BBB Accredited Business since

United Capital Source LLC

Phone: (855) 933-8638 Fax: (888) 383-2892 535 8th Ave, 9th Floor, New York, NY 10018 http://www.unitedcapitalsource.com



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BBB Accreditation

A BBB Accredited Business since

BBB has determined that United Capital Source LLC meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that affect the rating for United Capital Source LLC include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 2 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

2 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 1
Total Closed Complaints 2

Customer Reviews Summary Read customer reviews

1 Customer Review on United Capital Source LLC
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 1
Total Customer Reviews 1

Additional Information

BBB file opened: February 03, 2011 Business started: 01/24/2011 in NY Business incorporated 01/24/2011 in NY
Type of Entity

Limited Liability Company (LLC)

Contact Information
Principal: Mr. Jared Weitz, President/CEO
Business Category

FINANCIAL SERVICES CREDIT CARD – MERCHANT SERVICES


Customer Review Rating plus BBB Rating Summary

United Capital Source LLC has received 0 out of 5 stars based on 0 Customer Reviews and a BBB Rating of A+.

BBB Customer Review Rating plus BBB Rating Overview

Additional Locations

  • 535 8th Ave, 9th Floor

    New York, NY 10018

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

4/28/2016 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I contacted this company to receive a loan and was told that they loan would be processed and deposited to my account "in the morning" by George. George requested additional documentation which was provided and then immediately told me that they could not do anything with it. I asked about his promise that the money would be there and he said that they could if I made an immediate deposit. When I asked to speak to his supervisor, as I had provided all the documents the day before, he was hesitant to give me the supervisor. I held the line and when Jon came on the phone he informed me that he was the "floor supervisor" and explained round and round that George could not make the promise that he did and that they were sorry. I explained that I did not like being lied to, however, it did not do any good. Jon changed his title to "Executive Vice President of Sales" when I asked to speak to his supervisor and he told me that the owner was his supervisor. He gave me his number and I called. He returned my call when I called and the owner said that he was sorry that George works on commission and should not have said what he said. The owner explained that the underwriter made the decision and I explained that Jon told me that the underwriter would make it work if I brought the account out of the negative today. I called the underwriter and was told that they would in-fact not fund it and I could not do anything for another month. The company has done nothing but lied and collected information on me and my company and will not stand behind their employees lies, even though they admit that he made them and that they are "not very happy."

Desired Settlement: I want this company to honor what they said they would and make sure that this type of incident with un-truthfulness does not continue for other clients.

Business Response:

Unfortunately this merchant is not happy because they did not qualify for funding. They were untruthful to us about their numbers, when it came down to fund their account, their account was negative. They did not advise us that the account was negative beforehand, therefore we cannot fund a negative account. When we told him this he completely flipped out and tried m to call the Attorney General. When he did call the attorney general they told him it was a waste of time and he should not pursue this, and now he is going to Better Business Bureau instead

 


Thank You, 

Jared W**** 

Founder/CEO

United Capital Source 

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

[Your Answer Here]

 The CEO of the company is incorrect in stating that the Attorney General told me that "it was a waste of time" and that I chose to go to the BBB.  The CEO is very mistaken in that aspect.  However, since this is the route that he has chosen to take, we shall move forward.  In regards to being in the negative, the representative was made well aware of that when we started the application process and in-fact continued to PROMISE funding the next day.  I spoke with the underwriter after all of this and he informed me that this company has a history of deceiving people in the initial stages of the application.  

    I would like the CEO to provide the name of the assistant attorney generals that he spoke to in both Wyoming and New York that informed him that it was a waste of my time, as I believe that he is making this up.  The company did mail me my file back and I have full copies of all information available from my end.  I would also add that I did not "flip out" until the lies were continued until the CEO decided to take my call and back track immediately on what was promised and informed me himself that the situation was not handled correctly by his employees.

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

***** ********




 

Business Response:

To whom it may concern:

 

This merchant applied and was approved. Upon bank verification he was negative funds in his business account and the underwriter then advised us this was a deal could not be funded and/or we would need to wait until he does not have negative bank balances. This is a merchant who hasn’t lost any money from this application with us. He claims we wasted his time but what about our time and money that was wasted underwriting his file? Instead of understanding his own situation he put himself in and taking the necessary steps to fix his negative bank balances, he chose to blame us. We did not make his business bank account negative, he did and is solely responsible for the consequences of having negative bank balances, and in this case it was getting declined for business funding.

 

I imagine if his file was clean he could go anywhere else and get approved for a business loan. Assuming that is the case, what is the issue? To be clear, our company only makes money when we fund a deal, our goal is to always fund a deal when it makes financial sense. His file looked like it would be one that would have challenges paying us back due to their negative bank days so we had no choice but to decline. From an underwriter’s point of view this file was extremely risky with the negative bank balances so they chose to decline because they saw a high probability of non-payment. Whenever a deal is declined we make no money, our time is wasted, we incur the expense to underwrite the deal and we pay for the advertising costs to bring in the customer. It would be senseless for us to intentionally decline files and lie to merchants, we would be out of business if that was happening regularly as this merchant is stating. We have no other complaints in almost 6 years of being in business. What we do have many 5 star reviews, and many of them are for George and the great service he provides his customers.

 

This merchant did tell me he spoke to the attorney general and that the attorney general said he was wasting his time. I don’t know the name of the attorney general he spoke to but I do know we provided our lawyer’s info per his request and he never followed up with our lawyer.

 

Our email exchange with the merchant is below, we were nothing but courteous to this merchant as we are with all of our merchants, but no lender can fund a merchant with negative bank balances because of the extremely high risk of non-payment. We hope this response clarifies the situation and we truly do wish the merchant the best of luck in maintaining positive bank balances and obtaining funding for their business.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

[Your Answer Here]

 I disagree with the whole statement of the company.  They did say it was funded.  George continued to guarantee that the money would be placed in my account the same day.  He continually lied as did the rest of the management team there.  They would not provide any information and when I asked for my file, I received a envelope with papers that were all out of place and order.  The did not send the e-mails that they say that they had nor did they send the information regarding their legal counsel.  The counsel they provided the name and number for refused to speak to me.  The attorney general never said I was wasting their time and since this company claims that all of the conversations are recorded, I would love to have a copy of all of the conversations.  This company has done nothing to solve the issue and continually sends me e-mails to this day offering funding.  I feel that they are nothing short of a scam.

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

***** ********




 

7/1/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I have applied for small business loan with this company and before I did anything I have called them and I ask them if I will be approved however called and I spoke with ******** ******* she took my application over the phone and she said well I am 100% you will be approve there's I don't see no reason why you wont be and I did what she told me and than after view day of calling and sending emails never heard back from them however I kept calling them till I got hold of her she said I am 90% declined because the underwriter did like my business they were very rude and there customer service is sucks

Desired Settlement: Finish the job

Business Response: I am sorry he feels this way. We have never gotten a complaint before. Our employees never guarantee someone funding without the file being Underwritten, there is no way for us to know anything beyond what a client tells us on the phone so until we verify info we generally do not say this will be 100% approved. He also is in used car sales which is VERY high risk for us, ******** ******* is a ******* here and alerted him of this. With all that being said this merchant submitted us  paperwork, he also shopped with 7+ other lenders because when we pulled credit we saw all of the other credit pulls. I am guessing everyone may have had a tough time underwriting the file due to industry and credit. He is in a high risk industry which we alerted him about. I would be happy to speak with him directly and shed some light on this. My phone number is ###-###-####. If you look at our review ******** is the top person on there. I am very sorry this client had a bad transaction and I would again be more than happy to speak to him and offer guidance. We in no way want ANY bad reviews.


Customer Review(s)

The customer review(s) below are un-filtered. These positive and negative reviews are not used in the calculation of the BBB Rating. If you wish to file a complaint and request a resolution to your issue please click here. This customer review section is not BBBs complaint resolution system. Customer Reviews are the subjective opinion of the individual who posted the review and not of Better Business Bureau. A customer review is not posted on a business if a BBB complaint on the same issue(s) is also filed. BBB cannot guarantee the accuracy of any customer review and is not responsible for the content of any customer review. Public comments are not customer reviews.

Customer Reviews Summary

1 Customer Review on United Capital Source LLC
Positive Experience (0 reviews)
Neutral Experience (0 reviews)
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