ComplaintsforAlliance Capital US LLC

• Initial Complaint

  05/04/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I was looking for a business loan to do some store remodelling. This Finance specialist told me that my business credit score is not that good to get the loan I was looking for. He said h*** get me couple small loans for which I just have to make payments. He didnt tell me he was putting me into cash advance deals. Never had a Cash advance before so I didnt know what it is. He told me let the loan money sit in my account just to make 20 to 30 payments. After 30 payments my business credit score will jump and he will be able to get me a loan of $75000. He told me when I receive call from lenders just say NO when they ask me whether anyone promised you anything other than what loan agreement has. I asked the loan specialist why this loan was so expensive? He told me not to worry about it. It seems expensive because it has daily payments. After 30 payments I contacted him and told him I cant afford to make these expensive daily payments. Get me the bigger loan so than I can expand my business and make more money. He told me he can get me a consolidation deal to pay off this current loan but he cant get me the bigger loan I was looking for from the first day. That made me so upset because I have to pay $46000 for nothing. Im already struggling. If I stop making payments to the lenders, they will *** me, I might lose my business which is my only source of income for my family of 6. Thanks

  Business response

  05/30/2023

  The merchant was in need of a small business loan and we explained to him that he does not qualify at this time for the following reasons:

  1) Inconsistent monthly revenue.

  2) Extreme variation in cash deposits.

  3) Low Paydex score (Duns & Bradstreet).

  4) No past or current tradelines listed for the business.  

  We were able to secure short term financing in spite of all the above mentioned hurdles. The merchant was told to make ALL of his payments on time and that in 30 days we would have our business development team coordinate with **** & ********** to begin to build a solid business profile. Unfortunately the merchant did not follow through and instead proceeded to post negative reviews online in order to pressure us to get him out of the contracts that he signed with our partner lenders. All of the terms were clearly written on the contracts provided and it wasn't until he had been paying for a couple of weeks that he had the problem with the terms. Even after the negative review I personally reached out to the merchant and he seemed to be on board . I explained to him that by him withholding cash deposits for whatever reason is making his revenue look lower than it was  when he received the original advance and he need to keep depositing his revenue through his business account. two days later he blocked payments from his bank and that is why his lenders brought up litigation. Everyone loves you when you get them the money but when it comes time to pay it back opinions sometimes change as in this case.

   

*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. ↩