The agents from Fast Capital 360 cold called us for a month. They called us at least twice every week for an entire month. Even google calls them as the aggressive callers. I believe that a company is not worth trusting is it has to call so many times to sell its products or services.
After a lot of irritation and asking them to stop calling, we decided to call back and end the calling game once in for all. I called the company to ask the sales representative for marking us in their uninterested list. To this, the sales rep tried to convince me for the credit line. He said that the credit line is possible for our profile for 5% rate of interest.
It sounded too good to be true. However, I was not planning for a loan, but they did interest me. I further talked to the underwriter as well. When I asked for a written confirmation of the same, I was told that they do not provide the interest rate in writing.
Further we came to know that they were actually asking for 44% interest rate based on two stage calculation. As per their offer, the loan they offered was for $15k and they demanded $21,600 payback over a period of 6 months which comes for 44% APR.
In that month, our business revenue was around $160k and their offered stood for three days of our revenue. This company is a fraud. Who asks for a 44% interest rate? This is completely cheating.
On our business cards, we have a total of 13% interest rate. And, it does not have any balance on it. We do have another line of credit for 13.6% which is also free of balance. We have a total available credit in 6 figures and we have no balance in any of the cards.
These guys are scammers. Do not fall for their trap. They make false promises and do not tell you the entire thing. They gave me the offer after checking all my financial documents and understanding that I would be able to pay that much. They are not true to their words. They entice you to listen to them after telling you the unbelievable interest rates and other offers.
Once you get into their trap, they reveal the truth which is too difficult to understand. We were not able to understand how an interest rate that was promised for 5%, went up to 44% after their 2 more calculations. If this was the case, they would have told us before instead of eating our time and patience.
I was never looking for a loan. Only because they said they will offer 5% interest rate, I decided to listen to them. And, all they did was lied to us about everything. I have known that if this company is calling me so many times, they must be having hard time selling their shit. What a rip off?