Jerry E.
High Interest Rates Watch out for extra Fees "Loan stacking"
High interest rates on their loans they and charged me $2500 to set up the ACH withdrawals and NOW that I paid off the balance they are charging me a "Stacking fee" of $8000 dollars cause I took out loans with other companies.. According to them , you are not allowed to take out ANY loans with ANY other company or they will bill you more on top of their high fees from the beginning.. I took out a loan of 61,000 dollars and ended up having to pay back 97,000 dollars for a 1 year loan.... 36,000 dollars in interest for 1 year... UPDATE: 8/16/23 They offered to return 1/2 of the stacking fee cause I was just taking out other loans in an honest effort to make sure all their payments got paid. We will see if they do this... UPDATE 8/18/23 Greenbox Refunded me 1/2 of the Stacking fee. I greatly appreciate it and have updated my review.
Response from Greenbox CapitalAug 28, 2023
Dear Jerry, We appreciate you taking the time to share your feedback with us. We understand your frustration, and we'd like to address your concerns. First and foremost, we want to clarify that our goal is always to provide full transparency regarding our fees and terms prior to disbursing any funds. We take proactive steps to ensure that our customers are well-informed about the terms of their funding, including any associated fees. Regarding the setup fee, this fee is a standard practice in the industry and is communicated clearly on the first page of the offer checkout, and again in the agreement you signed before accepting the funds. Regarding the "Stacking fee", we understand that this can be perceived as an additional cost. This fee is associated with borrowers who proceed to take multiple advances from different companies, after receiving our funding and without our approval. It is disclosed in our agreement and highlighted as a condition in the offer checkout. If our product doesn't end up suiting your needs and we cannot approve additional funding, we require to be paid off. When we initially underwrite, we do not factor in stacking to the overall cost. This allows us to give better pricing to our customers, and only add the cost to those who stack. It is important to note that this policy is in place to manage risk and ensure responsible lending practices. We acknowledge your concerns about the interest rates, and we do strive to offer competitive rates in the industry. However, interest rates are typically influenced by various factors, including creditworthiness and market conditions, which may result in rates that vary from one borrower to another. Transparency is an important commitment of ours. We encourage you to reach out to our customer service team if you have any further questions or need additional clarification regarding your terms. We are here to assist you and address any concerns you may have. Sincerely, Greenbox Capital Support Team