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Business Profile

Loan Broker

Novo Advance LLC

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Loan Broker.

Complaints

This profile includes complaints for Novo Advance LLC's headquarters and its corporate-owned locations. To view all corporate locations, see

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Novo Advance LLC has 2 locations, listed below.

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    Customer Complaints Summary

    • 7 total complaints in the last 3 years.
    • 3 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:08/11/2024

      Type:Service or Repair Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I was introduced to ***** the owner of Novo Advance while trying to secure funding for my business. Through a series of conversations ***** outlined a plan to provide short-term funding to establish a relationship. The deal was structured as follows: He would provide 20K (I would net 14K after fees) and I would repay 31K over 30 days. As soon as that loan was paid back he promised a 550K loan with a 12 month term and weekly payments in an effort to consolidate all of my debt into a much lower payment. During our phone conversations I clarified the points in question, and he assured me that as soon as I received a zero-balance letter from the company I would qualify for the larger loan. I further clarified the timing of such a loan and ensured that if I payed back the initial loan in two days we could get the 550K loan and consolidate everything. He confirmed this approach and reiterated, we could have you funded Friday afternoon. I did just that, and paid back the loan in full plus interest and fees in 48 hours. He asked for a wire confirmation, which I provided and then all communication ceased. I reached out to my broker who connected with ****, an employee of ***** and **** confirmed that the 550K never existed and the entire story was a lie. I have attempted to reach ***** by phone, email, text all to no avail. He took my money and ran. Stay away from this guy and any company he is party to. Novo Advance and Broadway Equity are frauds and criminals.

    • Initial Complaint

      Date:07/11/2024

      Type:Service or Repair Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      So let me start with Mr ********************* hes a fraud hes cell is ************** and do not do any business with this company!. I was told to pay of my loan just like everyone else that I would get a better loan for 20k.And after we made the payment the guy never answer the phone or text or the company doesnt Even answer because it goes straight to voice mail!!Luckily I stopped all the transactions from the company and only losing 2k into this

    • Initial Complaint

      Date:06/10/2024

      Type:Order Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      On 06/05/2024 Person named ********************* from Novo Advance LLC contacted us for some business loans. He offered us 2 deals. First deal was to gain relationship and trust with business they will wire $6500 and Payback $1 5000 in 3 months to have higher amount of Funding. They gave us an option if we Payback in one day than they will approve us for 2nd funding which was $100k. We needed money as we already have a couple of loans that we are paying daily and this company came in aslnd said they will give us $100k after the $6500 is paid back. As per contract we wired them $15k back. Today since 6am I had been trying to get intouch with **** on his 2 cell phone numbers and his company number, also had sent so many text messages but no one replies to our messages or calls. At this point we just want our money back as we were already struggling with business and this has broken the backbone of my business. I have all the documentation as proof of the transactions and proof of unlimited follow back calls and messages to the Company representative. We have tried every way to get in touch with the company but no one has been answering their calls. Please help us as BBB is our last hope.

      Customer Answer

      Date: 07/04/2024

      Better Business Bureau:

      At this time, I have not been contacted by Novo Advance LLC regarding complaint ID ********.

      Sincerely,

      *************************

    • Initial Complaint

      Date:06/03/2024

      Type:Order Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      ********************* from Novo Advance was referred to me by **** from 365 Capital. I call **** with **** listening in on the call. **** says he can fund me a better deal for **********, so I can pay off my other MCA advances and have extra money to grow my business. But he said I have to do a funding with him first in order to get the other deal. He sends me a contract, which I attached. I signed it based on the deal he promised me after. So he deposits $9,000.00 into my Chase Business account. Then he sends me an email to send back ********* to his ************* via wire transfer. Then he said he will work on the contracts for the next deal, which is for $*******. So I send the money literally 4 minutes after they deposit the $9,000.00 into my account. I send him a text letting him know I wired the money and emailed him confirmation from my bank. I called him and he says the accounting department should get the funds in 1 hour or 1 and half hours. Time goes by and I don't hear from him. He told me the ******* would be in my bank account by 3pm Pacific time. I call him at 2:30pm my time to make sure he got the funds, because I have not heard from him. He said they got the funds and I should have the new contract in 20 minutes. 3pm hits and know new contract or funds in my account. I try calling him a couple more times and text him. He doesn't answer my calls. The following morning, which is May 31 2024.I keep trying to call him and he does not pick up. Its crickets all of a sudden.

    • Initial Complaint

      Date:05/19/2024

      Type:Order Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      This is a "bait and switch" scam. They will promise a large loan with better rates and terms if you just take the initial cash advance offer. If you accept the first offer and receive the wire they promise once you pay the total balance you'll be eligible for the larger loan. However, once they receive the balance back suddenly there will be issues and then... nothing... Do not sign the initial contract it makes no mention of the second loan. The funding call is fake and is not being recorded. Do not do business with Novo Advance LLC

      Customer Answer

      Date: 06/13/2024

      Better Business Bureau:

      At this time, I have not been contacted by Novo Advance LLC regarding complaint ID ********.

      Sincerely,

      *******************

    Novo Advance LLC is NOT a BBB Accredited Business.

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