3.4 of 5starsRead Reviews
DreamSpring has funded over $80 million in PPP Loans and for the last 26 years DreamSpring has been dedicated to providing the tools entrepreneurs need to operate, grow or start their business. We pride ourselves on creating a community of support that not only increases access to business credit and makes loans but also provides training to help entrepreneurs realize their dreams. Pros: Flexible, Personalized Service, Fast, Fixed Rate Products…
3 months ago I applied for a PPP loan through this company this company claimed that the SBA denied my loan due to my criminal history which in the passed 5yrs the only criminal history that I have is tickets but anyway the company sends me an email after 50 emails and phone calls telling me to fill something out to Appeal the SBA decision I did as asked and 1 month and 150 emails later and phone calls I haven't heard anything back from anyone since. This is tragic and the sad thing is I have a real life legit business and the fraudsters have gotten money but I can't get nothing this is BS at its fullest.
Misleading Loan process leads to personal credit damage
We initiated the loan process with Dream Spring to receive an SBA backed loan. After providing years of financial records for our business, personal financial statements, and multiple other qualifying documents we were told the SBA loan was not an option, but other business loans were available. The end story is that the "business loan" we were given was a "personal" loan, they pulled credit scores from all 3 agencies which significantly negatively impacted personal credit. Now, instead of having a business loan I have a personal loan for $23,000 on my credit report. I could have walked into my bank and received a personal loan for twice as much without the credit pulls and knocks on my personal credit file. There was NO communication that this would happen, nor was it disclosed in loan documents. In fact, throughout the email process it was stated multiple times it was a business loan, it wasn't, that the credit pull would only happen with one reporting agency, it didn't. Transparency and proper expectations are critical to small business decisions, Dream Spring failed on both accounts in this manner.
Closed with Lender:
Worst experience ever
I applied through third party and had to sign several documents over and over again. They claim they sent ach but my bank say there never received anything from them. I called and left several messages and thet returned call but weeks later sent a message blaming the third party. I check caweb and it’s states lender cancelled. No explanation why?