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BFS Capital

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7 User Reviews

BFS Capital, formally known as Business Financial Services, has been providing funds to small- and mid-size businesses since 2002. Based in Florida with affiliates in both California and the UK, BFS Capital serves all 50 states in the U.S., as well as offers some loans in Canada. BFS Capital offers a number of different loan types including small business loans, equipment leases, and cash advances. These different loan offerings have given BFS Capital the opportunity to serve a wide variety of clients and help out many businesses that are unable to obtain loans from traditional lenders.

BFS Capital has built its reputation around providing loans that are fast and flexible. Because of its reputation and the quality of its service, BFS Capital states that 80 percent of its customers return for repeat business. Consumers that choose BFS Capital should remember that they must have a credit score of 550 or higher.

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The Good

  • Funding Options
  • Established Businesses
  • Fast Approval and Funding
  • Payment Plans

Funding Options

BFS Capital offers a high maximum loan amount of $1 million. Many other independent lenders do not (or cannot) offer this much money to borrowers, so prospective borrowers who need more funds may find what they are looking for in BFS Capital.

Established Businesses

BFS Capital offers premier loans, which are small business loans gear toward businesses that are more established. These loans are ideal for borrowers who have been in business for more than two years, maintain a stable bank balance, and have favorable credit scores.

Fast Approval and Funding

One large benefit that BFS Capital offers is its ability to deliver cash quickly. It only takes the company two days to deliver the funds after approval, which is much quicker than what most traditional lenders can provide.

Payment Plans

Repayment with BFS Capital is shorter and more flexible than with most larger banks. While big banks can drag out loan repayment to 10 or 20 years, BFS Capital is interested in providing short and efficient repayment plans. Repayment with BFS Capital can be done in less than 18 months if that works for the borrower. This is helpful in some cases because it allows borrowers to avoid extensive interest rates. Further, BFS Capital requires no equity as most banks do.

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The Bad

  • Lack of Transparency
  • Restrictions

Lack of Transparency

BFS Capital does not provide the following information on its website:

  • Interest rates
  • Prepayment penalties
  • Origination fees
  • Closing fees
  • Other fees
  • Loan calculator

Potential borrowers are encouraged to reach out to the company for more information.

Restrictions

While the requirements for obtaining a loan through BFS Capital are definitely not unreasonable, there are some requirements for prospective borrowers that may be slightly more restrictive than some other lenders. However, BFS Capital seems to be more flexible than most traditional lenders.

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The Bottom Line

BFS Capital provides a relatively high maximum loan amount, fast approval and funding in contrast, and flexible repayment plans, making it an attractive option for businesses in search of funding.

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Star Rating

2.7

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7 Reviews

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Lenny Darmody New York, NY

Provided some contractual services for the guys at BFS Capital about 6 months ago. Initially there was a little miscommunication about payment for services provided but they resolved that issue in no time following a conversation with their internal accounts payable department. Highly recommended company to work with.

3 years ago

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Ben Urbana, IL

Great customer service. We applied online, interviewed with underwriter over the phone and got money within couple of days. Painless process. Highly recommended. Ben

3 years ago

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Beverly Chapmanville, WV

I just went through the application process for my business and was told numerous lies to get me to apply. I was told approval would come within 4 hours of application and the loan could be funded the same day. I applied on Monday at 10:15am, didn't get an answer until 5pm on Wednesday. It started out with the rep saying my file was good and strong, blah blah blah. By the end it was ‘your industry is hard to fund', something that was not mentioned up front and what they offered me was a joke. The most they could offer was $10k in a loan and my business net profits that each month so what's the point. The website boasts helping companies grow. Well...no business can expand or grow on $10k, It was a total waste of my time. Most of the questions on the app were centered around a business being in trouble which mine is not, I just wanted to expand. I found them to be nothing more than a payday loan shark company for businesses.

3 years ago

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Jake Smalls Phoenix, AZ

This company sends unsolicited pre-qualifications to businesses under the name of Copperline Capital Companies offering 3-5 year business loans with rates between 5-9% and terms between 1-5 years, with no fees and and no prepayment penalties. Upon applying we were (surprise) not qualified for the offer sent and were instead shown an outrageous predatory loan demanding daily ACH withdrawals and an interest rate approaching 30% via BFS Capital. The loan agreement they sent asks the business to collateralize the loan, grant a personal guarantee and has default clauses for such things as changing your bank account, changing management or death. These are not uncommon requests, but are specifically identified as things they DO NOT require in their solicitations. A default would trigger immediate payment of the total balance. In addition their document requires you to give up your right to file bankruptcy, to hold harmless the lender and to go through arbitration in N. Carolina. There is NO prepayment option, the debt is to be senior secured and the origination fees run at 3 additional points. Finally the agreement also forces default if you were to take additional loans for your business. Oh and finally, they want you to login to your business banking website via a 3rd party (decision logic) who in turn uses yet another 3rd party (Yodlee) to verify and take payments from your business bank account so they have direct access to your accounts. If you are ok with giving numerous companies and 3rd parties the login info to your bank then they might be a good fit for you. In summary, this is about as predatory as a loan can get...Buyer beware these loans are designed to put you in default.

4 years ago

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Daniel Maldonado

Sorry but did not have a good impression about BFS. When applying this company demands log in ID and passwords to access your bank accounts or merchant account. So I felt concern of them demanding this in order to grant you the loans

4 years ago

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Dee Winsted, CT

Asset manager sending borderline racist emails to clients. Constantly harassing clients via Email. Terrible company. If you can get a loan from anyone else, you're better off. Do not work with this company. Worst experience ever. Worst employees.

4 years ago

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jeff Pocono Pines, PA

They made the whole process quick, simple,professional,on time,pleasure to deal with.

3 years ago

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