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  • Report:  #1475230

Complaint Review: United Secured Capital

United Secured Capital Isaac Kassab Albert Gindi Short Term Business Loans Brooklyn New York

  • Reported By:
    INEDT — Syracuse New York United States
  • Submitted:
    Wed, March 13, 2019
  • Updated:
    Wed, March 13, 2019

I applied for a $100,000 short term business loan. I was approved for $70,000. with high interest and sky high fee's. At the time of approval, I was informed that after 5 weeks of payments, they would provide me a $300,000 line of credit. 

The loan terms and interest were not the best but I could work with it to act as a bridge until recieavables started coming in. Prior to signing - I reviewed the contract documents and noticed they inserted a $10,000 one time fee for a "line of credit" 

I contacted USC and addressed this - they assured me this was only a charge is ONLY for a Line of Credit. (It actually states "Line of Credit" on their contract documents. NOT a loan fee.)

I recieved the funds in my account from Green Note Capital Partners of $67,000  and that same day - United Secured Capital had withdrawn $10,000. For a $70,000 loan, I recieved $57,000 and I have to pay back $104,000  

I contacted USC and GNCP immediately and have recieved nothing but a run-around, lies and obstacles. I am a small business that has been ripped off. I have contacted my attorney, the attorney general and the DA's office. 

 

 

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