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We want to hear from our customers. If you are working with Providence Capital or have worked with us in the past, leave a review of your experience.
Slow to fund and very responsive but never helpful
We’ve been through the process twice now, and it’s safe to say we’re fed up and would not recommend Providence Capital. We were looking to purchase new equipment in response to increased demand. Providence initially was great. They were very responsive and quickly paired us with a lender who approved us for financing. However, their process after that was slow and cumbersome. Our first go through with the process involved a lot of waiting for the account manager to respond to email document communication, and then after he approved our documents and waited for our initial payment to transfer he held the fund until we overnighted paper documents. He drew out the process so long that it took nearly 45 days for our manufacturer to give up and decide to start building out the project without the down payment.
The second go around was to purchase some upgrades to the same equipment. Providence made it sound easy to extend our lease to include this, and then after engaging with us again made it a nightmare. They insisted on filling out every document again, as if we were new customers. They drew the process out, and when we shipped documents to them overnight the account manager accused us of fraud for electronically filling some of the forms. When we explained our offices were operating under guidance from COVID restrictions, he was unhelpful and had us repeat the forms, and then again accused us of fraud for the second set of signatures not being exactly the same. To make matters worse, they paired us with the same lender as before, who alerted us of our funding approval on December 8. Providence called us for the release of funds on January 10, a full month later, and a month full of needless delays, waiting on delayed document shippers, and more. To make matters worse, the funds weren’t even released the day of the call, our manufacturer reported he didn’t receive them until a week later. When I asked if we do electronic signatures to speed things up while official documents were in the mail the account manager again accused me of attempting fraud.
Oh, and I almost forgot, they incorrectly processed our insurance documentation, so the lender tacked on an additional 20% to our monthly payments. Initially our account manager from Providence promised to fix it, and then 4 MONTHS LATER told us he was the wrong guy to figure it out. It took me 2 days to get in touch with the correct department from our lender to figure it out. They only needed our policy number and some documentation from our agent. So it goes to show you how incompetent Providence’s account managers are.
If this gets posted at all, which who knows, some of the reviews that cycle on their webpage are bot generated garbage, DO YOURSELF A FAVOR AND GO ELSEWHERE. They seem great upfront, but despite being responsive and quick to approve, their processes are slow are archaic behind the scenes. Their account managers are incompetent for anything beyond simple, and they’re liable to get you stuck with an additional 20% in fees for failing to process insurance documentation. Plus, they accuse you of fraud for trying to do anything to get money moving after you’re already approved from the lender they pair with. Add to that, they start taking money as soon as you’re approved, so despite you not getting your stuff, they’re definitely making you pay.
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Garay Screen Printing
Needed new screen-printing equipment as our old setup was constantly having issues. Providence helped us secure financing in a quick manner that allowed us to get back up and running in a short amount of time. Thanks to everyone at Providence for the help.
Colorado Waste, Inc.
We had been working for over a month with a credit union. The truck was too old. We called Providence and within two days of receiving our paperwork we had financing. The next time I’ll go to Providence first. A very pleasant experience. We would recommend Providence Capital Funding to anyone.
Financing a new company is always a challenge, but working with Providence Capital helped to make things a bit easier. Our rep walked us through each step quickly and professionally, and our equipment purchase was funded within just a few weeks. I found them honest, straightforward, and a pleasure to do business with. I would recommend Providence to anyone seeking financing.