topic "Alternative financing" Companies in Business Credit

"Alternative financing" Companies

Anonymous — Tue, 28 Dec 2021 23:44:23 GMT

Seems to me if you are looking at an LOC or loan and do not have much business credit these "alternative finance" companies are darn near loan sharks. Am I missing something?

Re: "Alternative financing" Companies

waqaszm1 — Tue, 28 Dec 2021 23:56:38 GMT

I would stay away from OnDeck .. loan sharks !

Fundbox is a much better option compared to OnDeck.

Re: "Alternative financing" Companies

RealEstateGuy89 — Thu, 30 Dec 2021 05:42:07 GMT

@Anonymous wrote:
Seems to me if you are looking at an LOC or loan and do not have much business credit these "alternative finance" companies are darn near loan sharks. Am I missing something?

You betcha they are! And once you put your information in on their website they can be relentless with their autodialer’s calling all the time. They want into your checking account to see what you’re making and when you tell them that you have good credit and are looking for something decent, they try to tell you that 39% is the best rate you’re going to get, so you better jump on it before things tighten up everywhere. That scares stuff never works with me.

Re: "Alternative financing" Companies

Anonymous — Thu, 30 Dec 2021 16:45:10 GMT

@RealEstateGuy89

Yeah I regret looking into most of these...7 calls a day? yeah I will go with you, not. Just that turns me off before seeing these insane rates. Citizens sent me thorugh Fundation and I got a $50k LOC at 10%, not horrible should I need it.

Re: "Alternative financing" Companies

jaxstraw — Thu, 30 Dec 2021 19:31:36 GMT

@Anonymous wrote:
@RealEstateGuy89
Yeah I regret looking into most of these...7 calls a day? yeah I will go with you, not. Just that turns me off before seeing these insane rates. Citizens sent me thorugh Fundation and I got a $50k LOC at 10%, not horrible should I need it.

If your business took a PPP loan or and EIDL loan it is public information and these 'lenders' are scouring those lists and cold calling.

I get anywhere from 2-5 texts or calls a day.

It's relentless.