Larry Beneke, President and Owner of Beneke Financial Group, claims to offer student financing and loan services to postsecondary education centers throughout the country.
We received an informational packet from Mr. Beneke outlining the details of his 2 funding programs. Option one required a credit check of the candidate and even without A or B level credit, based on the entire credit profile and the probability of repayment of the loan, the possibility of approval was good. This option offered a 70% advance of the loan amount to the school once the student starts class. This option also had a reserve amount that would be paid to the school monthly as the bank received payments. This is a NON-RECOURSE loan. If the student stopped paying, the school would not be responsible for repayment to the bank. Option two does not require a credit check. Everyone is approved regardless of credit. Once the student makes 3 loan payments to the bank, the bank advances 60% of the funding to the school and it is now a NON-RECOURSE loan.
Mr Beneke charges a $2950 setup fee and $45 per application. He indicated he would come to our facility in Atlanta to train us on the specifics of his program. The expenses for his trip to Atlanta were our responsibility. He arrived and spent 4 hours training us on how to read a credit report. When we persistently asked him about the details of his program his wouldn't give us a direct answer.
Upon his departure he handed us the names and numbers of 3 banks that may be able to help us. It was our responsibility to get aproval with these banks and there was no guarantee that we'd be approved.
Mr. Beneke's brochure was blatently fraudulent. He was purposefully deceptive in our conversations. We even gave him some sample candidates to see what programs they'd be approved for and he said 2 of them would be approved with option one and the other would have to be put into option 2.in our conversations with representatives from these banks we found out that they have never had any such programs available.
We are seeking a full refund of our $2950 setup fee and the expenses of his travel to Atlanta. He will not return our phone calls.
Josh
Atlanta, Georgia
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