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Everest Business Funding Review

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Everest Business Funding Review

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Date Established
2013
Location
Doral, FL
Chris Motola

Chris Motola

Finance Writer at Merchant Maverick
Chris Motola is a writer, programmer, game designer, and product of NY. These days he's mostly writing about financial products, but in a past life he wrote about health care and business. He's a graduate of the University of Central Florida.



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3 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Christy Everett

    Organization Name: Propertyworx

    While easy to obtain the loan we have already paid roughly 90% of the account off and it just been 7 months. They gave a high rate our company has slowed and I had to read the contract to find that if business slows you can modify to a lower daily payment. This seems to irritate them each time we have had to modify. We are committed to paying this account off. When asked if we could pay a bulk payment to pay off they stated we were supposed to have already been paid off so no break in the amount even though 90% has been paid in 7 months would take anything off their balance. I read the contract again in the purchaser acknowledgment section it clearly states there is no interest rate or payment schedule and no time during which the purchased amount must be collected by purchaser yet they told me it was supposed to already been paid off and I’m guessing due to modifications based on our actual revenue that had been slow the time to which we could pay it off didn’t happen as quickly as they wanted. Per their contract though there is no initial or schedule of time that the amount must be collected by purchaser so for them to tell me that it was supposed to already been paid off and that me sending in a bulk or balloon payment would not pay the account off after I all of these funds have been paid up to 90% is just ridiculous. I should not have to read my contract I should be able to send a simple email say our revenue has changed and they should respect and uphold their contract of modification instead of me having to point it out to them. This has really not helped our business it has made it so much harder with the daily payments to pay out vendors and operation cost. I would think paying roughly 30,000 in 7 months and offering a balloon payment to pay in full would be rewarded and instead we are told no we are late paying off even though each day they obtain their money and not qualifying as they say for a payoff discount to pay it off is bad business.

    2
    • Organization Name: Propertyworx
    Phiet Ho

    Organization Name: Salon Vivid

    With the Covid 19 shut down and zero income Everest refused to halt my ACH payments for several weeks. I cannot believe that during a crisis like this they cannot stop payments. I have even emailed them my bank statement showing them their daily ACH is causing me to have daily NSF fees. I am now paying over $150 in NSF per week on top of their $168 daily payments. I do not know what to do besides possibly shutting down. If anyone can comment with advice please do.

    • Organization Name: Salon Vivid
    Jessica Dinsmore

    Hi Phiet,

    We aren’t big fans of Everest either, as you can see by their star rating. Take a look at our Coronavirus Salon Survival Guide– it’s full of relevant resources that can hopefully help you stay afloat during this particularly difficult time for your industry as well as many others. All our best.

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