Onramp FundsReviews of onrampfunds.com

Response from Onramp FundsJan 13, 2025

Thank you for sharing your experience. While we cannot disclose specific details about your account publicly for privacy reasons, we’d like to clarify several points to provide better context. First, we take customer communication seriously and made multiple attempts to work with you to find a resolution. Unfortunately, after several failed payment attempts and a lack of communication on your end, we were required to follow the terms outlined in your funding agreement. Second, your reference to a "$30K collections fee for one email" is incorrect. The collections fee you mentioned represents the maximum fee stipulated of 30% (not $30K) in your contract, which is a standard practice to inform borrowers of potential costs. Direct payments would have resulted in significantly lower fees had we been able to reach an alternative arrangement with you. Lastly, we of course respect and adhere to the bankruptcy process. We believe the broader circumstances behind your bankruptcy filing involved business challenges unrelated to your agreement with us. We were informed of unique operational and financial issues affecting the business, which we were not made aware of during our initial funding. Our goal is always to help customers succeed, and clear communication is key to achieving positive outcomes.

Response from Onramp FundsJan 9, 2025

Hello, Thank you for reaching out and sharing your feedback. At Onramp, we prioritize transparency and fairness in all our lending practices, and we’d like to clarify some aspects of your experience. Our no-late-fee and no-penalty-fee policies apply unless an account is submitted to an external collections agency after significant periods of non-payment. Unfortunately, after multiple missed payment attempts over several weeks (including your very first payment), your account required third-party garnishment to secure repayment. Fees related to this process are standard industry practices and were communicated in your loan agreement. Our Servicing, Collections, and Litigation teams made multiple attempts to contact you over the course of six weeks to collaborate on a fair resolution, receiving only one response. We are always willing to work with borrowers experiencing cash flow issues to find mutually beneficial solutions and prevent the need for collections. We also understand that the timing of Amazon disbursements can impact payment schedules. To support our customers, we offer the option to adjust payment timing to better align with your Amazon payouts with no penalties or fees. Please feel free to reach out if you would like to learn more about this or have additional questions: [email protected].

Response from Onramp FundsJan 7, 2025

Thank you for sharing your experience. At Onramp, we value transparency and always strive to provide clear terms and flexible solutions that support the unique needs of eCommerce businesses. To clarify for other potential customers, we structure our underwriting based on your total revenue, not just the deposits made after platform fees, reserves, and other variables. This allows us to optimize loans and offer better terms than when only considering net deposits, which can be highly variable, especially during periods when platforms like Amazon hold reserves for chargebacks or returns. All payment schedules, forecasted repayment timelines, and expected payments are clearly communicated before acceptance, giving you full visibility into how repayment aligns with your sales performance. Regarding your specific case, our team is aware of your situation and has been attempting to work with you to resolve the outstanding balance on your loan. We understand the challenges sellers face and are committed to working collaboratively to find a path forward that meets both parties' needs. If you’re open to working with us, we’d be happy to discuss solutions to help you move forward and get back on track. Please email us anytime at [email protected]. We appreciate the opportunity to address your concerns and welcome any borrower to reach out for further clarification or assistance.

Response from Onramp FundsDec 13, 2024

Hello! Thank you for sharing your feedback. We’re sorry to hear that you found our outreach frustrating. Our goal is to connect with businesses that could benefit from our services, but we understand that our outreach may not always align with everyone's preferences. If you haven't shared this information already with the person you were speaking with, please feel free to email us at [email protected] so we can remove you from future contact lists.

Response from Onramp FundsOct 14, 2024

Thank you for sharing your feedback. We’re sorry that your experience didn’t meet your expectations. We’d like to clarify a few important points for future customers. Our financing model uses factor rates, which differ from APR in that they’re designed for short-term funding solutions. Comparing these to an APR-based model may lead to confusion, as our loans are structured differently from traditional, long-term loans. We always aim to be transparent with our customers about this, ensuring they fully understand the terms before proceeding. Regarding your most recent application, we thoroughly evaluate each request based on several factors, including a business’s financial health, to ensure responsible lending. Our decision to not extend additional funds was based on these criteria rather than any personal reasoning. We’ve also noticed that you’ve left similar reviews for other lenders. While we recognize that securing the right financing can be challenging, we strive to offer terms that are fair and suited to each business’s specific needs. We wish you all the best moving forward and appreciate the opportunity to provide this clarity for other potential customers. Best, Onramp Funds

Response from Onramp FundsOct 7, 2024

Hi Jonathan, thank you for sharing your feedback. We’re truly sorry that your experience didn’t meet your expectations. Your concerns about transparency and the evolving requirements are important, and we’ve taken them seriously. While this doesn't change your outcome, we are implementing changes to ensure clearer communication and avoid any confusion in the future, and this wouldn't have been possible without your feedback. If there’s anything else we can assist with, please feel free to reach out at [email protected]. We appreciate your input and your time.

Response from Onramp FundsAug 12, 2024

Hello! Thank you for sharing your feedback. We understand the importance of finding the right funding solution for your business. It appears that you may not have taken funding from us, but we're sorry to hear that your experience didn't meet your expectations. Our goal is to provide competitive rates and tailored solutions that help eCommerce sellers grow their businesses. Our offers are tailored to each merchant's unique business performance and risk assessment. We'd love the opportunity to discuss your concerns in more detail and see if we can better address your needs. Please feel free to reach out to our team directly at [email protected] if there's anything we can do to further assist you. Thank you for considering us, and we hope to have the chance to serve you better in the future.

Response from Onramp FundsJul 22, 2024

Hello, Rashid We do our best to give our customers the information and resources to make their own decisions. This gives us valuable feedback to see where we can improve. If you have specific suggestions on where we can be more upfront, please send them to [email protected]. Your satisfaction is very important to us, and we're committed to addressing your concerns. You're currently actively working with our support team, and we would ask that you bring any additional context for them so we can resolve this as quickly as possible for you. Thank you, Rashid.