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Ripoff Report | FUNDING CIRCLE Review - San Fransisco, CA
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Report: #1492973

Complaint Review: FUNDING CIRCLE - San Fransisco CA

  • Submitted:
  • Updated:
  • Reported By: STEPHANIE — STURGIS United States
  • Author Confirmed What's this?
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  • FUNDING CIRCLE P O BOX 398976 San Fransisco, CA United States

FUNDING CIRCLE FC Marketplace Arch Keystone Funding LLC Fraudulent Business Practice San Fransisco CA

*Consumer Comment: Question

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I am a small business owner. I started my business by putting all my personal items up for collateral. I needed to refinance so our Business had some credit and to pay off some high interest rate cards. I contacted Funding Circle 11/25/2018. Advised that I wanted $60000.00 to pay off that debt. They came back to me with an offer of a 5 yr loan at 27.04 interest.

My payment would be $2058.31 and it would be automatically taken out monthly. I was also advised that after 6 months I would be able to refinance for a lower rate. They stated that they need to make sure I make my payments religiously to show creditworthiness. After putting all my numbers together and calculated all the interest I was currently paying, it was roughly 32% so I went along with the loan under the assumption that I could refinance for a lower interest rate in 6 months.

I wanted to keep the payment the same but wanted to be about to pay it off sooner. In 6 months I called in and they said I was denied due to my credit score which was at a 650. I advised them that that was not part of the agreement. They said well that is our policy and I could try again in a month. I tried again in a month and they stated that since I just requested a refinance I had to wait another 6 months.

So in November 2019 - 1 year of making insane payments and $1000+ going to interest of my 2058.00 payment I called in. They then stated that my debit to income ratio was off and if I wanted to refinance I would have to take out another $25000.00 loan. This was not part of our terms.

They said sorry that the original rep misinformed me, in which I responded- I want the tape of our conversation going over the terms and they laughed at me and now as of March 16,2020 they refuse to take my phone calls. THIS COMPANY IS A FRAUD. THEY ARE NOT WANTING TO HELP SMALL BUSINESSES THEY WANT TO BLEED THEM DRY.

This report was posted on Ripoff Report on 03/16/2020 10:56 AM and is a permanent record located here: https://www.ripoffreport.com/report/funding-circle/san-fransisco-ca-fc-arch-llc-1492973. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Question

AUTHOR: coast - (United States)

POSTED: Monday, March 16, 2020

Does the written agreement include a guarantee of a lower interest rate after a specified period of time?

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