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!
Starting Score: 642
@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!
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.
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.
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.
Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)