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Do I have a case against this business capital company
Anonymous3 views3 answers
I was shuffled over to this company called Universal Business Advisors who said they were in the business of getting start up capital for small business owners. They told me that I would qualify for roughly between $35-$50k of which they kept 8% for themselves as their fee. They had me fill out some paperwork with all my necessary info on it then told me to sit tight while they looked for a lender. a few days later I get a call from one of their advisors and she tells me that she's gotten me 9 credit cards with a total of $46k. I was then told to call their "liquidation" dept so they could walk me through the steps to get cash off the credit cards. This was not how they told me they would get funding and now my credit is in the tank. Do I have a case?
There are some "business funding"sources that use that M.O. It is a bad deal. I recommend canceling the cards, otherwise, as mentioned in a previous response, you will be working real hard to pay these off. As for funding sources, there are non-equity crowd funding sources you may want to look at (not knowing your business or model), look at those. There are also some newer models coming on line. None of these are free. The best source for funding are wealthy family and friends ... but those can sour personal and family relationships. There is also another source, borrowing against your 401K. Again, all have costs and are alternatives to the credit cards offered to you.
