’s terms but asked no questions about my business, instead emphasizing the need for an advance payment to secure funding. I again requested company information, to no avail.
When I later inquired about the funding delay having not received any funds Credyfly responded that they were awaiting my wire transfer first. As I pressed further, I collected text messages filled with evasive, nonsensical replies to straightforward questions. Steve claimed he’s merely an employee following Credyfly’s funding rules, insisting the business is legitimate despite their refusal to provide any verifiable information.
To date, Credyfly has offered no transparency, and their insistence on an upfront payment, coupled with vague excuses and unprofessional communication, strongly suggests fraudulent intent. I have retained all correspondence, signed documents, and call details as evidence of this experience.
Country United States
Victim Location PA 19130, USA
Type of a scam Advance Fee Loan
Country United States
Victim Location NC 28216, USA
Type of a scam Advance Fee Loan
Scammer's website dearborn-investments.com
Scammer's address 4567 b pine island road Suite b, City of Sunrise, FL 33351, USA
Scammer's email [email protected]
Country United States
Victim Location GA 30277, USA
Total money lost $16,752
Type of a scam Advance Fee Loan
Scammer's website www.sororcapital.com
Scammer's address New York, NY, USA
Scammer's email [email protected]
Country United States
Victim Location CA 92708, USA
Total money lost $16,979
Type of a scam Advance Fee Loan
On or about 1/8/24, I received a call from a Jordan Williams of Soror Capital, phone number: 786-233-0824, email: [email protected], claiming to be private lender with a proposal for a business line of credit. He asked if I was still looking for funding or a business loan for my company. I stated that I was still in the market and looking for some working capital. Jordan requested for my 4 months of bank statements then explained the process by stating initially to me that my business can have access to a Line of credit of $300,000 based of my bank statements. For me to have access however, I will need to pre -pay a fee of $ 20,000 for a $300,000 line of credit to which I declined.
Soror/ Capital Jordan then provided another proposal/option: I would go through a performance plan to which go through a Merchant Cash Advance through their affiliate/sister company and once the fund(s) is received, I then pay the cash advance in full plus fee and interest immediately. The fee will be smaller and will save me about $4000 than the pre-payment fee he initially proposed. During the same day, Jordan Williams from Soror Capital sent the agreement for both the MCA advance and Line of Credit. The agreement/contracts was from Soror Capital for the Line of credit and Turbo Capital for the MCA advance- which as explained to me by Jordan Williams are both their sister companies.
Soror Capital Underwriting Dept also sent a link for Cycle Holdings portal access for the line of credit. Jordan Williams of Soror Capital explained to me further that the access for the line of credit will be from Cycle Holdings which is also their sister company.
On 1/10/24, I signed the MCA agreement for the amount of $20,000 with Turbo Capital. On 1/11/24, Jim at Turbo Capital with phone number 917-934-3163 called and did a bank verification. Terms as follows: Net Funded amount to be received $ 14,000 and $999.33 daily. On 1/12/24, the amount of $14,000 was wired to my business account.
Several calls and email were made/sent by Jordan Williams/Soror Capital to follow up on the payoff amount to be wired to Turbo Capital asap on the MCA advance so I can have access to the $300,000 line of credit.
On or about 2/5/24, the amount of $13,990.72 was wired to Turbo Capital bank, Metropolitan Bank in NY with acct # ending in #3205 as payoff for the MCA loan balance after 16 days of daily withdrawal of $999.33. A total amount of $$16,979.33 was paid to Turbo Capital.
A copy of my wire transaction was sent via email to Soror Capital/Jordan. Jordan/Soror Capital and I also spoke to confirm receipt of payoff wire memo. Jordan also proceeded to advise that he will open the Cycle Holdings portal so I can access the line of credit funds.
Please note that I was fraudulently induced by these lenders who said upon receipt of the amount of $16,979.33 would loan me through a line of credit the amount of $300,000.
As of 2/19/24, I am unable to reach Jordan Williams or his office and have not been able to access the line of credit or get a refund of the total amount paid to Turbo Capital $16,979.33. The Line of credit access through Cycle Holdings has now been deactivated.
Scammer's website DOCUSIGN WAS USED NO WEBSITE
Scammer's address 155 SOUTH MIAMI DRIVE FL 33121 1624 TROPICANA PKWY WEST CAP SPACE CORAL FL 33993, MIAMI, FL 33121, USA
Scammer's email [email protected]
Country United States
Victim Location NV 89521, USA
Total money lost $6,650
Type of a scam Advance Fee Loan
Scammer's website shorefundingsolutions.com
Scammer's address 5701 NW 88TH AVE, Fort Lauderdale, FL 33321, USA
Scammer's email [email protected]
Country United States
Victim Location NY 11552, USA
Total money lost $16,000
Type of a scam Advance Fee Loan
Scammer's website ontimecap.com
Scammer's address 630 E. New York Ave #3 Brooklyn NY 11203, Brooklyn, NY 11203, USA
Scammer's email [email protected]
Victim Location CA 90045, USA
Type of a scam Bank/Credit Card Company Imposter