Christy T.
Owner
Small Business Owners, please understand the difference between simple interest and APR. Simple interest IS NOT the total true cost of your loan. APR is the true cost of your loan. I was offer 12% on LOC, but the actual APR was 47.9%. Extremely misleading. Please be careful when borrow money. Look at what it is truly costing you, which is measure by Annual Percentage Rate (APR).
Response from BFA Business CapitalJun 10, 2021
Hi Christy, Thanks for your review. We looked up your account and had a nice conversation with you regarding this review. As discussed, we did offer you a line of credit with a lower interest rate and a higher APR. We went out of our way to make sure you understood the terms before proceeding with the online checkout. Once you fully understood the terms you decided not to proceed. Once you advised us that you didn't want to proceed we did not pressure or coerce you in to moving forward. As a matter of fact, we disclosed to you (both over the phone and in writing) what the actual APR on the line was so that you were able to make an informed decision. You acknowledged that we gave you a professional level of service and the the mix-up was a simple misunderstanding. Please reach out to us at [email protected] with any further questions. Thanks, The BFA Team