BUYER BEWARE STAY AWAY FROM THE BUSINESS FINANCE STORE
To Whom It May Concern:
I am concerned about the practices of the business finance store. I had googled SBA loans and their name came up. I visited their website (which at the time was The Business Finance Store) which has now been changed to FinanceStore. I filled out an only questionnaire about receiving help getting an SBA loan.
I spoke to Jeremy at the Business Finance Store about helping me get an SBA loan, (I had already received and paid in full another SBA loan years early with another business.) I was told that it would be possible but that I needed to incorporate and get a backer that had great credit. My longtime friend Mary came on as a partner and we spent over $1000 incorporating the new business. I didn’t understand how a “new business” would have a better chance on getting a loan than a business that was around and making over $450,000 per year for the past 4 years, but under his advisement we did as we were told.
On November 6, 2013 that the business finance store had not secured us an SBA loan but instead they had secured us credit cards under the business name and Mary was the grantor. Mary and I spoke and immediately contacted the business finance store to tell them that we could secure the business cards on our own. Jeremy and Annie told us, “you can’t get the same deal that we can get you. We have personal relationships with these banks, and if you apply now, with our application already in, you will get declined and impact Mary’s credit. We can get you 7.9 to 9.9 interest rates and 1 year free interest.” Interest rates and 1 year free interest were both not truthful.
Nowhere on their website do they mention credit cards, and in fact we have been informed what they did was illegal. Mary worked her entire life to maintain a credit score over 800 and we both panicked at the thought of having anything influence her credit. They send over paperwork for us to sign which we did, but we were told they were still going to try to get us the SBA loan. That is not in fact what happened. They went online filled out credit applications in Mary’s name, and then billed us over $8,000 for doing so.
The practice is known as bait and switch and is illegal. We have contacted all the banks and none of them have even heard of the business finance store. The receipts that we asked for came from a different company named FinanceMark, LLC. They use several different names, and when we got our credit card statements, TBFS Services showed with no phone number on many of them and we were even more confused. They were supposed to charge 9.9% for an SBA loan and they have charged a much higher percentage rate than that for the credit cards.
Bank of America and Busey Bank state that what they have done is illegal. We are not attorney’s but as consumers we know we never authorized them to go on line and fill out applications, it was AFTER they had already applied that they notified us and threatened to ruin Mary’s credit.
If you have any further questions, please do not hesitate to contact me.
May 12, 2014
Charging thousands to fill out credit card applications when my credit score is 850
Applied for a loan for our business and what they did was actually fill out credit card applications for me and charged $8000 to do so. Yes $8000. I really didn't understand the type of loan they were getting me until I got the credit cards and they billed the credit cards for the $8000 application fee.
Dec 23, 2013
I'm a Pirate!
I'm a pirate!
Jul 10, 2013
I was cheated out of money by them. Be careful!
I started a tanning business with this company because i was unable to afford it myself. Company offered me a help and their presentation was really good, it seemed reliable and it also seemed that these people know what they are doing so we made a contract. For the first time everything was without a problem but later I started to find that this company takes about 80% of my benefits. We didn't agree for that and I contacted their representative to solve this problem. I received no response and later I found that they didn't complete their service as it was promised - they didn't pay to tanning dealer which we dealt with. I tried to contact them about that problem as well but I was ignored so I wasted even more money that I had and my business was ruined only because of The Business Finance Store!!!
Beware and be careful, this company is nothing but scam. tIt only seems to be reliable but it is 100% deceptive and fraudulent. Don't allow them to fool you!!!
Jul 3, 2013
Worst customer service ever!
Year ago I started my own business, but due to the lack on financial support, it was developing really slowly and I decided to find someone to invest in my start up. I spent a lot of time browsing over the web and finally decided to fill in form with The Business Finance Store. I was promised help and support all over the way, but it never happened. They also say that after you submit the form, their team of funding specialists will pre-qualify you for the right solution. I’ve been waiting for five weeks and they only answered my third email. I thought that maybe this process takes more time than I expected and I need to be more patient, but after waiting two more months for their decision, I understood that they don’t care about their customers. By the way, I never received funding and nobody sent me email that I was declined. If you are looking for quick funding and good customer service, go somewhere else!
200 Sandpointe Ave. #750, Santa Ana, California 92707
Phone: (888) 777-7713