ConsumerAffairs Unaccredited Brand
This company sent me out a "pre-approved" loan letter, with a card already printed with my name and business name on it. I assumed since I do have decent credit this was why I got this, so I went online to "activate" this great offer only to be denied. I will be bad mouthing this company on every single website and review I can find. I have all day, my company does well and I have plenty of money to SUE you ForwardLine. You just screwed yourself by sending ME that letter.
So, I got a $33,000 business loan with this company in November 2016, and told them at the time that this would be a short-term loan for only a month. Chad **, who was the representative at the time told me the APR on the loan was 30%, and that if I paid it off in on month, I would get a 50% discount. Nothing could be further from the truth. They don't disclose their loan in APR, their loans are given for 30% (or very close to that rate)... If you pay the loan in one month, they would charge 30% (or nearly $9,000) for that period. IN APR terms, it would amount to about 360%. They are supposed to give a discount on that amount equivalent to 50% of that amount or nearly ($4500), if you pay off the loan within 75% remaining days of the loan. So for a one year loan, if you pay it off in one month (30 days), you would have remaining 330 days or 90% remaining days. (Are you with me so far)?
So, they had debited my account on a daily basis $175 for 15 business days (they don't debit on weekends). That amounts to $2,625.00 or 7% interest in nearly 3 weeks or 140%APR. So, at most they should have charged half of $9,000 or $4,500 - the $2625 $1825.00. Since they hadn't disclosed all of this to me at the time, they agreed to the $33,000, and immediately without justification sent the fully valid account, not in default to their collection debt collector, Jon **.
In March, when I applied to Capital One bank for a business loan, they referred me to Equifax Business Solutions, who told me Forward Line had reported my valid account as a charge off with $9,000 charged off. When I talked to Jon **, he emailed Forward Lines general Counsel, and a lady by the name of Molly ** inadvertently replied "all" an email which states: "the loan was not paid in full, rather it was settled for less than the amount contractually owed and therefore, the remainder was written off by Forward Line. This was not specifically reported to Equifax business by Forward Line, but part of an automatic report of all of our merchant accounts required by Equifax business services. The only way to correct it is to change our internal accounting system, which would be falsify what happened on the loan and that cannot be done."
The preceding was my personal experience, and I have tried to be as accurate as possible with my facts as possible. PLEASE PLEASE PLEASE DO NOT DO BUSINESS WITH THIS COMPANY. It is simply my opinion that they are extremely evil, awful people. They will do anything to make money, they will lie to you, hide facts from you, and burn you if they have to. The proof is right up here. Please be careful.
Rude and obnoxiously. Didn't follow up on my applications and they didn't put in the time frame for the applications to be approved. The customer service representative was not paying attention to my concerns. Wrong info provided and the representative was Indian so they couldn't understand. The phone line that they used was a bad connection and the service was static and not well mannered. The rates was too high and I have an excellent credit score. They said that my credit score must be eight hundred or more to receive an two point nine interest rate. It was overall an terrible experience. The website keep going on and off and it took the pages too long to load and I have an fast internet connection that is over one hundred megabit per second. Terrible view on website and the website kept crashing.
It was better than most. They clearly explained my options and the reasons I qualified for options. Very friendly and east to talk to. They worked me about paying the money back and made me feel like they really cared. It was long and sort of repetitive. Though they did everything in their power to give me a hand in filling out the paper work properly. Which made the whole thing that much easier. Terms were very straightforward. The rate was a little high but all in all okay. Plus the people really broke it down and showed me how much I would end up paying back. I usually went in to the business if I had to make payments or talk to someone. The few times I checked out their online options they seemed straightforward and easy to use.
I had a very helpful experience. Their support team helped me every step of the way. They were influential in helping me make the right decisions for my business, and help me develop a strategy so I could implement those ideas. The application process was very simple and easy to use, and was not hard at all. They were very supportive in helping me process the application. Their rates and terms were very reasonable, and fit the needs of my business. Their practices are very fair and objective. They have very competitive rates that allow you to compare with other companies. The online tools they provide on their website are very helpful and useful. They helped me make decisions about my business structure that pointed me in the right direction.
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They were knowledgeable and answered the questions I had. They helped me to understand the various loans and what I was signing up for. The process was quick and easy. They were genuinely concerned with my experience and wanted to make sure I was happy. The forms were simple and easy to understand. There were various rates and terms to select. I chose a 10% rate for 3 years. It was nice to know that I could repay on my own terms and be treated fairly. They were very intuitive and laid out well. The site was clean and easy to navigate. The tools helped me to better understand the loan process.
They were very helpful in helping me try to get a business loan with filling out forms and tax records. They were helpful in doing projections for total sales, etc. The application was the way government programs go -- lots of paperwork, very long, and make you want to pull your hair out. Sending paperwork, and waiting for them to review it and ask for more things. The rates and terms were OK. I think they were very reasonable. It is just that there are a lot of strings attached. I think they are much better rates than in the private banking world. Their online tools are helpful but I had much more luck working direct with people in the field offices. I'm kind of old school so like that way better.
They were informative and helpful. Answered all questions. I asked them if I would qualify and they were very upfront with the response. I would definitely recommend this company to my friends and family. If I ever needed a another business loan in the future I would only want to go through them. The application process was simple and easy to understand. He informed me about what I needed and I filled in some simple information about my company and went from there.
The rate and terms were pretty reasonable for a loan place. I assumed I would have to jump through hoops to get a loan but they make it very simple and easy. The online website is easy to navigate. It simple and I can read it very well. I do not have any real complaints about it. It was visually appealing and I was able to navigate the site well. I would recommend bigger writing for clients who do not have great eyesight and may have a hard time reading the site buttons but besides that everything was nice including the design and layout of the website.
My experience was wonderful. The staff at the company were very helpful and explained the terms of my loan very thoroughly. They also did their best to get me the best rate possible. The application process was very easy. The bankers made it easy and the paperwork was simple and easy to follow. It was great working alongside the bakers to fill it out. The raises and terms were very reasonable. The online a tools were great. They helped making my monthly payments easy. Thanks you to the company for having such great resources!
They were very helpful and allows me to show them my plans. I was able to show them a play by play of what I have in store for my future business. The application process was tedious and they asked a lot of questions. They were extremely curious of all of my plans. They worked with me well when I had questions. Their rates were high but as a business loan is very hard to come by in my experience especially with what kind of business I wish to operate. Some would say it's risky with the market. The online tools were extremely useful and were very easy to use. I consider myself technology advanced and I thought it was very simple.
ForwardLine expert review by Barbara Friedberg
ForwardLine is a financing company that gives its clients access to loans, merchant cash advances and payment processing services. It was founded in 2003 by a group of business professionals that wanted to make it easier for companies in the United States to find the capital needed to expand operations and improve sales strategies. Today, ForwardLine has a financing volume over $250 million and a payment processing volume over $1 billion.
- Fixed rates: ForwardLine offers fixed rates for all business loans so borrowers know exactly how much they have to repay.
- Instant approvals: ForwardLine uses an online approval system that can evaluate a business's creditworthiness within a few minutes.
- Merchant cash advance: A merchant cash advance from ForwardLine gives businesses access to cash that they repay over several months by giving the lender a portion of their daily credit card sales.
- Flexible repayment plans: Borrowers can choose between six, nine and 12-month repayment plans that match their business plans.
- Payment processing: ForwardLine provides a wide range of payment processing options that let businesses accept payments via credit card, debit card, electronic check and prepaid gift cards.
- Best for: Small businesses that need access to capital to expand and grow.
Personal Finance Contributing Editor
Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.
ForwardLine Company Information
- Company Name:
- Company Type:
- Year Founded:
- 21700 Oxnard St.
- Woodland Hills
- Postal Code:
- United States
- (866) 623-4900