Someone Asked Me About Americor Funding Personal Loan Offer

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.


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30 thoughts on “Someone Asked Me About Americor Funding Personal Loan Offer”

  1. This getoutofdebtguy is the perfect definition of extreme Democrat .
    Always trying to find any flaw in any business to simply discredit them and destroy them . What’s funny his negative publicity is actually better for business .

    Don’t listen to this clown , I’ve been in this industry since 2010 . Yes there are bad apples , and there are also those who do what they say .

    Many times consumers are stubborn they think they are lendable with a 600 fico , then they go off writing reviews because they we’re not able to obtain a loan . Works both ways , most companies in this industry have to follow guidelines to even be in Business , and also have to show they are issuing loans .

    Bottom line , don’t listen to this clown .

    • I’m just one voice and I welcome alternative opinions on any article. But while you just unloaded insults, you didn’t say what was incorrect in the post. What did I get wrong? I’ll gladly correct it.

    • Thank you! I love Americor and they have helped me cut my debt in half from $30k to $15k. I see light at the end of the tunnel and will have all my debt paid off in 2 years. It would have taken me 18 yrs had I kept paying on them slowly and accruing interest up the yinyang.

  2. I was referred to these cons by Lending Tree, which I find very disturbing. It’s a bait and switch con. They promise outrageous loans. 0% interest 12 months, with poor credit? If it sounds too good to be true , it is! False advertising. How can they advertise or offer a loan say through lending tree, but only be licensed in the State of CA for Debt Consolidation?????

  3. I just got off the phone with them and it sounds to me that they are going to offer me a loan. I was concerned because they said it was 0% interest for 12 months, the reason it was that low is because they are sending the money directly to the creditors. now after reading the reviews it sounds like they’re going to offer me some kind of consolidation relief where they try to negotiate new balances with the companies with the credit cards they haven’t told me that part yet I’ll probably find that out tomorrow

    • I used to work there and quit as soon as I learned what they are doing. At no point at all do they plan on issuing a loan. There are no underwriters. When they tell you they will go review with underwriting they just go grab coffee and talk to another person calling in and do the same thing. There is no review of any income documents which is a main piece of information when applying for a loan.

      The first twelve months are not 0% loan. The first twelve months you are moving your money into an escrow account. This is similar to you moving money from your checking to your savings. Of course you won’t pay interest when you are moving money from your own accounts. The scheme is deceitful from the get go.

      Last thought, no one is issuing personal loans at 3.99% especially after you stop paying your credit cards. I have listened to many of their recorded calls. They are straight up lying to everyone. They do not have a legal team in case you get sued. They say they will issue a line of credit…no they won’t. A line of credit is an account that you can carry a $0 balance on and draw any amount up to the limit at anytime. Again, 100% deceitful all the way through

  4. After a medical crisis, I ended up with 3 maxxed out credit cards and late on all my payments. Americor sent me a pre-approved offer before I had even looked into debt negotiation. I was distraught and scared and their “salesman” was really nice. His name was Joshua. He explained everything to me, or I thought he had until 10 months later when one of my creditors served me with papers for a lawsuit. They had been threatening to sue for 5 months and I had been in contact with Americor the whole time. Americor assured me they would take care of it. They also told me not to contact the creditor or I would mess up their negotiations. But they weren’t negotiating. They had done nothing and when the law suit hit, they said they couldn’t help me at all.
    They said they couldn’t help me with the legal case because they couldn’t give me the loan they had promised because I had lost my job. Even though I had other income, I had to have a job to get the loan. Meanwhile, they claimed to have “settled” my 2 other accounts with the $7,000 I had so far given them. Today I found out the lie of it all. I was unable to find a job in California and had to move. The state I live in now is one that Americor is not allowed to do business in. When they found out I moved, they cancelled my contract. When I called my creditors I found out that they had defaulted on one of the settlements, which means I have to pay the entirety of my debt minus the $3,000 I’d paid. The other creditor had been paid a total of $45! So out of what was by then $7885, I had only paid off $3045 of my debt. Americor had taken the rest – $4,000- in fees. They charge $40 a month just to do the RAM payments. They pay themselves upfront before the settlements are done. And if you leave their company, they don’t transfer the settlement or refund you the money. I am now waiting for the remaining $682 that was in my RAM to be refunded, but they have cut my email access to their customer service.

    I honestly think the positive reviews on YELP and other places are paid people or fake. For example “Drew C” shows up in a lot of them and the wording it the same.

  5. I used to work here as one of their Client Advocates. Their marketing is a bait and switch. Pretty much, the letters we sent to potential clients mainly talked about a “line of credit” or a “loan” to the clients. It’s not necessarily true. We had the clients call in and talk to us, while we gather some information, talking about the “line of credit”. After gathering the information, we tell the clients that we’ll submit the information over to our underwriters and we’ll give them a call back. Here is the thing…there is no underwriter. We are our own underwriters. The company wants us to do a two-call close, that’s why we do what we do. When we call the clients, we tell them that we have a debt resolution program available for them and go about the program and how it works.

    Yes, we may settle up to 50% of your debt (not all creditors will settle this much), but we charge a 25% service fee of your total debt. We then tell the clients to stop paying all the creditors that they will be enrolling their debt into. The thing that steered me away from this company is because at the end of your 0% period, you’ll be given a line of credit to pay off the remaining balance: e.g. your debt is $10,000. Americor’s program will probably tell you to pay $200/month into a trust account to set it up. So in one year, you’d pay $2400 into this trust account, so your LOC will be $5100 (because of the 25% service charge). Now, this LOC will have an interest rate of 26%-34%, but don’t worry, because now, since we paid off the remaining debt with the LOC, your credit will go up, and you can transfer the LOC balance into another credit card with 0% rate of balance transfer.

    IF YOU DID NOT YOUR CREDITORS FOR ONE YEAR (or more, in some cases), your score will dropped so bad that there is no way for you to be able to open another card for a while. Plus you’d ruin your relationship with those creditors that you will probably be stuck with paying Americor for a while. There are more into this, but I would walk away…

  6. 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.

  7. 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

  8. 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:

  9. 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.

  10. 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?

  11. 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!

    • 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.

    • I was skeptical too about the offer. I wonder how the company generates revenue to pay for their employees. I believe in order for them to negotiate some type of payments the accounts have to be closed. Creditors will write them off in their book as Charge-Offs. Otherwise, why would they want to settle for less?

  12. 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.

  13. 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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