Clear Banc Approved

Creditaddict · ‎08-27-2019

Has anyone seen or heard about them... I, of course, saw it on Facebook and before I knew I had fully applied! lol

They issue a virtual Visa Card that I can use to pay vendors and merchants to access the money.

You earn cash back savings when you use the Visa card towards things like advertising (6%) (because they want to issue funds in ways that will generate more income for the business hopefully)

If you use to wire money off the line than it's 12.5%.

Interesting!

jaxstraw · ‎08-30-2019

@Creditaddict wrote:
Has anyone seen or heard about them... I, of course, saw it on Facebook and before I knew I had fully applied! lol
They issue a virtual Visa Card that I can use to pay vendors and merchants to access the money.
You earn cash back savings when you use the Visa card towards things like advertising (6%) (because they want to issue funds in ways that will generate more income for the business hopefully)
If you use to wire money off the line than it's 12.5%.
Interesting!

Never heard of them.

Did find this.

Definitely not for me or my business.

https://www.finder.com/clearbanc-business-loans

Jax

*************************************************************************************
Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face

Creditaddict · ‎08-30-2019

It’s designed for online businesses. You have to link your merchant account and bank account.
No personal at all.

Creditaddict · ‎08-30-2019

The only thing I didn’t realize like an idiot that I don’t like is the line you take you HAVE to use and they will continue to deduct the % out of sales until the line has been paid and then if you have not used it all it will sit there until you do.
You can only pay vendors, etc. not debt!

Creditaddict · ‎10-25-2019

Litte update since spending the initial line that I opened with them... it was a super easy process, they do like to talk to you and (be a partner in your growth and I'm so used to that with cash advance places that im leary it's going to change something but not with them)
The MasterCard had a couple of issues 2 different times but it was system-wide and they were quick to send out emails and it was quickly resolved... I didn't ever end up using invoice, just hooked it into venmo and paypal to pay those instead of dealing with paper check or ACH.

It's deducting 10% of my daily sales until the line that I spent is fully paid back... seems much better than some of the other options I have used in the past and my initial max line offered was way higher than other options but I only took about half of the total amount they initially approved me for... they have already offered a "bump up" before I completed the first line to give me more but I passed on that for now... if in the middle of growing someone online, this could be very useful.