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Ad Review
In October 2020, BBB received consumer complaints providing contracts containing BBB trademarks. The business is not licensed to display BBB trademarks, and is not accredited. In early October 2020, consumers filed complaints with BBB Serving North Central Texas regarding advertising and contract issues for EcapitalLoan, LLC. BBB attempted to contact the business, but the contact information provided appears to be invalid.
A copy of the company's contract was provided by a consumer. The contract, quoted in-part below, incorrect advertises that it reports to BBB, that BBB has the authority to manipulate loans, and that the business provides copies of all contracts to BBB.
According to company documents:
"For your FUND SAFETY & SECURITY we suggest you to read the below mentioned information carefully before you proceed further and do business with any lending Company including us.
We have tried to use a layman language which is as simple as it can be just to ensure that it's easily understood by every customer.
WE DECALRE THAT.....
1. We work under the strict guidelines of FDIC (Federal Deposit Insurance Corporation) and BBB (BETTER BUSIENSS BUREAU) and follow all the best business practices as guided by BBB.
2. After every successful business deal, we share a copy of the agreement with BBB & FDIC.
3. Our telephone calls may be federally monitored / recorded by FDIC & BBB any time.
4. We protect customers all the information we have and we will not share the same with anyone at any time.
5. We will not seek information of customers Credit/Debt card at any transaction until and unless customer authorizes us to do so on a recorded line.
6. BBB reserves the right of increasing/decreasing the loan amount before any transaction is done or agreement is finalized.
7. We will never over charge customer on the interest rate as agreed mutually.
8. We have mentioned all the terms and condition of the contract and there is nothing which is not declared in this document.
9. 'MONEYGRAM' is our company's 10% shareholder. You can enjoy benefits of dealing with Money Gram to our company.
EcapitalLoan, LLC.
2799 Mckinnon St, Dallas, Texas, 75201
toll free: 1(888) 910-3847"
In contrast to the above claims, BBB is a non-profit and was founded to pursue truth in advertising. BBB is not a regulatory agency, bank, or similar financial entity that oversees, or regulates consumers loans.
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