• Report: #701804

Complaint Review: Advanceit Financial Corporation

  • Submitted: Wed, March 02, 2011
  • Updated: Mon, November 19, 2012

  • Reported By: Want_My_Money — MONTREAL Quebec Canada
Advanceit Financial Corporation
1 Westmount Square, Montreal Internet Canada

Advanceit Financial Corporation Advance it, PREDATORY TO THEIR CLIENTS AND EMPLOYEES!!! BEWARE, BEWARE, BEWARE!!!!!! Internet

*Consumer Comment: Regarding Being Upfront and Honest about expensive financing

*UPDATE Employee: Simply Not True

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After investing 6 months in this company, I was at a "negative" earnings of over $2,000...yes, that's right. After having worked there for relatively peanuts compared to what this position should earn, and after what I had been promised, I, as an EMPLOYEE, was down over 2 grand. Meaning that a portion of my future earnings will be shaved in order to re-pay this deficit, or as they call it: "Shortfall". Essentially, Advanceit Financial Corporation does not only advance funds to their customers; small retail businesses (at an absurd average of approx. 50 cents on the dollar!!! to be repaid within an average of approx. 6-8 months!!!), but the measely hourly wage that they pay their higher ranking employees is actually a cash ADVANCE!!!! WHATTT???!!!

I was misled when hired, and was made to believe that the commission structure, pay structure were lightyears beyond the actual compensation. I had to dig into my savings for 6 months, not to mention the fact that I had, according to my very fair calculation, profitted these guys a couple to a few hundred thousand dollars during my service. Moreover, Advanceit's product, an unimaginably expensive form of financing became impossible for me to sell and believe in when I had realized that they are EXTREMELY picky with the businesses they are willing to finance. Advanceit actually hand-picks the most perfectly qualified business out of the bunch.

In other words, they charge a price on their money that would be considered by some "legal loan sharking", yet decline deserving applicants if their criteria doesn't meet Advanceit's rediculous qualification guidelines and rigorous screening process...Personally, if I were to finance at such an unheard of profit margin, I would be willing to take some risk in order to justify my price!! This arrogant practice and qualification standards mean one thing; they happily charge a whopping fee for their financing, but arn't willing to be fair with the risks associated. Not only was I lied to and misled over and over - but my direct supervisor actually had the audacity to say that she brought in some of the clients that I had signed, thus refusing to pay my comission.

As for the 2 thousand dollar "shortfall reserve" that I was hit with, I had paid it all back when they conveniently garnished %25 of my commission earnings thereafter. Between expenses revolving around working in their "lavish" environment, and lost opportunities, this has been the most shameful investment of time and money I had ever made. Whether you're a borrower, or an employee; prior to signing a contract drwan up by this firm, keep in mind that you may be shooting yourself in the foot, and letting it bleed all over your money. I will seek justice until it is attained. 

This report was posted on Ripoff Report on 03/02/2011 02:15 PM and is a permanent record located here: http://www.ripoffreport.com/r/Advanceit-Financial-Corporation/internet/Advanceit-Financial-Corporation-Advance-it-PREDATORY-TO-THEIR-CLIENTS-AND-EMPLOYEES-BE-701804. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 Consumer Comment

Regarding Being Upfront and Honest about expensive financing

AUTHOR: rs****2 - ()

As I have been contacted numerous times by Advance It, I must point out that the comment about them being fair and upfront regarding the cost of borrowing with them, this is untrue.

I had rejected their initial attempt to lend me money and one of the reasons is that it was very expensive.  I have to admit that the lady on the phone did agree with me and I thought that was the end of it.

A few months later ie. today April 24, 2013, I was contacted by the original salesman and when I had said that I would not be borrowing with them as it is very expensive I was told and I quote "it is not expensive we offer 0% financing".

Of course I'm not sure how a company can make any money offerring 0% so I decided to research this company and that landed me here.

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#2 UPDATE Employee

Simply Not True

AUTHOR: Advanceit - (Canada)

The following report from 3/2/2011 is a misinterpretation of reality and as such, we would like to set the record straight. The situation was unfortunate and we hope this information helps clear the air regarding our company and its treatment of employees and clients.  

To put things into context, lets first focus on the ex-employee that filed this report. This employee had significant attendance, reliability, and performance issues and was given several chances to redeem himself. Upon being let go for the aforementioned reasons, the employee contacted us several times asking for re-employment willing to take any position available. This request was declined for obvious reasons, but one has to wonder why he would come back to a company that allegedly mistreated him to such a degree.

As a well-established company with over six years of consistent growth and development, we pride ourselves on ensuring that our employees feel good about coming into work. This is the first and only complaint that we have seen, and with the commitment we have to supporting our employees with a positive work environment, fair pay, company outings and daily subsidized lunches, we sincerely hope it is the last.

In regards to our business and clientele, we have a 90% approval rate; therefore our qualification standards are fair and completely understandable given the high-risk financing market that we operate in. We are completely honest with the fact that our financing is in indeed expensive. Our funding helps our clients reinvest into their business and look towards a more profitable future because of it. Our focus is on the customer, and we are constantly striving to improve our processes to make it easier and as straight-forward as possible so that more Canadian businesses are able to reach their potential.
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