Currency Capital

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Currency Capital

Hi Penny,

We apologize for your experience with Currency. After investigating the case, we have gathered the following information: Currency initially spoke with the client in which the client expressed interest in financing a small business loan. Currency advised the client the next step in the funding process would be for Currency to secure the funding with a term sheet so Currency could go through with the funding. The client agreed and signed the initial term sheet.

Once initial term sheets were signed, Currency provided the necessary documentation to our financing partner to complete the funding of the deal. After conducting their own internal review, the lending partner lowered their initial offer due to seasonality concerns. Currency prepared new documentation in order to still fund the customer but once again, the financing partner declined the deal for the same reason they originally lowered the approval amount (seasonality concerns).

The customer was unable to contact her Account Executive due to the fact that the specific individual involved is no longer an employee of the company. Following the employee’s departure, Currency began our internal process of transferring the clients account to a separate Account Executive. We apologize for this miscommunication in which evidently caused your delay in communication. Currency attempted to submit a full refund to the customer but was declined due to the declination of the original withdrawal.

Once again, we sincerely apologize for your experience. This experience is not indicative of how Currency conducts business. If you have any further questions or concerns, please feel free to contact us at (800) -935-2178 or assist@currencycap.com.

Original review: Sept. 26, 2016

I applied to Lending Tree online for a small business loan. Before I'd even completed the online form, lenders began calling me. One was a Ben ** from Currency Capital and the other was from Capital Advance Solutions. The latter company was very honest and made me submitted formal documents to prove my eligibility. But Ben from Currency Capital said he'd get me the loan, and I signed 3 Docusign contracts offering at first 21k, then 15K, then after submitting more documents, came down to 9k. Then a $540 withdrawal occurred from my business account. I immediately called Ben and he said it's a good sign and that the loan should fund shortly. Just to wait on everything to process. That was Sept 13, 2016.

Afterwards when no funding appeared I tried to call Ben, and email him and tried to call from various phone numbers. No reply, no callback, no email. Left up to me to solve, I went to my bank today and disputed the $540 withdrawal, and stopped future payments. Had I not been proactive and waited any longer, then I couldn't have done anything to get my money back. To payback the loan they were going to take automatic withdrawals out of my business account every day. The rate was like 25-30%. Ben promised I could pay off the loan early and restore myself to excellent credit. It was all a scam and now several other "lenders" have hit on my credit.

I learned a lesson - don't expect online lenders to be honest, I now have the "IRS" calling saying they are suing me and want all my SS and TIN #s. Who knows how far my info was spread. On the other hand Capital Advance Solutions rep actually told me he couldn't get me a loan, but for me to go get a secured credit card, buy gas once a month on it, pay it on time and call him back in a year. He assures me this is the ONLY way to get my credit score up. Hoping his advice will be fruitful - BEWARE CURRENCY CAPITAL - thieves.

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I had a broker connect me with Currency Capital to finance equipment that we needed. They offered different options and we picked out what we thought was the best one for us.

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The loan I got from Currency Capital helped me expand my business like I want it to. Their relationship manager was very helpful. Everything went off pretty much without a hitch. So at this point, I’m happy.

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Currency Capital seemed easy to deal with and they were quick to get me approved. I got my contract in a couple of days through email. Everything went good with the relationship manager. They were easy to deal with and got back to me quick. With my business loan, I was able to update my equipment and get better ones, too. The loan sped up production and business would be slower without it. Everything went smooth with Currency Capital. I recommended them to somebody else.

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Currency Capital

Hello Vincent,

We apologize for your experience with Currency. After investigating the case, we have gathered the following information: Currency was contacted by the client in regards to requesting additional funds for working capital. The client was approved on terms accepted by the client but Currency was unable to complete the deal due to process delays. Following this delay, the client no longer sought additional funding but requested a payoff letter for his previous existing loan with Currency and our lending partner. After receiving this request, Currency advised the client the best way to receive this information was to contact the lending partner directly.

We thank you for your business. If you have any further questions or concerns, please feel free to contact us at (800) -935-2178 or assist@currencycap.com.

Original review: Sept. 16, 2016

Agent Paul ** overpromises the timing of granting approval of additional funds, but since my payment deadline was missed I pursued other lending company which is need a Payoff Letter from Currency but my requests were ignored and no matter which number I called or which different agents I seek help from... All directed back to Paul. Who continues to ignore my requests! It's been over a week and still no sign of issuing a Payoff Letter. Horrible experience!

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I received a capital loan from Currency Capital. It got me up to speed with everything I needed to do to make my business run smooth. David, the rep that helped me, was on point for the couple of days that he spent working with me. He was excellent.

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I found out about Currency Capital through LendingTree. The rep was very pleasant to deal with. The loan I got allowed me to get equipment to expand for my business.

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Currency Capital

Hi Elisa,

We apologize for your experience with Currency in relation to the timing of receiving information regarding your payoff. After receiving your initial request for payoff information, Currency began our internal process of collecting this information and preparing our documentation. We make every effort to process every request as efficiently as possible. We have since confirmed with our Customer Service Team that you have received the aforementioned document pertaining to your request.

We thank you for your business. If you have any further questions or concerns, please feel free to contact us at (800) -935-2178 or assist@currencycap.com.

Original review: Sept. 8, 2016

We got a loan from Currency Capital for a fork lift. Everything seemed to be going fine until we wanted payoff information to close out the loan early. We contacted our account executive multiple times via e-mail and left voice messages and never got a response. We called the customer service line 3 times and each time we were told that we would receive the information via e-mail within 1-2 business days. Here we are 3 weeks later and we still do not have the information. I finally got through to our account executive who I am sure only picked up her phone because I called from a number not stored in her caller ID and got the same answer, "you'll have the information today". This is completely unacceptable. And we still do not have our payoff information.

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Currency Capital

Hi Anthony,

We apologize for your experience with Currency. After investigating the case, we have gathered the following information: Currency initially spoke with the client in which the client expressed interest in financing equipment and doing it very quickly. Currency advised the client the next step in the funding process would be for Currency to secure the funding with a term sheet so Currency could go through with the purchase. The client agreed and signed the initial term sheet.

After conducting the initial review of the equipment, the client was not approved for the full amount because the equipment was an older boat than what was initially expected. After coming to the conclusion that Currency would not be able to approve the full amount for the used equipment, Currency immediately refunded all of the funds back to the client.

Once again, we sincerely apologize for your experience. This experience is not indicative of how Currency conducts business. If you have any further questions or concerns, please feel free to contact us at (800) -935-2178 or assist@currencycap.com.

Original review: Sept. 2, 2016

I was approved for a $17,500 loan on 8/31 and the next day, I received a call stating that because the equipment that I was purchasing was used they could only finance $5000??? I was assured the night before that I was approved for the $17,500 and even signed all paperwork (Docusign). I was told to contact the seller and expect money in the morning! The creditors knew that this equipment was used when they approved me! This company should honor what they say. NOT A VERY RELIABLE COMPANY.

2 people found this review helpful

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Currency Capital was the first one to respond to me when I was looking for a financing company. With the loan that I got from them, I could focus on building the business and not the finance part. Otherwise, it would be a struggle. However, I've had additional withdrawals from my account and I want to find out why I have more than what was agreed upon within a given day. I sent them an email last week about it and I'm still waiting for a response.

2 people found this review helpful

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Currency Capital

Hello Enzo,

We apologize for your experience with Currency. After investigating the case, we have gathered the following information: The client initially came to agreement with the terms Currency presented. After signing the contract, the client was unreachable for up to 2 weeks after numerous attempts to contact the client by Currency. After eventually reaching the client, the client refused to provide Currency with the necessary documents Currency required to fund the deal.

It came to light that the client had requested a refund and would not send the required documentation to process the lease. After further research, Currency learned the client did not want to send the additional necessary documents to fund the deal because the client had financed the truck elsewhere after signing the initial contract with Currency. Due to the fact that the client unilaterally pulled out of the contract with Currency and financed the truck elsewhere, the client is ineligible for a refund.

Once again, we sincerely apologize for your experience. This experience is not indicative of how Currency conducts business. If you have any further questions or concerns, please feel free to contact us at (800) -935-2178 or assist@currencycap.com.

Original review: Aug. 26, 2016

Asked to sign docs without date, removed 4000 at once; No notice, receipt given. Joel ** said money would be returned, wrote email to confirm the return but reneged the next day and insisted on submitting financials and getting approval after one month later or a refund. I told him I do not need a loan; Truck has been purchased finally. I was told a 2% lease rate but I figured 32%. He said "How?" I said "Loan amount and payment and term will compute the rate of interest." At the time of the paperwork began and refused it then he said he would call the following Monday to finalize the document approval but never did.

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Very helpful for whatever you need. Many people should know that the customer service is the best and easiest part to use. Many people will give you just what you need. The process at first can be very hard to imagine but it's still useful for you so also keep that part in mind as well. Many people should take heed. The rates and terms are hard to get. Many people should be very careful in what they choose. So be wise about that. The online tools can be quite useful as well for whatever is needed.

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I had an awesome experience with Currency Capital. They were very easy to work with and made getting financed a breeze. I will refer anyone that needs financing to this branch.

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Speedy, user friendly, congenial.

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I just got a 2016 Mac Dump trailer finance through them. They were awesome and Jake ** walk me right through it and everything is supposed to close on Friday. The payment was just what I had hoped it would be. I have to brag on Jake. He and Currency Capital has did this US Marine Veteran a great service. I can go out and work hard and pay them back on time, then in the future buy another truck and trailer. Thank you so much. Semper Fi.

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Currency Capital

Hello Sam,

We apologize for your experience with Currency. After investigating the case, we have gathered the following information: The customer initially came to agreement with the terms Currency presented. The customer was then only approved for 50% of the amount. The customer was concerned that he would be paying an extra deposit with our partner lender, but was reassured by Currency that the customer would be refunded the amount he paid to the new amount with our partner lender.

The customer was unhappy because the vendor had already given him the equipment for an unknown reason. Currency was in contact with the customer on a daily basis throughout the business process. Evidently, the customer was not approved for the full amount because of an unqualified FICO score and no established credit history.

Once again, we sincerely apologize for your experience. This experience is not indicative of how Currency conducts business. If you have any further questions or concerns, please feel free to contact us at (800) -935-2178 or assist@currencycap.com.

Original review: Aug. 8, 2016

I put out a request on LendingTree for some business financing for a piece of equipment I desperately needed for my company. In that request I heard back from Currency Capital. After several exchanged e-mails I was told the financing would be no problem and that I had to put down the first and last payments. Terms of 60 months roughly 15,000 financed with a payment in the mid 300s. The equipment would be mine at the end of the lease. This happened right before I needed to fly to Costa Rica so I put everything on hold until I returned. I was told this would also not be a problem. When I returned, I took delivery of the equipment and contacted my rep at Currency Capital again. I was sent over to another representative. I was sent an initial lease that matched the terms I was offered. Payment of $348.15 for 60 months. So I authorized the first and last to be debited ($696.30). After the payment was debited everything started changing.

The amount I approved for was cut almost in half with multiple excuses why none of which made any business sense. Nevertheless I was painted in a corner as I'd already taken delivery so I took several options off of the equipment and came up with the cash for about half down. Unbelievably my amount approved for was lowered a third time AND my sales rep requested a fraudulent invoice from my vendor for the amount financed (HALF the equipment's actual cost and value).

Final terms sent to me today were for over 110% interest 45-month term to finance $6500. They also had no notation of the $700 they had already taken! So, I was to sign, then pay ANOTHER $453.73 immediately. When I refused to sign this, as the terms had changed so drastically, I was told they were going to keep my first and last payment. This the worst case of bait and switch fraud I've ever had to deal with personally. I Strongly suggest you stay away from Currency Capital!

9 people found this review helpful

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Currency Capital

Hi Bob,

We apologize for your experience with Currency. After investigating the case, we have gathered the following information: Initially, there was a miscommunication on how much pre-funding the vendor was approved for and Currency. As a result, only 50% of the check was sent to the vendor due to this communication. After realizing this this error, the vendor was paid in full the next morning and there was no delay in getting them the equipment.

Once the deal funded, the vendor did not hold up their end of the deal on installing the equipment. The vendor's specialist never made it to install the lifts and the customer was forced to install the equipment themselves. Currency then helped the customer collect the money from the vendor they were initially charged for installation.

Due to an error in our accounting process, Currency mischarged the customer for interim rent. It was not until the agent looked further into the customer's payment history that we realized we overcharged the customer. The agent immediately resolved the situation and refunded the customer in full.

Once again, we sincerely apologize for your experience. This experience is not indicative of how Currency conducts business. If you have any further questions or concerns, please feel free to contact us at (800) -935-2178 or assist@currencycap.com.

Original review: Aug. 4, 2016

Currency Capital contacted me a year ago and said they do leases and loans. The rep had all the answers, it seemed. I had another big company who was looking for leasing some big equipment then, and I told them no and went with Currency Capital instead. But we're not happy with them because what comes out of their mouths is not the same as what they put on the paper. We leased from them to get some equipment but they sold us out to somebody else so we've been their borrower for only a couple of days. The equipment was fine when we got it but things weren’t followed up on, things messed up from the get-go. Initially, they gave us quote for 12+ monthly payments. Then they sent a revised quote to include tax charges. It was my fault for not paying attention to what they sent us. But I would never recommend or use them again.

The manager told us things that didn’t actually happen. He told us that a check went out when in fact they sent two checks. We weren’t able to get the equipment in operation, so it took a lot longer. Due to delays, it cost us a lot of money. If I had known this was going to be that much of a headache, I would’ve self-financed it. It’s something that we would never do on our next five spaces. We will not use them for anything. We’ll be opening another one next year and another one thereafter over the next five years. The other finance company finally sent the contracts to me via email. But we did not receive them by mail or I may not be aware of it because I’m in California and my son is in Tucson, Arizona. And it was mailed later because it was signed via DocuSign, which was fine. But then not a good experience for us.

4 people found this review helpful

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Taking out a short-term loan from Currency Capital seemed to be an easy and quick solution for our cash flow. Their reps answered questions and gave us the information we needed. The process took about a week and a half. I thought it would be a little quicker.

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I got an equipment loan from Currency Capital and it's been great. I've been in the industry for eight years now so I knew that this piece of equipment and the technology, is advanced. It has helped immensely and people are just so happy with the results and it just continues getting happy clients and more client referrals, and expanding from there. So, it's been great to have that piece of equipment to be able to deliver those results.

The Currency Capital relationship manager was great, very thorough and fast in responding. I couldn't be happier. Everything was so perfect. They really have everything together, so I was very pleased. The process went very smoothly from start to finish which was really amazing. I look forward to getting this machine paid off, getting another unit, and definitely working with them again. Right now we're doing fine. But in the medical aesthetics industry, we have to continuously stay up-to-date with technology, and if we don't, we will fall behind.

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Currency Capital

Hello Sandy,

Our agent spoke to you and explained why we would not be able to move forward with your application. Please call us if you need further clarification.

Original review: July 27, 2016

Once I submitted my documentation I never heard from this company by phone, fax, letter, or email.

2 people found this review helpful

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I took an equipment loan out from Currency Capital. The relationship manager was very helpful and the process was very easy. I was able to buy equipment that I normally wouldn't have been able to afford by spreading my payments out. Without it, it would take a lot longer to get the equipment I needed.

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We received a working capital loan from Currency Capital. We’re a continuing customer and we’ve never had a bad experience, so we continue with them. The guy that we dealt with was very good, on top of everything and very easy to work with. Everything went smoothly. The loan helped us to function day to day. We’re in our busy season now, which is good, and it has helped to achieve that. It would’ve been pretty slow to get everything going without the loan.

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I was behind in our shop payroll taxes and answered a promotional letter from Currency Capital. I dealt with Paul ** and from start to finish he exhibited extreme patience and integrity throughout our process. I had an existing loan from a competitor which he was able to pay off and still got me money to meet my tax obligation. I have done business with several loan companies in the past and found Paul to be the most honest and dedicated, and lowest rates of any others. I know that he went above and beyond my expectations and he always treated me as if I was his only and most important customer. He was always available to answer any and all of my most basic questions, and kept his word on all dealings. I hope he remains with the company and I look forward to working with him in the future for all my money/equipment needs. I will highly recommend him to anyone needed financial help.

2 people found this review helpful

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Currency Capital

Hello Daniel, We are sorry for the confusion caused by our business process. The reason the debit wasn't returned was that the bank statements you sent were believed to be fraudulent. As previously stated, please feel free to contact David for further clarification of this matter.

Original review: July 18, 2016

I was currently in the market for Equipment financing and came in contact with A gentleman by the name of David ** who works for Currency Capital. everything seemed good at first until he requested my Banking information to withdraw my first and last payment after an approval. This wasn't even a contract but what they call a "Loan Proposal". I was never told or made aware that a payment will be deducted from my Business account without an actual approval or signed contract.

Now I am not doubting or saying Currency Capital is a scam but their methods of how they conduct business is unethical and immoral. Within a few minutes of signing this "Loan Proposal" I contacted my source who I was going to purchase the equipment from and informed him that I have been pre-approved for a Loan. When I told him that the lender was Currency Capital, the first thing he asked me was if I filled out a "Loan Proposal." He then informed me that they were going to withdraw money from my account without an actual approval or signed contract and if they were unable to approve me for a loan that I would have a hard trouble getting my money back.

After hearing this I immediately emailed back David and told him that I no longer felt comfortable to continue with the loan. He did respond back and told me that the withdraw is a good faith and also a means of not wasting their time. I explained to him that this is unheard of and was not the proper way to conduct business. It's like going to a car dealer and before test driving a vehicle and speaking to a sales person you would need to provide a down payment to show a good faith of not wasting the sales persons’ time.

David assured me that I wouldn't receive an ACH withdrawal. Well a few days later after the 4th of July I went online and saw a withdrawal for $4,333.02. I am currently in dispute with my Bank and should be receiving back my money but at no point have I heard back from David or any representative from Currency Capital. So if you are reading this please do your research and look elsewhere. They are plenty of Equipment financing companies out there that will not collect a dime without an actual approval or signed contract.

10 people found this review helpful

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We try to grow our business every year, and there’s been a couple of years since I’ve added inflatables to our inventory. We’re constantly adding inflatables so that we can grow. We got a loan from Currency Capital for a lease purchase for inflatables. Because of the loan, we were able to purchase more units of inflatables.

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I’ve been dealing with Currency Capital for over a year now. I got financing from them for some equipment for my work and I was able to buy the equipment I needed. Also, their rep was professional, productive, and pleasant. It's been a good experience dealing with him.

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I got an equipment leasing loan from Currency Capital and that got me into a bit of a business that needed to be in. It was very good with their rep and I liked the girl named Stephanie a lot. I've had no problems with them.

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We got equipment financing and working capital from Currency Capital, and it helped support the operating and spending of our company. The relationship manager we spoke with was very responsive and knows exactly what we're looking for so I was very at ease working with him. Overall, it was a great experience.

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The merchant loan that I received from Currency Capital gave an extra cash flow for my business. It helped me get to my business plan and I also had a payroll because of it. My business' performance would have been difficult without Currency Capital.

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I got a business loan from Currency Capital. Their relationship manager was wonderful and she guided me through the whole thing. I was very comfortable and we did a quick deal. And now this loan gives me a very healthy cash flow so that I never go below a certain amount while I’m earning capital. I’m now able to comfortably buy more studio time for the artists and any equipment that we need, we can get. Otherwise, there’d be some purchases that I would have to put off, maybe some studio. I’d have to cut down on some studio time or maybe not buy a guitar that we need to have.

Currency Capital Company Profile

Company Name:
Currency Capital
Address:
11620 Wilshire Blvd.
City:
Los Angeles
State/Province:
CA
Postal Code:
90025
Country:
United States
Website:
http://www.currencycap.com/