ED Magedson – Founder
Business Capital Direct LLC65 redwood dr Roslyn, New York USA
Business Capital Direct LLC APPROVED FOR 5K LOAN BUT WANTED ME TO SEND MONEY FIRST.... Roslyn New York
I clicked a link on another website as an "editors choice" to apply for a loan. Took me to their website. At first glance their website looked legit. I was a little concerned that there wasn't the logos for BBB or any other accreditation but applied nonetheless for 3500.
I was pleasantly surprised to receive a call from them stating I had been approved for 5000 at 7% (again raised my suspicion since i only applied for 3500 and 7% was a great rate). He stated my loan terms and monthly payment. He casually mentioned something about my first 3 months was at a higher rate during a "probationary" period. I told him to send me the loan document.
When I got the loan document, it had no letter head. I quickly googled the company and could not find a thing on this company, good or bad. This was also suspect. If they were a legitimate loan company, they would have some reviews. After carefully reading the loan document, I came to the below:
"Once all required documents are received as per Lender and Broker requirements, you will be required to secure your loan through the agreed upon method; Full coverage, at the premium of $463.17 (3 Months Down, No charge for insurance policy which is being covered by lending company). For more information regarding your security option, please refer to Insurance Disclosure Statement). Final paperwork for this loan will be released 5-7 business days after the Funding of the loan, and sent to the above stated mailing address (if incorrect please contact your loan officer to inform us of the error)."
I called the "rep" back and asked "so this is my first months payment"? He stated, "no, you must pay this up front in order to execute on your loan". I laughed and said goodbye.
Please know that any respectable loan company will have a reviews and will NOT ASK FOR MONEY UP FRONT in order to execute your loan.
This report was posted on Ripoff Report on 11/01/2013 11:36 AM and is a permanent record located here: http://www.ripoffreport.com/r/Business-Capital-Direct-LLC/Roslyn-New-York-11576/Business-Capital-Direct-LLC-APPROVED-FOR-5K-LOAN-BUT-WANTED-ME-TO-SEND-MONEY-FIRST-Ro-1096278. 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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