Have you been contacted by QFS Capital about your business debt? It’s important to understand your rights as a borrower and how to deal with lenders. Here’s how to make sure the communication is legitimate, what you should do if QFS Capital contacts you, and how a business debt relief attorney can help you.
Who is QFS Capital?
QFS Capital is a Florida-based small business lender that provides cash flow relief, reverse debt consolidation, and advance funding. The company was founded in 2019 and, according to its website, its mission is to streamline growth for its clients. The company states that it currently serves as a funding partner for hundreds of small businesses throughout the United States.
Is QFS Capital Legitimate?
Yes, QFS Capital is a legitimate business lender. However, it’s a relatively new company — it’s only been around for six years — and it’s difficult to find information or reviews from existing customers. If you’re considering applying for financing from QFS Capital, make sure to do your research into the company and carefully read your financing agreement.
QFS Capital Reviews and Complaints
Unfortunately, there’s little feedback from past and current QFS Capital customers online. The company isn’t accredited by the Better Business Bureau, and it doesn’t have any reviews with the Better Business Bureau or Trustpilot. It has a handful of reviews on Google, with an average rating of 3.7 out of 5 stars. Some negative reviews mention unfair or unethical business practices, sometimes to the point of nearly putting companies out of business.
Understanding How QFS Capital Operates
QFS Capital provides financing for small businesses through three primary services:
- Cash flow relief: QFS Capital provides cash flow over the course of three months to one year to help businesses grow, expand, or simply get back on track.
- Reverse debt consolidation: Businesses with multiple debts can extend out the payment of each one to help lower their monthly payments and free up cash flow.
- Advance funding: Also known as a merchant cash advance (MCA), advance funding allows businesses to borrow against their future revenue or sales.
QFS Capital offers fast approvals and a streamlined electronic process. However, its website lacks the transparency that many borrowers would like. To learn more about its financing offers, you’ll have to fill out an application and speak to a staff member.
Dealing with QFS Capital if you owe them Money
What Should I Do If I Receive a Letter or Call from QFS Capital?
If you’re contacted by QFS Capital, it’s important to respond promptly to avoid any negative repercussions. The first thing you should do is confirm that it’s really QFS Capital contacting you. Verify the contact information they provide in the letter or phone call.
Once you’ve confirmed the legitimacy of the communication, find out why they’re contacting you. If they’re contacting you about an unpaid debt, you can request validation of the debt. If they’re suing you for an unpaid debt, make sure to respond by the date listed in the legal summons, and consider consulting a debt relief attorney.
Handling Communications from QFS Capital
Make sure to keep records of all of your communications with QFS Capital or any other lender. Maintain physical or digital copies of letters and emails, and take thorough notes of any phone calls. These records could be vital in any future negotiations or legal proceedings.
Knowing Your Rights Against QFS Capital
Unfortunately, you won’t have as many borrower rights when dealing with QFS Capital as you would as an individual consumer. The financing QFS Capital offers isn’t strictly regulated, but you do still have some rights when you’re dealing with them:
- Right to validation of debt: QFS Capital must provide written validation of your debt, including your account balance and other important information.
- Right to fair treatment: QFS Capital must treat you fairly and ethically. They can’t discriminate against you, and they can’t threaten you, harass you, or lie to you.
- Right to legal representation: You have the right to hire an attorney, and if you do, QFS Capital must direct communications to your attorney.
- Right to recourse: If QFS Capital breaches your contract or treats you unfairly or unethically, you have some legal recourse.
The Legal Side of QFS Capital
Common Legal Issues with QFS Capital
Unfortunately, merchant cash advances and other financing provided by QFS Capital can result in legal troubles. These alternative financing methods aren’t heavily regulated, and lenders like QFS may be quick to take legal action against borrowers who fall behind on their payments.
The short repayment periods and high fees of advance financing make it difficult to repay. These merchant cash advance agreements frequently come with personal guarantees, meaning you’re personally on the hook for your business’s debt. Additionally, contracts often include Confessions of Judgment, which allow lenders to obtain default judgments if you can’t pay.
If you’re considering getting financing through QFS Capital (or you already have), it’s important to understand these common legal issues and how to deal with them.
What Happens If You Get Sued by QFS Capital
If QFS Capital sues you for your unpaid business debt, it’s important to act quickly and carefully. First, make sure to thoroughly read the complaint to find out why you’re being sued. The summons will also include a date by which you need to respond. If you don’t respond to the complaint, the court may issue a default judgment against you.
Next, before anything else happens, consider consulting a business debt attorney. They likely have experience dealing with lenders just like QFS and can walk you through the process.
Finally, the lawsuit will end in one of two ways: either you’ll negotiate a settlement or you’ll go to court. First, you (or your attorney) can try to negotiate with QFS to settle your debt, ideally for less than you owe. If that’s unsuccessful, you’ll have to go to court and present a defense.
If you go to court and the judge rules against you, there could be a wage garnishment or bank account levy ordered against you to ensure repayment of your debt. For that reason, it’s often in your best interest to settle before you go to court.
How to Negotiate with QFS Capital
As we mentioned, if you’re sued by QFS Capital, you’ll have the opportunity to negotiate a settlement before going to court. If you’ve hired an attorney, they’ll negotiate on your behalf. Here are some things to keep in mind when you’re negotiating with QFS Capital:
- Understand your debt: First, make sure you’ve thoroughly read through your documents and financing agreement and understand the terms of your financing, as well as your current account balance, interest and fees, payment history, and other features.
- Have an offer in mind: Consider how much you’re able to pay on your debt and whether you’d prefer a lump-sum settlement, monthly installment payments, or even restructuring your debt to make repayment more affordable.
- Be proactive: You may have the best results if you’re proactive about negotiating with QFS Capital. The company may be more willing to work with you if you reach out before you’ve defaulted or before they’ve sued you.
- Stay organized and professional: Make sure to keep copies of all communications, especially any settlement agreement, and remain professional when you’re dealing with company representatives.
- Consult an attorney: While it’s possible to negotiate your own settlement, you may have the best results if you work with an experienced debt relief or merchant cash advance attorney.
How to Protect Against QFS Capital
Steps to Take If You’re Contacted by QFS Capital
If you’ve been contacted or sued by QFS Capital, it’s important to take steps to protect your business and yourself. Here are the first things you should do if QFS contacts you:
- Verify the communication is legitimate. Make sure it’s really QFS Capital contacting you. Either confirm that the contact information provided in the letter or phone call is correct, or contact the company directly using the phone number on its website.
- Ask them to validate the debt. Before negotiating or responding to a lawsuit, ask QFS to validate your debt in writing showing a fully executed agreement and payment history. This will help you make sure the debt is really yours and that the company’s records (and yours) are accurate.
- Consult an attorney. Before deciding on your next steps, speak with a business debt attorney. They can assess your situation and advise you on how best to proceed.
- Decide on your next steps. Finally, decide whether you want to negotiate a settlement with QFS Capital or go to court and present a defense.
Filing a Complaint Against QFS Capital
If QFS Capital has breached your financing contract or you believe the company has treated you unfairly or unethically, you can file a complaint against them. Here are a few places to consider filing complaints:
- Consumer Financial Protection Bureau (CFPB)
- Federal Trade Commission (FTC)
- State Attorney General
- Better Business Bureau (BBB)
QFS Capital Phone Number and Address
If you need to contact QFS Capital about your business debt, here’s how you can reach them:
- Phone: (754) 799-7400
- Email: customerserivce@qfscapital.com
- Address: 110 E Broward Blvd #1550, Fort Lauderdale, FL 33301
How Can a Debt Settlement Attorney Help?
If you’re struggling with your business debt or with your communications with QFS Capital, a business debt settlement attorney may be able to help. An experienced debt relief attorney can communicate with QFS on your behalf, negotiate a settlement for your MCA debt, or represent you in court. All the while, they can provide peace of mind and solid legal advice on your next steps.
Tayne Law Group has a team of experienced attorneys who may be able to help you with your business debt. To learn more, contact our offices by calling (866) 890-7337 or filling out our short contact form. We never share or sell your information, and all conversations are confidential.
