- Report: #1272517
Complaint Review: Rapid Capital Funding. LLC - Miami Florida
Reported By:
Ripoff Victim -
Jacksonville Beach, Florida, USA
Submitted:
Updated:
-
Author Confirmed
Why?
Rapid Capital Funding. LLC
Miami, Florida, USA
Phone:
305-400-0613
Web:
www.rapidcapitalfunding.com
Categories:
Business Rating:
(0)
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Rapid Capital Funding. LLC Abusive practices, fast to take your money but unable to give you refunds. Miami Florida
Over the past two years I took three loans from Rapid Capital Funding totalling over $60K in payments, and all three of them were paid in full. Being in a high profit margin business, it did help us during a few cash crunch situations so we didn't mind the high points on the loans.
On our last one, I noticed we should have been done with our payments yet every day they kept taking ACH withdraws out of our account, so I called Ashley Freire to find out what was gonig on. She stated that they had to keep taking money because "their accounting system has a glitch" and delays update entries for 3-4 days, so they had to keep on taking money even it was clear to everyone we had already satisfied our obligations. I found their actions negligent towards their customer and abusive as well, so I had no other option but to contact our banking institution and request a ACH stop payment to prevent them from doing so any further. I also notified Mr. Paul Delucia via email of the situation, and reminded him the practice was a good way for them to ruin a relationship with a business like us that pays their bills and givess them a hefty profit in the process.
Never heard back from him, but I did heard back from Ashley, who told me a refund for the excess balance they took from us was going to ge refunded in "a few days" via ACH, so I clearly stated their access to our account was revoked and we needed a paper check sent to us by regular mail. The email sent to Mr. Delucia that she had (he forwarded to her) contained our mail address, and she confirmed that was where they would send it but noted "it will take a couple of extra days".
After nearly a month of waiting for the check, I contacted her again to let her know it was not received and inquiring about the status. Her email answer was that it was issued on 11/13/2015 via ACH, to which I replied that we had already gone thru the situation and she agreed to send us a paper check for our refund. I had no answer so the following business day I called her on the phone. Basically her answer was that the refund "is in process" and she has no further information on when will it be sent to us.
As a business owner, I find this unaccetable and poor business practice. They are very efficient on taking their daily ACH payments from your account and religiously charge you their NSF if your funds are uncollected or you happen to be low on funds one time or another (it happened to us a few times) but they have a really hard time refunding the money they should have never taken from your account to begin with. Poor business ethics show poor business mentality and project lack of trust to future customers as well. If you are planning in doing business with this company, keep that in mind.
Also I have read on other complaints they stated they do not take fees from their loans, which is false. They do take initial fees such as "processing" and "funding" so you reader know as well what to expect.
