Ascentium Capital was launched in 2011. It is a leasing and financing company that sells equipment leases on a long-term basis for merchant cash advances and Point of Sale hardware. In addition to describing itself as a equipment financing and leasing company, Ascentium Capital also refers to itself as an organization offering conventional business loans. These loans can be utilized for several business-specific expenses beyond the concepts of technology or equipment.
Ascentium Capital is a famous alternative lender that delivers access to working capital loans of around $250,000. The company also offers ample equipment financing of around $2 million -all with the help of a single, one-page application. The leasing company also leases credit card terminals for several i3 Verticals subsidiaries that have received poor ratings -including Freedom Card Solutions, Performance Merchant Alliance, Red Payments, Digital Processors, United Card Solutions, Radiant Merchant Services, and so more.
Ascentium Capital Business Loan Overview
Some of the benefits of the business loan capability offered by Ascentium Capital are:
- Faster application
- Multiple options for loans
- There is no penalty for prepayment
Some of the negatives about the company include:
- Presence of documentation fee
- Lack of proper transparency
- Mixed customer reviews
For equipment financing, the loan amount by Ascentium Capital can go up to $2 million and the loan term is typically around 84 months. In terms of obtaining a Working Capital loan, the amount is up to $250,000 with the term of around 1-24 months.
Ascentium Capital Loan Borrower Eligibility
Ascentium Capital does not reveal much information about what a business will exactly require to serve as eligible for the funding. They will look into your overall experience in a particular business along with information like financing and banking references, credit bureau, and business ratings. The company also makes use of third-party databases to get insight into ample credit information during the process of application. Therefore, you are not required to provide much as far as documentation while applying is concerned.
If you find interest in Ascentium Capital’s equipment financial offering, you are expected to purchase or lease some type of technology or equipment to serve as eligible. Before the process of application, you should make a decision about the particular type of equipment you need to deliver information about the vendor and costs accurately. For equipment financing that is around $250,000 or less, you are only expected to submit the quick credit application form. At the same time, if you have a loan requirement of some larger amount, you have to undergo a slightly complex underwriting and application process.
Getting a Loan with Ascentium Capital
Underwriting and Application Processes
To begin, you can go ahead with filling the credit application form directly on the website of Ascentium Capital. Otherwise, you can select the option of paper copy if you prefer completing the form by hand. You are expected to provide access to important business information -including company address, name, EIN, business experience, number of employees, legal structure, industry, and annual revenues.
At the same time, when you apply for equipment financing, you are also expected to include details like vendor’s address, name, equipment type, contact information, whether the equipment is used or new, its cost, and the desired terms. For the working capital loan by Ascentium Capital, you are simply required to provide the exact amount you are searching for along with the purpose of the respective funds.
After this, you will be asked to provide information about bank details -including the name of the bank, the phone number, average balance on a daily basis, and account number. In the end, you, along with other owners of the business, will be only be providing information like name, address, title, contact number, social security number, ownership percentage, and others.
For loan amounts that are around $250,000, Ascentium Capital offers approval for applications in less than two hours. As specified, they will gather relevant information about your business from multiple third-party databases to ensure all that you exhibit as self-report on the application. Therefore, there is no requirement of ample documentation from your end. For amounts that exceed $250,000, you can expect a highly involved and lengthy process. Still, its specifics are not explained on the website.
If you have received approval for funding, make sure that you have carefully read through the entire loan agreement before you accept the offer. Ascentium Capital does not impose any application fee. Indeed, they charge a one-time documentation fee for expenses and processing related to UCC filings, credit reports, and so more.
Depending on this fee, it is made clear that Ascentium Capital will be filing a UCC lien against the business if you come across them. They will also need a personal guarantee. As Ascentium Capital is not transparent about the interest rates charged by them, it is important to be attentive to the loan agreement for the available information. Then, you can compare the available rates to other lenders as well to ensure that you get access to the best possible deals.
Like the interest rates, the repayment terms of Ascentium Capital are only opaque. However, they offer the statement that you are making use of a credit card to ensure payments (along with the linked processing fees). They also do not charge any prepayment penalty if you are paying off the loan ahead of the stipulated schedule.
Ascentium Capital Customer Services
The offices of Ascentium Capital are situated in Kingwood, Texas. They offer a wide spectrum of email addresses and contact numbers to offer contact information for support based on whether you have specific credit application questions, partner or vendor inquiries, or existing contract questions. You can visit the Contact Page of the company to come across the right point of contact for your questions.
Customer Reviews for Ascentium Capital
Ascentium Capital has been accredited since 2015 by the Better Business Bureau while featuring an A+ rating. However, this high-end rating does not imply that all their feedback is positive. Currently, Ascentium Capital has around 50 complaints on the website, however the company is working towards resolving them.
From more than 100 customer reviews, the average rating turns out to be 3.94 out of 5 stars. However, most of the reviews are far from being favorable. With a series of mixed customer reviews, borrowers are expected to choose the platform with caution. Therefore, it is recommended to do ample research before you sign an agreement to make sure that this is the right form of financing for you.
On a more positive note, some of the major highlights of the company include responsive sales representatives and quick response along with quick & hassle-free funding. Some of the other positive reviews depict competitive interest rates.
However, borrowers who have had a less positive experience with Ascentium Capital report it as a scam. On this platform, they were not able to contact any representative. Moreover, they were not revealed the full contract before signing the same or had sensitive information sent to the wrong address.
With a series of polar-positive customer reviews, it is important to practice caution while proceeding with the service provider or any lender. You should always proceed by comparing multiple options. Moreover, you should not hesitate in having a dedicated business attorney go through the loan agreement before you sign the same. If you have been pressured by some loan lender to sign paperwork before you are ready for the agreement, it is not a good sign.
Ascentium Capital Complaints
There have been a mix of both positive as well as negative reviews on the official portal of Ascentium Capital. Most of the Ascentium Capital complaints exclaim that the company is a ripoff or scam organization. There are complaints regarding nondisclosure or misinterpretation of information and contract terms, unhelpful or unavailable customer service representatives, troubles in canceling services, and unauthorized account debiting.
Ascentium Capital Lawsuits
In 2017, Ascentium Capital was given the title of a defendant. The lawsuit was filed by a team of doctors in Texas. According to the lawsuit, Ascentium Capital was alleged to have financed over $45 million in the form of leases for medical billing software and equipment from another company named MHT. Doctors put forth the argument that the medical billing software and equipment were necessarily useless when compared with the total higher rates of lease costs they had to pay. They also alleged that Ascentium Capital was charging higher interest rates out of them. The claims of the plaintiffs were dismissed without any prejudice in 2017 itself.
You should note that Ascentium Capital serves as the plaintiff in several lawsuits against its former customers who had leased from the company in the past. It seems that Ascentium Capital will be aggressively pursuing its clients for the contract’s breach such that all contracts with the clients will be read in detail. Those who are thinking of entering a contract should ensure that they do in-depth research in advance to avoid any issues.