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Someone Asked Me About Americor Funding Personal Loan Offer

By on April 24, 2017

Someone just asked me about Americor Funding loan offer and the strangest thing happened. Now just yesterday I wrote about another company named GreenLink Financial that appeared to be a lending company that had a relationship with a debt settlement solution.

When I did a search to see if Americor Funding, INc. was registered to do business in California, they are located in Irvine, take a look at line 16 on the registration form. – Source

It says “Describe the Type of Business of the Corporation.” And the answer is Debt Management.

According to CorporationWiki, Americor Funding is related to Americor Financial, an apparent settlement company. They appear have the same guy as president, a Banir Ganatra.

On their website, Americor Funding says they are located at 2211 Michelson Dr, Suite 370, Irvine, CA 92612. That is the same address used by Americor Financial. – Source

According to the BBB website, at least one person posted a complaint that appears to indicate this might be a loan offer push to a debt relief solution. Martizgla said, “They sent a pre-approved personal loan at 3.99% to pay off high interest credit cards, but what they offer when you call and waste your precious time is a debt consolidation program, I wish I could give them a negative number in their rating. Their intention was never to give a loan, Is a total fishing scam. DONT BE FOOLED!” – Source

Another person, JW, said, “Received an letter in the mail stating I was pre-approved for a consolidation loan at 3.99% which sounded enticing to me. After the run-around for 3 business day, and a scheduled consultation with a supposed underwriter, they tried to sell me the idea a debt restructuring program. This was a total fishing scam in my opinion and a complete waste of time.”

The company responded and said, “Underwriting reviews a list of items for qualification. A persons credit score doesn’t give you a complete picture of a someone’s ability to obtain a loan. So we also do an extensive review of their financial situation through a budget analysis. We worked very hard in those three days on Mr. ******** file to get him approved. Unfortunately, he did not meet our underwriting guidelines at this time. We simply informed him of an option to help get Mr. ****** back on track. We only provide options to clients that will help them gain control of their finances and help better their financial situation.”

READ  Americor Financial - Consumer Complaint - November 19, 2018

So it does seem Americor Funding has or will mention “options” other than the loan.

According to the Americor Funding website they are a licensed California lender. Their license was effective 4-22-2016 and originally licensed 3-3-2015. – Source

If anyone has any insight on the company or information they would like to share, please post it in the comments below. I could dig deeper but this was just a quick look.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


  1. Steph Huggins

    January 7, 2019 at 3:21 pm

    It is both. They settle your debts for much lower, reducing you total interest payments and then you are given the loan to pay off the smaller amount total. I’ve already saved so much money after just a few months and my debts have been negotiated at 50% to 70% of the previous total owed because it was mostly interest that I owed. I am paying less total and will be debt free in 3 years rather than about 18 years if I could only afford the minimum payments. I am paying less per month, less total and am excited to see light at the end of the tunnel for the first time in 15 years. I would definitely recommend Americor. It is the only thing that has helped me.

  2. Tommy V

    November 4, 2018 at 1:38 am

    If any of you guys have looked up BBB reviews for any Debt relief or loan companies, people will always say it’s a scam because these are people who cannot manage their debt and when they realize they misunderstood the meaning of debt relief, they take it to the internet to complain. Americor is a debt relief company – not the average loan company meaning that they are willing to lend you that loan assuming that you are looking to resettle your current debt. Because let’s admit it, if you have a below 620 fico score – nobody is going to want to lend you any kind of money without a collateral. Americor though will lend you that money even with a bad fico score if you can show that you can repay that money by putting money into an escrow account for 6-12 months while they pay your creditors for you. At the end of this, they’ll offer you that loan if you have not been late on any payments. The good part is that if for any reason you choose to just drop the deal, you get all your money that was put in the escrow account back minus any payments that was already sent to the creditors or the settlement fees. Some creditors of mine were able to settle 50% off the current balance. If you’re looking for a personal loan to pay off 2-3 credit cards, don’t take this route. I would recommend Americor to anyone who is currently in debt and can’t seem to get out of living paycheck to paycheck. Unlike personal loans where you’ll borrow more money and chances are…. you’ll still be in more debt 5 years later, Americor will get rid of that debt for you. Just ask yourself why do you need that loan and if given a $10K loan, will you honestly use 100% of it towards its purpose. If not, you shouldn’t be borrowing more money. You should look at other alternatives including having these debt negotiatiors negotiate your debt for you

  3. B

    October 23, 2018 at 9:59 am

    I have not used Americor, as I did some research before contacting them. What I found was quite disturbing, in my opinion.

    One site (Trustpilot) gives mostly rave reviews, with a few low reviews scattered in. However, the great reviews sound like they were professionally written, and I suspect that they may even be planted there by the company.

    However, looking at the BBB complaints, and Americor’s responses to them, I would not want to have anything to do with this company. According to reviews, they are misleading, or they do not contact the consumer, or both. They also give out information in complaint responses that, personally, I would not want out. You can see for yourself when you expand the complaint details at the BBB page:

  4. Stephy

    September 13, 2018 at 7:09 pm

    I have had great luck with this company. I had health issues, missed a lot of work and was living off credit cards for awhile. I have been trying to pay them down for 4 years and I have been only barely making a dent in the total amount owed with all the high interest cards of $20% or more. They negotiated my debts, cut my payments in half and I will be saving about $13,000 when I am finished paying off the rest of the loan. I will be completely debt free in 3 years total. I am very excited to be debt free and to have the financial stability to save for emergencies for the first time in my life. I don’t understand why people are so negative about this company and they have not even tried it. Everything throughout the whole process was very transparent and I could see all my accounts and everything they negotiate right in front of me. They are very organized. I would highly recommend them for those who have trouble getting out of debt and if the only reason you have a bad credit score is credit utilization is too high.

  5. Sarah

    August 31, 2018 at 3:11 pm

    I got a letter in the mail from Americor. They told me they would settle out my debts. Then give me a loan after 6 month to pay off the debts. The fee was 45$ per month. This sounds like a great deal. Should I accept it? Any advice?

    • Steve M.

      September 5, 2018 at 7:40 am

      Scam! Run from this company. Read their reviews and be sure to ignore the fake ones.

      • Henry Graves

        January 6, 2019 at 12:03 am

        I’m sorry but it isn’t a scam. I’ve been using them for 18 months and they have been completely professional. I’m half way through my program and look forward to being debt free in June 2020

        • Steve Rhode

          January 7, 2019 at 9:55 am

          So you got a loan and not sold a debt settlement program. Is that correct?

    • Steve

      September 5, 2018 at 7:43 am

      It’s a scam

  6. Sarah Kim

    July 9, 2018 at 2:28 pm

    Pre-approved for a Personal Line of Credit for up to $39,715 at ZERO interest and no payments for 15 months.

    This is A SCAM! UNETHICAL, bait and switch!

    I called and they wasted my time. I have very good credit and current on my financial obligations. I am however interested when a family or friend or any offer with zero interest and no payments for 15 months!

    I am a prime borrower. I have great credit, and current on all my payments. And that’s because I do not use companies like AMERICOR FUNDING that for one uses unethical business tactics.

    I do not need debt relief services. I am interested in what was promised written in the mail.

    Scott Kemp
    Vice President of Underwriting of this company needs to change their strategy in trying to get business from people! This bait and switch is outright UNETHICAL, a waste of paper, and waste of my time!

    You need to send out mail to those who are NOT CURRENT IN THEIR PAYMENTS, have low credit scores, because those are the people that you CAN MAKE MONEY ON!!!!

    I have great credit, always current in all my finances, therefore my time is VALUABLE! It is PRIME!!!!

    Do not market your product or offers as one thing but try to sell me another!!!!!

    That is outright UNETHICAL!!!!! If you say pre-approved for zero interest and no payments for 15 months, then that’s what you should offer! I called and was told that’s not what the offer actually is as there is no such thing of a product or offer. A personal line of credit is a personal line of credit of such zero interest etc etc… NOT GIVING ME ALL THIS LIST OF LENDING OPTIONS which has huge interest rates! Not everyone does not know mathematics that you lure them into thinking that they are saving for using your company!

    When you say you offer SHOES, and I called for shoes, DO NOT SELL ME DOG FOOD, I do not even have a DOG!!!

    I am a PRIME borrower and can borrow from Bank of America, BECU, Wells Fargo with truly LEGIT LOW interest rates!

    • Bob

      September 21, 2018 at 1:35 am

      If you can borrow from those banks, why did you call for the loan?

      Asking for a friend

    • Marion

      September 27, 2018 at 3:33 pm

      I agree so much with your post! This assh**** got my attention for a long minute when they offered a loan with a way lower interest rate than what I’m currently at. After a quick search I get to find out that they don’t actually do loans but offer debt settlement? what the actual heck are this guys doing wasting my time? I’m a serious person, I have gone into this loans being fully aware of what I signed up for and I know my obligation and I will pay it. These guys try to lure you by assuring you a lower interest rate (very enticing) but then switch on you and do two things

      1) bother you and straight up harass you until you sign up
      2) have you sign up, send your good credit score to hell and then leave you behind with at least 7 years worth of crap on your record.

      My question is.. why is this type of business even legal? Luring people into a “better” lending deal to switch it up and pretty much entice you to stop paying your obligations and screw everyone in the process? that’s not honorable, ethical and I downright would say illegal.

  7. Laura

    November 15, 2017 at 12:25 pm

    I just received the same letter in the mail. I’m glad you called them and posted this email. I do have a question though, since I am by far not a financial whiz: If you don’t mind, could you tell me your opinion after reading all of this? Is this something worth exploring or should I stay away? Also, how much was the pre-approved loan for?
    Thanks so muhc for any insight you may have.

  8. bobbiedeis

    November 13, 2017 at 9:38 pm

    I also received a mailing offering a 4% loan. After calling them and becoming suspicious, I asked them to email me the details. Here they are :
    Approval Recap From Americor Funding.
    Bridgette Leon

    You are approved for a debt resolution line of credit. Because you are over leveraged we must first refinance your debt… We refinance the amount you currently owe by getting rid of the high interest rates and reducing your balances by half. Once we have the new balances in place we begin distributing the funds to your creditors for the new payback amount.

    When you have paid which would be 15 months into the plan you will be able to use your line of credit to pay off the remaining balances owed, which will be at the most, at this time your creditors will be completely paid off and you will only owe back to us at Americor for the remaining balances you have. This will allow you to be debt free from your creditors in 15 months and allow you to rebuild your credit score to where it was once before. The reason this line of credit is so valuable is we begin reporting on your credit profile immediately even though you have not used it. What this does is gives you a good standing line of credit on your profile and drops your overall credit utilization. So from the very first month you are rebuilding your credit. This was actually designed for individuals in your exact situation

    Let me know if you have any further questions as I will be happy to answer them. I look forward to helping you become debt free.

    -This program will give you a definite solution to becoming debt free from your creditors in 15 months or less with Monthly deposit of $842.67
    -You will never make interest payments again and every payment will go directly towards principle.
    -So instead of making payments directly to the creditors (and throwing money away on interest), you will deposit them into an FDIC Insured Trust Account by the name of RAM. It is your account and in your name only!

    -We will work with your creditors and reduce the balances you owe on each account.

    -Once the creditor agrees to the reduced balance (which they will because we have pre- established relationships with them), we send the new terms over to you. After you agree with written or verbal consent we can then allocate funds from your FDIC Insured Trust Account and pay the creditors back under the reduced balance DIRECTLY TOWARDS PRINCIPAL.
    -It cost nothing to enroll. There are no upfront fees and no interest rates. Our company fee is already included into your reduced monthly installment and we can’t collect a single dollar until we’ve already begun settling your account because the program is regulated by the Federal Trade Commision with your protection in mind and monitored by the AFCC (American Fair Credit Council ).

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