Pearl Capital Rivis Ventures

Review: I applied with [redacted] Capital on October **, 2014. My direct representative was [redacted] through the whole process. I asked specifically what is required to qualified? Then I specificially asked could they review the documents to be 100% sure they can approve a loan before pulling my credit report. [redacted] assured me twice it would not be a problem, so I asked could he verify with the underwriter. No offense the underwriter is the one who makes the final decision.

On October **, 2014, [redacted] contacted me first by phone then thru email and assured me I would be able to get a loan but it is contingent on my credit score. The credit score needs to be above 500, I told him it is way above that. I reiterated again, I don't want to pull my credit score unnecessarily if I don't meet the minimum deposits or average monthly sales. I am not a restaurant or retail business. [redacted] assured me for the 5th time, we review your bank statements, yes we can approve you for a loan. My bank statements were thru October **, 2014. After pulling my credit report, they made me an offer with outrageous interest rates. I told [redacted], the interest rates are too high. He admitted the interest rates were ridiculous for someone with my credit score. So he counterred his offer and said if we reduce the interest rate and increase the amount would you accept the offer? I said yes. He said I will draft up a new contract for you to sign on October **, 2014. He requested for a copy of my driver lic and a temporary bank log-in. They need to verify it's my account and the account is not negative. I gave them access to only 1 checking account with a read only access.

On Octobe[redacted], 2014, I was told they were reducing my offer to half because I did not have "$5,000" in my account. I asked when did this become a requirement? You told me on two different occassions,my account has to be positive! They can not deposit into a negative account. I stated "You are now changing the terms in the 11th hour, this is unethical! I made financial decisions based on the fact I was approved. If you could not approve the loan you should have said NO on October [redacted], [redacted] or on the [redacted]. Why did you dragged me thru this process for 5 days??? You knew I was making decisions based on this approval." So I requested to speak to the [redacted]. Who knows if he was the [redacted] or another colleague. His name was [redacted]. [redacted] basically said oh well, we are not giving you anything now. You do not meet our requirements. So then why did [redacted] tell me I was approve on 5 different occassions and sent me two contracts? He called me three times to find out when I was forwarding the contract. I told him this was unethical and an unprofessional way to conduct business. He told me to try him back in a couple of weeks. I told him, I will not need his assistance because I would have funds in place by then. Secondly I would not do business with an unethical company. Your word has to mean something, you can't deliberately harm companies or take advantage of them. I wish I had look them up in Revdex.com. I would have seen they do this quite often and don't care. Instead of apologizing, they try to embarrass the consumer for warning the public. I read the complaints and reviews that is not customer service. Can I get in contact with the other complainants? Our stories are too similiar to be a coincidence.Desired Settlement: First I am owed an apology I wasted days working thru this process that could have been spent generating business. [redacted] and [redacted] Capital needs training on their ever changing policies, requirements and customer service. If you can't approve someone that's fine but but be honest about it. Due your diligence prior to extending an offer in writing, it would save everyone's time and improve your Revdex.com RATINGS. Don't damage people's credit score because you don't understand your company's allege policy. Honor your offers or stop making them.

Business

Response:

The merchant [redacted]’s account of events is mostly

accurate; she was dealing with [redacted], one of our sales representatives,

who after speaking with her to determine if she would potentially qualify for

an advance and if she would be able to use it constructively, sent her information

to [redacted]’s underwriting department. Based on her historical bank statements,

our underwriting department declined her account, but in order to obtain

funding for the merchant, we forwarded it to an out of house funder who

specializes in funding accounts that do not meet [redacted]’s criteria. The out of

house underwriter, [redacted], drafted an initial offer based on the account

details and credit information that our company had forwarded to him. [redacted]

and [redacted]’s accounts of events both confirm that she was sent a starter

offer, but declined on the basis that the rate was unfavorable, at which point

[redacted] requested that the out of house underwriter augment the offer from the

$2K that had been offered to $3K with a more favorable rate. Upon revision of

the offer, [redacted] accepted the terms and authorized a bank login, a standard

part of industry operating procedure meant to verify the veracity of submitted

bank statements as well as determine whether an account can support advance

repayment terms. Upon reviewing actual bank activity, the underwriter that

produced the offer determined that the volume of deposits in [redacted]’s account

were insufficient to meet funding criteria, but offered to go forward with an

advance with a lower approval amount. An offer, as defined by the language of

the merchant’s signed contract, is subject to revision or revocation until the

point of being funded. Offers are produced before the step of bank login because

it is infeasible to perform login during the initial underwriting of every

single merchant account. The crux of our service is the speed which sets it

apart from a traditional bank loan, and as such, secondary due diligence is

performed only after a merchant accepts an initial offer produced based off of

the information they submit with a completed application. In certain cases, the

historical account activity of a merchant is such that they are issued an offer

which, upon review of their current actual banking information, is determined

to be out of sync with their financial health, at which point it is either

revised or rescinded along the terms of the signed contract. Rather than issue

an advance that an underwriter does not believe can be repaid, which would

result in accumulation of fees and negative credit history, to modify or

rescind the offer is standard procedure, as it would be at any bank or

alternative funding company. After modifying the offer, the merchant rejected

it on the basis that it was less than she was expecting, at which point the

Underwriter was unable to do anything further. After speaking with [redacted] and

expressing her frustration, [redacted] offered to check back with her at a later

date at which point her current balance and history might be strong enough to qualify

her for the amount she was originally looking for. [redacted] Capital was not

involved in the underwriting and production of this offer, apart from providing

the third party underwriter with account information so that they could produce

an offer. We apologize for the negative experience this merchant had, but as we

were not the issuers of the offers, having initially rejected the merchant’s

application, and the out of house underwriter was within their contractually

stipulated right to modify or rescind an offer based on secondary review of up

to date banking activity, there was little that we could do for the merchant

apart from encouraging the generation of a modified offer when secondary review

revealed bank activity out of line with what would have been sufficient to

support their initial offered amount. If the merchant would like to contact

[redacted] to see if there is a chance for her to qualify for another advance, we

encourage her to do so, or if she still feels her grievance has not been

sufficiently addressed we would be willing to speak with her further to clarify

why we were unable to proceed with funding her account. It is unfortunate that

[redacted] was ultimately not able to obtain the capital she was looking for, but

with her accounts not satisfactorily passing secondary due diligence, there was

nothing we could do apart from trying to produce a revised offer and encourage

her to apply at a later date.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

I was expecting an apology. My story is very similiar to the previous complaints. I am moving on.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

While our rebuttal has been rejected, we would like to make it clear that should [redacted] wish to contact us to arrive at a mutually agreeable resolution to this issue, we would be happy to speak with her. It is unfortunate that we were not able to go forward with funding her account, but to reiterate, secondary review is not only part of our underwriting process, but is part of industry standard procedure, and had she been working with any other alternative financing company the same issues would have arisen. Once again, we are willing to speak directly with [redacted] to resolve this issue should she wish to contact us.

Review: The beginning of june of 2014 I was in contact with a [redacted] at [redacted]. at ###-###-####. After giving some info he sd he was able to have a loan approved for me to go into business account. it was a starter program where I established a working history with pearl capital. I was emailed the merchant agreement papers. this gave me my loan terms and pmts and legal information that I needed to know. they asked for bank information for pmts, passwords because they check balance before they take a pmt to make sure funds there. social sec numb and drivers license. nothing seemed out of place from any other loan I had with other banks. I signed and sent back this agreement june [redacted] I was then told my loan was denied based on bank account information. keep in mind I was already approved and provided them info to complete the contract. I inquired as to why they looked at bank account again before funds were put into account and they were ready for 1st pmt. [redacted], told me they do that and it was disclosed to me by [redacted] at [redacted]. [redacted] never did disclose this. since then I have sent out several upon several emails. [redacted] told me that he could redo and get approved again... he just needed my new passwords. I had changed them when they denied out of the blue. so, I provided what he needed. then nothing, I had to email couple times to get a reponse. he claims my emails are going into another file and he didn't know. he should be checking all files. he sd will look into. again a few more attempts by me. then he sd he needed passwords again. I once again changed because he did not reach me after giving them again. I got him the ans he wanted and you guessed it, no reponse. I have tried 3. I feel at this point its fraud and they have all my info with the intent of not following thru. they have not to date followed thru. I have all emails and contract I signed.Desired Settlement: I want a explanation as to why they are being uncooperative. why I have a loan agreement and no funds into account for loan. I also am looking for a completion of loan if they are able to. at this point however, I am also going to seek legal advice on options. I am going to seek damages based on fact of 2mo and nothing has been done to complete their end of the contract, unless they are willing to award a monetary amount for the stress and time that has been put into this on my end.

Business

Response:

[redacted]’s account was initially approved for an advance

of $11,000 after review of her application and bank statements. However, as a

countermeasure against fraud, a final bank login is performed as a standard

part of our underwriting processes. Should accounts not align with what was

indicated by a customer’s bank statements, an approval can be rescinded. This

was indicated in the approval notice given to [redacted], which can be seen

copied here:

“We are pleased to inform you that your application

for Amazing Days Elderly Care Center LLC has met Pearl Capital

Underwriting Criteria, and has been approved for an advance pending Bank Login, Voided Check, Drivers License and Landlord

Verification, with the following options:$4,500, $6,525 payback, $99

daily payment, eligible for additional funding after 50 days.”

Upon logging in to [redacted]’s account, she had a negative

account balance as well as a small number of recent deposits, which constituted

grounds for rescinding her approval. As she stated in her complaint, she did

follow up with her representative [redacted] in order to re-apply for financing, but

again failed to meet funding criteria upon bank login. At no point was her

information shared with a third party, and at no point were any funds debited

from her account. While it is frustrating to be denied after receiving an

approval, all approvals are funded pending final antifraud measures to ensure

that fraudulent accounts are not funded and that funding provided is in line

with the financial health of each business we work with. Based off of the high

volume of submissions we receive, performing final steps including bank login

and landlord verification for every account we look at would be impractical,

therefore it takes place only after a customer qualifies for and accepts their initial

funding offer. Should [redacted] wish, we would be willing to write a formal

explanation of why her account was denied if she is still unclear. We apologize

for any inconvenience she may have experienced, but as she did not meet eligibility

for funding, she was never issued an advance and never had her account debited

by our company.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]I still consider this fraud activity, at no point was I told you would access my personal information after getting everything was handed over. all of my personal information including my tax id numb for the business. I want results on this. keep in mind part of my complaint is the amount of times I tried to reach [redacted] by email and yes by phone with no response then sd needed my passwords yet again. I feel if this is not fraud activity should have been handled same day. I met criteria the day they approved me an that should be enough. I might want to point out the phrase where you listed I was approved is different then the merchant agreement I signed. Telling me again this is fraud. either they need to follow thru or prove to me they have wiped all my info off there system. I still have intentions to pursue fraud of nothing is done to resolve on there end and uphold there end of the merchant agreement. I have never known a bank to do this after a approval has been made and contract signed.

?

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

As we have already stated, the information that we gathered from [redacted] was used to perform fraud checks, which is a standard part of our operating procedure and common to businesses in our industry. Upon review, [redacted]'s bank accounts failed to pass our funding criteria both times that she applied. We are able and willing to delete any information pertaining to [redacted]'s accounts, her business, and her contact information should she so desire, and would like to reiterate that at no point were her accounts debited or her information shared with a third party.

Review: I have been a client with Pearl since August 2013 for working capital financing. I initiated a second funding contract in October. Upon the funding, the company deducted over 25% in fees ($1,200+) and reassured me on the recorded call that I could get a statement itemizing the fees. I accepted the terms and followed up with 2 reps ([redacted]. & [redacted]) through calls, emails and a fax to request the fee statement so I could reconcile my records. My inquiries were completely ignored, so I asked my attorney in New York to send an official request. This too has been ignored, so I sent a followup email to my contact person, and he responded in frustration while never acknowledging my request or pay off inquiry.Desired Settlement: I'd like an itemized statement of the fees withheld in October and details of my payoff balance for the second contract.

I would also like to request that the [redacted] of Pearl enhance their training regarding client relations.

Business

Response:

Reliant Restores Revdex.com Rebuttal

This customer’s correspondences with the representative in question are preserved in our records. Not only did said customer remain out of contact with our offices after requesting her itemized balance, which our representative had confirmed that she received via email March [redacted], but in fact she had bounced multiple payments and is currently in default, which is the most likely reason that she declined to respond the representative’s continued efforts to contact her. Her account is being processed by our collections department for non-payment of her second advance, where she did not make a single payment after being funded. Instead of contacting her representative upon bouncing her payments, she declined to contact our offices herself, instead opting to have her legal counsel contact our office in her stead. The company agreed to offer her another round of financing after her first advance, during the payment of which she had bounced multiple payments to the point of almost disqualifying herself from a second round of financing. Despite this, due to her requests to expedite her renewal, the company funded her account before reaching the typically required repayment balance. To make the effort required to obtain a second advance ahead of her appointed percentage of repayment and request a statement, then to refuse to pay any of the outstanding amount of the advance and not follow up directly with her assigned representative creates many issues within our offices. To then file a formal complaint after essentially taking financing with no demonstrated commitment to repay it is certainly a brazen choice of action. Hopefully, this account sheds some light on the problematic nature of this customer’s complaint. Should she choose to contact her representative in order to reach a civil understanding, that would be a welcome resolution to this outstanding issue.