Payday loan, title loan, or personal loan -- Getting the loan -- Complaint #4429305
Complaint Overview
Complaint ID: 4429305
Company: Crossroads Systems INC.
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Getting the loan
State: New York
ZIP Code: XXXXX
Date Received: 2021-06-03T12:00:00-05:00
Date Sent to Company: 2021-06-10T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, I submitted a PPP loan application through a lender called XXXX XXXX XXXX https : XXXX XXXX, whose information I found via a XXXX ad. My loan was approved by the SBA on XX/XX/XXXX, and assigned an SBA loan number. On XX/XX/XXXX, I was sent the SBA loan paperwork, which I signed and submitted electronically as instructed, and was told that the next step would be the funds being disbursed into my bank account within 7-10 days. When several weeks went by without mine receiving the funds, I tried contacting the lender, XXXX XXXX, but their email address was not working, and there was no number to call. I submitted a customer service request and did not hear from them for weeks. Nearly a month later, on XX/XX/XXXX, I received an automated email stating that there was " an error with your application ''. The email stated that my identity could not be verified -- this is completely bogus, as my loan would never have been approved by the SBA had they had any issue at all verifying my identity. And, secondly, the current loan is my second PPP loan ( the first one having been received through a different lender in XX/XX/XXXX XXXX -- so clearly SBA already has my information in their system and had already verified my identity and funded an initial loan over a year ago. I suspect this company to be committing fraud, scamming the applicants and delaying the payout ( or, possibly forgoing it altogether ) -- misappropriating the federal government 's disaster relief funds that are supposed to be promptly delivered into the hands of needy individuals who are suffering financial injury from the pandemic. FYI : I logged in to the SBA 's financial portal ( CAFS ) and I clearly see my approved loan, the assigned loan number and correct loan amount, and the status shown in the system shows that the loan was " disbursed. '' Disbursed to the lender by the SBA / federal government, but not to me -- I still have not received the funds, two months after being approved. When XXXX XXXX sent the fishy identity verification request, I reported them to the SBA Office of Inspector General, however I still have not received a response. Because I urgently need the funds ( if I did not, I would not have applied for a disaster loan!!! ) and after continued silence from the SBA, with a great deal of hesitation, I resent the scan of my ID, which I had already sent weeks prior with my original application and was hoping to receive a payment shortly. I received another automated email from XXXX XXXX, stating that my funds were guaranteed and were being processed. Several weeks again went by, and today XXXX XX/XX/XXXX, XXXX I received ANOTHER automated email from XXXX XXXX stating that there was an issue with my bank XXXX not true! ) as well as my financial documents ( also not true ; MY LOAN WAS APPROVED BY THE SBA TWO MONTHS AGO ALREADY! ) Again, it is clear that this company is scamming people. I would appreciate your urgent intervention with this issue. This company is completely fraudulent and they are hurting hundreds of other individual and small business who urgently need support!
Frequently Asked Questions
What is Complaint #4429305 about?
Complaint #4429305 was filed against Crossroads Systems INC. regarding Payday loan, title loan, or personal loan specifically about Getting the loan. It was received by the CFPB on 2021-06-03T12:00:00-05:00.
How did Crossroads Systems INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against Crossroads Systems INC.?
Yes, visit the Crossroads Systems INC. company profile at readthecomplaint.com/company/crossroads-systems-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.