Kennedy Funding, a private money lender, has been the subject of controversy and customer complaints. The Ripoff Report, a website that allows customers to share their experiences with businesses, has numerous complaints about Kennedy Funding. In this article, we will delve deeper into the complaints and provide an overview of the issues surrounding Kennedy Funding.
Complaints and Concerns
The Ripoff Report has numerous complaints about Kennedy Funding, with customers alleging a range of issues, including:
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Misleading loan terms: Customers have reported being misled about loan terms, interest rates, and fees.
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Poor communication: Customers have reported difficulty in getting help from Kennedy Funding’s customer service team.
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Excessive fees: Customers have reported being charged excessive fees, including origination fees, closing costs, and late payment fees.
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Loan denial: Customers have reported being denied loans after being pre-approved.
Red Flags
Some red flags have been raised about Kennedy Funding’s business practices, including:
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Lack of transparency: Customers have reported difficulty in getting clear information about loan terms and fees.
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Aggressive sales tactics: Customers have reported being subjected to aggressive sales tactics, including repeated phone calls and emails.
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Unrealistic promises: Customers have reported being promised unrealistic returns on investment.
Regulatory Actions
Kennedy Funding has faced regulatory actions due to customer complaints. In 2019, the company was fined $100,000 by the New Jersey Department of Banking and Insurance for violating state lending laws.
Lawsuits and Settlements
Kennedy Funding has faced lawsuits due to customer complaints. In 2020, the company was sued by a group of investors who alleged that the company had engaged in deceptive business practices. The lawsuit was settled out of court for an undisclosed amount.
Customer Reviews
Customer reviews on the Ripoff Report and other review sites have raised concerns about Kennedy Funding’s business practices. Some common themes include:
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Difficulty in getting help: Customers have reported difficulty in getting help from Kennedy Funding’s customer service team.
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Excessive fees: Customers have reported being charged excessive fees.
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Misleading loan terms: Customers have reported being misled about loan terms and interest rates.
Conclusion
Kennedy Funding has faced numerous customer complaints and regulatory actions. While the company has its defenders, the volume of complaints on the Ripoff Report and other review sites suggests that there may be issues with the company’s business practices. Customers should exercise caution when considering Kennedy Funding for their lending needs and thoroughly research the company’s reputation before making a decision. It is essential to carefully review loan terms and fees and to seek legal advice if necessary.
