The financial service is a broad area and more so when it concerns private lending there is a need for a high level of transparency. Kennedy Funding is a popular player in the private lending sector. The company has been in the news for wrong reasons lately. Because of some scam reports appearing often on the web. This has led to preparation and release of these reports that have occasioned worry among the borrowing clients and prospective clients of the firm. To continue with this article, we will look at details of the Kennedy Funding ripoff report. Look at some of the testimonials made against the company and give you some tips on how to avoid such scams at any one time.
What is Kennedy Funding?
Kennedy Funding offers funding for bridge loans, construction loans and all other commercial real estate finances. The company has been known to offer approvals faster than the competitors and offer rather liberal terms of the loan which attracts real estate investors and developers who are seeking short-term funding solutions. Kennedy funding ripoff report however, has been expose in ripoff reports and negativity because of a question mark on its operation.
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Understanding the Ripoff Reports
The ripoff reports against IT Kennedy Funding primarily focus on a few key issues:
Hidden Fees and Costs:
A number of clients have complain that the company charges them hidden fees as was never inform to them upfront. The charges can also hike the cost of the loan and the borrowers might be shock by the extra amount that they will need to pay. Also, sometimes the borrowers have state that the company deceived them on the amount of charges that would be require for the same loan.
Poor Customer Service:
Sometimes the bad service delivery is attribute to rude employees, inadequately trained personnel or managers that lack adequate product knowledge. Borrowers have claimed that communicating with them once they partnered with Kennedy Funding became difficult. Since they refused to divulge information once they signed them in. A few clients complained of slow response time and confusion as well as inability to get through their loan officers for support.
Misleading Loan Terms:
Some of the ripoff reports are that, the Kennedy funding ripoff report offers fake loan terms. Some of the borrowers have alleg that competitive changes were made behind their back. Thus denying them full understanding of what they sign for thereby resulting in unhappiness. These modifications were usually focus on interest rates, re-payment schedules or the amounts of loan. Which are sensitive economic factors within the borrowing schedule.
High-Pressure Sales Tactics:
There have been reports that Kennedy Funding engages into aggressive sales techniques. It would like to force the client into signing contracts for the loan products offered by the company. It can present borrowers with limited time in which they cannot effectively assess the details of the loan agreement offered to them.
Analyzing the Claims
While these allegations are serious, it’s essential to analyze the claims critically. Ripoff reports and negative reviews can often be emotionally charge, stemming from a single bad experience. However, when multiple reports highlight similar issues, it raises red flags that potential clients should not ignore.
Hidden Fees and Costs:
Underlying charges may arise due to issues to do with communication, failure to convey information or failure to provide clear information. Borrowers should always seek to know other charges that relate to the loans being sought. It is also wise practice to seek legal or financial advice before signing any loan related papers.
Poor Customer Service:
To be more precise, it will be right to talk about customer service as an essential stage in any field. If a firm experiences negative word of mouth in the form of complaints about bad service delivery the problem could be deeper. Any potential clients should consider getting in touch with any of the company’s current or past clients to know more about Kennedy Funding.
Misleading Loan Terms:
Adjustments in loan can be made but such alteration must be made in writing and must be mutually consent by the borrower and the lender. When the terms seem to have changed, without the consent of the consumer, this is one of the most serious betrayals of that company’s consumer trust and most likely, a violation of the law.
High-Pressure Sales Tactics:
The aggressive sales tactics are widely use today in most industries but are especially dangerous in the financial sector. The following is important for customers to understand and it is that any loan agency that seeks to rush customers into signing documents should be avoid. It is always wise to look at terms critically and never be rush through them.
Mention the possible ways that would enable an individual to avoid falling prey to a possible scam.
To that end, it’s always important to safeguard yourself against scams and other dirty tricks whenever you are launching or engaging with any type of financial institution – especially with private lenders such as Kennedy Funding.
- Do Your Research:
Be smart and do your homework when selecting your lender. You should search for the customers’ reviews, ripoff reports, and other sources of feedback from clients. One can search for a business on websites such as Ripoff Report, Better Business Bureau (BBB) or Trustpilot for a general perception of the entity in question.
- Ask for a Detailed Loan Estimate:
Make sure that you get a disclosure that contains all possible costs that come with the loan. It should be made available to you before you go ahead and make several agreements.
- Consult with a Financial Advisor:
Consulting an expert also comes in handy when it comes to going through the loan documents in a bid to consider. Whether there are signs that should make you develop flaws over the loan. An advisor can give a second opinion and tell you whether or not such a loan is good for you.
- Read the Fine Print:
The details of any loan should always be scrutinized and sometimes a borrower ends up being surprised by the fine print. Sometimes you find clauses that can let the lender adjust the rates or even charge an extra amount for the loans. Knowledge of these details can save nasty shocks later on, and help towards making the most of the home windows.
- Avoid High-Pressure Sales:
If you are pressured to sign the given document, feel free to take your time. Being reasonable, legitimate lenders will afford you time to think about your decision.
- Verify Licenses and Certifications:
Find out if the lender is legal to work in the state of the country you live in or in the particular state which you are in. This information is usually available on the official governmental web-sites and can offer the evidence of the lender’s membership.
Conclusion
Although the ripoff reports against Kennedy Funding contain genuine issues of concern, their analysis should be done under consideration. It is not always a sign that a scam has been perpetrate. However, repeat negative reports of similar scenarios should be taken as warning signs. It is of importance to exercise high levels of caution when interacting with private lenders. Especially due to high risks of scams and unethical conduct. Now you know how to protect yourself, and what factors to consider when planning your financial future. Thanks to these tips featured in this article.
FAQs
1. This usually comes with a desperation whereby by the time you realize you have been on the wrong side of the bargain as far as the lender is concerned, what do you need to do?
If you feel that you have been a victim to any internet fraud, report the case to your state relevant authority and the BBB or Ripoff forums. It may also also be beneficial for you to consult with an attorney regarding your particular issue.
2. Is Kennedy, like all private funding, funding ripoff report Funding a risk?
Not necessarily. Even though there are many private lenders with which some of them can be involve in more or less unethical practices, the majority of them are rather reliable and provide important financial services. One must take time and look at various lenders with a view of selecting the right lender with a propensity to practice the right things.
3. It is now important to know how to confirm the authenticity of a lender.
The legitimacy of a lender can be determine by assessing the licenses and certifications of the lender. Reviews and comments and even approaching the regulatory bodies or consumer agencies.
4. Am I allow to negotiate loan terms especially with the private lenders?
Indeed, the majority of the private lenders are willing to converse about their offering. There is no one who likes to be a party to a contract which they have not agreed on because of its unfavorable terms.
5. What are the signs that make one suspect that he or she is dealing with a fake loan company?
Some of the features that should alert one include asking for upfront charges, promising approval without credit check. Failure to provide physical office and phone numbers and forcing you to sign on the loan without taking time.
