Monday 2nd of July 2018 09:37:52 AM
I can't believe I'm the only one who's writing a review like this. Trust me, I looked. If you think you're applying for business financing, you're going to be disappointed. I was referred to this service by Lendio. On my initial Lendio application I indicated I was looking for an SBA Veterans Advantage Loan. We also spoke about SBA Veterans Advantage Lines of Credit. I was repeatedly assured that my personal credit was stellar and I was a perfect candidate for small business financing. After going of the details of my business and our growth trend, I was told my business was also promising and that I should be a prime candidate. Again, this entire time I thought I was applying for a Government subsidized SBA Veterans Advantage Loan or Line of Credit, or a non-SBA Line of Credit through a BANK. I spoke with a lender, no scratch that, a Sales Rep named Jimmy. He's good, I'll give him that. I've been in sales for the past 10 years, so I know good technique when I hear it. After speaking with Jimmy about the business and getting him excited about our future sales and vision, he curtain parted. Oh no, you wont get a line of credit, but instead well sign you up for 1215 CREDIT CARDS. LenCred is NOT a bank, lender, or anyone affiliated with the SBA. No, they are a CREDIT CARD Affiliate. On top of their healthy commissions they will receive from the credit card companies for signing me up, they want an 8% "Loan origination fee". Don't know why I'm paying for a loan origination for NOT A LOAN. They also said they have a company they work with to gain access to cash from the cards, where they charge the Credit Cards and then wire the money to me or my vendors. This sounds pretty shady and I'm not sure the IRS would be a fan of this. But I'm not a CPA so I don't know. Long story short. If you are reading this and wondering "Am I being referred to a legitimate lending institution?" No, no you're not. You're working with a credit card sales agency. If you're in desperate need of capital for your business and everyone else has turned you down, and you don't mind frying your personal credit, then LenCred may be your last option. Do yourself a favor, talk to a bank first.