TikTok LLC Loans Scheme / Defrauding Banks Grindset Trend
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About
TikTok LLC Loans Scheme, also known as TikTok Defrauding Banks Grindset Trend, refers to a series of hustle culture and sigma grindset TikTok videos revolved around a controversial trend in which people encourage the creation of businesses as LLCs (Limited Liability Company) in order to qualify for bigger bank loans and credit lines. Videos of men showing how they managed to take large loans from banks and extend their credit lines up to $50,000 began circulating on TikTok in late 2022 and garnered wider interest after Twitter users began to notice and discuss what was essentially a scam meant to defraud banks under false pretenses.
Origin
Sometime in late 2022, various TikTokers began to post videos about how one can purportedly get a business approved as an LLC without needing to provide their SSN and then acquire a loan for $50,000 without providing any documentation. The posts have been described by other internet users as "scams" or schemes meant to "defraud banks."[7]
Some of the earliest known videos discussing the controversial method were posted around the beginning of 2022. For example, one of the earliest known posts was uploaded on February 7th, 2022, by TikToker[1] @irv.official who posted a video talking about how his free training course can show you how to get $50-$75 business funding for an LLC, gathering over 500,000 views and 25,000 likes in nearly a year (seen below, left). On June 6th, 2022, TikToker[2] @mariolallitto posted a video about how he got approved for a $50,000 credit line without giving his SSN, gathering over 60,000 views and 1,400 likes in nearly seven months (seen below, right).
@irv.official Getting $50k-$75k in business funding for your LLC
@mariolallitto I open new LLC’s once per year, build my business credit in 30 day’s, then I get approved for multiple credit-lines without using my SSN. Want to know how, I got you! DM ME. #smallbusinessesowner #smallbusinesses #smalbusinesstips_ #businesscreditbuilding #businesscreditcards💳 #entrepreneurship #businessloansforstartups #startupbusiness #startupentrepreneurs #startuploans ♬ If you use my sound plz follow – Sheky
Spread
A notable early participant in the trend is TikToker[3] @lifeordebt, who posted his first known video discussing the alleged scam on September 9th, 2022, gathering over 230,000 views and 4,000 likes in nearly five months (seen below, left). Another early prominent proponent of the LLC loan scheme was TikToker[4] @dondago_, who uploaded a video posted on November 10th that gathered over 3 million plays and 200,000 likes in roughly three months (seen below, right).
@lifeordebt #financialfreedom #financialliteracy #businesscredit #passiveincomelifestyles #foryou #fyp ♬ about damn time x promiscuous – Adam Wright
@dondago_ You can pay yourself using a credit card by utilizing a payroll provider in order to produce check stubs for loans, cars, and apartments. #businesstiktok #payroll #credithack #llc #employmentverification #personalloan ♬ original sound – ᴅᴀᴠɪᴅ☘️🏴☠️
On November 12th, 2022, TikToker[5] @sbsmrbrown posted a video outlining how to, in his words, "Legally Rob Banks." The post gathered over 2.2 million plays and 100,000 likes in nearly three months (seen below, left). On December 12th, TikToker[6] @logical_solutions posted a video outlining a similar plan, gathering over 1.9 million plays and 40,000 likes in two months (seen below, right).
@sbsmrbrown Information Changes Situations!! #foryou #fyp #xyzbca #credit #consumerlaw #bizcredit ♬ original sound – Harold
@logical_solutions 50k Of Funding In 1 Day… #businesscredit #businesscredittips #businesscreditbuilding #businessfunding #businessowner ♬ original sound – Fight Incc
On January 30th, 2023, Twitter[7] user @uncledoomer posted a collection of screenshots from these TikTok videos encouraging LLC loans and the controversial trend, gathering over 40,000 likes in nearly three days (seen below).
loving this new grindset tiktok trend where you defraud banks for money. pic.twitter.com/YiHgVPXPne
— doomer (@uncledoomer) January 30, 2023
Various Examples
@therealfatdanny Book Your Free Consultation With Me In My Bio 📲 Instagram: therealfatdanny #credit #creditrepair #businesscredit #wealthconversation #financialliteracy #viral #explore ♬ original sound – EX7STENCE™
@sbsmrbrown Information Changes Situations !! #foryou #foryoupage #consumerlaw #xzybca ♬ original sound – 👨🏽🦲
@lifeordebt #financialfreedom #financialiteracy #businesscredit #foryou #fyp ♬ Last Last x So Sick Shinnas Way – Shinna Jagga
@carterblueconsulting Starting a business? Please don’t do this sh$t!! #bedifferent#foundation#businesshacks #soleproprietorship#llc ♬ original sound – Carter-Blue Consulting
Search Interest
Unavailable.
External References
[1] TikTok – irv.official
[2] TikTok – mariolallitto
[3] TikTok – lifeordebt
[5] TikTok – sbsmrbrown
[6] TikTok – logical_solutions
[7] Twitter – uncledoomer
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