The Loan Source, Inc - New York, New York

RICARDO A. R. M.

Este portal The Loan Source Inc es de gran utilidad en la aplicacion para el programa de asistencia a los pequeños empresarios de la SBA conocido como el PPP, dicho portal facilita el proceso de conectarte con la SBA y con las compañias finacieras, en especial quiero agradecer por todas las amables atenciones y el excelente servicio profesional brindado por la señorita Brenda Cumpa quien se encargo de asesorarme y guiarme en todo momento de principio a fin hasta obtener la aprobacion de mi solicitud por lo cual la recomiendo ampliamente para apoyarlos en sus solicitudes con la SBA.

Martha C.

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.

Kim W.

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!

Deborah T.

This company left me and my business high and dry when it came to the PPP loan process. First, I dotted the "i"s and crossed the "T"s on their preliminary application. When I got to the end the amount I was requesting was "too small" and they had me click a link to a subsidiary called "Covidreserve" This group was so unresponsive and negligent it was appalling! I had to try and chase them down to find out if they even had my documents to process; limited or no feedback on their active online application page. I would reach out and they eventually would tell me they did not have my complete information. I would login and all my documents would be there. When I tried to call them the phone number provided had a recording stating how busy they were so they could not answer questions, and it was best to send an email. The email address they provided and sent notices from did not work! All attempts to send an email would result in the email bouncing back. Due to the extreme pressure on the PPP loan program all experts were saying it could take up to 4 weeks to process a loan. For 4 weeks I waited and nothing! Then week in 5 I received a canned email stating they were missing documents, please login and upload them. I logged in and the documents were there and their"check system" indicated everything was in order. There was no online help or manner to reach them to advise them all the documents were present. Week 6 I try to call and keep getting the recording and all emails keep bouncing back. This is one of the most shady and unprofessional groups I have ever dealt with in my life. I am amazed they even have a license to do business based on the comments here and my experience with them. AVOID using this business if you can! Save yourself disappointment, frustration, and nothing but headaches.

Lauren B.

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

Dr. F. N.

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".

D T.

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.

Stephen B.

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.