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Reviewed Feb. 24, 2023
This is a terrible company! I applied back in February 3 and I never got a response till now which is the 23rd. Weeks later right. That is not all but they told me that the reason they declined me was that I had other payments that were too high in which I was the who doesn’t have an auto payment and who doesn’t pay on other loans. This is called a life. All I asked for was about $6000-$8000 because they supposedly help small businesses with some working capital. It’s not like I was asking for 40,000. I can’t afford to pay back this loan because I make about 120,000, 250,000 a year and I make anywhere between 8000 to 12,000 a month. How is it that I did not qualify? I have no clue, but this company is just full of it. I feel like it’s false advertising and they don’t help anybody.
Reviewed Jan. 5, 2023
Get an attorney or your CPA review your ECG's loan contract before signing. ECG manipulates your interest rate they tell you and never put in your contract by immediately withdrawing your first payment on the same day they deposit your loan amount to your business account. Here is an actual example of their loans: You get approved for $31,000 business loan by ECG and your payment is $1100 weekly for 36 weeks. They deposit $30101 into your account after taking $899 origination fee (they never put on the contract you are paying 81.38% interest) for total repayment of $39680.
Then on the very first day, they take the first payment of $1100. Therefore in fact your loan was only $29000, for the same term but now your interest rate they never put on the contract is going to be 93.5% instead of 81.38% since you end up with less money into your account after the first payment was taken out on the same day the gave you the loan.
This is how it would look on surface: Total repayment of $39680 - $30101=$9579 interest. In fact it is: Total repayment of $39680 - $29000=$10679. This mean you are pay way more on the actual money you got access to after you got the loan. They also tell you after you pay 50% of the first loan they work a better terms and you can qualify for more loan amount at better terms. It's a total lie and false statement and a a sales tactic. After you pay 50% you can renew your loan but the origination fee and interest rate goes up. Avoid taking any loans from ECG. It's a total rip-off.
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Reviewed Feb. 26, 2021
Borrower beware, don't waste your time and effort they will deny you for internal score. Which is their way of seeing you as a credit risk, however I have never missed a payment, my score is at 780 or more. Internal score is just a way to deny credit when they do not know the reasons why you are applying, covid 19 has taken a toll on all of us small businesses and we can us companies that can see pass there internal scoring and look at everything and know that we have never missed a payment on anything we just need that little help to keep us in business so that we can move forward for years to come.
Reviewed Oct. 15, 2018
I obtained a loan from Expansion Capital with no hassles. All was well with making payments until an auto accident put me out of work for several months. Jason was very understanding of my financial situation; he went the extra mile to make arrangements for me to pay off the loan in a timely manner. I greatly appreciated the flexibility and courteous service offered.
Reviewed July 29, 2016
It is like they seemed to anticipate my specific needs and they were determined to meet or exceed them. They were very thoughtful and thorough and friendly and made the process as hassle free as possible. I would recommend them if asked. The application process overall was very quick and easy and even seamless process in my opinion and I think it made the whole experience that much better. I think they have very competitive and even fair rates and terms. Any company can do better with this but you usually get what it is you pay for. With the little bit of interaction I had with their online tools I was very satisfied and I think the tools they offer are very up to date and helpful.
Reviewed July 25, 2016
They offered excellent customer service. They helped you to go through every fine details and even help you to fill out the forms electronically. I was so comfortable doing business with them, they can be highly recommended. You can trust them, they are confidential. Record time business deal. The process was swift and easy. No delays and hold up. You can actually get out of there in record time. They are extremely helpful. No long wait, you are attended to almost immediately. The customer service representative, very friendly and helpful and courteous.
Affordable rates and manageable terms. HASSLE FREE. The terms are understandable, affordable and not pressuring. Rates are next to none. Very competitive. Online tools are easy to use. Straight forward like easy 1, 2 3. A no brainer. They make it very user-friendly. Even if you are not computer literate, you could actually carry out your transaction because they made it possible and so easy for dummies to understand. If I were to rate this from 1 - 10. I would give it a ten.
Reviewed July 22, 2016
Helpful knowledgeable courteous professional very nice and clear individual. They assisted me through out the entire process. Even followed up with a courtesy call. Although the customer service was great this process needs to be streamlined to facilitate smoother application processes. The rates and terms were comparable with other lenders. It was hard decision to choose but overall for my needs, I found just what suited my goals. So I am very satisfied with this company. Their online tools were sufficient for my needs.
Reviewed July 20, 2016
The customer service was excellent. Great help at every step. They helped with all aspects of loan process. Answered all my questions. Application process was very easy. I was very happy with the whole process. Calling with questions was quick and easy. I was very satisfied with rates and terms. The people explained everything to us step by step. I would do it again... excellence is their motto. Online tools are easy. Very helpful and descriptive. You can do anything on there you could think of.
Reviewed July 15, 2016
They can help you out a lot because they know you need a loan for your plans and the staff are really informed about everything because what they explain is very simple and it is really easy to understand what they say and you get your loan. The application process was not long because I submitted mine and it took less than two days to reply and I got the money or loan that I needed which was really helpful. The process may vary but for me it took like two days go get a response.
The rates and terms are very simple. They will explain everything that you will need in order to get your loan and they actually help you have a complete understanding on your loan and what the rates might be whether they are high or low. The online tools I don't really much use but what I do know is that they are there to assist you when you need help. I used it once and it helped me solve my problem so yes I do think it is very important to have them so you can look it up and solve your problem fast.
Reviewed July 14, 2016
Very good, they were focused on what I wanted and really worked to make sure I started a successful and great business. They gave complete information, didn't leave anything out. They wanted to know too much information before I went to meet with them. Once I did speak with them in person everything went well. Did run into a few rude employees. They're a little bit picky. They were very intent on learning a lot of information. Which was fine but I didn't have my business plan all figured out. They had some glitches in the system. Which was super annoying I expected more from them seeing how much I pay them.
Expansion Capital Group author review by Barbara Friedberg
Expansion Capital Group (ECG) was founded in 2013 and offers financing options to small and medium-sized businesses. ECG has worked with more than 650 types of businesses and loaned those businesses more than $65 million.
Approval: ECG supports strong businesses, even if their owners don’t have perfect credit. Approximately 60 percent of applicants are approved for a business loan. Those who are approved can receive money in as little as two business days.
Scalable: Business owners can apply for amounts ranging from $5,000-$500,000, so applicants can apply for the funds for small and large investments. The business’ health determines how much money an owner will qualify for.
Application: Interested consumers can easily apply online. The application is relatively short and requires only three months of bank and/or credit card statements. ECG responds to application within 24 hours.
Short terms: Loan terms range from 3-12 months, which might be good for business that need a quick infusion of cash. Expansion Capital Group sets up daily automatic withdraws in small amounts so it is easy for business owners to pay back their loans.
Informational resources: ECG’s website regularly posts useful articles for business owners. They publish articles on topics like using social media to promote a business, providing employees with health benefits and industry specific advice.
Expansion Capital Group Company Information
- Company Name:
- Expansion Capital Group
- Year Founded:
- 5020 S. Broadband Lane, Suite 100
- Sioux Falls
- Postal Code:
- United States
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