We know lenders make promises they can’t possibly deliver on. They want your business, like we all do, but making outrageous claims leaves a negative mark on lending altogether. They fail you and most importantly, lead you into making an bad business decision. We want to stay grounded and most importantly, treat you with honesty and integrity.
Here are some truths to consider…
All clients can be approved; anybody that promises this is lying. Some customers will have weak credit history, inconsistent cash flow or little to no experience in the business they are starting. When we encounter a poor credit, we look for ways to overcome it; things like pledging additional collateral or adding co-signor or making a larger down payment can sometimes do the trick. In the end, it depends on if the customer can support their loan request and how flexible they are. We do our best to approve everyone but, in the end, not everyone is approvable. We will call you to discuss the issues and offer advice on how to correct them while leaving you multiple options to choose from. At least if we can’t approve you, you lose nothing but a couple days – no fees are charged, ever.
We can always give you lower interest rates than commercial banks; typically, not true. If a client has perfect credit and all their business accounts, line of credit and real estate loans with their local bank then that bank will give them the lowest rate possible for the equipment or truck loan they want. The bank holds all their assets so why wouldn’t they?
But here are things to keep in mind; banks do not approve all types equipment, they monitor a client’s financials and can request a loan to be paid off early if it looks like the company is not doing well, they normally require 10-20% down payment on loans, they set a max limit on total borrowing for each business so if you reach your limit and have an emergency, you’re out of luck and finally, they are PAINFULLY slow in processing applications. Where do we fall? We offer competitive rates normally 2-3% above the Federal prime rate for good credits and adjusted rates for higher risk clients. Once the loan is approved, nobody monitors financials – pay on time and you don’t hear from anyone again, so the process is transactional, no large down payments, we literally can finance all types of equipment and best of all, we move very quickly. How quickly? Send your application and get feedback the same day and you can also reach us by phone or email 7 days a week.
No empty promises; we give you the best service possible. We are bonded and licensed and have been offering business loans for over 20 years; a legitimate lending group that’s here to stay and to support your company’s financing needs for many years to come. Please give us a try!