After investing 6 months in this company, I was at a "negative" earnings of over $2, 000... yes, that's right. After having worked there for relatively peanuts compared to what this position should earn, and after what I had been promised, I, as an EMPLOYEE, was down over 2 grand. Meaning that a portion of my future earnings will be shaved in order to re-pay this deficit, or as they call it: "Shortfall". Essentially, Advanceit Financial Corporation does not only advance funds to their customers; small retail businesses (at an absurd average of approx. 50 cents on the dollar!!! to be repaid within an average of approx. 6-8 months!!!), but the measely hourly wage that they pay their higher ranking employees is actually a cash ADVANCE!!! WHATTT???!!!
I was misled when hired, and was made to believe that the commission structure, pay structure were lightyears beyond the actual compensation. I had to dig into my savings for 6 months, not to mention the fact that I had, according to my very fair calculation, profitted these guys a couple to a few hundred thousand dollars during my service. Moreover, Advanceit's product, an unimaginably expensive form of financing became impossible for me to sell and believe in when I had realized that they are EXTREMELY picky with the businesses they are willing to finance. Advanceit actually hand-picks the most perfectly qualified business out of the bunch.
In other words, they charge a price on their money that would be considered by some "legal loan sharking", yet decline deserving applicants if their criteria doesn't meet Advanceit's rediculous qualification guidelines and rigorous screening process... Personally, if I were to finance at such an unheard of profit margin, I would be willing to take some risk in order to justify my price!! This arrogant practice and qualification standards mean one thing; they happily charge a whopping fee for their financing, but arn't willing to be fair with the risks associated. Not only was I lied to and misled over and over - but my direct supervisor actually had the audacity to say that she brought in some of the clients that I had signed, thus refusing to pay my comission.
As for the 2 thousand dollar "shortfall reserve" that I was hit with, I had paid it all back when they conveniently garnished % of my commission earnings thereafter. Between expenses revolving around working in their "lavish" environment, and lost opportunities, this has been the most shameful investment of time and money I had ever made. Whether you're a borrower, or an employee; prior to signing a contract drwan up by this firm, keep in mind that you may be shooting yourself in the foot, and letting it bleed all over your money. I will seek justice until it is attained.
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