NewtekOne
Reviews and Complaints

I am in the process of trying to obtain my PPP loan for my business. I went through the SBA website and was referred to Newtek to secure my loan. At first initial communication was great. Once they had me esign documents I was told I would be contacted by closing department. Never received any follow up. Couple of weeks pass, I reach out to my original lady(***) I was dealing with. She said that because of some new thing that passed actually get more now because I'm sole proprietorship. This is true. So she resends me the documents to Esign for the new amount. Once again waiting on closing department to finish loan. Never hear anything, again. It's been weeks, I have reached out to *** numerous times and I haven't heard anything back. I still haven't secured my PPP. This should've been taken care of MONTHS ago. Why is the Small Business Administration recommending this place to small business owners? What is going on?

Steer clear of Newtek! I should have run from them when the loan closing process was a total fiasco. The "closer" was rude and condescending. He wouldn't send me documents and then got made at me when I didn't know what he was talking about. It got so bad that another Newtek employee intervened and literally sent messages between the two of us. Right before loan closing, I discovered, because I had a third party look at the loan paperwork, that they were were attempting to overcharge me by over $4,000 on closing fees (a 25% overcharge for reference). The closing process was high pressure and I was about to back out, but the "closer" kept reminding me that I had already started construction and how was I going to pay for the construction if I didn't close the loan. He was right, I was stuck and overwhelmed so I signed, which was the worst mistake of my life. There have also been many other mistakes and issues and they are always horrible to deal with. Get an SBA loan from anybody else!

I reached out to this company for an SBA business loan, I went through the portal and submitted all my documents they told me I was approved. They were just waiting for me to give them a void check and I need it to sign some thing about $1150 payment I signed it turned it in they took 1150 out of my account and never gave me the business loan so I reached out to get money and I lost money and they have it set up and designed in such a slick way that you cannot get it back they call it good faith so it looks like a gift and I didn't mind giving it to them if I got my business loan but I never got the business loan they tried to make me start a whole new portal all over again after I was already approved with things that were nearly impossible to get or have. They should not have told me I was approved and then turn around and ask me for things I cannot provide especially after taking my money. I don't know why the SBA approves this company they are *** and taking from people and it's just not right.

Lita W I worked with *** Newtek on our PPP Forgiveness and cannot put into words how much I appreciated her professional and kind customer service that helped our *** company during the challenging times. She worked diligently to assure that I had completed all the steps and was always following up with me to assure that we were meeting the deadlines. She was a pleasure to speak with and would was prompt to reply and assist with my questions with also assistance difficulties with uploading our documents. She kept us moving forward no matter how frustrating at times became. She has amazing customer service skills and High level of patience. I could read it in email or hear in her voice on the phone that your company was the MOST important task she had to complete that day even though you knew she had many customers waiting for her to help them.I would not hesitate to work with Newtek again and highly recommend *** and Newtek has a VERY SPECIAL person working for their company!

I cannot believe that this company was recommended by the SBA as a lender, but I guess that just goes to show the lack of importance customer service is in regards to their opinion of recommended partners. In the course of 3 days, my PPP loan went from showing an EIN/Tax ID error to an error indicating I needed an color copy of my identification to criminal errors, business not active, etc. The worst fact about this organization is the lack of empathy shown for its clients who are already going through hardship due to COVID-19. The call that finally caused me to withdraw my application was when the man who answered the phone responded to my question inquiring about the status with," Let me give you the short version as I don't have time to go in depth. You have a lot of errors on your application and I do not have time to research them all. So you'll need to speak with someone next week." When I stated that it has been over a week and the errors just continue to multiply without explanation so please withdraw my application, this jerk responded with," Ok, Great."

The SBA Lender Match suggested Newtek as a source for a Second round PPP lender. I started the process in January . I completed the application and began uploading loan documents. Never once did I receive any type of confirmation email acknowledging my application or letting me know what documents I needed to provide to move forward. In early March I called and they said something was wrong with my application. Prior to MY phone call they never reached out to me to let me know something needed to be fixed. I have called again to resolve the issue and get a message to my loan officer. I only got a lecture from the rep about what a great company they are. No resolution. No returned call from the loan officer (for over a week now). Not one single email confirmation acknowledging my application or attempts to resolve things. I'm not sure what the motivations are of Newtek, but it certainly doesn't seem to want to offer a real PPP loan. As a minority sole proprietor, I hope SBA drops Newtek as a lending match partner. I've been sold a bunch of lies and have taken my business elsewhere.

I submitted a ppp application with newtek 03/08, I was approved by the SBA on 03/10. it is now 4/19 and I still have not received my promissary note. All of my documents have been sent in and rep has told me they are just waiting to review them, Everytime i call to check the status, i get the same rude *** answers talking about they are busy and I have to wait, then out of no where newtek uploads a google screenshot of a guy with the same name as I that was found guilty of murder, which idk what the *** has to do with me, I only went with this company because rbfcu refers them, I would never do business with this company again. It should be illegal for company's to have a hold on businesses approved funds without an explanation. The ppp loan application is coming to an end, that's the only reason why I haven't withdrawned my app. If a law passes where it is extended, I will be withdrawing my app. I understand newtek busy but other companies are getting people approved and paid in days its been almost a month and a half and still no *** real communication from newtek, I have friends who have been funded with other top lenders, in less than 2 weeks.

This company has completely misrepresented themselves as a legitimate PPP lender. They get the loans approved and then sit on the accumulating interest and then tell you that they are behind in getting a simple promissory note. I have been approved since Jan 25, 2021 for PPP round 2. Since then I have been misled, and lied to about where I am in this whole process. When ask questions, the reps get frustrated and hang up on you. The give generic responses to the question and then never give any real-time information. Today is March 3, and today some guy tells me it will be an additional 6 weeks before they get to me. What kind of nonsense is that? I suspect that banks like tat, take on these loans to get the accumulating interest that the SBA will later have to pay them for the use of those funds. Even though they haven't been disbursed, banks are still entitled for the interest that accumulates on those funds that have been reserved. I want this investigated. If they are going to be a help, then help. Don't tie up the system and our opportunity to get legitimate help. At the end of the call before being hung up on, they tell you to withdraw and go somewhere else as though it was that simple. That's help for you!

3 representatives to find requirements and their best one lied...Ryan lied about requirements and hung up on a potential customer... I called back up got a solid answer from the third representative (candido) was helpful...unlike the last two. Teresa and Ryan were rude to a disabled veteran who they would not let me speak and kept cutting me off and then when I am switched over to different representative he laughs at me and lies about thre being a credit score requirement and tells me his colleague lied to me about having a 700 credit score...I asked for a manager or supervisor to give me accurate info he then (Ryan) ex- 10515 then says no he doesn�'t want to give me his managers info and does not have the time for me and has to go make call for REAL potential customers...completely and utterly disrespectful...and then shortly hangs up on me in mid sentence...his manager...(jessye brem calls me to only reiterate the exact same thing and then tell me and clarify that his own subordinate did lie and there is a credit score requirement and you don�'t need 700 credit score to qualify you only need 650 credit score. (Jessy brem manager of Ryan) tells me in a new phone call...why did Ryan not say this? Why did he lie to me and on his own peers? No thank you potential scam maybe...

Newtek handled the *** Loan Application and Loan Forgiveness for three (3) of our companies. The processing started on a frustrating situation and we had to keep pushing/asking for what needs to be done and for any progress updates...and, unfortunately, the answers did not come in a timely manner.Finally, by some stroke of luck, our accounts were assigned to *** who took the "bull by the horn" and guided us through the processes superbly. All our applications were submitted timely, and *** was most forthcoming with updates/reminders.Towards the end of the Forgiveness process we encountered some technical glitches with the Newtek system which caused a lot of frustration on our end. However, *** never gave up and continued to assist us in the best way possible. She even involved her *** Operations Administrator, ***, who was also most helpful and forthcoming with solutions. The process knowledge and know-how of both *** and *** completely turned what would have been a nightmare experience into a successful submission and complete forgiveness for all our three (3) companies. We highly commend the expertise and the impressive customer satisfaction service of both *** and ***!

I initially started an application through SBA's Lendermatch program. No more than 5 minutes after completion of the application I received an email from Newtek advising I was a match. I answered a few questions from the email and created an account via Newtek website. I never spoke with anyone and didn't follow up since the website had almost no information. After about a week or two, I decided to login and check status of my application. It showed (lending)? At this point, I'm not feeling too good about the wat this is going, so I did some digging, come to find out this company acts like a broker, where they shop around your info, submit a bunch of loan requests on your behalf and give people the run around about the status of the loan. So I decided to call and request that my application be rescinded. I spoke with a female CS agent who found my account and said that my application was cancelled and that there was nothing more I need to do. I check this afternoon and guess what? Apparently Newtek is still Lending to me, hmmm really? STAY AS FAR AWAY FROM THIS BUSINESS AS YOU CAN. As a matter of fact, I think I'll contact SBA to let them know of the scandalous dealings of this place. No contact, No contract, No discussion, just threw our account into "Lending Status" most likely to scam the government out of money they really aren't lending to anyone. Beware, you've been warned. I wish I hadn't trusted that something coming from SBA SHOULD be vetted first.

Applying for 2nd round PPP for one business entity and a 1st round for a separate sole proprietor business. Very poor experience and performance with Newtek. 2nd Round S-Corp, Applied Feb 28, SBA Loan Approved March 10, email from NewTek indicating the Loan was being moved to a "Closer" March 17. Today is 4/27 and have received no emails since 3/17 . I have called 3 or 4 times and each time am told ... looks great. They are working on loan docs, should be any day now and variations of "the check is in the mail". I picked Newtek as they were referred by SBA matching system and I was not happy with how Chase was handling the 2nd round. With Chase Bank it took 5 days to complete application and once approved funds were in my bank a couple days later. In total about an 8 day process. For my other business, I put the application on hold initially due to SBA rules, however SBA changed the rules in February and I submitted an updated app and additional documents on 3/27 and notified Newtek. It seems they may have done some work on 4/1 looking at my portal, but 0 contact with me aside from 2 phone calls by me with reps indicating it was "in process". Based on the services provided by this company I was considering and even had referred people to them as a possible payroll and business services company. I've since retracted that referral and think they will not perform on my application. I am at a loss for what to do because both loans have been approved by SBA and I am unable to apply with a real lender and need the funds from these PPP loans very much.

Terrible Service maybe even fruad..My name is *** Owner of *** by *** and I have been in contact with different people regarding my PPP loan with you guys. . This is frustrating I am getting the run a round not receiving emails back after contacting people. being told different things from different people. on 1/25 was approved for a PPP loan $26700 never received notice of this loan was in contact with three different people at the time. six month later finally after many calls and sending an email to corp. I get a response only to say that my SBA loan was updated to $1100 no explanation and no further steps. I then send and email to the person that updated my loan on 6/23 never received a response then I call on 6-25- 21 and is given an email address to yet another person with no response. Now I check and it is saying that on 6/23 the $1100 was fully cancelled what is going on and what are you people doing this is just crazy. Its like no one knows what the other one is doing do I need to contact the SBA. because this has gone on too long and too far. No one ever ask for a IRS 4806T i never signed a promissory note for the loan just told the loan amount its as if you guys are trying to keep small business from getting the help that they need. I will be forwarding all of these emails to the SBA and the ComplaintsBoard.com along with the Consumers reporting agency this is just unfair. Not only to me but any other small business that you have done this too. All I ask is that this be corrected . the first loan amount was approved on 1/25 for $26700 by the SBA in Michigan after the update the letter then stated that the first loan was returned on 1/25 which is impossible the same day that it was approved sounds fishy however the new amount of $1,100 was approved by the SBA out of California now that was fully cancelled on 6/23 the same day that i sent an email to the person who updated the SBA loan. .

AVOID AT ALL COST. This company caused my business partner and I to lose an incredible, time sensitive deal. Although our agent was told multiple times that our situation was extremely time sensitive (being that a real estate transaction was involved) and that I (not my partner, who works a full time job outside of our business) am the primary POC, she took her sweet time with our application and almost always reached out to my partner instead of me. This frustrated us both thoroughout the entire process. Our "agent" took a break from work for a week without telling us (in the middle of our process), and placed incompetent people in charge of our application without telling us (or them. None of the stand in agents knew anything about our situation or made any effort to learn about our situation). The online portal is full of flaws. Once we submitted documents to the portal, they instantly dissapeared. When it was brought to our agnets attention, she indicated that it must be an issue with my computer. Our agent wasted our time on multiple occasions. We were frequently told that we would be contacted within 24 hours about one issue or another (there were multiple), and would often not hear back until we called or emailed them. The final straw for us came when we lost the deal. Our loan was in underwriting and we were told that we would recieve a call by the very next day. We still have not recieved that call. They only made efforts to contact us again after we told them that we were no longer interested in doing business with them. They told us that we still owe them money for the "work" they did (not do) and tried to charge our business account using the authorization we gave them to pull earnest money from our account. Overall the most unprofessional and time wasting company I've ever dealt with. All is not lost though. We now know that a better option for the future would be another lender, an animal of some kind, or maybe a toddler. ANYTHING BUT NEWTEK.

I'm quite disappointed in this company, especially considering the fact that they have a Boca Raton address and I'm right down the street in North Miami Beach. They were recommended to me by the SBA Lender Match during the 2nd draw of PPP loans. Since I'm a minority business owner (who was approved early on in the First round of PPP) I applied in February during the period set aside for minority business owners who have less than 100 employees. I received notification that the SBA had approved my PPP loan the first week of March. It is not almost 60 days later and none of the funds have been distributed. I reached out to the Small Business Administration directly to discuss the issue with them and according to them I should have received the funds in full from the lender by now based on the information I provided. A representative from the SBA even reviewed my tax paperwork and bank filings and found no issue. They said to reach out to Newtek directly to see if we could recitify the issue and get those funds out however, I emailed them and they only responded back once by telling me that "they" had declined my information based on the documents submitted. When I asked for clarification I didn't receive any or any subsequent correspondence from them. Then I came upon this thread and saw similar issues. As such I reached out directly to the SBA again and informed them of the progress or lack thereof and gave them a copy of the correspondence I received via email. Thankfully, they have decided to investigate this company as well as their practices and plan to review my personal PPP inquiry. The downside is that I had to go this lengthy route and that the SBA had to get involved. At this rate it'll likely be mid May or June before my company receives it's PPP funds despite being a small business owner who is a minority. That *** make things tough but I'm determined to get what the SBA said I was approved for and I'm determined to see some accountability for those who try to "game" the system or for those who are just sloppy when it comes to standard business practices.

This review may be a bit long winded,but I hope you will take time to read it. I am writting this review of Newtek Technology Solutions based here in Phx Az. I dont feel it is necessary to go into detail about the specifics of my initial interactions with Newtek. I have been a plumber in Phx az for over 35 years and have started my company shy of a year ago. Newtek built and hosted my website. In my 35 years of plumbing I have always been employed by a company .Several in the Valley and I have learned that you will NEVER please every person you deal with. Not every client is going to be having a great day and sometimes no matter what you do; you will still end up feeling as though you didnt succeed with that particular customer. At least thats how I have felt the few times I have been unable to please an unhappy client. But in this business I have always done my best to do the right thing,to be honest with people even when it is the most difficult thing to do. My initial dealings with Newtek were...Upsetting. I had basically given up and accepted the fact that the situation wasnt going to change and I needed to find a way to just let it go. Newtek is a huge company with different subsidiaries in the business industry. I am a single owner/single employee plumbing business just trying to find my way into the marketing world of large plumbing companies with endless marketing budgets. I received a call one day out of the blue from the president of Newtek. And all he had to say to me was..Roger, I heard about what was going on and WE want to make it right. The biggest thing that stuck out to me besides the fact that he even called me,was that he used the word WE. WE want to make this right and when you have time here is my personal number, call me and we are going to fix this. He didnt have to call me, simply could have went on with his day and this little nobody plumbing company would have continued to fulfill the promise it made on paper. So,I feel it is important to tell people that there are actually still ethical companies, there are still people who care about the little businesses, And there are still people in this world that will go out of their way to right a wrong even if it means taking a loss. I have no idea how many people are employed by Newtek but When the man/woman at the top speaks from the companies collective and uses the term WE , I need to share that so anyone reading this knows my experience. There are always going to be individuals within a company that have their own agenda.. Newtek as a collective has proven to me without question ,they are a trusted choice in a business that lacks ethics and will tell you whatever you want to hear to help their bottom line. thank you for reading and I hope it helps if you are thinking of using Newtek for any of your business needs.

signed:

I been using them for 2 years Every month I got charges Fees over 500 plus the processing fee , I tried call customers service many times no help I'm not under contract with them not sure why I got all this fees they don't want tell me what's the fees for I tried talking them they take my number and they said someone going call me but no body call me I decided not to leave and cancel my account and I'm file complaint to Federal Trade Commission