Inadequate financial resources pose a significant risk to any enterprise. Insufficient funds can hinder businesses from fulfilling their financial obligations within the designated timeframe. Furthermore, insufficient financial resources constrain the progress and development of a business. The process of obtaining bank loans can be arduous as financial institutions typically require collateral in the form of assets and financial statements, in addition to other necessary documentation.
The rigorous requirements and lengthy application process often result in a significant number of businesses being unable to secure loans. Seek Capital LLC assists in this regard. Seek Capital facilitates connections between businesses and credit facilities, such as banks. As per the official website of the company, Seek Capital LLC does not function as a loan lender, broker, or agent. Instead, it refers eligible clients to lenders.
The organization asserts that it has affiliations with multiple financial institutions and reputable associates. The company explicitly declares that it lacks access to the complete loan terms and has no authority over the lenders’ actions. Consequently, the organization functions as a third-party participant in the loan procedure.
Seek Capital offers a range of compelling features that may appeal to businesses experiencing financial challenges. The aforementioned features comprise a streamlined application process that is free of charge and takes less than two minutes to complete. Additionally, no collateral is required, and tax returns are not requested.
The payment options are also flexible to accommodate varying financial circumstances. Customers may also complete their application via phone by dialing the official number ((866) 695-0279) as provided on the official website. The organization asserts that it can assist entrepreneurs in obtaining financing by augmenting their business credit limits.
In more concise language, the company facilitates the acquisition of additional credit on behalf of the business from various financial institutions and devises a customizable payment schedule for the business. The present analysis aims to assess the veracity of the company’s assertions and commitments.
Seek Capital’s Target audience
Seek Capital specializes in developing credit options tailored to meet the needs of small businesses. The organization focuses on catering to enterprises that encounter financial challenges and are unable to obtain credit from financial institutions directly. A customer of the company provided a clear definition of the target customer demographic. As per the feedback provided by the client, Seek Capital LLC focuses on catering to businesses that have been established for less than three years and are seeking financial assistance in the form of loans.
This information can be found on their Yelp page. As these businesses are relatively new, it is anticipated that they may encounter challenges in obtaining loans from financial institutions. The company pledges to provide customers with various credit options, thereby granting access to loans that were previously unattainable. The company’s primary target audience comprises small businesses, including sole proprietorships, partnerships, and small vendors.
What is the operational approach of Seek Capital?
To gain an understanding of the company’s operational procedures, it is recommended to assess the process delineated on its official website. As per the information provided on the company’s website, the credit process is carried out in three straightforward steps. Initially, the client chooses their desired funding option. The organization provides a range of funding options, including revolving lines of credit and Covid Government Funds.
The subsequent stage involves the application process, which can be completed in under two minutes. Prospective clients have the option to submit their applications via the organization’s website or contact the designated phone lines provided by the company. Seek Capital asserts that it promptly responds to customers’ applications within minutes. The final step entails acquiring a dedicated agent. Seek Capital offers a personalized service wherein a dedicated agent is assigned to guide the client throughout the process. The procedure appears to be uncomplicated.
The company does not provide a detailed breakdown of the fees associated with each step but assures its clientele that the charges are reasonably priced. The website lacks information regarding the payment terms for the loans and other pertinent details. The website showcases a range of financial institutions as partners, such as Top10.com, Consumer Advocate, Blue Vine, National Funding, and Ondeck, among others.
The prominent individuals associated with the company serve to underscore its credibility. The organization has published favorable feedback from diverse clients. A customer has attested to the company’s reliability in keeping its promises. Based on the information presented on the company’s website, it appears to be an exemplary small business. However, further investigation is required to ascertain whether the company upholds these commitments.
Operational Procedures Of Seek Capital
One can gain an understanding of Seek Capital’s operations by examining the feedback provided by previous clients. Seek Capital’s process of credit initiation commences when the customer initiates contact with the company to request business credit. As per a client’s feedback, it has been observed that theSeek Capital primarily conducts its operations via telephonic conversations and electronic mail communication.
When a customer contacts the company or vice versa, the customer is routed through various sales agents. The agents elucidate to the customer the brilliance of the business idea and the necessity of availing the line of credit. The sales representatives strive to persuade the customer to obtain the loan. The customer has the option to either approve or decline the loan.
As per feedback from another customer, if a client declines the loan process and requests to terminate the application, the company requires the customer to remit a cancellation fee of USD 495.
Let us consider the option where the customer agrees to proceed with the loan application process. According to a customer, the sales representatives guide them through the entire process during a single phone call and subsequently send documents via email for signature without terminating the call. The representatives appear to emphasize the significance of the loan application process.
The expeditious nature of the application process may not afford customers sufficient time for contemplation, resulting in the execution of legally binding documents and the provision of personal information that may be utilized to initiate new credit card accounts. A customer has alleged that the sales representative failed to request the name of their business despite claiming to initiate a credit facility for the same.
Once the customer representatives have obtained the necessary personal information and customer authorization to act on their behalf, the representative will inform the customer that they will be contacted at a later time, without specifying a specific timeframe.
The subsequent phase of the process entails initiating multiple credit card accounts using the customers’ information across various financial institutions. The company has committed to opening new lines of credit for business purposes. The company has recently introduced new personal credit cards. The company is currently seeking credit card funding from various banks.
Seek Capital submits multiple credit requests on behalf of the client without prior notification. As per a client’s feedback, the organization initiated a cumulative count of 12 credit inquiries on the client’s behalf. The client has alleged that the company did not establish a new business line of credit, but instead billed the customer for the opening of new personal credit cards. The company is seeking personal credit card funding from multiple banks without obtaining the consent or awareness of its customers.
After Seek Capital secures credit funding through credit cards, the company proceeds to request payment from the customer. As per a customer’s feedback, the organization collected the entire sum of money from the credit card and levied a service fee of 11 percent on the total amount. Consequently, the client was liable to remit 11% of the aggregate credit sanctioned by the company and was unable to procure the requested funds from the banks via the recently established credit cards.
A fee of 12 percent of the total amount received through credit card transactions was charged to another customer by the company. A significant proportion of customers expressed a sense of disillusionment, as they believed that the company’s services were unnecessary for the creation of personal credit cards. Furthermore, the customer expressed their opinion that the company’s fee for credit card funding was excessive, as the same service could have been obtained by the customer at no cost.
Cost Benefit Analysis
One of the primary advantages of utilizing the services of Seek Capital is the availability of personal loans. Individuals who lack knowledge on how to request personal credit facilities via their credit cards can avail themselves of the services offered by the company. Several clients have reported that the organization assisted them in obtaining access to commercial credit facilities. However, none of the customers divulged the sum they received, the payment conditions, or the service fees they accrued.
Furthermore, it is important to note that a significant number of individuals have the option to request credit card funding. Therefore, imposing charges for the services rendered may not be a feasible approach. Credit card loans obtained for personal use are generally not a viable option for individuals seeking financing for their business ventures.
There are several costs and adverse effects associated with utilizing the services provided by the company. Initially, the services may result in adverse credit ratings for the customer. A customer has expressed dissatisfaction with the impact of the company’s credit card financing application on his FICO score. Credit inquiries constitute more than 10 percent of the FICO score, thus multiple inquiries can harm a customer’s credit score.
Furthermore, Seek Capital’s fees for credit card activation and funding acquisition through credit cards are considerably high. According to customer feedback, the company appears to charge between 11-12 percent of the total credit card amount and may use threatening tactics to ensure prompt payment from customers. The fees appear to be relatively high, especially considering that customers have the option to visit their local bank and receive assistance with credit card financing at no cost.
Furthermore, Seek Capital imposes a significant debt burden on its clients. The organization appears to prioritize access to credit card finances over the interest rates associated with loans. The payment policies related to these credit processes are not disclosed by the company. A client has reported being subjected to a 29.99% interest rate payment obligation after the aforementioned procedure conducted via https://www.lendio.com/bp/lender-profile/1093. The expenses associated with the services exceed the advantages.
Customer service.
The sales representatives are trained to persuade customers to consider taking loans and signing legally binding contracts. The sales representatives at Seek Capital alternate in persuading clients and pledge to provide support throughout the entirety of the process. The demeanor of the customer service agents appears to change from friendly to rude and threatening after the application process.
The agents utilize threats to coerce customers into making exorbitant charges. The agents’ lack of transparency regarding the loan process can be considered deceptive. The agents are not adhering to ethical standards by neglecting to obtain customer authorization before opening and applying for new credit cards.
What is the expected duration for accessing the funds?
Once Seek Capital has obtained access to the requisite information, its employees diligently work around the clock to secure the necessary funds. As per a client’s feedback, the entire process was completed in under two weeks. According to statements made by the company’s employees, the duration for the funds to appear on the users’ credit cards is contingent upon the customer’s credit score.
This assertion is accurate and reasonable, as an elevated credit score would enable the company to effectively apply for credit card financing. Customers expect to receive new credit cards with credit limits that may not be feasible within a two-week timeframe.
Procedures for refunds and cancellations
The refund policy statement is not available on TheSeek Capital’s website or social media channels. According to the user, the company purports to offer a free application process, but upon opting out, imposes an exorbitant fee of $495. The company does not offer a comprehensive price list for its services and employs coercive measures to compel customers to remit payment. No refund was reported by any of the customers analyzed. In summary, a refund is not possible and cancellation of the process requires payment to the company, even if no action is taken.
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