topic Re: World Business Lenders?? in Business Credit

World Business Lenders??

ChicagoGirl2014 — Fri, 28 Feb 2014 05:57:31 GMT

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!

Re: World Business Lenders??

Creditaddict — Fri, 28 Feb 2014 21:48:14 GMT

@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.

Re: World Business Lenders??

ChicagoGirl2014 — Mon, 03 Mar 2014 08:49:48 GMT

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.

Re: World Business Lenders??

tpatterson2k9 — Thu, 29 May 2014 23:52:34 GMT

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.