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Report: #1341529

Complaint Review: Bank of Cardiff - Nationwide

  • Submitted:
  • Updated:
  • Reported By: Jerry — College Station Texas USA
  • Author Not Confirmed What's this?
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  • Bank of Cardiff Nationwide USA

Bank of Cardiff Mr. I needed vaseline ! Cardiff, California

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I am a small business owner in need of some additional capital to complete a warehouse for my business.  I have received many notices from Bank of Cardiff stating I am approved for $250,000 and to call to confirm acceptance.  I suspected a gimmick, but not to the following extent:

Nov 30, I call 855-234-0166 and spoke with Hashem, their licensed loan officer.  Before providing any information, I requested Hashem clarify what their institution is, since I had never heard of them.  He explained they are a small, government licensed bank specializing in small business loans.  I asked the difference between their money and an SBA loan, and he stated his money is much faster, easier, but costs "slightly" more.

Hashem then asked if I had a wish, what would I want. I proceeded to explain I need about $1 million to complete in project, but I have $350,000 of my own funds still available.  He took my request for $650,000 and quoted an interest rate of "around 10%" with terms of 3 - 5 years.  I provided every requested document immediately via scan and email.  He stated he would have loan approval within two days.

The follow day, I received a phone call from his underwriter who stated they could not do the entire $650,000 up front, but she would approve me $350,000 up front with the balance I needed thereafter.  She affirmed the rate would be around 10%, and mentioned their equipment financing which could cover the financial shortfall immediately.

Today is December 5, 2016 and I just received their email confirming their loan terms:  $95,000 for one year with a repayment of $125,000 !  

Their bate and switch business practices must be illegal along with their implied representation they are a regular banking institution.  I will forward a copy of this to the California Attorney General and the FDIC local office for their review.

This report was posted on Ripoff Report on 12/05/2016 03:33 PM and is a permanent record located here: https://www.ripoffreport.com/reports/bank-of-cardiff/nationwide/bank-of-cardiff-mr-i-needed-vaseline-cardiff-california-1341529. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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