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ChicagoGirl2014
Posts: 14
Registered: ‎10-06-2007

World Business Lenders??

 

Hi... I was wondering if anyone had worked with or heard about World a Business Lenders?  I am considering applying for a business loan from them.  They advertise, no financials or business plan needed.  It would be a 9 to 12 month loan.  It's based on your personal credit.

 

Thanks in advance!

:smileyhappy:


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Mega Contributor
Creditaddict
Posts: 18,945
Registered: ‎10-23-2007

Re: World Business Lenders??


ChicagoGirl2014 wrote:

 

Hi... I was wondering if anyone had worked with or heard about World a Business Lenders?  I am considering applying for a business loan from them.  They advertise, no financials or business plan needed.  It would be a 9 to 12 month loan.  It's based on your personal credit.

 

Thanks in advance!

:smileyhappy:


actually if I read it it's not really based very much at all on personal credit, in fact it looks like they don't even do a hp (it says they look at personal credit report but not score) they are basing it on business revenue and cash flow, but kind of sounds like it's a cash advance type loan... I don't see actual interest rates but they take the payments over 9-12 months DAILY... did you see that part, the payments are pulled DAILY except weekends and holidays from the business checking account until loan is paid off.

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New Member
ChicagoGirl2014
Posts: 14
Registered: ‎10-06-2007

Re: World Business Lenders??

Thanks for your response!

 

No, I didn't see the daily repayment part initially, I was referred there when I applied at Prosper for a loan.  But I was declined at Prosper because you have to have a 640 score at Experian, and mine was 627 on the day they pulled it.  World Business Lenders sent me an email after I wrote this, because I filled out the inquiry box.  They look at your personal credit and will not work with you until you are a year out from a BK.  In that letter they mentioned the daily repayment.  It seems strange to me.  They will give you up to 500,000 though if you are approved.  Still I think there is something shady about them.  I am going to stay away.


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tpatterson2k9
Posts: 154
Registered: ‎04-04-2011

Re: World Business Lenders??

Though I can't speak for the World Business Lenders program, it sounds very similar to many of the working capital / cash advance programs out there. Almost all of them will require daily debits directly from your account as a single monthly payment usually is too large for most businesses to absorb in a single shot.

 

There are a handful of working capital programs that use existing business equipment that you own free and clear to give you up to 50% of the street value of that equipment right into your business bank account (you can use the money for any business purpose). The assets you include would then be collateralized in a loan with a maximum term of 36 months. This type of program has the benefits of a longer term payback and involves a monthly payment rather than daily debits.


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