Ascentium Capital, LLC Did Not Disclose Loan Amount or Interest Rate Kingwood Texas

We financed a commercial loan through Ascentium Capital earlier this year and it was a HUGE MISTAKE.  My husband was in a hurry to purchase a newer truck for our business, as ours was no longer in working condition, and a loan broker who was referred to us through the company we purchased the truck from, established a loan for us with Ascentium.  My husband had me e-mail over the paper work, but little did I know until after I sent it over that he was so anxious to buy the truck that he hadn't reviewed all of the details in the documents.  Come to find out, THE LOAN AMOUNT AND INTEREST RATE WERE NO WHERE TO BE FOUND in the documents he signed!  When I contacted Ascentium to find out our interest rate, they wouldn't tell me what it was... they said I needed to contact the broker.  This did not make any sense to me whatsoever as they are the one carrying our loan.  When I contacted the broker, he explained that he "didn't know what it was and that he would need to do some calculations and get back to me."  

After numerous unreturned phone calls, he finally called me back and told me our interest rate was 11.25%!!!  We have 3 other commercial loans and they are all around 6% and our personal loans are around 3%, so you can imagine how shocked we were to find this out.  We will be paying $9,426 in interest on a $37,950 loan!  That's about 25% of the loan amount!!!  To make matters worse, I asked for an amortization schedule, and again, Ascentium Captial shut me down and told me I would have to get it from the broker.  The broker never sent me the amortization schedule after numerous promises... the last time I spoke with him, he told me he had already sent it, so I asked him to re-send it, and he said he couldn't because he "shredded it."  If you e-mail someone something though, it stays in your outbox and he could have easily re-sent it, so he was obviously lying to me.  

It turns out that Ascentium wouldn't give me an amortization schedule because to my surprise, they don't provide simple interest loans... they use a 3% present value discount method to determine pay-offs!  Apparently this means that if we want to pay the loan off early, we will have to pay all of the interest for the term of the loan as well.  This information was also nowhere to be found in our loan documents.

I also discovered that our loan is for $356.80 more than what it is supposed to be for.  When I called Ascentium to find out why, the employee could not figure it out so he said he would need to check with someone. When he called me back, his exact words were that he was "ADVISED to tell me that it was a title fee," but WE personally paid a title fee (and I have a receipt to prove it) when we paid for the registration and plates for the vehicle.  I wouldn't be surprised if Ascentium is laundering money from customer's loans.  Something is definitely not right with the way this company does business.  I contacted a law firm who reviewed our loan documents and said we definitely have a case but we cannot afford the $2,500 retainer it takes to get started.  It makes me so sad that there are companies out there like Ascentium who are willing to take advantage of hard working individuals like my husband and I.  I am a school teacher, currently staying home with our 9 month old baby girl, and my husband is working so hard and so much to make it possible for me to spend these precious moments with her, and then there's Ascentium trying to rip us off.  How unfortunate that they take advantage of small business owners trying so hard to stay afloat.  We even paid them a $345 documentation fee!!! I'm wondering what that went towards as we obvious do not have the proper documents for a loan.  My only hope is that this doesn't happen to someone else.