Kennedy Funding is a dominant player in the finance industry, renowned for providing loans and similar services. Recently, they have been in the spotlight because of serious misconduct allegations.
A Ripoff report has come out against Kennedy Funding, claiming a potential loan fraud. Though the allegations may be fabricated, they jeopardize the well-known lender’s integrity.
So, in this blog post, we will go through all the essential aspects of these reports and try to understand their truth. Let’s begin!
Contents
What is Kennedy Funding?
Kennedy Funding is recognized for providing hard money loans. Well! These loans are different from regular loans, using properties like land or a house for assurance. Real estate investors use such loans when they need money quickly or if any bank rejects their loan request. Kennedy Funding is renowned for approving loans quickly with better terms and conditions, which is quite helpful for borrowers who need quick money.
What is the Ripoff Report?
Ripoff Report is a website where consumers can file complaints and reviews about businesses, services, or products they have tried. It is a platform for consumers to share their overall experience and let others know the business’s benefits and shortcomings.
Although the Ripoff Report provides detailed insights about a business, it is crucial to understand that anyone can submit these reports, and the website doesn’t delete any record, even if it is proven to be a fabrication.
They represent the personal experience of a user and may not always provide deeper insights into a business or service.
What are the Common Allegations Against Kennedy’s Funding?
According to the Ripoff Report website, several allegations have been filed against Kennedy Funding. Although all clients reported different issues, based on detailed analysis, these are some of the most common allegations:
1. High Fees and Interest Rates
In most reports, the claims are related to high interest rates and fees. Though hard money loans are often riskier and typically come with high interest rates, borrowers are accusing Kennedy Funding of taking excessively high rates compared to industry standards.
2. Complex Loan Terms
Borrowers feel a lack of transparency in Kennedy’s loan terms and conditions. According to them, Kennedy’s information related to additional charges or penalties was pretty vague during the loan disbursement process. Some clients have made allegations related to more complex loan terms than initially presented to them.
3. Poor Customer Service
Allegations were also related to inefficient customer service, where clients have expressed their frustration because of communication difficulties. They have reported that their queries were not solved promptly, and take a lot of days to reply. It creates misunderstandings during loan disbursement.
4. Loan Denials or Rejection
Some clients have also reported that Kennedy Funding denies the disbursement of pre-approved loans. Borrowers claim this is a misleading practice and can impact heavily on their current financial status.
Reaction of Kennedy’s Funding
When assessing the validity of all these reports, it is vital to hear from both sides to make a justified decision. So, like any other big organization, Kennedy Funding has also replied to these allegations.
According to them, all the claims of the Ripoff Report are baseless. They have also released an official statement that clarifies the misunderstandings and provides explanations for these complaints. Kennedy claims that their loan disbursement procedures are transparent and follow the industry standard guidelines.
In some cases, they have also filed legal notices against the defamatory statements, to protect its current reputation. Kennedy calls these Ripoff reports an attempt to deteriorate their legacy.
What to Consider Before Engaging with Private Lending Firms?
Although the majority of the Ripoff reports are baseless regarding Kennedy’s loan disbursement issues, as a borrower you must adhere to the following guidelines to stay protected from any private lending firms:
- Thoroughly examine the company’s background, financial status, and customer feedback from multiple sources.
- Ensure you read all the terms and conditions and understand them, before signing any agreement.
- Take counsel from financial experts to review all the legal agreements and conceive proper guidance.
- Keep a track record of all the communications, contracts, and transactions, to avoid any further issues.
Conclusion
Kennedy Funding is a reputed player in the world of real estate lending and has been serving its clients for three decades. Now they are facing Ripoff allegations, and if proven right it can be a major setback for the company. So, as a potential client, you can consider the company’s reply to those allegations and conduct thorough research to make informed decisions.