ComplaintsforNew Capital Financial

• Initial Complaint

  07/19/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This entire program is a bait and switch scam. It was grossly misrepresented to me as a debt reconsolidation loan, however it takes the company 3 to 6 months to acquire your accounts, and in those three to six months you still have to make payments to the original creditor and New Capital financials lending partner. If you don't make payments to the original creditors you risk non-payment remarks to all three credit bureaus. ******************* group, which are explained as lawyers, at the beginning of the phone call say they are not attorneys or associated with attorneys. The representatives at New Capital financial basically coach you to tell potentially incorrect information to their QA department so that way you receive an "approval". Once ******************* group explained it to me more, I understood that new Capital financial has completely lied to me and is lying to all their potential customers because it is not a debt consolidation loan. This is false advertising as the word consolidation shows up over five times in the mailer that was sent to me. My account has already been closed and please make sure there are no negative credit impacts from this cancellation. Please stop sending these letters out as they are fraudulent and misleading! Thank you.

  

  Business response

  08/21/2023

  Dear ****, Thank you for sharing your recent experience with us. We appreciate your feedback and value your perspective as it helps us improve our services. We apologize for any confusion you may have experienced during the loan application process. We understand that the letter you received may have led to some misunderstanding about our loan offerings, and for that, we are sorry. With an array of products that can be tailored to each borrowers needs, there is a solution. Our intentions are to help clients obtain financing for a wide range of purposes at a time when traditional lenders are tightening criteria and declining more and more applicants. We believe in your financial goals, and will do all we can to connect you with lending options that address your financial needs
  We take transparency very seriously and aim to provide our clients with clear and comprehensive information throughout the entire process. At New Capital Financial, we strive to maintain open and transparent communication with our clients at all stages of our services. We will take your feedback seriously and review our processes to ensure that such miscommunications do not happen in the future. If there is anything we can do, please do not hesitate to reach out.

  Sincerely,

  .New Capital Client Success Team

• Initial Complaint

  04/12/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I received information from New Capital Financial stating that I would be able to do a debt consolidation loan for $20,000-$25,000 for up to 6.7% interest. I called on 4/12/23 where "*******" gathered my information and submitted this information to multiple lenders. I explained that I wanted a lower interest rate than what I had on a previous loan, which was 20%. Once my credit score (690) was processed and information submitted I was given a list of companies that had a significant lower amount that I needed (e.g. $16,000 less). When I questioned the offers and letter I received I was told that those offers were reserved for people with higher credit scores. I questioned the interest rate on the letter and the interest rate I was being presented with, which was 27%. I was told that the letter I received was just for "marketing." While the letter is a marketing ploy, it also provides false information and promises of consolidating debt.

  

  Business response

  04/18/2023

  Dear valued customer,
  

  We appreciate your feedback regarding your recent experience with New Capital Financial. We understand that the offers you received from lenders were not in line with the information you were initially provided, and we apologize for any confusion or frustration this may have caused.
  

  We work with a network of lenders to provide loan options to our customers. Each lender may have their own terms and conditions, including interest rates, loan amounts, and credit score requirements. We do not control the specific terms offered by each individual lender, and the offers you received may have been determined by the lenders based on their own criteria and assessment of your creditworthiness.
  We apologize for any miscommunication or discrepancy between the information you were provided initially and the offers you received from lenders. We will take steps to ensure that our communication is clear and transparent in the future, and that any marketing materials or information provided accurately reflects the terms and conditions of the loan options available.

  
  We value your business and want to ensure your satisfaction as our valued customer. We encourage you to contact our customer service team directly to discuss your concerns further and work towards a resolution that meets your expectations.
  Thank you for bringing this matter to our attention, and we apologize for any inconvenience this may have caused. We remain committed to providing excellent service and addressing any concerns you may have.

  Team New Capital Financial 

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