ComplaintsforZip Capital Group LLC

• Initial Complaint

  01/17/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  Zip brokered a business loan for my company ***************** Group in 2021. The loan was lopsided and was predatory lending (my fault for not reading the fine print). I expressed my discontent and asked them to remove my information and place me on the do not contact list in the same year as the loan.Since then, they have emailed me, texted me, and called me repeatedly. Well, today, 17 Jan ****, a rep named "Manny" called me. I respectfully explained the incessant, unwanted contact and asked for him to please remove me from the call list and place me on the do not call list. He was very truculent and egregious. He continued to push his agenda (wanting me to finance more), stated he was the manager when asked for a manager, and never acknowledged my request to remove my information. I had to hang up on him.I want them to remove my information and never contact me.

• Initial Complaint

  08/29/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I received a voicemail from Heather of Zip Capital group on Voic mail received Aug 18, 2022, claiming they have $250K LOC available at single digit rates. A few days later (Aug 24) I called back and was connected with Alex who send me a link to file a loan application. I submitted the loan application. the same day I was told that the interest on loan would be 240% (instead of the single digit loan that heather lured with her voice mail). I decided not to proceed and requested them to cancel my application. I made it clear that I do not wish to proceed. However, since Aug 24 I have been bombarded with several phone calls and emails from ZCG and their marketing department. I would like these calls and emails to stop and my data purged from their system I have saved voicemails from: Heather (claiming they have $250K LOC available at single digit rates) (Voice mail received Aug 18, 2022) Anotnio (Executive Advisor) (Wednesday, Aug 24) Vanesa (Monday, Aug 29)

  

  Business response

  09/08/2022

  we have contacted this merchant and realized that this complaint was done in error.  Merchant realized it was the wrong company, and stated along the lines that he gets alot of calls and was done in error. Requesting to remove from our profile. 

  Customer response

  09/08/2022

  Mary & I  discussed the matter Tue, Sept 6. She represented that she is calling on behalf od ZCG Capital group, client relations dept. She affirmed that per my orginal complaint our phone number and email will not be used for continuation of marketing contacts. She said there was a misunderstanding about further calls and that this will be an opportunity to train staff in their department. I confirmed to her that I am satisfied with this response and that I appreciated the clarification to clear up the misunderstanding as to why I was getting calls from multiple sales/marketing from the organization. With her confirmation, I am satisified with the respinse and I consider the matter resolved (assuming in good faith per her word that my busienss and my contact info has been placed on a do-not-call-list). However, the resolution presented here that "The merchant filed a complaint in error as he gets multiple calls" is incorrect as the only calls/email I received were from reps from ZCG (Zip Capital Group) as evidenced by call history and email history. Therefore, whereas I consider the issue resolved and appreciate the followup for the clarification of misunderstanding of why I got so many calls/email from, the final disposition that:  this complaint was made by mistake/"fault or error" of the filer is incorrect and hence this response is being rejected.  I am open to marking the issue resolved and moving on but not with the representation that the original complain itself was filed "in-error/mistake"

• Initial Complaint

  04/15/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  On April 14, 2022, I was contacted by a someone at Zip Capital Group. I called back because they kept calling me. I spoke with Christian M****. I told him I was not sure if I wanted to take out a loan for my business. He asked if it would be okay for him to get me some numbers to better understand how much I might be able to borrow and at what rate. I asked him if they would do a hard credit pull, and he said no. I then proceeded to give him the information he needed. Then, I asked one more time if they would do a hard credit pull, and he said no. Later on, I get an alert that there's been a new inquiry on my credit report. I email him back to ask why there was a hard credit pull when he said there would not be. I'm later contacted by someone named Rory in Quality Assurance. He apologizes for what the original person said. He tells me they are reprimanding him, and I will have to contact Experian to remove the inquiry from my credit report. I spent 30 minutes trying to get in touch with someone from Experian only to be told that the process does not work that way. The company has to contact Experian to remove the inquiry. I let Rory know, and I haven't heard back.

  

  Business response

  04/22/2022

  Thank you for bringing this matter to our attention.  We have investigated the complaint lodged against Christian M****, an employee of Zip Capital Group by ***** *****  
  
  Prior to running any form of credit, merchants are required to sign a disclosure authorizing the release of such information for the purposes of determining creditworthiness for a loan.  Ms. Burt acknowledges this disclosure in the form of the disclosure: (see attachment)
  
  We have spoken to regarding his communication with Ms. ****.  We hope this clarifies the exchange that took place.
  
  Please let us know if you have any questions,

  Customer response

  04/22/2022

  I signed the form, but the agent was telling me something that contradicted the form. He assured me that they wouldn’t do a hard credit check. He also pressured me to sign the form on the call when I clearly would not have time to read every line. They have the recorded call where they can hear him say that. This has impacted my credit report and score. I’m not satisfied with them disciplining the employee. I want them to contact Experian and tell them they made a mistake and the inquiry is fraudulent.

   

  I have contacted Experian, and I cannot report the inquiry as fraudulent myself. Multiple Experian reps told me that someone from Zip Capital needs to call them and report the issue. Someone from the complaints department (Rory) keeps trying to access my Experian credit report to dispute it from my side even though I’ve told him many times that’s not how it works. Why is he asking me identity confirmation questions to get into my Experian account? Everyone I’ve dealt with is extremely unprofessional. 

  

  Business response

  04/25/2022

  It is widely accepted that credit reports exist to help lenders determine the creditworthiness of prospective borrowers when making a lending decision.  **. **** acknowledged that Zip Capital Group would be running her credit to assess her creditworthiness by signing the disclosure.
  
  We take our customer’s satisfaction with our company very seriously.  We also take our investor’s satisfaction very seriously.  Without their capital, we will not be able to continue providing funding to business owners like **. ****. 

  Customer response

  04/27/2022

  This doesn't resolve the fact that their agent told me twice that they would NOT be running a hard credit check when he asked me to sign the form. You can see how confusing that might be for the consumer when their representative says something that contradicts a form they are asking you to sign while under pressure on the phone. While everything may be legal in Zip Capital's case that does not mean that their practices are not predatory and dishonest, which is what the BBB is all about. I won't be accepting the response until they actually take the actions that they have the power to take (getting the inquiry off of my credit report). Their responses thus far show just how much they do not care about potential borrowers.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩