BFS Capital W 38th St, New York, New York

BFS Capital Reviews

4.0 stars based on 5 reviews

Featured Comments:

• E

  Eric Salisbury

  5.0

  Excellent customer service. Willing to work through obstacles with their client. Amazing team.

• T

  Team Advanceline

  1.0

  they are dont seem to be in business and any client i have ever spoken to hasnt had a great experience or stayed

• V

  Vish MAX

  1.0

  Sorry but did not have a good impression about BFS. When applying this company demands log in ID and passwords to access your bank accounts or merchant account. So I felt concern of them demanding this in order to grant you the loans This company sends unsolicited pre-qualifications to businesses under the name of Copperline Capital Companies offering 3-5 year business loans with rates between 5-9% and terms between 1-5 years, with no fees and and no prepayment penalties. Upon applying we were (surprise) not qualified for the offer sent and were instead shown an outrageous predatory loan demanding daily ACH withdrawals and an interest rate approaching 30% via BFS Capital. The loan agreement they sent asks the business to collateralize the loan, grant a personal guarantee and has default clauses for such things as changing your bank account, changing management or death. These are not uncommon requests, but are specifically identified as things they DO NOT require in their solicitations. A default would trigger immediate payment of the total balance. In addition their document requires you to give up your right to file bankruptcy, to hold harmless the lender and to go through arbitration in N. Carolina. There is NO prepayment option, the debt is to be senior secured and the origination fees run at 3 additional points. Finally the agreement also forces default if you were to take additional loans for your business. Oh and finally, they want you to login to your business banking website via a 3rd party (decision logic) who in turn uses yet another 3rd party (Yodlee) to verify and take payments from your business bank account so they have direct access to your accounts. If you are ok with giving numerous companies and 3rd parties the login info to your bank then they might be a good fit for you. In summary, this is about as predatory as a loan can get...Buyer beware these loans are designed to put you in default.

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