About Seek Capital
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Seek Capital is a business investment firm headquartered in Los Angeles, California. Seek Capital specializes in funding for start-ups and small business owners however they also offer additional products such as a comprehensive viability assessment and business planning services among others.
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I was about to sell my soul last week. I called a week ago based off a small business loan search. They were the first company who came up. They told me they would get me the cash I was looking for by “unsecured lines” and in my business name. They keep you on the phone for a very long time to wear you down. I signed the agreement because the sales rep Mike made it seem like an amazing solution for my cash flow issues. They purposely scheduled my call 2 days later after the 48 hour clause passes. Once you sign the first agreement, you will be out $495. After 48 hours it’s 995. During one of my calls the verification call the fees of this process started to sink in.
If they get you the funding or any funding they will charge up to 11% of the amount. So if you get a mere 5K credit card you can probably get yourself, you will owe them 11% of that balance. After reading reviews on Google, here and the 80 BBB complaints filed against them, I decided to pay them the cancellation fee of 995 before having my credit ruined and paying them more fees. I learned a huge valuable lesson last week to have more due diligence in researching these types of companies. I have reported them to the FTC. I hope a class action suit is brought against them because the fact this is legal is mind-boggling and predatory.
TLDR: Kelly is great. Don't trust the sales rep. You will wait at least 2 weeks before you see any money. Everything that they have done for me so far I could have done on my own for way cheaper and probably within a few hours without killing my credit. (Anyone want to start a company? I know a great business model to follow. All you have to do is sell your soul. /sarcasm)
To those of you starting a new business don't seek funding here. Unfortunately the only positive part of my experience with Seek Capital was Kelly **, my case manager. Don't waste your time and money with them unless you are poaching Kelly to a better company. I first reached out to seek capital for my new business and was told on the phone that if I pay for an extra package that my funds would be available within 48 hours. Don't trust this. I paid for the expedited service and at a minimum, you are waiting two weeks. Thankfully this was refunded to me since it was a blatant lie.
Next up I signed up for the negotiations package. Let me start off by informing you this is nothing more than a concierge service to connect you to the banks. It inferred that they will be calling the banks on your behalf but that is not the case and the majority of the time the banks won't do anything if they are on the phone and even when you get through to a representative that will work with you and the seek capital agent you will have to do most of the talking and convincing. You may as well call on your own. You would likely have better success.
The first "Specialist" they paired me with was fumbling over his words when he would speak and was very disorganized. You could tell the representative from the bank was embarrassed for him. They decided to put me with a new "Specialist". On the first call she was great and pushed back but then on the second call, she was nowhere to be found. It was like she was taking a completely another call because when she finally joined the conversation she was completely lost. So after two failed attempts and 4 more hits on my credit they were unable to renegotiate and additional funds.
Next is the liquidation package which is designed to be a cash advance using credit from the bank. They charge $700 dollars for this service and after a quick google search, I found out how to do it on my own. While with seek capital I got approved for one credit card total from the banks I already bank with that sent me the same offer seek got me 5 weeks before.
Anyways after all this, I didn't even get close to the funds needed, I could have done this on my own with greater success I'm sure. I just didn't have the time to. After reading some of these Google reviews and responses I don't know how I went with them. Either the review is clearly fake or it's 1-2 star and filled with complaints of deceit or lies. The best part is the person responding to the reviews who is condescending and has lost all morals in favor of signing a document.
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I used worked in travel agency but I couldn't work for a travel agency that I worked for because of Pandemic, and I needed a purpose of investment and personal expenses, so I kept getting calls from this company while searching the Internet, so I unintentionally asked for a business loan with Seek Capital. At first, I was just going to just ask them, and I told them I didn't need it right away, but financial advisor Jacky ** said I could get a credit card loan. But I also have many existing credit cards, so what I needed was a business loan, not a credit card.
I explained it several times and wanted to stop in the middle, but he said it would cost $400-$600 to cancel the process.. so I trusted him and left it to the end, but he said it was okay because there was a liquidation plan, so I ended up asking for it. But what I'm getting later is a huge wasting in time, two credit cards that I don't need, and $1700 in fees to Seek Capital and the credit score was lowered, and the person in charge was a shameless person who didn't reply to me after receiving the fee that I paid... I've never experienced this kind of fraud before, and I don't understand why they kept trying to make credit cards that I didn't even need. I can make as many credit cards as I want and I don't really need them. I feel really bad. It was a bad experience just wasting $1700. In my experience, it's a really bad company and that financial advisor named Jacky ** was a fraud.
Seek Capital is an ABSOLUTE SCAM. They will promise you the world and deliver a few personal credit cards for literally 1/4 of the amount they tell you will be "no problem"/"we'll be able to get you twice that amount". I have a credit score (or...DID) above 800. I have $40K in the bank. And....guess what the BUSINESS CREDIT CARD companies told me.... "We cannot offer you the funds you are requesting because of too many inquiries" which is EXACTLY Seek's scam. You sign over permission to them to apply for personal credit cards in the range of $2,000 - $5,000 that they know you be approved for. If 4 or 5 are approved, they take your $795 for APPLYING FOR CREDIT CARDS that you could have applied for in a matter of minutes for free, THEN they charge you 10% of the total you were approved for while screwing with your credit score.
So... you can apply for credit cards on your own, or pay this SCAM $3,000 for the $14,000 in personal credit cards they will apply for in your name. They told me I was pre-approved for $40,000 (that part of the scam: approved by THEIR underwriters, NOT THE CREDIT LENDER'S UNDERWRITERS), that $40K was "no problem". I received $14,000 in personal credit cards and a bill for $3000. When I called them to discuss all of this... They disappeared and sent me a bill!! Do not get remotely involved with this scam. Do your research. Go on Yelp, BBB, etc... It's a known fact that they are scamming innocent people out of their money. Any positive reviews are part of the scam and set up by the company. Do your research!!!!
On or about February 1, 2020 we applied for business funding with Seek Capital LLC. Sergio ** spoke with us in detail and we asked him about the difference between a bank loan and the "revolving line of credit" being presented by Seek Capital. He insisted this was a better option than both a bank loan and a credit card and that we should see funding as early as 24 hours. We already had a business credit card in our possession we had obtained prior and with a 750/760 credit score, our company was looking for a cash option for funding.
After explaining the fee structure briefly to us, we opted for the application fee and a DUNS account to be created plus for Seek Capital to act as a liaison for business lines of credit. What we received was a poorly executed Duns account with the wrong information, personal credit card applications that will not reflect on our business credit reports and sales people who avoided all important questions. On several occasions, we noticed inconsistencies in what was told to us over the phone and made a decision to lower the funding amount. Then at one point, when we inquired about cancelling we were told "you're going to owe the money anyway". So, under duress, we proceeded.
The process was rushed by Sergio ** and Zacky **, and after speaking in detail with Zacky about the fraud Seek Capital, LLC committed and their lack of candor, we sent a written request to void the Limited POA and stop all further dealings with their company. Zacky avoided several scheduled meetings and phone calls from us, and we will be attaching all email correspondence along with all other consumer complaints. The Agreement was only signed by one principal in our company and not by Seek Capital, LLC. Further, the Agreement was only valid until 2/3/2021 so any dealings with Seek Capital, LLC were not legally bound.
After Zacky pushed our account to collections and stopped picking up all emails and calls, we were sent to Pamela ** who seems to be more concerned with defending the company rather than assisting us and complying with their terms and conditions which state "Seek Business Capital's goal is to provide you with excellent service. We want you to be 100% satisfied. If you are not, please contact us right away and we will correct the situation, provide a refund or offer credit that can be used for future Seek Business Capital orders". When we asked for the DUNS account to be corrected, the company blamed us for wrong information but would not explain how the process was done. Is this ported from the IRS or what? She refused to send us the copy of the "application" where the information came from. They are seriously out of control.
We are being forced and threatened to pay fees for 1 business credit card obtained and the invoice for 1 conditionally approved personal credit card. To avoid collections, we were forced to pay this fraudulent company. They refuse to answer questions! They will most likely respond with the cut and paste responses we see on all the other sites where they have been reported. Seek Capital LLC is running an "advanced fee scheme" under the guise of being financial business lenders and consultants. An Advanced Fee Scheme as defined by the FBI is "a victims pays money in anticipation of receiving something greater such as a loan and receives little to nothing in return". The "finder" aka Seek Capital LLC had no intention or the ability to provide financing as advertised on their website and in several phone calls.
Seek Capital LLC also has an expired California Financing Law License as of December 2019, number 60DB0-87717 (this is PUBLIC RECORD) - and should be reported to BBB, FBI and the State of California Department of Business. I have emails where they call themselves lenders, brokers and sometimes consultants. So many other consumers have this same issue and they need to be investigated further.
This company will absolutely be investigated and brought to justice for misleading folks into signing a Limited POA so they can can apply to personal credit cards with your information. The company is supposed to be consulting on business affairs and even offers an upcharge for how to establish business credit but how the hell do they expect anyone to report a PERSONAL card to the business credit? Sounds like they’re encouraging people to not only lose money for no reason but get completely audited by the IRS. Their responses are laughable - don’t tell people you’re not scammers if they feel they were scammed. Way too many of the same complaints over the last several years solidifies that this is crappy service, predatory and to say you’re always right the customer is always wrong? It’s the worst kind of service.
Don't let this company scam you!!! They are all scammers. They tell you that they can get you funding for your business, but only get you personal credit cards that you can apply for yourself. They have you thinking that they're applying for funding from a bank and get a whole lot of inquiries on your credit report that make it hard to get approved for anything afterwards. Please don't sign any paper or initial anything. This company is bad news. Stay far away from them as possible. They will cause you more harm than good. Please do your research and take your business somewhere else. Seek Capital is a Scam.
-Thank you for reaching out with feedback, we strive to provide amazing service to each and every Client and feedback is a critical part of our commitment to continually improve.
Upon receiving your response an internal investigation was conducted on your account including reviewing all call recordings, emails, system notes and signed agreements. Below are the findings;
- As was discussed in detail, your application did not meet the criteria and hence would not be approved for an SBA loan, term loan or line of credit. Your account was approved for credit card based funding, all at 0% APR for the first 12-18 months
- Although credit cards can be applied for by anyone, the Seek Capital matching platform takes all factors of your credit profile, business details and matches you to the correct credit cards to ensure you receive the highest approval amounts at the best rates. To recommend a business owner to simply go and apply to any credit cards is potentially reckless as they have no knowledge if they will be approved or declined, what the rates will be and the approval amounts. This is what the Seek Capital platform handles.To address your specific concerns:
- You are correct, all funding does come from national or regional banks, Seek Capital is not a lender
- Any time an application is submitted to a bank for funding, the bank will independently review the credit profile which does leave an inquiry. Inquiries do not make it impossible to get approved for subsequent funding, all lenders will review the credit profile including the inquiries. As per Fico.com you can see that credit inquiries makes up a total of 10% of a credit score
Your comments that Seek Capital is a sc@m and other negative commentary is factually incorrect. Everyone is entitled to their own opinion but labelling Seek Capital and all the hard working staff a sc@m is simply rude and unnecessary.
We are truly sorry you did not have a positive experience and if you would like to reach out to your Seek Capital Account Manager and ask to be escalated to a manager, we would be happy to work with you to see what we can do to provide you a better experience.
Seek Capital Support
Went to Seek Capital for a small business loan - cash to purchase a house to flip. Spoke to quite a few different people who assured us we would be able to get financing. No problem. Also, each team member mentioned discounts to their rates and fees. What actually happened was they applied for multiple credit cards in my name and would have kept going after 17 hits on my credit report which dropped my score from over 800 to in the 600's. Never got cash or loan. Only credit - which to get cash would have taken bank transfers and such to the tune of following a detailed script over 12 pages long. So now we have credit cards but no cash for the flip.
Like car salesmen - told us one thing and did something completely different. NOT HAPPY at all - and the fees were over $6500 - which they made me pay before they would advise on how to get cash. NOT professional. Do not let them bully you into signing and then tell you it will all work out - not to worry. Called for hours in the first few days and pressured us to continue. Go somewhere for hard lending money if cash is what you need. Apply for your own credit - this was a scam.
Having been through multiple funding applications and being treated like a number each time, I can honestly say it was very refreshing to be treated like a real person. The level of customer service at Seek Capital was A+ and it made all the difference in the world for me.
I was initially promised 40 grand in funding. Seek Capital got me 1700$ in accessible cash, then charged me 1650$. They are very nice and professional at first but will quickly turn rude and seedy. This company applies you for credit cards then tells you of all their partners and affiliates: this is not true. They don’t do anything you can’t do.This company is so shady they will try to rush you through the sign up process. Don’t sign anything with them. You will regret it. Save your $. They simply promised me one thing and didn’t deliver; now I still have to pay them? They say they are success driven but are merely scammers!
Seek Capital Company Information
- Company Name:
- Seek Capital
- 6420 Wilshire Blvd., Ste. 600
- Los Angeles
- Postal Code:
- United States
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