We took out two business loans for terms I later learned were JUST short of predatory lending (the legal definition). A brand new business which ended up using the majority of the loans to make loan payments. When the loan money ran out and we were still a fledgling business we asked to renegotiate. $7000 a month isn’t a realistic loan payment. They offered to refinance at a LITTLE less monthly, but wanted a big fee to do so. Unsustainable. They rejected all reasonable offers. Then they decided to take us to court. All negotiation offers are refused. To the point that THEIR lawyer was willing to work with us. But not First Citizens. We are now going through bankruptcy because the only solution the bank will accept is payment in full. Start your business in your mom’s basement and work three jobs if you have to (two wasn’t enough to keep me afloat as a result of this loan). Borrowing from actual loan sharks might be safer.
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First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com. Member FDIC and an Equal Housing Lender.See more