ComplaintsforBackd Business Funding

• Initial Complaint

  02/08/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I received a flyer in the mail from Backd Business Funding stating that my business was pre-approved for a business line of credit of up to $750,000. It went on to mention, if we cannot fund your business, we will pay you.with a FREE $100 Amazon Gift Card. I needed business funding so I called the number on the flyer and reached ***********************, a Direct Relationship Partner whom I gave all of my information to about myself and my business and I told him upfront that my credit was not great and expressed my concerns of not getting an approval even though their flyer stated I had a pre-approval guaranteed. He was confident that they had several lenders and that I would get an approval by one of them. I mentioned the flyer to him and asked about the free Amazon gift card if they could not get me funded and his exact words were,WHATEVER THE LETTER SAID. I moved forward with the application process and I did NOT get approved for anything. I had to ask **** to get me the gift card and he told me he was informed that I didnt qualify for the gift card. If I gave **** my credit scores, shared my income and provided several months of bank statements then why would he even bother wasting my time and his to process a complete application if he already knows the requirements and that I dont meet them based on my scores and income and that the flyer I mentioned was just a gimmick? The letter was completely misleading and a lie to get any and everyone to apply and whoever sticks will stick and those who dont stick is oh well. I asked to speak to a manager and I reached *************************** who claimed she was a manager but is titled as a Sales Operations Specialist. She heard my side of the story and said she would get back to me once she spoke with the higher up. I had to reach back out to her since several days had passed without hearing from her and coincidentally she had an answer and that was they could not honor the letter, they would not be giving me a gift card. Needless to say I was very unhappy and felt like I was just an applicant that didnt mean anything to them and since they couldnt get me funded they just discarded me and never had any intentions to live up to the very flyer that they created.

  Business response

  02/08/2024

  HI *******, please see the screenshot showing our terms in condition on the first page. "Offer applies to business with $50k monthly revenue, 625+ personal credit score and established business credit." There is no gimmick involved here. The guidelines are straight forward. Backd is a very reputable small business lending company and did not hide the requirements. 

  Customer response

  02/08/2024

  Complaint: 21263645
  
  I am rejecting this response because:

  
    This is very incompetent of you not to mention very negligent. Since you and your Associates are so good at pointing out the requirements, why would *********************** move forward with taking and submitting an application on me when he was briefed up front about my current credit scores and monthly revenue being below your requirements? You need to provide the $100 Gift Card. Im really disturbed that I even reached out to your company to do any business with you. Your lack of willing-to-do lets me know where your integrity stands and it looks like I dodged a bullet because I would never want to enter into a financial obligation with a company who cant stand by their own promotions and promises. 
  

  
  Regards,
  
  La *************************

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