FSCapital Bait and Switch Predatory Lending Practices Astoria, New York

I had a bad experience with FSCapital.  They are a small business lender that offers loans to help small businesses that could not otherwise get funding.  They base loans on your total sales or even credit card sales.  They wire you a predetermined amount of money on a short term loan of maybe 12 to 18 months or less.  Your payments are made via daily ach charges out of your business checking account.  I have had some good experiences with a lender in the past.  Once that loan was complete I began getting swamped with additional offers.  It was difficult to weed through the good and the bad.  I thought I had found a good lender with FSCapital.  They offered us more money than others did and at a more reasonable payment and a longer term.  In the end when I finally got the contract in my hands the amount was much higher, the payment was alot higher and the payback terms were drastically shortened.  When I called them on it they said not to worry about that and that they would refinance it in a few weeks and the new loan would be what they had originally promised.  I was so disgusted that I went back to my original lender that had offered me another loan.  It was less than what FSCapital was offering but the payment was a third the size and it is affordable.  It is also for a whole year which is still short term but better than what FS was offering in the end.  I decided to investigate further and discovered they have 11 complaints with the BBB in their area.  I also noticed that the contract had a different company name on it so they were just brokering it.  So I did a search on the company named on the face of the contract and they have complaints against them right here on rip off reports site. 

So in short be careful.  I personally did not take the risk.  I have returned to my prior lender (newlogic) for round two.  And if you are wondering, NO, am not plugging for newlogic, I just used them once before and when I searched this site they had zero complaints and I could not find anything negative online about them.  Good Luck out there.  Be Careful!