Seek Capital review: Seek financing scam

Seek capital is a waste of money, no doubt about that. Here’s my experience;

First and foremost, the only service they provide is filling out credit card applications on your behalf, that’s it. It all starts with about 3 hours of phone conversations, they want every detail of your business despite the fact that Seek is not a lender, they just fill out applications. The information they gather from you is not required for those applications. They will explain everything on their contract but they will talk fast and rush you into signing. The sooner you sign the sooner they get paid, which is really all the care about.

After your 3-hour interview they blast your details out to the top dozen or so credit card companies. I even had my mortgage company call me about using my home equity, so somehow Seek solicited their services as well. In less than 24 hours you will get a call from seek, telling you that you need to speak with a "Pending Specialist" and together you will be calling all the banks to see why they haven’t given you a credit card yet. Most banks take several days to make a decision, seek wants a decision now so they know how much they can take from you. The pending specialist is just an overpaid phone operator, they will simply dial the banks number and make you do all the leg work to get a decision. The pending specialist cannot do anything other than dial a phone and listen to you talk to the bank. Most of the banks I called told me what I already knew, a decision will be made in 3-5 business days and I will get a letter in the mail with a decision.

About a week later I ended up with half a dozen credit cards, none of them with a high enough limit to purchase the piece of equipment I need to start my business, and the equipment seller would not split the bill between multiple cards, so at the end of the day this was all a waste of time and money along with a big hit to my credit score. I ultimately had to pay their "Consulting Fee" before I even got all my credit cards in the mail, so I wasn’t able to verify that the cards met the terms of Seeks contract.

There were 2 upgrades I chose (Dumb choice in hindsight). One was "same day funding" which does not mean you will get funding the same day, it means they will fill out the applications the same day rather than filling them out the next day, that was a waste of $600. The other upgrade was for Seek to create a DUNS number for me and report my paid invoice to them to help me build my business credit. Unfortunately, after I already paid the invoice, the company that issues DUNS numbers told me my application for a DUNS number was declined for inaccurate information, that was $300 wasted. I also had one of the credit cards terminated because they don’t allow 3rd parties to apply for an individual. That card cost me about $1200 in Seek fees.

So, at the end of the day all I got was a few credit cards that I could have filled out myself, I wasted $300 on a service seek ultimately didn’t provide, I had one card terminated, my credit score dropped and I still don’t have the equipment I need to start my business. Ultimately a $5000 mistake choosing Seek. They are only interested in getting paid as quickly as possible and disappearing. My account manager told me several times that he cant help me, just pay the invoice.