The Loan Source, Inc E 83rd St, New York

Terrible customer service. They also go by NEWITY to service your PPP. They provide no phone number, so address and no email address on their website. They have a bot chat box that is useless. I filled out a form yesterday because I wanted to start the process of paying back my PPP loan. I got an email 24 hours later saying my first payment is due TODAY and a late fee will be charged if I don't start paying TODAY and they don't provide an online payment solution that would allow me to pay TODAY. I'm sorry, but when it said to fill out this form to get repayment options, I didn't realize I was authorizing them to send me a notice saying to pay up right this minute. Don't contact them to start paying back your loan unless you are ready to pay that very moment...and even so...they won't give you a way to pay at that very moment...just a threat that they are going to charge you a late fee when they don't get it at that very moment.

The entire process could not have been smoother, easier, or faster. The online portal was clear, aesthetically pleasing, and simple to navigate, and when there wasn't a way to designate that nonprofits do not have "owners," they did a quick workaround to accommodate that. We had personal correspondence with members of the team, and all communication was professional, friendly, caring, and prompt. Plus, the turnaround time on our approval was lightning fast. Before we knew it, funds were in our account. We are grateful for the process and our successful application. If we were guaranteed this quality every time, we would come back again and again. Many thanks for the wonderful experience.

The forgiveness application on line was a breeze and my loan forgiven 100% in about a week. Applied for a PPP loan 2 and although it took awhile to get through to the SBA due to a code error, the support from staff was excellent. At different steps different people reached out to me via email and they transitioned to the next person seamlessly. Laura was amazing as she helped me navigate the code error and we figured out how to get the results needed. Once fixed, it was submitted to the SBA and approved and money in my account in about a week. A great team of people to work with. Thank you Laura!

I never write bad reviews. This is my first one. In my opinion, this company should not be in charge of processing these loans. I have been in a Verifier Action required status for over 2 weeks now... "vi. Verifier Action Required – The underwriting team has noted they need additional information from the verification team or from you to advance your application. Estimated turnaround time of 1 to 3 days". This is there language. I am in need of a PPP loan to help my business run, and I feel that my chances are extremely low since the delayed process. I have sent over 6 emails in the past week with no response from an actual person. It just keeps redirecting me to a Customer Service Form - The Loan Source... Also, the phone services are down with this company to "better serve their clients".

They processed my PPP application from start to finish in just 2 weeks. Their online application portal is smooth and easy to complete. I received personal emails from an account manager throughout the process. To give some context, I applied for PPP with 6 different banks in total. The Loan Source were the only ones to actually get my application complete. 4 of the other 5 banks are still "pending" months later and impossible to reach on the phone. As a small business owner, I am so grateful I was lucky enough to discover The Loan Source. I'd give them 6 stars if I could.

I am small business owner who has been impacted by COVID-19. I applied for my PPP loan on March 16, 2021. I was left in Underwriter Reviewed for weeks. My loan was approved and I signed the paperwork. The status did not change. Today, May 13, 2021, almost two months later, I received an email saying that my application had been withdrawn due to lack of funds. The funds ran out on May 4, 2021, a month and a half AFTER I had submitted my application. They had my application for two months and now I am unable to get the PPP loan and I can not apply anywhere else. I have tried to contact them and I get generic emails in response. Unless this issue is resolved, I will never use their services, nor will I recommend them.

We used Loan Source for both PPP Loan rounds. Loan Source did a great job helping us through the entire process. They were super responsive and funding was received quickly with no issues. Special shout out to Grace Waters who worked with us on our second round, she was a true professional and did an outstanding job. Thanks Grace!!

The loan Source was excellent with our 2nd PP loan. It was processed, approved and funded in 20 days. It was incredible. My first loan took for ever and we almost missed getting our business the money we needed. Very happy with their service!

So frustrated. My initial PPP loan was so fast and easy with the local bank that I did it with. I submitted my application through Loan Source almost 3 weeks ago and they told me it was submitted to SBA two weeks ago - I still have not been funded and so many others I know have. What is going on!!!??? I also submitted my loan forgiveness application on December 31st and nothing has been done with it. What is going on here? I am concerned I will never be funded like others who have submitted their reviews.

We applied for the PPP with Loan Source and even if it was simple to do, an employee reached to us to let us know that we uploaded a wrong document. They helped us to have everything right and we got our money fast. Very good service. Very nice people. We were very happy to work with them.

The process was so painless and professional. I received my PPP Loan 1 week after my application was completed. The response time was amazing if I had a question, or if something was needed, I was quickly notified. I have recommended others. Thank you

I am the pastor of a small church. We were referred too the loan source through our bank to process our second PPP. We had gotten our first through a credit union that said they weren't taking second draw PPP which is what brought us to Loan Source. Truly the most frustrating company to work with. Do not put your application through them. I had filled out all information, received documentation to sign from them that had the wrong information on it. I contact their digital customer support and hear nothing back. I put in multiple "service tickets" to no avail. I try and call them, they say their phones are shut down "for my convenience" and to use the online form where I wasn't getting any response. I then get an email saying my loan application has been submitted to the SBA when I never signed it! I got three more emails saying we submitted without signature over about 3 weeks and still never got a chance to correct my information. They also sent me two more loan applications to sign still with the wrong info on them, never signed those. Finally got through to a real human being who in the end couldn't actually tell me if our unsigned loan application had been submitted or not. They said they were going to revert our application a week ago so we could make corrections and still haven't heard back about that. Luckily, our old credit union has reversed course and is processing second draw loans so we are going to apply through them and I have contacted loan source to withdraw our application (if they did send it). We are a small church serving our community in need of this help, and wasting a month trying to deal with this company was truly the most frustrating thing in the world. Do not use them, find another bank or option.

Prior to my application for the 2nd round of PPP with Loan Source, I had an application in with Chase - the bank that I received my first round of PPP. The experience with Chase was horrific. There were weeks of follow up questions through secured emails exclusively. I could not get any assistance from a "live person" to answer questions or provide any guidance. They only provided a 1-800 that you waited minimally 45 minutes to ultimately speak to a servicer who had no information to provide. The Loan Source has provided a service whereby the local banks they have partnered with provide customer service, so the applicant can get get feedback and guidance. My application with Chase was pending for over 7 weeks when I ultimately cancelled. My application with The Loan Source was submitted March 26th, through the local bank partner who also was superb, and I received the funding by April 9th. I could not be more pleased with the service I received. Thank you Loan Source!

I applied for 2nd PPP loan through Loan Source. I was having an issue where it was not letting me submit the application. Unfortunately, I found the customer support to be non existent. I kept trying a few days in a row and finally the website let me go on to the submission screen. Once everything was submitted the rest of the process was great. Loan was funded in less then 20days. As long as you don't need customer service then everything should be good.

MY company submitted loan documents on 1/8/21. We received notice that our loan was approved but was on hold by the SBA due to a discrepancy. We have sent the information 5 times to this fly by night company, and they keep sending back the same BS. You can't contact a person to ask what is needed, only the same email comes back. I intend to file an inquiry with the NYS AG if I don' get satisfaction by next week. Edit: As of 5/20/21 Everything worked out but only after I had my bank get involved. I was eventually awarded my PPP loan but that does not change the fact that I had to deal with very rude representatives. I would receive passive aggressive emails stating there was a problem without being told exactly what the problem was. I would recommend avoiding doing any type of business with this unprofessional company.

I had a very straightforward PPP loan situation, was careful about submitting all the correct documents, and had my funds from the actual bank (The Loan Source is a kind of middle-man; they don't provide the funds themselves, but they make all the necessary connections for you) within 11 days. So I am very, very pleased at this point. That being said, I do feel that if I'd had a problem or glitch it would have been hard to get a person to help me. I got many, many automated emails from them that always seemed to be a few steps behind what was actually happening, and some were redundant. The dashboard did not have very granular information as to status, but as it all worked out in an acceptable time, I am happy with them. As an independent consultant without a business bank account (don't need one for how I function) I could not do the PPP loan process with my own bank (and they are one of the big guys). So I'm extremely grateful that the Loan Source was an option. Fingers crossed that the forgiveness process is as smooth.

My expectations were pretty low since my first attempt at obtaining a PPP loan for my small practice was unsuccessful and intimidating. This time I had a little help from Chris (my fairy loan godfather), who offered some focused guidance and support. I still can't believe that this time, I was had loan in hand in 20 days. After more than a year watching my business become more and more depleted, this was truly a God send.

Filed Early was 100% prepared. Could not reach a competent human through phones, email or chat after many attempts. Still have not received my loan docs even though my associates who filed with other institutions have now been funded or received promissory notes from SBA. I have provided my bank with the transcripts of the many issues I have encountered. I have also contacted the SBA and BBB. The only way I have seen a person able get any type of response is through this review site. This company is the worst I have encountered in my 30 years of business. After the treatment I have received I fully intend to pursue this to no end. I'm not interested in the "Owners" response. Understaffed, Incompetent, Unprofessional, Rude.... Unimaginable, My bank feels terrible that they have contracted out to this sham. I believe there will be many lawsuits coming down the pipe, I am documenting as I go. Unbelievable that I actually submitted documents and the basic application on 01/15/2021 and have yet to have my application submitted.

We recently dealt with The Loan Source Inc. in attaining our PPP Loan. It was a quick process as we received the loan in about 3 weeks. Once you have the correct documents one should not have any issues. The service was very professional and i will continue to do business with The Loan Source, Inc.

I applied for the PPP loan prior to the new loan modifications for self employed individuals. They approved my loan, but weeks later the Administration allowed self employed workers to borrow the funds based on their GROSS income rather than the net profit. I contacted this company to return the funds to reapply. They advised I could not cancel the loan. I would have received 16k more. What a disappointment.

My overall experience was nothing short of incredible. Loan Source made the whole PPP process absolutely painless. They kept me and all their clients apprised as PPP2.0 was going live and even gave us a head start to apply. I think it took less than 2 weeks from application to funding.

I was able to start and finish my PPP2 loan in 20 days. I had a few bumps along the way, but they were quick to respond. It is not always easy to deal with this type of situation and I believe as long as I submitted the right information, I was quickly approved.

We have been trying desperately to file for loan forgiveness with zero luck. The site hangs forever trying to upload statements. And when trying to upload payroll info we have been getting the same error message that there is a technical problem for 10 days. We have been trying for weeks. We have one ticket that was started over 10 days ago. They say they make it easy. They do not. UPDATE: I do appreciate the response. Will keep trying. Update: this finally went thru. Thank you.

The Loan Source was recommended through our accountant. Our first attempt to secure a PPP loan through another loan company was a disaster. There was no communication after we were told our application had been accepted. It took over 4 weeks to get any other communication. Completely different story with The Loan Source. The application process, review, approval, and deposit into the account was just under 20 days. We were informed every step of the way. We would highly recommend The Loan Source to other small businesses to keep employees paid and business afloat.

I had a phenomenal, painless experience with my PPO round 2.0 draw 1 and 2. Quick, easy process. I would agree it can be difficult to communicate with them via their customer service but I emailed my loan officer directly and they were typically very quick to respond. Sent to SBA within 48 hours both time, loan note signed within a week and funded within 2 weeks. Incredible!! I think some of the negative reviews may come from unrealistic expectations. **note my PPP loan is under 150k

I didn't realize that this loan could be forgiven, so I didn't apply. My accountant informed me that my numbers for 2019 and 2020 were in line with the forgiveness criteria. So I applied with less then a week remaining and loan source got me approved in 2 days and funded in 4 days; Amazing!!!!! They knew what IRS forms and bank records I needed to forward to make this a seamless process. I gave them what was needed to fit their researched criteria, so they didn't need to ask me for anything additional. Thank You

I don't understand how anyone could post a positive review for the loan source. I ended up with them because Sterling bank sold our loan to this company. In addition to holding a negative view of this company, it also negatively colors my view of Sterling. Explanation for my negative review: The "dashboard" still shows that we owe for the 1st PPP loan even though I received an e-mail after submitting the forgiveness application stating that we don't have to pay back the loan. I find this unsettling. The 2nd PPP loan isn't even on the dashboard yet preventing me from applying for forgiveness. As another reviewer stated, there are no human beings to talk to. There used to be an e-mail and it took the employees forever to respond and the responses were inadequate. Now I don't think there's even an email. There is only a "chat bot" i.e. an automated response to whatever you type in as your question. I can't believe a company like this is in business. I'm wondering what my recourse is.

My original PPP loan was handled by Sterling Bank and the communication and overall process was seamless, with live representative guiding me every step of the way. Sterling later sold the loan to The Loan Source and getting the loan forgiven has been a nightmare. I have every bit of paperwork, including all of the e-signatures, which I forwarded to the required email. And then, crickets. I have dozens of email responses from this company wanting to know if the problem has been resolved, but there is no live person to communicate with. I would urge anyone considering working with this company to reconsider. If there are no live people to talk to, it's not a company that has its client's interests at heart and I would look elsewhere.

The Loan Source was able to provide funds for my PPP Second Draw in a record amount of time. There were a few glitches at first which were corrected quickly and always with email feedback from their personnel. All in all, I rate it as a very positive experience with a minimal amount of paperwork required for follow through. As such, my business was/is able to move forward through another year without skipping a beat!

The lender for my first PPP loan was no longer accepting applications for the second round because it was so close to the initial cut-off date. I was referred to the Loan Source and the entire process from application to funding was completed in 7 days! Fast service, and immediate communication were key to a successful transaction. Thanks!

Once I was able to submit our PPP loan application through them, we got the funding quickly. However, the process of getting there was not easy. The portal to submit the application was continually broke and needed upgrades to fix the issues. It was next to impossible to get a hold of customer service. None of my support tickets were addressed and I never received a call or email from anyone to address the support tickets. Even after receiving the funding, I continued to get emails that said our funding was on its way. The bank we went through for our first PPP loan contracted out to The Loan Source as a third party to handle the forgiveness apps. Otherwise, I would have not gone with them for the second round of PPP funding.

I tried applying several places for a PPP loan and was given the run around, so much that I missed the original deadline. On the second PPP loan opening same thing several companies gave me the run around, mainly because I use a payroll processor. I heard The Loan sources ad on the radio and I called the next day. I filled out the application on Tuesday and by Friday my paperwork was sent to the SBA and before 10 days were up I was funded. Absolute best Service, never had to talk to a single person and had no problems. Portal was easy to use, process was simple and they quickly got my funding. Thank You Loan Source!!!! You are the BEST!!!! I have referred you to several of my friends. I will definitely use you again!!!

The best move our local bank ever made was to let The Loan Source handle the 2nd round PPP loan. It was an easy portal to manage and upload our info. They provide immediate communication on when it was received, completed, in for approval and approved. They called to reconfirm account number and say hello. The money was deposited within 10 days! After the difficulty on the first round with our local bank, this was really a dream. Thanks for taking some of the stress out of running and managing my small business. It is greatly appreciated.

My bank sold my PPP loan to Loan Source right away so I’ve gone through the growing pains with them. This was a massive undertaking so I have been really patient and worked with them through the startup. The PPP program itself and the forgiveness rules keep changing too. Loan Source has got it down to a science now. I got my second round PPP loan in less than 2 weeks after application. It was amazing. They communicated with me via email and asked for a few missing docs but it was really quick and easy. Way less painful than the first round with the bank. I do understand the frustration of some of the reviewers that left one star. Communication has been a little rough but give them a chance, they’re working it out.

Everything was good. Loan came quickly. If you have organized paperwork it should be painless. As someone else said I received multiple emails telling me loan would be funded after I already received it. I don’t remember exactly but I definitely was funded within 10 days!

I'm happy to report that applying for PPP round 2 through The Loan Source was a quick and painless process. The automated system made everything clear, and any small issues were caught quickly and pointed out by a representative. We received our funds in a timely manner.

We submitted an application for a second draw PPP loan through The Loan Source and the loan was approved within THREE BUSINESS DAYS! I was so relieved and impressed with this company. The (not to be mentioned) big bank that funded our first PPP loan took four weeks to deny our second draw loan request because they could not verify our business name. What? We have been banking with them for almost 30 years, have several accounts with them AND they hold the note for our first PPP loan, but apparently, they don't know who we are. I was so afraid we would run out of time and I knew we qualified for the second loan, so I put another application in with The Loan Source. Their application process is very good and I encourage anyone who knows they qualify and has struggled with their big bank to apply through them.

I received an e-mail asking to share my positive review. Does this mean negative reviews won’t be seen? The Loan Source will not get a positive review from me. They think its great that it only took 20 days from start to finish for my PPP to be funded. I know a number of people that had it all happen within 10-14 days. And from start to finish with the several complaints that I made in their system and even through an e-mail to one of the superiors I have not had any good correspondence from the company. Three times I asked for phone calls to be made to me to discuss issues. And the worst of things, is they showed my company making $2.8 million dollars more than what I stated or what even showed on my Schedule C line 7. The superior said it was a clerical error. I told her this type of information on government documents was much more than a clerical error as a $2.8 million dollar over stated income could cause a great negative outcome for me. Not really wanting to face Federal Prosecution myself for something such as this!!! Of course, no apologies for any of the horrific things I experienced from start to finish. ACAP + The Loan Source should not be a company that is allowed to handle this type of funding and I would tell all financial institutions to ensure you do not put your members in contact with ACAP + The Loan Source. Any financial institution that does refer their members to this company must not have any care or respect for the members. SBA, please discontinue using ACAP + The Loan Source for the American business owner!!!

I am the President of Champion Electric out of Riverside CA. We are a small business trying to get our PPP loan forgiven. I have not had any correspondence with anyone from The Loan Source and our Forgiveness Application has been sitting in a portal for over 60 days. I put in service ticket over a week ago and all I get is an automated reply saying my ticket is open and most tickets are resolved within 48 hours. I tried calling their 1-800 number and the phone customer service has been discontinued for "my convenience". At this point I am appalled and shocked that I have had zero correspondence and my application process is beyond the allotted time by allowed by law.

My PPP process was a nightmare until I found The Loan Source. I was guided through the whole process by a professional that understood my unique situation and worked with me every step of the way. I can’t say enough about how happy I am that I found them. Forget about all other loan companies there is no comparison.

I applied for a PPP Loan elsewhere (where I received my first PPP Loan). While waiting, I decided to try Loan Source. They approved and funded my loan before the other company could give me an eventual decline. So, I am happy with both their speed and service.

I applied for a PPP loan via The Loan Source in February. I submitted all of the documentation and my business is eligible for funding. However, the business received a rejection notice via TLS' portal -- without any details or reason for rejection. I have called and emailed TLS numerous times without success. Eventually, a TLS representative scheduled a phone call with me to explain the reason for the application's rejection, but they did NOT follow-through and call me. It has been a few weeks and I am still waiting for the "rejection email" or notification that was supposed to be sent. It's one thing to be rejected, but there is another level of insult when the company that has been provided the necessary information refuses to provide it to you or appeal the SBA's decision. I would recommend that those seeking PPP funding do not use TLS. Apply directly through a local bank instead of a 3rd party company such as The Loan Source.

I read some of the other reviews and did not have any of their problems. My loan was quick and painless. The only issue I had was the status of the loan was not accurate, it said the loan was pending funding for 2 weeks after I already received the funds. Still easy experience.

Amazing group to work with at a time when we know all lenders and banks are swamped. Couldn't have asked for a better team to work with on my PPP loan application. And, the application process was certainly easy to navigate, which makes such a difference. Appreciate you!