Swift Capital

Beware of Swift Capital CRIMINALS:
I received a second piece of trash from Swift Capital. Since I never requested or contacted them for their scam trash, I ended up putting up on Facebook how much of a Scam I think they are. They need to be investigated by the Federal Trade Commission immediately. Andrew Kanzer, Head of Business Funding needs to be prosecuted as his name is on the letter sent out. Their phone number is both 1-800-941-5576, 888-727-6186 & (888) 923-0007.

I get more junk mail from Swift Capital than from any other single business. It's infuriating. Please stop this practice.

I am completely happy with Swift Capital. I get at least 3 to 5 unsolicited offers from lenders every week and have always ignored them except in one instance and THAT company's staff were pleasant and professional but admitted that my current deal with Swift was superb and that they could not compete with it.

Swift is great.

I recommend it without reservation.

I have used Swift Capital a total of six occasions over the past 3 years and my overall experience has been outstanding. Swift helps business owners secure capital when they need it. They require decent credit and most importantly you must have monthly credit card sales to qualify.. It's not going to be the cheapest loan you can find, but there is no collateral required, it's fast and I have found it to be very convenient. Everyone I have spoken to or dealt with over the years has been polite, helpful and very very fast in taking care of anything I needed. [redacted] and the entire team get 5 stars from me. I highly recommend this company.

Review: On October 30, 2015 I filled out an online request for more information regarding a loan for my business. I did not fill out the SSN deliberately because I wanted to speak with someone before running the loan request through a credit check. I was expecting a call or email to speak with customer service before processing the application. I received a phone call approximately a few hours later saying that I was approved. I checked my credit and there was a hard hit on my TransUnion credit bureau. I explained that it was rather deceptive to have ran my personal credit without consent. The representative ([redacted], phone [redacted]) explained that it was in print at the bottom of the online application that they could check my credit by other means if it wasn't provided. I have spoke to [redacted] since and he expressed no intent to help resolve this matter.Desired Settlement: Removal of the credit inquiry on my Transunion credit bureau.

Business

Response:

Providing a social security number is required to submit an application. Some numbers must have been entered to proceed. We use both name and address in addition to social security number to inquire about applicant credit history. In the terms and conditions - that all applicants are required to accept prior to submitting an application, we conspicuously disclose that the applicant is providing authorization to review their credit history. An excerpt of the terms and conditions are below. We apologize for any inconvenience. 6. Rights Granted to Swift CapitalYou authorize Swift Capital to contact any credit reporting or database service, your current, prior or third party card processors, and your current and prior banks so that Swift Capital may obtain whatever information Swift Capital determines is necessary to review your application or to monitor and maintain your account with Swift Capital. Such information may include, without limitation, your personal or your business' credit history, credit card, debit card and other payment card and instrument processing history (including, without limitation, your business charge-back history), as well as any other information Swift Capital deems pertinent.You authorize your credit card, debit card and/or payment card processor or its designated POS processor to forward on a daily basis to any third party designated by Swift Capital all electronic payment transaction records that your acquiring institution or your designated POS processor captures on your behalf (including, but not limited to, activity on Visa, MasterCard, American Express, Discover, Diners Club, JCB, or ATM Debit Cards and check truncation records).Additionally, as part of our approval process in providing our Service, we may use a neutral, third party to access your business financial information. You will be involved in this process if we opt to use this process. For clarity, we have attached Schedule A to explain Terms and Conditions specific to this process.7. Credit Profile AuthorizationYou understand and agree that we and our agents and assignees are authorized to contact third parties to make credit report inquiries (including requesting business and personal credit bureau reports from credit reporting agencies and other sources) or for any other lawful purpose.You also understand and agree that Swift Capital is making no commitment or guarantee that any product, evaluation, or guidance provided by Swift Capital will result in an approval for a working capital solution from Swift Capital or any third party.You authorize Swift Capital to obtain a credit report or background report. Any such report(s) that Swift Capital obtains may include, without limitation, the business's or your credit history or similar characteristics, employment and education verifications, social security verification, criminal and civil history, Department of Motor Vehicle records, any other public records, and any other information bearing on credit standing, credit capacity, or character. Such reports will be used by Swift Capital to determine eligibility for a working capital solution. You will also provide and/or execute such further and additional documents, instruments, and writings as Swift Capital may require in order to access and review any tax information (including tax returns) related to Merchant's business (including, without limitation, by executing a 4506T form with the Internal Revenue Service).

Consumer

Response:

Review: Swift Capital was informed to switch their billing to another account via an email message through their website. The rep in charge of this simply closed the email/ticket and did nothing. As such I have been charged hundreds of dollars in overdraft fees because of their error. The company's customer service is less than helpful.Desired Settlement: An apology from the company as well as a refund of any and all late fees charge by my bank. In addition waive the late fees that the company is charging because of their mistake.

Business

Response:

Swift Capital is in the business of helping small businesses. In this instance, we had an internal communication issue that impacted the business owner. We apologize for any inconvenience. We have made several attempts to reach out to the business owner in an attempt to resolve the issue and correct the payment processing. My contact information is below.[redacted]

Consumer

Response:

We received a direct mailer via regular mail and applied on-line including checking the box that our company was in transportation. We received a phone call from a representative the next business day who explained the process. We were sent documents for our review and signature which turned out to be inaccurate as the math was not correct. New documents were produced and then we were informed that we did not actually qualify for the dollar amount originally stated. The documents were redone again and after two weeks of back and forth, we signed the forth set of documents and was informed that we would receive funds in a day or two. Just received a phone call this morning that they would not be able to fund us as they currently do not deal with transportation companys. It was brought to their attention that that information was given the very first day and the even the company name has transport in the name, we were told that they just did not catch it and that they were sorry.

Our business has received several letters from them stating that they would like to do business with our company but they are addressing the letter to someone that isn't involved in our company and we don't even know who that person is never heard of him. When I call to talk to someone about it on the [redacted] line, I get a recording they say that someone will call you back and they never do. My fear is that this person will some how get ahold of this and we will be responsible for the loan. I finally got ahold of a very pleasant young man that changed the name on their records but wasn't able to tell me exactly where they get the information from.

Review: I have been told on 4 separate occasions by their "customer service" that I would receive a call back in regards to my billing issue which has resulted in hundreds of dollars in Overdraft fees via my bank due to Swift STILL, after my giving them the new account # two separate times, is trying to debit the wrong account. Then they corrected the issue and CONTINUED trying to debit the old account # resulting in further chargebacks/fees. I've incurred close to $1,000 in fees that we should be in no way responsible forDesired Settlement: Refund of the fees that we have incurred + compensation for time wasted attempting to resolve the issue on multiple occasions.

Business

Response:

The issue was resolved same day and confirmed by business owners [redacted]. A transcript of that email confirmation is below. Business owner expressed desire to rescind complaint.

"Yes I tried to rescind

the complaint after the fact but assumed if it was resolved I would just call

them and let them know that.

Confirming all issues

have been resolved. I appreciate your quick attention to this matter. I might

consider using your services again in the future. "

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Review: I applied for a loan through Swift Capital on 7/22/15. The response stated that I was approved for $4,369.00 and to call [redacted] to "customize the offer". I had to leave a message. No call back. I tried again, never getting a live representative. I went online and tried their alternate # of [redacted]. Again, no response to messages and no answer by a live person. I sent an online message at 3:56 pm on 7/23/15 to contact me. [redacted] @ [redacted] left me a message on 7/27/15 to call him if I had not spoken with anyone yet. I left him 2-3 messages. Again, no response. I started an online account that kept stating my status was "pending". I just viewed online today and noticed that the account now states "closed" as of 7/27 @ 11:04 am which is 3 minutes after I received the call from [redacted]. I called the Delaware office directly at [redacted] on 7/29 at 7:30 pm. I believe this is the main number, but did not bother leaving a message. Instead, I decided to file a complaint with the Revdex.com due to the fact that I am unsure as to whether or not this is a legitimate company.Desired Settlement: To find out whether or not Swift Capital is legitimate. If so, to review the terms of the offer with a representative in a timely manner. To be assured that any future requests for information will be reliable and timely as well.

Business

Response:

We apologize for the procedural breakdown and will take the feedback to make improvements. We are pleased we were able to resolve with the business owner who is now out customer. We hope to have a long and productive relationship.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

I've have been a Swift Capitol customer for about 3 yrs now and have always been treated fairly and with a positive response to all my needs. They have an excellent program for loyal customers and even though I get dozens of calls a day from other funding operations, they can't beat Swift. Thank you!

Review: I received a Pre-Qualified letter with Offer Code# from Swift Capital. In the letter, it states "Because of your business track record, your business has been pre-qualified for up to $200,000 in working capital..." I applied online as its one of the options. The online form ask for sensitive information i.e. social security# & business tax ID#. I continued on with finishing the online form; as it went to perform its analysis, my application got rejected, it states, "Based on both the information you provided and the result of our instant verification process, you currently do not meet our minimum qualifications. Unfortunately we cannot offer your business funding at this time."

Why would a company send a pre-qualified letter, stating that my business track record pre-qualifies me for a loan and when I apply online, I get rejected, stating the I don't meet minimum qualification. Where did Swift Capital get my information that prompted them to send me a pre-qualified loan letter, with an "Offer Code" mind you. Very contradicting between the pre-qualified letter and the online application result. But my main concern is, the online form, requires you to enter, SS# and business tax ID#. This is how consumer and business owners alike get even more prone to identity theft and fraud.Desired Settlement: A personal letter to me by Swift Capital stating they will not share my personal information and erase my online application from their database. Furthermore, any legal issue I encounter from here on out, that involves fraud or identity theft, I will have them subpoenaed.

Business

Response:

We are sorry we could not qualify Mr [redacted] for business funding. We pre-qualify businesses using targeting methods related to revenue, industry, location, etc. However, we also have minimum criteria, some related to revenue and some related to credit that is not part of the pre-qualification, and is the reason we need to collect the social security number of the owner and Tax ID of the business. We have very high approval rates and liberal criteria to be met. In this case, Mr. [redacted] did not meet a minimum requirement related to the number of monthly deposits to a business checking account being less than four per month. As a result, we stopped the process at that point and did not access Mr. [redacted]'s personal or business credit to further determine eligibility, as we did not want to impact his credit due to not meeting our minimum criteria. We are a small business and are in the business of helping other small businesses. If the information above has changed or is inaccurate, we certainly would like to consider Mr. [redacted]. I would be happy to discuss directly and even be able to help find alternative financing if we are unable to assist. I can be reached directly at [redacted]Regards,[redacted]Head of OperationsSwift Capital

I have received capital from other companies in the past; however; I have to say that this transaction with Swift was quite professional. What I particularly liked, was the fact that I had someone whom I could directly deal with, that knew my situation, could answer my questions, etc. It surely beats calling, and not having anyone recognize you or know who you are. In addition to the communication, the transaction was "Swift", i.e. rapid, smooth and easily done. Once they received my documentation, they moved forward quite rapidly, and I felt a sense that I was in good hands. I must say they are a fine company to do business with, and I will definitely utilize them in the future, when necessary.

From a content Hair Salon/Day Spa Proprietor

Please beware of this company if you are a business owner looking to improve your business credit or seeking a line of credit. This company is NOT a bank - they are simply a cash advance small business. Which means very high interest rates.

I received a letter in the mail from this place boasting the amount of up to 100K in a funding amount. The website also boasts easy lending approvals and no application fees. I completed my application online which was easy and they stated that I could qualify for a almost 5K in funding. After calling the number the website directed me too, I was placed with the account executive who then asks for 4 months of banking statements for your business. This is where things became very shifty. I never got a call or email back and had to call the office several times. After finally getting in contact with the rep, I was told that a deposit amount was needed to be reflected on the account of 5 or more per month. When I asked why - I was told this was a requirement by the lenders. Prior to, that was never discussed on any calls, website or letters that I received. It was then I realized that they don't provide letters of credit or lines of credit so essentially they are loan sharks. I have a legitimate business with a good duns, credit & cash flow but they just took my business bank statements and looked at direct deposits - dont bother wasting your time/effort & personal information with this company.

Review: On 8/28/15 my company [redacted], Inc was informed by my company's biggest client that my business bank statement had been released to their company for review. This was done without my knowledge or my consent. This resulted out of a dispute your company had with my company regarding a collection process. A UCC lien was placed on my account and Swift sent to my client information regarding my client was to stop payment to my company and make payments to Swift. By releasing my bank statement to someone other than a representative of Swift Capital caused a major breach of confidentiality and a severe Breach of Business ethics and Business Code of conduct. By doing this, it has caused my company to be discredited with my biggest client. My company has tried to work over the past several months with a collection agent ([redacted]) who has been the most difficulty agent I have ever tried to work with. I do feel that this agent is responsible for releasing my business bank statement to my client without my knowledge or consent. Back several months ago my business was having a financial hardship I was unable to make the daily payments as initially agreed causing me to miss approximately 10 daily payments. I spoke with Swift employee [redacted] via email on several different occasions asking if not almost begging her to allow my company to make a once a month payment that would equal the total of the daily payments plus any fee Swift would charge in order to do a once a month debt. She refused by saying that would require too much effort on Swift's part to do a once a month debit that it would require it to be put into the system manually once per month. By not allowing my company to pay once per month resulted another 2 day lapse in daily payments the following month. At this point, a letter was sent one of my clients stating their check should be sent directly to Swift. I requested on several different occasions a copy of the paper work which was sent to this company and was denied the paperwork. This was also done without my knowledge as that my client had to tell me that Swift had requested this instead of Swift notifying my company themselves. The second occurrence with Swift contacting my biggest client and where the release of my bank statement showing NSF status for the sole purpose of discrediting my business with my client occurred. This will result in a loss of a 6 figure per month client as a result of Swifts actions. This could have all been prevented if Swift had allowed my company to work out the compromise of once per month payment for the advance I purchased rather than daily payments.Desired Settlement: 1. The employee responsible for releasing my bank statement to someone other that a Swift employee be terminated immediately. I do not wish this to happen to another company if has not already happened.

1. UCC lien be removed immediately and a letter be forward to my biggest client with an apology and for the letter to state Swift and Workplace Occupational has reached any agreement that their payment can be deposited into my business banking account rather than be sent directly to Swift.

3. Due to the severity of the Breach of Confidentiality and the Breach of the Business Ethics and Code of Conduct I would like to see that all the interest that has been paid to Swift on this account over the past year be immediately refunded to this account and the remainder of the principal if any exist be allowed to be paid in monthly installments for 6 months to satisfy the remainder of the debt.

Business

Response:

Swift Capital strives to create long lasting relationships withcustomers. We take every complaint seriously and research the details andevents that transpired, both to make sure we are following procedures, and toevaluate performance. In this situation, the business owner was in default formultiple reasons, including taking additional financing from other providers, missinga total of 15 payments, making promises to pay that were not honored, and theowner was unwilling to cooperate with requests for additional information.Swift Capital legal counsel sent a redacted bank account statement foridentification purposes for collection purposes, as the vendor did notrecognize the business name. Every business is unique and the Swift Capitalrisk mitigation team works with many customers in need of assistance to come upwith workable solutions. On occasion, we unfortunately need to pursuecollecting funds by enforcing our rights under our agreements. Once wereceive confirmation that final ACH payment has cleared, we will return anyexcess collections (if any), provide a payoff notification, and remove the UCClien. The expected date to finalize these activities is September 18, 2015.

wonderful transaction...the people were helpful and professional.

Review: These people will not honor their own contracts. When you ask them questions regarding the contract and terms and why they will not honor them, they threaten litigation! These people are scamming the public and they are committing fraud by not honoring their own terms of their own contracts.Desired Settlement: They need to answer my questions as asked and honor their contract.

Business

Response:

I understand the business owner wishes to modify their payments as outlined in the contract.

To accommodate the request we have requested checking account statements to verify business revenue, as outlined in the agreement. We are willing to review the situation if we get the requested information.

We have made several attempts to contact the business owner to resolve the complaint.

Please advise the business owner to contact [redacted] to resolve their issue.

Consumer

Response:

Review: I twice requested that Swift Capital remove my name/address from their mailing list. I stated that I am not interested in their service. Yet, I continue to receive unsolicited junk mail.Desired Settlement: STOP CONTACTING ME / MY BUSINESS.

Business

Response:

I have verified thehe business owner has been flagged in our system as Do Not Solicit and will be suppressed from future mail campaigns. We apologize for any inconvenience. Any future concerns can be sent to:

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.