Consumer complaint received 2021-07-30 00:00:00
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: PRESTAMOS RAPIDITOS
State: AZ

Complaint narrative:
***THIS IS REGARDING A PPP LOAN*** XXXX XXXX XXXX AZ Amount {$3200.00} Status Disbursed Current Loan XXXX App XXXX Funded XX/XX/XXXX Lender Name : Prestamos XXXX , XXXX A common question were getting is around Are my funds secure?. If you are already approved by the SBA, the answer is YES. As soon as you have your SBA loan number, that money is set aside specifically for you and has to be funded. 



I applied for my second PPP loan with XXXX. XXXX farmed this loan request along with about XXXX other loans to Prestamos XXXX, XXXX. After hurdles, jumping through hoops, I received SBA approval and was provided loan documents that were signed and supposedly legally binding. Those documents were provided by XXXX on XX/XX/XXXX by way of Prestamos to sign. I was advised on XX/XX/XXXX by my bank XXXX, that the funds in the amount of {$3200.00} were being returned to Prestamos XXXX. I knew this was going to happen and attempted to update my bank information prior to the money being returned but was denied. Ultimately the money was returned. I immediately attempted to reach out to both the lender and the third party XXXX. Prestamos completely wiped their hands of the matter. Despite having contractually entered into a loan with myself, and then, LYING TO THE GOVERNMENT in having public record reflect the above, that I had the loan funded and the funds were dispersed to me. 

The funds that were supposed to be designated for me and reissued, as any lender would clearly do, are MIA. I have documentation on top of documentation of this whole ordeal to demonstrate that despite currently being legally bound to a loan that has been accruing interest since XX/XX/XXXX, the lender has not once reached out to myself or the SBA to correct the information. My thought process is that this is illegal and this is being done thousands of times over by many individuals who online are advising of this same situation. 

The final nail in the coffin, after being directed to XXXX for any and all remedies to some entity who is not my lender, did not sign the loan documents, was now they are attempting to request extra information under threat of voiding out my loan, and they are in no way shape or form qualified or designated to do such. Yesterday, XX/XX/XXXX I received a call directly from an assistant to one of the district SBA members I had been in contact with. She told me directly and minced no words advising me in an expletive laced frustration the facts of what is happening. She said XXXX asked, and Prestamos had agreed to funds some loans. Problem was that XXXX sent over about XXXX loans in the final days of the PPP program. The money was allocated and dispersed, and I had the funds within my grasp. However, certain companies aren't designated to receive government funds, which caused a litany of returned funds. Instead of HOLDING AND SAVING those funds for the individuals it was meant to go to originally, Prestamos and XXXX utilized those funds to the fullest to cover those who were able to receive funds and disregarded all those who had funds returned. That is why I had months of stress and angst as I reached out to exhaustion to get much needed funds that were mine. I lost a sister to XXXX, and pleaded with them to honor their contract that I am on the hook for and have accrued interest on with them reflecting I have been funded. She said that at this point, Prestamos did get the funds back, but it is falling on XXXX who is scrambling to find lenders to cover these loans that were already supposedly guaranteed as you can see from the above wording of what to expect if you have been SBA approved. 

Now I am being fed lies daily saying 5 to 7 more days. I am seeing individuals in droves being denied after being SBA approved and told that they dont qualify now that this third party non lender XXXX  is reviewing additional information they are in no way even trained to handle and I cry FOUL! I already signed and now they want a full 1040 Tax Return from XXXX or XXXX. They want it to be filed and received by the IRS and documentation to support that. They advertise to this day on their site that you only need the Schedule C to qualify and also that they will help you fill out that document to drum up more business back when they were giving away money to everyone for tens of thousands. Now, they know they bite of far more than they can chew due to greed and are denying the remaining marginalized minorities and woman and the small businesses that were allowed additional time to submit for the remaining funds in the program. 

The reality seems they are stringing people along, for the most part, those who had funds returned and expecting to either have them get so frustrated that they quit trying and hope for a class action lawsuit ( which I'm 1000 % sure is coming ) or they are outright denying myself and others. Here is an example of what the non bank service provider is taking upon themself to state : " Hi. During our review and processing of millions of loan applications, we have continually added protocols to eliminate applications that do not meet the standards of the Paycheck Protection Program. Some applications had been selected by our underwriting algorithm for further verification, which we communicated via email. As part of our process, which includes a manual review by our service team, we determined that some application no longer meets the necessary standards for PPP loan funding. We know this is frustrating but unfortunately, this decision is final and can not be appealed. '' Granted, I myself have not yet been denied. But this whole issue is out of control. The unfair and deceptive business practices of saying I received a loan that was never received after it was returned. The stipulation now that they need additional information that was never required of anyone else previously, which I have a suspicion is meant to weed out more individuals to deny and one such message said they will contact the SBA to have the approved loaned backed out since despite having had the money free and clear before the bank returning the funds, it doesnt meet this non financial institution threshold of what they perceive is the standard for qualifying for the PPP. 

This is just so fraudulent and appalling that the government had selected such a shifty entity to service Americans and through their greed they are hurting small businesses all over. Not only did they not allow me to update bank information to get my funds redeposited, they are working with a prepaid card company called XXXX which is a whole different headache that I vowed to avoid in petition after petition that I will not be funded by a prepaid card for my business. But the fact that most are and did due to them forcing individuals to do so again pop out to me as another greedy push to profit themselves. 

There is so much wrong and bad going on here that I can go on for days and days. The biggest part is the lying on the SBA sites for hundreds of thousands of loans that may have been or may have not been funded. For those who didnt get funded, its gon na be a rude awakening down the line to find out that you are being charged not just interest but that you are on the hook for a loan not received or that was received and after being forgiven, they still go back and charge the government for accrued interest from a date that isnt even the date the funds were actually dispersed. I see this as another ploy as to why they are slow in doing anything for individual seeking money be resent, because they are making money both ways, interest on the money Prestamos received back and is holding under false pretense, and interest from the money that is marked as dispersed with an invalid date but they will still collect fully despite it being falsely reported. 

All in all, its is about me and my issue with the money I havent received that i am having reported has been and the illegal nature of just that. But also I am concerned with the whole gambit of issues and optics this creates. I am a XXXX business owner. This all fell apart after those that are not the majority were turned away from the free flow of money that the news shows was abused and given in unbelievable amounts with little to no verification to companies and individuals who are bad actors. Now I am legitimately given the opportunity along with woman and small businesses and the underserved, and the blantent Reg E and other violations that are being made under the guise of being supported by the SBA is disheartening. It's not right, it's not fair. I have an official signed contract with Prestamos and I will no longer let them sit silent and send me to submit tickets to XXXX for money they owe me. They have both made billions of dollars with this PPP program. I demand Prestamos be held to account and pay me what I was contractionally agreed.

Company response to consumer: Untimely response