So I Googled merchant cash advance to see how it works. And I got to this first sponsored ad website - http://merchantcapitalsource.com/instant-funding-calculator/ . It gave me resultS right away, saying I am approved for 5000-13000 - just fill up few things and I am going to get the funding within a day or two. So based on the "super optimistic CUSTONER reviews" - I thought well.. it might be fake, but let me give a try.
So I applied, this guy contacted me right away offering the $5000, with a repayment of $6750, 35% rate, in the form of weekly payments over the course of 35 months.
I agreed- he sent me a form, asking to fill it out send the statements and we are good to go. My business processes around $10,000 every month, no refunds, no chargebacks, steady 10k/mo +/- 1k. So while the development works are in progress, we thought of adding few more sets of the equipment to double or triple the income since the demand for our services are very high. The sales person I talked to seemed to be very helpful, asking to fill the app and in the morning to expect a call from underwritter.
Then, once he got all the detailed he asked for, he asked for a more detailed view of our business model and how we opreate and generate clients/profits/ Surpringly, after that, there was no more underwritter call, but instead, I got an email saying they unfortunately cant work anymore. Keep in mind they already got the business plan initially with the statements, and already appoved my loan after they reviewed the requisite documentaion.
So I emailed asked for the reason - no reply. Then I filed my experience in this https://www.trustpilot.com/review/merchantcapitalsource.com?r=15891550&correlationId=e4bd07ed-231e-4bd7-a5eb-45a675c93e23 since its all bubble gummy, and does not reflect the reality. Funny part is , that once I submitted it, they created the ticket with the TrustPilot to get it removed.
At this point, I think whoever went through this should report this company all over. I think what they do is just steal the personal information and business plans. Otherwise, there is no point of offering minimums from their own scale, which is then denied with no reason at all. Considering, that in our case, all the vendors are sold out for months ahead of time, and ROI is 3 months with pretty high prices.
Now, in addition I will need to get 3 credit bureau monitoring service to prevent the ID theft.
Claims in their website that they have A+ rating, while they are not even rated. Not even accredited.
Merchant Capital Source LLC Reviews
So I Googled merchant cash advance to see how it works. And I got to this first sponsored ad website - http://merchantcapitalsource.com/instant-funding-calculator/ . It gave me resultS right away, saying I am approved for 5000-13000 - just fill up few things and I am going to get the funding within a day or two. So based on the "super optimistic CUSTONER reviews" - I thought well.. it might be fake, but let me give a try.
So I applied, this guy contacted me right away offering the $5000, with a repayment of $6750, 35% rate, in the form of weekly payments over the course of 35 months.
I agreed- he sent me a form, asking to fill it out send the statements and we are good to go. My business processes around $10,000 every month, no refunds, no chargebacks, steady 10k/mo +/- 1k. So while the development works are in progress, we thought of adding few more sets of the equipment to double or triple the income since the demand for our services are very high. The sales person I talked to seemed to be very helpful, asking to fill the app and in the morning to expect a call from underwritter.
Then, once he got all the detailed he asked for, he asked for a more detailed view of our business model and how we opreate and generate clients/profits/ Surpringly, after that, there was no more underwritter call, but instead, I got an email saying they unfortunately cant work anymore. Keep in mind they already got the business plan initially with the statements, and already appoved my loan after they reviewed the requisite documentaion.
So I emailed asked for the reason - no reply. Then I filed my experience in this https://www.trustpilot.com/review/merchantcapitalsource.com?r=15891550&correlationId=e4bd07ed-231e-4bd7-a5eb-45a675c93e23 since its all bubble gummy, and does not reflect the reality. Funny part is , that once I submitted it, they created the ticket with the TrustPilot to get it removed.
At this point, I think whoever went through this should report this company all over. I think what they do is just steal the personal information and business plans. Otherwise, there is no point of offering minimums from their own scale, which is then denied with no reason at all. Considering, that in our case, all the vendors are sold out for months ahead of time, and ROI is 3 months with pretty high prices.
Now, in addition I will need to get 3 credit bureau monitoring service to prevent the ID theft.
Claims in their website that they have A+ rating, while they are not even rated. Not even accredited.