ED Magedson – Founder
World Business Lender120 W. 45th St. 5th. Floor New York, New York USA
World Business Lender Fraud, misrepresented services, bait and switch, New York New York
World Business Lenders contacted me about capital to help with cash flow for small businesses like ours. They talked to us about how great there rates were and they were in the business of helping small businesses like ours receive working capital instead of getting the caplital from regular banks. I was told at first that the rate would be somewhere between 5-15% iinterest and repayment terms up to 12 months. I was also told that the decisions to borrow tha capital was based on the companies past 12 month bank statements. I was also told that my personal credit would not have to be used in their decision. ALL LIES!!!!
When I finally filled out the application, they did pull my personal crerdit report without telling me and they sent back and offer with the following terms:
Beginning Principal: $10,575.00 - $575.00 is a fee that I was not told about
Pay ment schedule - 125 Daily payments of $120.48
1 Final payment - $56.52
Total number of payments 126
Total balance due in 126 days - $15,116.52 (That right, its not a TYPO, $15,116.52)
That is an interest rate of 843%. My purposee of writing this complaint is to warn anyone that is contacted by this company to watch out for their tactics. They tell you everything I stated above and then give you an offer that is no where close to what was originally discussed. It will cost you a lot of time and inquiries on your credit report.
DO NOT TAKE THIS COMPANIES CALL!!! I can not emphasize this enough.
This report was posted on Ripoff Report on 09/18/2013 07:30 AM and is a permanent record located here: http://www.ripoffreport.com/reports/world-business-lender/new-york-new-york-10036/world-business-lender-fraud-misrepresented-services-bait-and-switch-new-york-new-york-1085422. 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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