Review Time
Review of My Experience with Fundo
I am sharing my experience to warn others and to formally document serious concerns regarding my loan with Fundo.
Loan Terms
I borrowed $500
I only received $400, because a $100 upfront fee was deducted immediately (a 20% fee before I even received the funds)
I was later charged a $1,500 “fine” for missed payments
I was threatened with liens
I was never given online account access or regular statements
A $100 fee on a $500 loan is already extremely high. Adding a $1,500 penalty on top of that raises serious concerns about excessive and potentially unlawful fees.
Lack of Transparency
I have not been provided:
Copies of my original loan agreement
An itemized payment history
A breakdown of fees and penalties
Clear payoff amounts
Online access to my account
Lenders are required to provide clear disclosures and payment records upon request. I have requested documentation and will continue to do so in writing.
Threats of Liens
I have received threats that a lien may be placed against me. A company cannot legally place a lien without:
Filing a lawsuit
Winning a judgment in court
Following proper state legal procedures
Threatening immediate liens without court action is concerning and may constitute improper debt collection conduct.
Identity Theft & Payment Issues
My payments were affected by documented identity theft and fraud. This directly impacted my ability to make payments on time. Despite this, I was charged a $1,500 “fine,” which appears excessive and punitive.
Regulatory Complaints Filed
Due to these issues, I have filed complaints with:
The Consumer Financial Protection Bureau (CFPB)
The Better Business Bureau (BBB)
I will also be following up with:
My State Attorney General’s Office
My State Department of Financial Regulation / Financial Services
The Federal Trade Commission (FTC), particularly regarding identity theft
My Request to Fundo
I am formally requesting that Fundo:
Provide copies of all loan statements, balances, and fee breakdowns
Remove the $1,500 fine
Cease threats of placing a lien
Provide a clear written payoff amount
Close my account once resolved
At this point, I simply want this matter resolved fairly and legally. If the excessive $1,500 fine is removed, I believe the loan would be satisfied, and I would like the account closed so I can move forward and no longer do business with this company.
I strongly encourage transparency, proper documentation, and lawful collection practices going forward.
Many of these 5-star reviews appear to be fake. Honestly, they don't seem genuine at all. This service is a complete scam. They lack transparency regarding their fees. They approved me for a loan of $1,000, but after processing everything, they only provided $900, claiming the $100 was an admin fee. What? Then, they are charging me nearly DOUBLE in repayment! When I missed a payment, they threatened me with legal action just two days later. Fast forward a week or two, they collect a payment from me and within 24 hours, they're sending more messages with threats of legal action. It's absurd! They call me constantly, day and night. It's outrageous. And then they created and cashed checks in my name without my knowledge! This is unbelievable. They never informed me they would issue and cash checks in my name for various odd amounts! This is the most absurd situation I've ever encountered. STAY AWAY! I don't care what situation you're in, it's simply not worth it!
Numerous 5-star reviews seem fabricated. Just take a look! This service is a total scam. They are not transparent about their fees. They approved me for a loan of $1,000, but after everything was finalized, I only received $900, citing a $100 admin fee. What is going on? Now, they're charging me nearly DOUBLE the amount back! When I missed a payment, they threatened legal action within two days. Fast forward a week, I made a payment, and just 24 hours later, I received more threats. It's ridiculous! They call me incessantly, day and night. It's outrageous. To top it all off, they created and cashed checks in my name without my consent! This is unbelievable. They never mentioned they would issue and cash checks in my name for various strange amounts! This is the most outrageous experience I've ever had. STAY AWAY! No matter your situation, it's just not worth it!
Easily one of the worst experiences I've ever had. There is no real customer service, and when you finally reach an agent, it's only through text. I've encountered multiple rude agents. They even practice retaliation; their underwriting considers not just income but also past interactions with their unprofessional representatives. Retaliation from a financial service is prohibited, and I have filed a complaint with the relevant authorities. Please avoid this service, even in desperate times.
Be cautious when using this service: I took a $500 loan in July. They are predatory, charging $1,100 in return for that $500. I had to update my banking details due to a hacking issue. Despite moving my funds, they charged my old account without giving me a chance to correct it. Now that account is overdrawn, leading to extra fees! I'm infuriated. I thought they were better than this, but their predatory nature shows otherwise. They even quoted their paperwork to justify their actions. Make sure to revoke any authorizations if you choose to use them. They also lack a portal for documentation access, and I've requested copies of my signed paperwork twice.
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Fundo provides merchant cash advances to independent contractors, 1099 gig workers, and small business owners to help them with their business capital needs.
