Fruad – Sells High Interest Loans To Small Business Desperate For Cash – Advertises Lower Interest
My Complaint: Mr. Moynihan provides unsecured loans to small business based upon their business health. He claims to get the business 19% to 28% interest based up their 3 month business checking account ending balance and credit card processing history. However, its smoke and mirrors and the business ends up always paying between 38% and 50% interest over 90 to 180 day terms on their loans ranging from 5K to 250K. The loans payments are made daily. He also contracts independent reps to go and sell these pricey loans to businesses and then promises a 4% to 5% commission. When the loan is processed he collects the commission and runs with the independent rep’s cut. He is a Bernie Madoff in the making. Stay AWAY!
My Demand: My Commission