Consumer

Jan 13, 2022

Scammer’s PayPal,Loan Builder, Swift Financial

I had to give a star to write this review. I have owned my business for 18 years first time I need to borrow biggest mistake of my life Doing business with PayPal, Loan Builder and Swift financial Is a predator lender they prey on small business owners I was solicited by PayPal calling my office on numerous times High pressure sales tactics I asked the sales representative could I see the documents prior to docusign and they informed me there was no way for me to receive the disclosures prior to signing. Should’ve been a “red flag” so I can review before signing. They reassured me that everything that they’ve told me would be in the loan documents. They left out important information about a term called UCC-1 never heard of it until now and I would be a personal guarantor. I didn’t realize I was signing my life away and my business by agreeing to a UCC-I blanket over all my assets and if that’s not enough being a Personal guarantor as an individual consumer for the loan. I learned the hard way finding out what is a UCC-1? These companies should not be able to do business misleading and deceptive business practices and praying on small business owners. The loan officer never told me nor explained there would be a UCC-1 filing Against me and my business if I would ever default on the loan and I would personally guaranteeing the loan as an individual consumer. when the pandemic the company defaulted on the loan which payments of $2,176.98 per week. I am writing this review because I do not want to see other small businesses make the same mistake. I agree they are paying people to write reviews are there employees High Pressure sales tactics to get you to sign via docusign. This should be predatory lending unfair lending practices, they disclose unclear terms and conditions and Not providing clear disclosure of the loan details until after you have docusign. Then it’s too late to resend the loan. I became delinquent on the loan in March 20 20 when the pandemic started and the lock down my business suffered greatly with the economy Swift financial has been very difficult to deal with even after I provided business bank statements to show the revenue of the corporation if you want to keep your business stay away from these type of loans do whatever you can to struggle with your business financial because they will definitely put you out of business with this UCC-1 And you personally guaranteeing the loan as an individual consumer they get it in both worlds. I am filing a complaint with the Consumer Financial Protection Bureau the Attorney General in my State and Fair Trade Commission to help stop these lenders from targeting small business owners for their own greed..