Swift CapitalConsumerAffairs Unaccredited Brand
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My account went into collection, after the account was closed they continued taking my monthly payment. When I contacted Swift they claim that they have not pulled any payments since it was closed. Too bad my account transactions say different. Now trying to get my money back and blocked them from making any further withdrawal. Horrible! Horrible! Horrible!!!
LoanBuilder a PayPal Company - In the beginning the process of applying for capital seemed quite effortless; however, this would soon not be true as there were many more, unforeseen hoops to jump through. All of our troubles started with the assisting agent making a single, solitary mistake: he failed to send the contract to the correct email. As a result of this, our loan process began to unravel at a comedic rate.
First they wanted me to sign a new contract (as the other one, was now voided); however, to add insult to the growing injuries, they now wanted to verify my identity because it was now in question (as if any email address can verify an identity), so I had to send them a copy of my driver's license, a voided check for our business, from the correct email. Done. However, my signature did not match the one on my driver's license (yes, it was not exactly the same and so another red flag was created), so now, they wanted me to redo the contract signature with what they call a "wet" signature to prove my handwriting, and get verification of my identity from my bank (at my cost for a notary public). The irony of all of this: if the email had been correct, they would have assumed that I was in fact who I said I was without any further issues and there would have been no complications.
In spite of my driver's license, my bank statements, my business phone number (which they called repeatedly), my voided business check; they still wanted further proof of my identity. The level of professionalism is appalling, as well as the audacious procedures that they say were for my own protection (remember, if the email had been correct we would have avoided all these issues without any further ado), and the fact that no supervisor called to speak with me once I told our representative John ** (who was too new for this level of finance), that we have decided it isn't worth the agony or my time. Keep in mind, I was approved for a $25,000.00 loan to be paid weekly over 52 weeks...with a finance charge of $6,800.00. I believed initially that while this was very expensive, it would be worth it for our business and our business credit.
I am completely unimpressed with PayPal's new loan company (it is as disastrous as PayPal was in the beginning...and arguably somewhat still is). If you can avoid the use of PayPal's new company, for a business loan, definitely do your best to avoid it! I understand that times can be hard and you just need to get non-traditional financing, but head to a credit union and speak with them directly.
Do not do business with this company. If you need working capital, they charge you 100% of the interest up front. Don't be fooled by their ** terminology "Discount Fee" etc. or "Fixed Cost of Capital". Regardless of whether or not pay the loan off in a week or in a year, you're stuck with an INSANELY high interest. Then, if you decide to renew the loan, they charge you a new "Fee" based on the loan you took out, which means you're paying interest on interest. My cost of capital came to 50%. If you need a loan, go elsewhere, these ** SUCK.
Be aware of the fine print and do not listen to talking points of their salesperson. Kirah was my representative and now denies most of the talking points she uses to sell the product. Swift is a last resort lender and you should be aware that they will damage your company with UCC filings. They secure their interest by filing UCC for the full amount of their loan. They also do not stand behind their offer to discount for early payment. Again it's only a talking point and You must include in loan agreement if you want this privilege. Last is the talking point "we will agree to loan more money if needed". This will come at a double cost even if you meet all of the obligations of the agreement. Be aware of Kirah!
The application process was very easy and simple. No over-the-top hoops to jump through or anything like that - the application process is precise and swift. While the machines are discouraging in the beginning, once you get talking to an actual representative, they are very helpful and polite, and, most importantly, educated in their line of work. The online tools were very helpful for me. I'm not that great with technology and everything, but Swift Capital's website and online tools were very easy to navigate and use. Also, the rates are quite fair and the terms easy to understand. There's no underlying or hidden fees nor any kind of trickery going on, which can be a huge worry for a lot of people when attempting to receive a loan.
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I find Swift Capital to be fair, easy and actually looks at the customer individually and assesses what kind of rates based on all factors not just only a few. I applied online and then I had them run a credit check. After this was done they asked me more identity verification questions and then at the end gave me a more than fair interest rate in my opinions. My rates and terms were to get a 5,000 loan with a 12 Percent interest rate and afterwards I would pay back a minimum payments of $250 each month. If I was late on my payments I would have to get penalized. Everything you could want is on their online site. With even the right amount of info you would need to assess if this is the right company for your unique and particular situation. For me it was very good.
I did not think customer support was the best. They were kinda rude to me, and seemed to want to hurry me through the process so that they could get on to the next person. The application process was alright. It took a very long time to fill out, because they wanted practically my whole life story. Their rates and terms seemed fair enough for what it was. Rates were affordable if you have a lot of money. The online tools were very helpful and very easy to navigate through, made the process a lot easier to complete, were not dull and boring, easy to get through, understand and useful in the process.
They were helpful to a certain extent, but one or two of them got extremely rude with me when I didn't quite understand what they were saying. Part of my experience was very confusing; they were asking for some of the most detailed stuff and there's only so much information you need for a loan. They had some reasonable demands and policies. Their online tools were extremely easy to use and navigate; not confusing at all. It was nice finding people who used the online process so well when a lot of other companies don't.
Customer service was excellent. All my queries were handled very well and honestly. They clarify everything very well on terms and conditions and were very knowledgeable on the subject matter. Very helpful employees. All processes were moved quickly after submitting applications and required papers. Hassle-free assistance and quick approval. Rates are not very impressive but still thinking of customer service they provided, working with Swift Capital is easy and hassle-free. Swift Capital has easy and user-friendly online tools. It's quite easy to access information on loans, available rates, and other information. It's quite quick and easy access account and managing it online.
Totally sucks - they should try harder to help you but to them it's just a job. I opened a business with the loan anyways so no big deal but the rates were crazy. Again my representative wasn't very helpful. When I had questions she didn't really give a clear answer. Terms were iffy - you really need to read the fine print. The rates were what I expected but still awfully high. It's a shame they don't make these thing affordable.
They got the job done. They were courteous and helpful during the process. I had no major problems in dealing with the customer support. The application process was normal, I think. They provided guidance when needed and helped me throughout the process. It did not seem to take excessively long. The rates and terms were good. The rates and terms were competitive with other lender's rates and terms. No complaints from me about their rates and terms.
When business got slow and I needed help delaying my loan payments there was a helpful staff ready provide me with several solutions to the problem till I eventually got back on track. My whole process was done online and over the phone, made for less of a personal touch but it was fast and convenient which is what I needed for my situation at the time. Rates were VERY reasonable and competitive with other lenders. I was provided with several comparisons before agreeing to the terms of the loan. It was all done online. Any tool or assistance required was right at my fingertips through the entire process, made things move quickly and seamless as I progressed through the process.
Got wonderful service and it made my life more easy and comfortable and gave confidence to do things on my own. Felt at ease after using this service. It was so easy to apply and didn't take much time to complete and get the money approved. I would highly recommend others using this one.
They got the job done. They were courteous and helpful during the process. I had no major problems in dealing with the customer support. The application process was normal, I think. They provided guidance when needed and helped me throughout the process. It did not seem to take excessively long. The rates and terms were good. The rates and terms were competitive with other lenders' rates and terms.
Customer service was excellent. All my queries were handled very well and honestly. They clarify everything very well on terms and conditions and were very knowledgeable on the subject matter. Very helpful employees. All processes were moved quickly after submitting applications and required papers. Hassle-free assistance and quick approval. Rates are not very impressive but still thinking of customer service they provided, working with Swift Capital is easy and hassle free. Swift Capital has easy and user-friendly online tools. It's quite easy to access information on loans, available rates and other information. It's quite quick and easy access account and managing it online.
I got a business loan to open up a new facility. I wanted to just purchase the building and update the space. I was deciding between a place that could provide health classes or fitness facility. I decided on a fitness facility. I had to install floors and equipment throughout the facility as well as make sure I comply with all guidelines. I got a business loan for the facility as far as the building and I took out another loan and received donations for all the equipment that I was needing.
Swift Capital expert review by Barbara Friedberg
Swift Capital believes that worthy businesses are often denied funding based on personal credit scores. Swift funds business needs based on the strength of the firm, not on personal credit scores. The firm uses data and technology to streamline the lending experience and connect business owners with funding sources.
Products: Swift offers a variety of types business loans from their lender network.
Interest rates: Special best price guarantee. Swift promises that if borrower receives a better offer elsewhere, they will beat it or pay the borrower $500. As of April, 2016, interest rates are available as low as 9.9 percent.
Service: Funding experts are accessible from 8am to 8pm daily. Qualified borrowers may have access to $10,000 within one hour.
Borrower qualifications: Swift considers borrower cash flow and health of business, not personal credit score or additional collateral. To apply, the borrower provides average monthly sales figures and identifying business and personal tax ID numbers. The borrower may need to offer bank statements as well.
Fast approval process: The qualification decision is granted immediately, and funding may occur as quickly as within one day.
Loan limits: Loans available from $5,000 to $500,000.
Repayment options: Repayment is set up via automatic checking account deductions. Payments are deducted either daily or weekly.
Best for: Small and mid-sized businesses.
Swift Capital Company Information
- Company Name:
- Swift Capital
- 3505 Silverside Rd
- Postal Code:
- United States
- (888) 923-0007