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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.”

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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.


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.

2 Comments

  1. 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.

  2. 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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