Advance Funds Network

Revdex.com:Please remove this complaint. The company was extremely helpful in bringing this issue to a resolve and was not directly involved in the issues at hand.
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is...

satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

Dear [redacted], We would like to firstly apologize for any inconvenience we may have caused you. Obviously, we have failed to provide you with the terms of the business financing you were looking for. It appears we failed to communicate on several levels and are sorry that you felt the need to...

take this into this forum. It is not clear what resolution you are seeking but we would like to address several inconsistencies in your letter. The first contact was never made by us. WE DO NOT CONTACT UNSOLICITED BUSINESSES. We did not solicit you. We only respond to inquiries through our print ads, radio and TV media or online searches. In your case we received an inquiry made by you from a local IP address of [redacted], with a unique google [redacted] of [redacted], we received your inquiry on Saturday night 09-**-2015 09:22 PM EST, with your unique Browser Information: Mozilla/5.0 (Windows NT 6.3; WOW64; rv:40.0) Gecko/20100101 Firefox/40.0 Page ID: [redacted]. We apologize if you cannot recall inquiring with us but, I can assure you- you did. You mentioned that you applied to several other solicitations. Perhaps a lot of your frustration should be more appropriately guided towards them. You mentioned not wanting your credit pulled. WE DO NOT PULL CREDIT. We are not sure exactly why you think we did. You mentioned something about a veiled attempt to collect fees. We are a different company as you mentioned and we NEVER CHARGE OUR CLIENTS UPFRONT FEES. There were no fees attempted to be charged to you for the work that we did, nor was there any fees on our part for offering or for you taking the 18 month offer that we were able to secure for you. To summarize: We did not charge any fees, were not charging any, nor would you have been charged any (other than the offer itself). Our records indicate that you received our offer to you with our ZERO fees including as a summary page to your offer. Perhaps you can revisit the emails you received before completing your response to this defamatory accusation. Our rates start as low as 5.49% APR. We are not exactly sure why you were only told that they start at 12% APR. It could have been several factors that allowed Eric’s expertise to determine your ineligibility for certain programs. We recognize the importance of keeping things private and will respect the confidentiality of all information regarding your application. The ability to secure an 18 month offer for a considerable sum was the best offer at that time. Were the lines of communication kept open perhaps we could have done better with more information such as Tax returns, P&L, etc. that are typically required for larger, long term, lower rate approvals. Eric is one of our company’s most senior and respected agents with a track record that goes back years. He has helped hundreds of businesses owners such as yourself many of which are very grateful for having made his acquaintance, utilized his time, effort, expertise and most notably his straightforward honesty and candor. We are sorry your frustrations led you to this but, to accuse him of being a liar is critically unfair as is most of what you wrote “if it is not-in fact illegal.” We are a family owned business and have been doing business like this for over 8 years, with complaints very few and far between. We pride ourselves on making good things happen for our clients. If there is anything that we can do for you, please reach out to us at any time.

Review: Mr Eric R[redacted] of Advance Funds Network contacted me directly through an unsolicited action. He call back several times inquiring whether my business would like additional funding to help with expansion. I replied to him that I had been contacted by several similar solicitations and that each of them had approved some type of funds advance to me but that the interest rate was way to high for me even to consider. I further stated that I did not want anymore companies pulling my credit report and bringing my personal credit score down only to come back with a ridiculous offer with near onerous rates and that the companies who I had previously spoken with wanted daily payments which I felt were stupid and a slightly veiled attempt to collect additional fees from customers. Eric assured me that his company was different and that he could offer me a line of credit with the best rates in the industry that feature longer terms and weekly or monthly payments. Well I fell for his pitch and sent him 6 months worth of bank statements along with his one page application. A few days later Eric sent back his offer to "advance" my company $115,000 for 18 months and my payments would only be $414.76 PER DAY. My total pay back WOULD ONLY BE $156,400 at the end of 18 months. Prior to sending in an application I asked ERIC what rate of interest he would charge. Eric stated that his company charges 1% per month or 12% annually. I thought that this was high but it was better than the rates other similar companies had quoted. Well Eric's offer represents $41,400 worth of interest over 18 months and calculates out to be about 34% interest. Eric flatly lied about what he could offer me, pulled my personal credit report bringing my score down and damaging my ability to borrow from regular lenders at more reasonable rates. ERIC and his company lie to customers and misrepresent what it is that they offer in an effort to take advantage of desperate business owners who they prey on. What they do should be illegal if it is not in fact illegal.Desired Settlement: Let other people know of their dishonesty, remove their search record from my personal credit report.

Business

Response:

Dear [redacted], We would like to firstly apologize for any inconvenience we may have caused you. Obviously, we have failed to provide you with the terms of the business financing you were looking for. It appears we failed to communicate on several levels and are sorry that you felt the need to take this into this forum. It is not clear what resolution you are seeking but we would like to address several inconsistencies in your letter. The first contact was never made by us. WE DO NOT CONTACT UNSOLICITED BUSINESSES. We did not solicit you. We only respond to inquiries through our print ads, radio and TV media or online searches. In your case we received an inquiry made by you from a local IP address of [redacted], with a unique google [redacted] of [redacted], we received your inquiry on Saturday night 09-**-2015 09:22 PM EST, with your unique Browser Information: Mozilla/5.0 (Windows NT 6.3; WOW64; rv:40.0) Gecko/20100101 Firefox/40.0 Page ID: [redacted]. We apologize if you cannot recall inquiring with us but, I can assure you- you did. You mentioned that you applied to several other solicitations. Perhaps a lot of your frustration should be more appropriately guided towards them. You mentioned not wanting your credit pulled. WE DO NOT PULL CREDIT. We are not sure exactly why you think we did. You mentioned something about a veiled attempt to collect fees. We are a different company as you mentioned and we NEVER CHARGE OUR CLIENTS UPFRONT FEES. There were no fees attempted to be charged to you for the work that we did, nor was there any fees on our part for offering or for you taking the 18 month offer that we were able to secure for you. To summarize: We did not charge any fees, were not charging any, nor would you have been charged any (other than the offer itself). Our records indicate that you received our offer to you with our ZERO fees including as a summary page to your offer. Perhaps you can revisit the emails you received before completing your response to this defamatory accusation. Our rates start as low as 5.49% APR. We are not exactly sure why you were only told that they start at 12% APR. It could have been several factors that allowed Eric’s expertise to determine your ineligibility for certain programs. We recognize the importance of keeping things private and will respect the confidentiality of all information regarding your application. The ability to secure an 18 month offer for a considerable sum was the best offer at that time. Were the lines of communication kept open perhaps we could have done better with more information such as Tax returns, P&L, etc. that are typically required for larger, long term, lower rate approvals. Eric is one of our company’s most senior and respected agents with a track record that goes back years. He has helped hundreds of businesses owners such as yourself many of which are very grateful for having made his acquaintance, utilized his time, effort, expertise and most notably his straightforward honesty and candor. We are sorry your frustrations led you to this but, to accuse him of being a liar is critically unfair as is most of what you wrote “if it is not-in fact illegal.” We are a family owned business and have been doing business like this for over 8 years, with complaints very few and far between. We pride ourselves on making good things happen for our clients. If there is anything that we can do for you, please reach out to us at any time.