One of the primary questions and a “catch phrase” of scammer loan brokers is ironic… Why pay up front fees for a business loan?
Well they are right you would be CRAZY to right? Business loan brokers “sell” how they can get anyone financed, the best rates in the world, and on and on right? Well did you know that 99% of all business loan requests are declined and don’t make it through the first phase? So how can these loan brokers say such things? Why would they tout this “just give me your social and I will get you financed?” Well the 1% is VERY lucrative! Besides what small business owners DON’T know is that there are no commissions for the good loans!
If you walk into Chase, Wells, Union bank or do an SBA loan of ANY kind there are very, very strict rules about anything government guaranteed and no commissions for these loan brokers.. SO you get tier 2 horrible financing and could have gotten a much better loan product. Even worse, what about the other 99%? Well you’re left with 5+ personal credit inquiries and scratching your head. How good is a loan at a great %% that you don’t pay anything up front that you don’t get?
Well the spaghetti didn’t stick and at least I paid nothing for nothing right? You’re an entrepreneur and your time is money, use your head!!
Most small business owners cannot walk into their bank and with no tax returns and no documentation ask for $150k and walk out with it today, tomorrow or sometimes ever. What if you have personal credit blemishes, collections, issues? What if your business credit is nonexistent or bad? This loan brokering scammer couldn’t care less, the spaghetti didn’t stick and your just a number. Sorry but all those great things (about interest rates, nothing up front, how much you qualify for) I said to get you to apply are wrong. Goodbye. Well even worse now you’re stuck with inquiries on your personal reports and convinced that no one will give you money to build, expand, or grow your business right? Well how about these cash advance and merchant advance loans? Ask the 50% of restaurants that have closed and you will find a common answer, they paid 75% interest and the loan broker made a killing and now they cannot repay and are shutting their doors… Well at least the spaghetti stuck right?
How do you get REAL ($150k+) financing, if you have GOOD personal credit OVER 700+? You will only qualify for a pittance of what you could with business credit established, did you know that? Why pay HUGE commissions on a sub-terrible loan product when you have good personal credit, because it’s free? You don’t pay a used car salesman up-front right, so they must be an angel and want to help you right?
OK so what if you have BAD or challenged personal credit.. forget it. It’s hopeless right? Well just wait a minute, so what is business credit? Is it real? If I had stellar business credit can it make up for the fact that I don’t have $150k AMEX card to help run my business? There is a simple answer and that’s why you need to give us a call right now and not read another one of these stupid e-mails.
We are the largest source of creative capital for entrepreneurs in the county, makes sense that if you’re looking to expand you business you might want to give us a call to get all these and any other questions answered right?
Ok so all is left is for you to take ACTION towards the future of your business right now… 800.730.9490
Mike T. Berrien | Principal
Sales & Business Finance Consulting
TrueBuild Corporate Credit Program