As noted in his complaint, Mr*** obtained funding from Swift Capital in March, This funding was not a loan, rather, an advance on his business' future receivables Mr*** agreed to the terms of this advance by electronically signing the Future Receivables Sales
Agreement (FRSA) which states: "Business cannot sell its future receivables to anyone else or enter into a financing arrangement requiring daily or weekly remittances during the term of this agreement without purchaser's prior written consent Violation of this agreement will result in an event of default and the assessment of certain fees Mr*** subsequently contacted Swift to inquire about additional funds Swift conducted due diligence as part of the underwriting process and identified similar outstanding business financing which triggered the application of the fee We have conducted a thorough review of the account and Mr***'s payment history Because the advance has been paid as agreed, we have taken action to remove the outstanding balance resulting from the fee in question Should additional information be required, I may be contacted directly at:
***
I regret that prior requests to remove R K Consulting from Swift's marketing lists were not honored. I have, however, confirmed that this request has been completed. Swift will also ensure that all associates are familiar with and following company procedures for such
requests. Should additional information be needed, I may be contacted directly.*** ***
Compliance Officer / Swift Capital
***
Swift Capital prides itself on being able to provide working capital to our business customers who cannot otherwise typically get business fundingWe offer very competitive rates for our products, and have a very high
renewal rate
We are sorry the situation with our customer *** ***, owner of Alaska Diversified Properties, has not been one of mutual satisfactionWe appreciate ***’s concerns and have been trying to accommodate her request as outlined below
A few weeks after providing business funding to our customer ***, we were contacted for a request to adjust payments, allowable in our contractTo calculate adjustments, we require bank statements that we use to assess revenue, from which we calculate payment adjustmentsThe statements provided showed new deposit transfers from other bank accounts that we need to be able to evaluate
In the past, we have had issues with other customers not depositing all of their revenue into their business accounts and then requesting a payment adjustment, which is why we request additional informationWe are not suggesting that is the case here, but we need the additional information to confirm as part of our standard review process.
*** has objected to the request for additional informationWe attempted to explain and have our attorney explain where within our contract that this was permitted, but *** did not and does not agree with the explanation.
Furthermore, we attempted to reconcile the fact that *** indicated she was not getting rental income payments, but the accounts receivable aging report did not detail these delays.
We apologize for any miscommunication or negative customer experiencesWe will review audio of telephone conversations to see how we can improve our customer experience in the future.
We are more than willing to make adjustments allowed in the contract with some additional information, so that we can properly assess the revenueAlso, we have waived any additional charges assessed to the account
resulting from the collections discussion with our attorney, which is our standard practice but I agree does not make sense in this case, and clearly contributed to the frustration
*** has expressed a desire to pay us off and move onWe have provide a new contact for ***, and have attempted to reach out to resolve the issues, but it appears our attempts are only serving to agitate our
customerWe will wait for *** to contact us to further discuss payment accommodations
I am completely happy with Swift Capital I get at least to 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 inquired about a loan with Swift Capital or a (purchase) as they call it Which Im sure is a way to scam the system I submitted all documents that was asked of me for a business loan Once they reviewed it they approved us for a loan or (purchase) After giving all the bank information for the deposit of funds we never received anything Three days later we contact them and they now say we are declined What happen? The CEO gamble to much over the weekend?? Why after waiting on funds to arrive for three days we are now declined? Lot of Scammers out there Where is my private bank information they so desperately wanted? What happens to that information now that I have been declined??
Mr*** applied for and received short term working capital from Swift through an agreement for
the sale of future business receivables which is not a loan. As noted in his complaint, Mr*** has not been able to pay on time and is in default of the account agreement. Also in default of his account agreement, Mr*** sought and obtained additional working capital solutions from other companies which resulted in his difficulty to pay Swift as agreed. We attempted to work through a payment solution, however, that solution also resulted in lack of payment. Swift has acted in accordance with the account agreement established and has properly responded to both emails and calls initiated by the customer. Mr*** was also provided Swift executive contact information but it is my understanding that contact has not been made. Should additional details be required to address the handling of this account, I may be contacted directly
I talked to a guy name ZacharyI asked him upfront what is the return for a customer that get 100K for months, the answer was $117,for certain approved customers
they got me approve for $ 75,Loan, Fee $ , weekly payment $ 3,ONLY MONTHS , return $ 90,
Waste of time! 17% APR is now around % APR
My record is clean, no late payment and my monthly gross sales $250K !!!
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me.
Regards,
*** ***
Swift Capital has been working to review the items brought to our attention through this complaint. A member of Swift's senior management team will work directly with the customer to address each item and resolve. In the mean time, should additional information be needed, I
may be contacted directly
*** ***
Compliance Officer / Swift Capital
***
Thank you for forwarding your concerns regarding the Swift Capital solicitations sent to Mendota Area Senior Services. Our records indicate we received Bruce Plasch's name associated with the business from one of our trusted business credit sources. Because you have advised us...
that this individual is not affiliated with Mendota Area Senior Services, we have removed that contact information from our future solicitation lists and provided feedback to our list source as well. Swift Capital takes the matter of information security and data quality seriously and we are continually working to ensure both are maintained to the highest standards. Should additional information be required, please contact me directly.
Jessica did a great job from start to finish walking me through the process and answering all of my questions. She was awesome! There are a lot of business lenders popping up nowadays. Swift Capital is the cream of the crop. They have been extremely professional and we look forward to a long term relationship with the company.
I regret any inconvenience Mr. [redacted] and his business may have experienced. I have, however, confirmed that the business information has been placed on the proper "do not solicit" lists at Swift. Additionally, I have reminded our associates of the proper procedure for honoring...
such requests. Should additional assistance be needed, I may be contacted directly.Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]
I would like to clarify the comments sent previously. Hopefully this makes sense and ties together the messages from Swift Capital.
- a social security number is required to submit an application. Even if an ACTUAL social security number was not provided, some numbers must have been entered to be able to submit an application. This application could not have been submitted if the fields were left blank, as that is a required field. Therefore, some numbers must have been entered
- Swift Capital not only uses the social security number to pull credit, but it also uses a name and address, which many times is sufficient to check a credit history, as in this case
- As previously disclosed, we mention in multiple areas in our terms and conditions that the applicant grants Swift Capital authorization to check credit history
It is the opinion of Swift Capital that we appropriately set up a process to require certain fields completed prior to submitting an application, and properly disclosed what each applicant agrees to in our terms and conditions.
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
I could write a review that would take up 10 pages, but it would all be filled with every word in the Dictionary that has the meaning of great, excellent, or best!!! This was the easiest, smoothest truly 1 day Simple Business Funding that I have ever experienced. Jessica Winter and Dan Katz where so easy to work with and didn't come across like they were making empty promises or just trying to sell me. I have spoke to what seems like more than 10 different companies that supposedly provide the same service, and ABSOLUTELY none of them are a tenth as great to do business with as SWIFT CAPITAL. Within hours of contacting them they had us funded at a business building rate, not a SCAM rate that is detrimental to our business. To sum up my review of SWIFT CAPITAL I will leave you with this, if you spend your TIME talking to any other business funding company, then you are wasting your most valuable resource, TIME.
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.
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.
As noted in his complaint, Mr*** obtained funding from Swift Capital in March, This funding was not a loan, rather, an advance on his business' future receivables Mr*** agreed to the terms of this advance by electronically signing the Future Receivables Sales
Agreement (FRSA) which states: "Business cannot sell its future receivables to anyone else or enter into a financing arrangement requiring daily or weekly remittances during the term of this agreement without purchaser's prior written consent Violation of this agreement will result in an event of default and the assessment of certain fees Mr*** subsequently contacted Swift to inquire about additional funds Swift conducted due diligence as part of the underwriting process and identified similar outstanding business financing which triggered the application of the fee We have conducted a thorough review of the account and Mr***'s payment history Because the advance has been paid as agreed, we have taken action to remove the outstanding balance resulting from the fee in question Should additional information be required, I may be contacted directly at:
***
I regret that prior requests to remove R K Consulting from Swift's marketing lists were not honored. I have, however, confirmed that this request has been completed. Swift will also ensure that all associates are familiar with and following company procedures for such
requests. Should additional information be needed, I may be contacted directly.*** ***
Compliance Officer / Swift Capital
***
Swift Capital prides itself on being able to provide working capital to our business customers who cannot otherwise typically get business fundingWe offer very competitive rates for our products, and have a very high
renewal rate
We are sorry the situation with our customer *** ***, owner of Alaska Diversified Properties, has not been one of mutual satisfactionWe appreciate ***’s concerns and have been trying to accommodate her request as outlined below
A few weeks after providing business funding to our customer ***, we were contacted for a request to adjust payments, allowable in our contractTo calculate adjustments, we require bank statements that we use to assess revenue, from which we calculate payment adjustmentsThe statements provided showed new deposit transfers from other bank accounts that we need to be able to evaluate
In the past, we have had issues with other customers not depositing all of their revenue into their business accounts and then requesting a payment adjustment, which is why we request additional informationWe are not suggesting that is the case here, but we need the additional information to confirm as part of our standard review process.
*** has objected to the request for additional informationWe attempted to explain and have our attorney explain where within our contract that this was permitted, but *** did not and does not agree with the explanation.
Furthermore, we attempted to reconcile the fact that *** indicated she was not getting rental income payments, but the accounts receivable aging report did not detail these delays.
We apologize for any miscommunication or negative customer experiencesWe will review audio of telephone conversations to see how we can improve our customer experience in the future.
We are more than willing to make adjustments allowed in the contract with some additional information, so that we can properly assess the revenueAlso, we have waived any additional charges assessed to the account
resulting from the collections discussion with our attorney, which is our standard practice but I agree does not make sense in this case, and clearly contributed to the frustration
*** has expressed a desire to pay us off and move onWe have provide a new contact for ***, and have attempted to reach out to resolve the issues, but it appears our attempts are only serving to agitate our
customerWe will wait for *** to contact us to further discuss payment accommodations
I am completely happy with Swift Capital I get at least to 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 inquired about a loan with Swift Capital or a (purchase) as they call it Which Im sure is a way to scam the system I submitted all documents that was asked of me for a business loan Once they reviewed it they approved us for a loan or (purchase) After giving all the bank information for the deposit of funds we never received anything Three days later we contact them and they now say we are declined What happen? The CEO gamble to much over the weekend?? Why after waiting on funds to arrive for three days we are now declined? Lot of Scammers out there Where is my private bank information they so desperately wanted? What happens to that information now that I have been declined??
Mr*** applied for and received short term working capital from Swift through an agreement for
the sale of future business receivables which is not a loan. As noted in his complaint, Mr*** has not been able to pay on time and is in default of the account agreement. Also in default of his account agreement, Mr*** sought and obtained additional working capital solutions from other companies which resulted in his difficulty to pay Swift as agreed. We attempted to work through a payment solution, however, that solution also resulted in lack of payment. Swift has acted in accordance with the account agreement established and has properly responded to both emails and calls initiated by the customer. Mr*** was also provided Swift executive contact information but it is my understanding that contact has not been made. Should additional details be required to address the handling of this account, I may be contacted directly
I talked to a guy name ZacharyI asked him upfront what is the return for a customer that get 100K for months, the answer was $117,for certain approved customers
they got me approve for $ 75,Loan, Fee $ , weekly payment $ 3,ONLY MONTHS , return $ 90,
Waste of time! 17% APR is now around % APR
My record is clean, no late payment and my monthly gross sales $250K !!!
THIS IS A GREAT COMPANY TO WORK WITH
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me.
Regards,
*** ***
Swift Capital has been working to review the items brought to our attention through this complaint. A member of Swift's senior management team will work directly with the customer to address each item and resolve. In the mean time, should additional information be needed, I
may be contacted directly
*** ***
Compliance Officer / Swift Capital
***
Thank you for forwarding your concerns regarding the Swift Capital solicitations sent to Mendota Area Senior Services. Our records indicate we received Bruce Plasch's name associated with the business from one of our trusted business credit sources. Because you have advised us...
that this individual is not affiliated with Mendota Area Senior Services, we have removed that contact information from our future solicitation lists and provided feedback to our list source as well. Swift Capital takes the matter of information security and data quality seriously and we are continually working to ensure both are maintained to the highest standards. Should additional information be required, please contact me directly.
Jessica did a great job from start to finish walking me through the process and answering all of my questions. She was awesome! There are a lot of business lenders popping up nowadays. Swift Capital is the cream of the crop. They have been extremely professional and we look forward to a long term relationship with the company.
I regret any inconvenience Mr. [redacted] and his business may have experienced. I have, however, confirmed that the business information has been placed on the proper "do not solicit" lists at Swift. Additionally, I have reminded our associates of the proper procedure for honoring...
such requests. Should additional assistance be needed, I may be contacted directly.Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]
I would like to clarify the comments sent previously. Hopefully this makes sense and ties together the messages from Swift Capital.
- a social security number is required to submit an application. Even if an ACTUAL social security number was not provided, some numbers must have been entered to be able to submit an application. This application could not have been submitted if the fields were left blank, as that is a required field. Therefore, some numbers must have been entered
- Swift Capital not only uses the social security number to pull credit, but it also uses a name and address, which many times is sufficient to check a credit history, as in this case
- As previously disclosed, we mention in multiple areas in our terms and conditions that the applicant grants Swift Capital authorization to check credit history
It is the opinion of Swift Capital that we appropriately set up a process to require certain fields completed prior to submitting an application, and properly disclosed what each applicant agrees to in our terms and conditions.
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
I could write a review that would take up 10 pages, but it would all be filled with every word in the Dictionary that has the meaning of great, excellent, or best!!! This was the easiest, smoothest truly 1 day Simple Business Funding that I have ever experienced. Jessica Winter and Dan Katz where so easy to work with and didn't come across like they were making empty promises or just trying to sell me. I have spoke to what seems like more than 10 different companies that supposedly provide the same service, and ABSOLUTELY none of them are a tenth as great to do business with as SWIFT CAPITAL. Within hours of contacting them they had us funded at a business building rate, not a SCAM rate that is detrimental to our business. To sum up my review of SWIFT CAPITAL I will leave you with this, if you spend your TIME talking to any other business funding company, then you are wasting your most valuable resource, TIME.
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.
Zachary and all the people at Swift were amazing and professional and stayed on top of it until was done in a most expedient manner. Thank you so much
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.