In-Depth Divvy Credit Card Review: Read This Before You Apply

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Divvy card review

The Divvy card is starting to make waves in the business world as a high-tech, free, business credit card. And, it’s more than that. This funding solution promises powerful budgeting software and more. But, can they deliver on these promises, and is a Divvy credit card right for you? 

Here, you’ll find the answer. Let’s explore the following: 

Read to the end before you apply for a Divvy card. 

What is a Divvy Card? 

The Divvy Mastercard offers fast and flexible business credit for “all sized companies.” There are a handful of edges this card has over most of its competitors: 

  1. A user-friendly platform for expense management, budgeting, and bill-pay
  2. The Divvy virtual card offers a modernized credit solution
  3. More frequent payments lead to higher bonus rewards
  4. Many services are free for the cardholder

Since they don’t charge the usual fees to cardholders, Divvy makes money by taking a portion of transaction fees charged to the merchant for each purchase. 

While the talking points above are genuinely exciting, this card (like all financial services) has it’s pitfalls. For one, there is a lack of transparency about qualification requirements and fees. Next, Divvy imposes a minimum spending requirement — you have to spend a certain amount on the card each month to leverage the full benefits. Finally, Android users aren’t in love with Divvy’s mobile app. 

Divvy app

When you hear the name, Divvy, you might think of a bike subscription service, stock purchase product, or homebuyer program. The Divvy business credit card is unrelated. 

Now, let’s dive deeper. 

What to Expect When You Apply for a Divvy Card 

Your first step on the path to a Divvy account will be to check out the demo or to apply for business credit. The application process is pretty thorough yet easy. 

You’ll be asked to provide banking information, income, and details about your business to determine the amount of credit you can qualify for. I love their application process because it leaves no stone unturned and gives you the option to include documentation upfront for a faster decision. But, I was so excited that I didn’t want to wait the three days it took to hear back from an account manager. 

Divvy credit card application

The system needs to analyze transactions from at least one business checking account to verify your income. You may use information from multiple bank accounts.  

The platform will then average your monthly deposits and offer you a credit limit of roughly 30% of that amount. This is a charge card, which means you can’t carry a balance on a Divvy card — you’ll be required to pay the account in full each month. 

So, Divvy doesn’t look at your credit score to qualify you. Instead, your spending limit is based on business bank deposits. 

In some cases (maybe if you have overdrafted your business accounts in the past couple of years or show other high-risk spending behavior), you might be asked for a cash deposit to back your initial credit line, which is common practice for secured credit lines. 

It might take a couple of weeks to get your card, but it’s worth the wait. 

This is What You Will Get as a Cardholder

If you qualify for a Divvy account, you’ll get access to their exclusive expense management platform, virtual card(s), and rewards. Learn more about each. 

Divvy Expense Management 

This expense management platform can help you manage expenses with your employees and within specific categories. Most users agree that this is a fantastic tool for corporate and small business budgets. 

How does Divvy Expense work? 

  • Assign each employee a card with a budget
  • Limit staff budgets on a case-by-case basis
  • Enable budget increase requests for unexpected expenses
  • Automatically categorize spending
  • Enable spenders to upload receipts in the app
  • Access spending reports in real-time
Divvy login

So, what’s the downside? To leverage these tools for free as the website assures, you need to spend at least $5K of your Divvy credit each month. So, lower budgets might not qualify. 

I recommend you talk to an account manager to help you customize the platform for your needs. For example, you can allow or disallow features that you need and don’t need such as receipt photo uploads. Doing so, you can get a fully-personalized experience. 

Another key detail about the system is that payments owed will be automatically withdrawn on your due date, the same day a statement is generated. Some users complain that they would like to see more flexibility including payment grace periods and more time for invoice review.

Divvy Virtual Card(s)

In addition to your physical card, each user can access virtuals card on their mobile device. Instead of a carbon copy of their original card, virtual cards act as a “burner credit card.” These can be particularly helpful for temporary subscription offers where a staff member could forget to cancel their account at the right time.  

Divvy small business credit card reviews

They’re also handy for situations when a card is compromised. Rather than wait a week or more for a new card or multiple cards to arrive in the mail, users can generate a new, 16-digit card number for use right away. Plus, this make the business spending experience super secure. 

Divvy Card Reward Points

Reward points on Divvy card spending have three tiers. Each tier is based on how often the credit is paid off and earned points increase with frequent payments.

  1. Weekly
    1. 7X on restaurants
    2. 5X on hotels
    3. 2X on recurring software subscriptions
    4. 1.5X on everything else
  2. Semi-monthly
    1. 4X on restaurants
    2. 3X on hotels
    3. 1.75X on recurring software subscriptions
    4. 1X on everything else
  3. Monthly 
    1. 2X on restaurants
    2. 2X on hotels
    3. 1.5X on recurring software subscriptions
    4. 1X on everything else

Rewards can then be spent on Divvy travel, gift cards, statement credit, or cash back. 

Divvy purchase card

$1,500 in restaurant spending for an account paid weekly can earn card users roughly $100 for travel, $51 for gift cards, $49 statement credit, or $52 cash back. And, that’s not all. 

Card users can leverage partner discounts. While these are likely to change, right now the card holder sign-on bonus is a 2-year, $25,000 credit for AWS Activate. Users can also get $150 off Google Ads, $15 off any print order with FedEx Office, $50 off a phone at Verizon, and many other discounts when they pay with their card. 

Divvy Card Customer Service

The customer service at Divvy gets mixed reviews. I know that front-end communication is automated through Intercom.™ One of the impressive features of this platform is that customers get access to their entire conversation, without logging in, from the company’s main website. 

Divvy customer service

So, you know that the customer service team has access to these conversations as well, which is nice. Plus, Divvy’s help center is a pretty extensive knowledgebase designed to help users with everything from managing cards to reimbursements and more. You can also email help@getdivvy.com or call 385-352-0374 to leave a message with a representative. 

Does Divvy Report to Credit Bureaus? 

Another awesome feature of Divvy is that they do report on-time payments to the Small Business Financial Exchange (SBFE). The SBFE then reports your payment behavior to the following bureaus: 

Does Divvy help build business credit

So, cardholders get a charge card, often with net 30 payment terms, cards for their staff, burner cards for subscriptions and other temporary costs, and a full-suite expense tracking platform. Plus, they build business credit. It’s a pretty incredible offer. 

Divvy vs Brex vs Stripe Capital

Now, let’s just take a quick look how Divvy stacks up next to Brex and Stripe (all of which are free). Find out if this offer holds it’s ground.

Divvy competitors

While Divvy claims to have no fees, users report foreign transaction fees, which Brex and Stripe don’t have. The lack of transparency might indicate more surprises down the road. 

And, while Stripe and Brex don’t have the same built-in advanced expense tracking as Divvy, they provide other special features. For example, Brex can be used like a bank account with no ACH transfer fees and Stripe lets you see income and expenses in one dashboard. 

Conclusion: Should You Get a Divvy Card? 

Ask yourself the following: 

  • Does your monthly business spending exceed $5K? 
  • Do multiple staff members have business spending privileges? 
  • Are you able to pay your expenses in full each month? 

If you answered, ‘yes, yes, yes,’ the Divvy credit card might be right for you. I love this card and do recommend you check it out. Sign up now to see the credit line you might qualify for. And, if you’re interested in learning how you can obtain up to $100K in business credit in as little as 30 days, become a Business Credit Workshop member today.

The Payoff Loan Review: Is This the Debt Consolidation Option for You?

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Payoff loan review

“How can I pay off $5,000 (or more) in debt fast?” 

“How can I raise my credit score 50 points fast?”

“What can I do to get out of credit card debt and take control of my finances?” 

If you’re asking these questions, you may have found your way down the rabbit hole to the doors of debt consolidation lenders. One of these doors, naturally, leads to The Payoff™ Loan. So, should you open it?

Here, we’ll look at everything you need to know to decide if Payoff by Happy Money is the right option for you to pay off your debt. This is what’s in store:

Is Payoff™ any good? Read the full review to be 100% certain you’re making the right financial decision before you sign on.    

What is Debt Payoff?

The Happy Money brand, Payoff, got their name from the financial term. A debt or loan payoff is the act of paying off the full amount of a debt (in this case, several credit card debts). Keep in mind that the balance owed on a loan or line of credit is not always the same as the payoff amount. 

At the end of each payment period, interest is often added to the outstanding balance of a loan. So, typically, the longer it takes to pay a loan off, the more you pay. A payoff ensures that the account is paid in full. You must always carefully read terms and conditions to understand what you will pay over the lifetime of funding. 

Payoff meaning in finance

How Does a Payoff Loan Work? 

A payoff loan works by consolidating multiple debts into a single new loan. Once the payoff loan is obtained, other debts will be paid in full and the borrower will then have only one monthly payment. In a good scenario, a payoff loan carries a lower interest rate than the borrower’s original debts, which can mean less money owed in the long term.

If you’re still in a 0% introductory rate on credit cards, it’s not a good idea to obtain a payoff loan to consolidate them because the interest paid will be higher. However, if you can move balances to a new loan with lower rates, this type of funding can be beneficial. 

What are the Disadvantages of Debt Consolidation? 

Every financial decision you make will come with a unique set of pros and cons. The trick is to make sure the benefits outweigh the drawbacks. So, here’s the quick and dirty on the disadvantages of debt consolidation (Keep in mind, payoff loans/consolidation are not synonymous with debt relief). 

  • You may not always save money
  • Sometimes it accomplishes a mere shift of your debt to a new account
  • It has the potential to put you in debt longer than paying off your accounts
  • Origination fees can incur upfront costs

The advantages are that you’ll owe one monthly payment instead of a payment for each debt owed. And, ideally, you’ll pay less interest over time. 

Q: Why did my credit score drop when I paid off debt? A: Sometimes paying off revolving debt can temporarily decrease your credit score if the paid-in-full account is closed. This happens when closing an account leads to an increased credit utilization ratio.

Lenders prefer a utilization ration of 30% or less. It is always a good idea to pay off debt as soon a possible. Some borrowers opt to leave credit cards open, even after they are paid off. By doing so, their credit utilization ration is not negatively impacted when debt is paid off.    

How to Calculate Debt Payoff

When considering debt consolidation, before exploring your options, you need to fully understand your unique financial situation. A lack of understanding is part of what got you into debt in the first place. 

So, before you sign anything, make sure you’re clear on each of your debts. For each credit card, gather the following information: 

  • What is your total balance owed? 
  • What is the interest rate on the card? 
  • What is the minimum monthly payment? 
  • What is the maximum payment you can afford? 

The easiest way to find your answer is to then use a loan payoff calculator. For this, check out CreditKarma (just ignore their ads for new loans and lines of credit). You can use the calculator to determine the total payoff amount (full balance), estimated payoff time, and what you can expect to pay in interest and toward the principal. 

Once you have all of this information, shopping for loans, you can determine whether a loan is even right for you. In some cases another debt repayment method like snowballing might be a better fit. 

You’ll know if the cost and duration of any loan you might qualify for is higher and longer than what you can make happen on your own that debt consolidation isn’t the smartest move. 

What is the Payoff™ Loan?

The Payoff™ Loan is one of many debt consolidation loans in today’s financial marketplace. They have a quick application process and prequalification with a soft pull of your credit. The offer is from Happy Money, a company with a mission to “turn borrowers into savers,” not a traditional lender.  

Payoff login

In fact, Payoff is not a lender at all. Instead, they offer loans from partner institutions. Happy Money, Inc. earns a commission from their partner lenders for each loan obtained through their platform(s). 

What to Expect When You Apply for a Payoff™ Loan

Checking your rate on the Payoff website will not affect your credit score. However, during the process you will consent to receive phone calls and emails from Payoff. So, even if you don’t follow through with your application or you can’t qualify for any reason, the company will likely contact you in the future, which can get annoying. 

Does Payoff hurt your credit score?

So, to be safe, find out whether or not you’re likely to qualify and if you even like the options they might extend. Learn more in the following sections. 

Or, skip ahead: Payoff vs Upstart vs SoFi: Competitor Overview

Payoff™ Loan Requirements

One of the best features of Payoff™ is their transparency. It’s super easy to find anything you need to know about approval on their Getting Approved page. In a nutshell, here’s what you need:

  1. ≥ 640 FICO score (via Transunion) 
  2. No current delinquencies 
  3. ≤ 50% debt-to-income ratio (See Payoff’s™ Guide to Documents and Verification)
  4. ≤ 30% credit utilization ratio

Some reviewers have said that you also need an annual income of $40K.

Payoff™ Loan Terms and Fees 

First of all, with this offer, you won’t pay for an application, early payoff, late payments, check processing, returned checks or annual fees. But, the loan won’t be free. Instead you can expect origination fees of up to 5% (On a $10K loan, you might expect to pay up to $500) and APR between 5.99% and 24.99%. 

Payoff reviews CreditKarma

Terms for Payoff™ loans range from two to five years. So, that’s how long you’ll have to pay off your loan between $5K and $40K. In New Mexico and Maryland, loans must be at least $5.1 and $6.1K respectively.

Payoff™ Customer Service

Theres something to be said for the power of the customer experience. As humans, we’re often prone to spend more for better service, which doesn’t disclude our financial lives. So, will Payoff’s™ support meet your needs?

Most people seem to love the customer service. They have a live chat feature as well as publicly-displayed contact phone number, email address, and physical location, which indicates that their team is accessible. 

Payoff reviews Trustpilot

Of course, not everyone will have a great experience, for varying reasons. Technical problems, system overload (It seems to me like most lenders has had a rough go with this surrounding the pandemic and PPP), and other problems with customer service exist with all funding providers. 

In the case of Payoff, borrowers have cited problems with the website and contacting a representative in the recent past. We can hope that the company will address these issues moving forward. 

Payoff reviews BBB

Frequently Asked Questions

Now, let’s address some of the most common questions that are still unanswered. 

  • What bank does Payoff™  use? – As of November 2020, Happy Money,™ Payoff’s parent company, currently works with six partner lenders: Alliant, FirstTech Federal Credit Union, Technology Credit Union, Teachers Federal Credit Union, GreenState Credit Union, and First Electronic Bank.  
  • Does Payoff™ verify income? – Yes, most people will be asked to provide their two most recent paystubs. Self-employed individuals may submit their most recent tax Form 1040. 
  • Can you pay off a Payoff™ loan early? – Yes, you may. There will be no penalty for early repayment on a Payoff™ loan.  
  • Can I refinance my Payoff™  loan? – Yes, personal loans can be refinanced. 
  • How long does it take Payoff™ to review application? – The review process will typically take between three and seven business days. 

Payoff vs Upstart vs SoFi: Competitor Overview

Payoff vs Upstart vs SoFi

At the bottom of the debt consolidation loan rabbit hole, you’ll find an array of options. The closest comparisons to The Payoff™ Loan by Happy Money are Upstart and SoFi’s offers. 

Payoff, Upstart, and SoFi have some commonalities: 

  • Competitive interest rates & fees
  • Simple application process
  • Cater to borrowers with fair to good credit
  • Transparent terms and conditions

Then, they have some key differences. So, let’s look at how these three lenders stack up side-by-side.

Payoff Competitors

Of the three, Upstart caters to borrowers with the lowest (fair) credit scores and SoFi has the largest personal loans, mortgages, and student loan consolidation offers. Payoff is still in the game with a decent offer for credit card debt with high or predatory interest rates. 

Final Takeaway

Is The Payoff™ Loan a good idea? If you need a loan of less than $5K or more than $40K, your personal credit score is lower than 640, or you need money to pay off more than just credit cards, you should look elsewhere for financing. Otherwise, this credit card debt consolidation offer is legit. So, there’s no harm in checking your rate to find out what you might qualify for. 

If you’re interested in learning how to obtain up to $100K in business credit in as few as 30 days, start here.

Is LendingPoint Any Good for Financing? [Lender Review]

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LendingPoint review and pricing

You’re looking for a way to get fast cash flow. If you haven’t invested in building your business credit or your have a low personal FICO score, your options could be limited. Enter LendingPoint, a lender that caters to people with less than ideal credit, offering personal loans for various uses. 

Furthermore, this lender provides an option for merchants to extend financing to their customers and clients, which sounds awesome. So, are they legit? 

Here’s what’s in store: 

So, keep reading to learn more. 

What is LendingPoint? 

Founded July 2014, LendingPoint is positioned as a lender for those with lower credit scores who can prove their dependability in other ways: income, credit behavior, job history. LendingPoint’s core offer includes personal loans up to $25K. The company is based in Kannesaw, Georgia. Tom Burnside is the CEO and co-founder. 

Where is LendingPoint located?

Before founding LendingPoint, according to his LinkedIn profile, Burnside spent 13 years as the President and Chief Operating Officer (COO) of Capital Access Network (now known as CAN Capital). There, he was responsible for design, development, and implementation of their unique credit scoring model. 

LendingPoint’s loans are designed for multiple uses, such as unexpected urgent expenses, debt consolidation, medical or dental costss, home improvement, travel, taxes, wedding, or other personal financial reasons. And, to date, the company has loaned over $1.8 billion in the United States.  

Note: Some people get LendingPoint confused with Lending Club. A few years back, the CEO of the latter was involved in a scandal, which discredited the company’s trustworthiness to investors. These two businesses are unrelated. 

LendingPoint Loan Overview

Google review LendingPoint

As a funding solution, LendingPoint gets some pretty rave reviews. On the other hand, there are naysayers. So, what can you expect from personal loans? Here’s everything you need to know, including costs, requirements, and a quick look at competitors. 

First, LendingPoint is a direct lender in certain states, meaning they sometimes use their own, private funds to finance borrowers. In other cases, they may offer financing extended from another source like FinWise Bank. 

LendingPoint Pricing

As with all funding providers, there are layers to LendingPoint’s pricing. Let’s take a examine the costs of their funding. Loan amounts range from $2K to $25K with terms from 24 to 48 months. Origination fees range from 0% to 6% with interest rates between 15.49% and 35.99%. 

LendingPoint pricing origination fees interest rates

So, if you take out a $10K loan with a 6% interest rate, the total amount owed with fees might be $12,700. In this scenario, monthly payments at 24.098% APR with 24-month terms should be around $530 per month. You could be offered the option to deduct the origination fee from the dispersed amount if desired. 

Does LendingPoint Report to Credit Bureaus? 

According to Experian, LendingPoint promises to report to one or more personal credit bureau(s), not all three. So, on-time payments toward a LendingPoint loan can essentially help you improve or maintain your personal credit with at least one bureau. Furthermore, they do not report payments to business credit bureaus. 

How to Qualify for a LendingPoint Loan

While LendingPoint is positioned as a funding option for those with “fair credit,” not just anyone will qualify. As stated previously, you will need to prove your creditworthiness through other means. 

A credit score of at least 585 is a must for LendingPoint. So, if your score is lower than this, you’ll need to look elsewhere for funding. Furthermore, the lender will take into account your income, the intended use of funds, and other details to get a clear picture of your ability to repay the funds. 

Bankruptcy within the last 12 months could disqualify you, but older bankruptcies may be okay. Other immediate edisqualifying factors could be too many recent credit inquiries, annual income lower than $35K, and the inability to verify income or identity. 

Related Reading: Credit Secrets Book Review: Can You Erase Bad Credit History? 

LendingPoint does not do a hard inquiry on your credit when prequalifying borrowers. Instead, they do a soft-pull. So, checking out what you might qualify for will not impact your credit score and other potential lenders will not see that you applied for funding. 

How Long Does LendingPoint Take to Approve? 

After you apply for a loan through LendingPoint, you’ll be asked to share documentation that proves your ability to repay the loan and your identity. 

  • Your social security number
  • A federal, state, or local government-issued photo ID
  • A verifiable personal bank account
  • Proof of annual income of $35K or more 
LendingPoint CreditKarma review

Once your full application is complete, you will know within a week and in ass little as 24-hours if you have been approved. Then, your funds should be dispersed by the next business day. 

LendingPoint Merchant Solutions Overview

If you’re a business owner interested in working with LendingPoint, their merchant solutions offer might be right up your alley. Through the platform, you may be able to offer financing to your clients and customers. 

For example, one of the most popular LendignPoint partnerships is with Invisalign. Patients seeking clear teeth aligners without the cash to pay upfront can access LendingPoint’s offer from Invisalign’s brand website. As of August, 2020, eBay has partnered with the lender to bring a new “buy now, pay later” solution to their shoppers. 

LendingPoint Invisalign

Instead of a $5,000 pricetag, your offer could instead be ~$250 per month. To consumers, sometimes a smaller monthly payment is a better deal. So, this might make sense when you’re trying to grow, scale, and just increase your sales. 

The Benefits of Merchant Solutions

If you opt to add financing to your offer, LendingPoint Merchant Solutions can make it simple. First, applicants can apply from any device, including their own phone or a tablet that you provide in-office.  

LendingPoint login

Next, the qualification terms are pretty easy. The brand marketing materials boast “more approvals” for consumers. 

And, your clients and customers can check their rate (prequalify) before applying. So, there’s minimal risk to them. 

LendingPoint Alternatives for Merchants

Before you dive into a commitment, it’s smart to explore your options. Here are a couple of choices to explore (there are many other solutions out there). Side-by-side, this is what your customers might expect from each:

Loan AmountsLoan TermsOrigination FeesInterest Rates
LendingPoint Merchant Solutions$2K to $25K24 to 48 months0% to 6% 15.49% to 35.99%
Acima Credit$500 to $5K90 days, 12, 18, or 24 months$25+Unlisted
FinanceItUp to $60KVaries$06.99% to 14.99%

Conclusion

So, is LendingPoint good for funding? If it’s the only lender you might be able to qualify with and you’re in need of quick cash, sure. LendingPoint offers a competitive personal loan offer for consumers with fair credit. 

Now, you if you’re looking for a way to provide your clients and customers with financing between $2K and $25K to purchase your products and services now and pay over time, LendingPoint Merchant Solutions could be an excellent source. I do recommend you explore further. 

And, if you want to learn how to obtain no-doc lines of credit up to $100K for your company, join Business Credit Workshop today.

A Complete Fundwise Capital Review: Should You Use Their Business Funding Services?

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Fundwise Capital Review

Today’s business owners who seek funding have a plethora of options. Because of the convenience, among the most popular choices are online lenders. Before you start submitting applications all willy nilly, you should always know what you’re getting into. 

Since most people don’t blindly trust endorsements from finance gurus (Grant Cardone, for example), I want to help you sort through existing Fundwise Capital reviews and get to the truth. 

Here’s what you’ll discover: 

Now, let’s get to it… 

What is Fundwise Capital? 

Founded in 2013 and based in Provo, Utah, Fundwise Capital is an online lender that offers lines of credit and term loans to their clients. 

Fundwise Capital Review Trustpilot

Unsecured lines of credit and credit cards from $15K up to $200K with 0% interest for the first 9-15 months with “competitive rates” after the introductory period. They also help business owners access unsecured term loans, but they don’t describe the terms and conditions on their website. 

This is Fundwise Capital in a Nutshell

Who owns Fundwise Capital?

Fundwise was founded by Utah-based entrepreneur Leo Kanell who also founded 7 Figures Funding, Identity Insured, and 7 Figures University. 

What are the fees for Fundwise Capital?

Fundwise fees are $500 upfront plus 9% of the final approval amount. 

How does Fundwise Capital Work?

Fundwise representatives know some of the best banks to apply for business loans and credit cards with, based on unique qualifications. They help businesses take the proper steps to obtain funding through external lenders. 

Are Fundwise Crowdfunding and Fundwise Capital Related?

You might come across an Estonian crowdfunding company with the name Fundwise — the two companies are not related. 

Now, Who is Fundwise Capital For? 

Fundwise is geared toward businesses that need funding. To qualify, you must have a credit score of 650 or higher. If your credit score falls below this number, you can use a credit partner (co-signer) such as a business partner, family member, or friend with a qualifying score. 

Fundwise Capital YouTube

Fundwise Capital’s financial services are designed for: 

  • Startups
  • Small business owners
  • Real estate flippers
  • Restaurant owners
  • Salon owners
  • Franchise investors
  • Coaches

While the above list outlines Fundwise’s target clients, there aren’t restrictions on how the money can be spent. So, the offer could essentially be leveraged by anyone who meets the credit qualifications. 

To “apply,” you’ll enter the usual information including personal credit score, business income, and first and last name into a form. After that, a Fundwise representative will contact you the following day to discuss your options. 

Keep in mind that this isn’t an actual funding application, so it won’t affect your credit score. Instead, this is a way for Fundwise reps to collect new lead information and pre-screen you for the appropriate products. 

And, How Much Does Fundwise Capital Cost? 

While the credit cards and term loans you obtain may come with 0% APR, you will pay a fee. The cost to leverage these services will be $500 upfront and an additional 9% of your total funding obtained as an “approval fee.” 

So, at this rate, here’s what you can expect to pay:

  • $15K in funding = $1,850 to Fundwise
  • $25K in funding = $2,750 to Fundwise
  • $100K in funding = $9,500 to Fundwise
  • $200K in funding = $18,500 to Fundwise

Theoretically, if you spend and pay off your funding during a 0% APR introductory period, you might pay less with this offer than you would on a credit card with an APR around 20%. 

Now, there is something else to watch out for: You could unknowingly get upsold on credit monitoring software or credit counseling, so brace for that. The credit monitoring software Fundwise promotes is from seeyourscore.com (located at the same street address in Provo, Utah as Fundwise Capital). Monitoring through the platform costs $29.99 per month and some users have had a hard time canceling their subscriptions. 

Fundwise Capital BBB

In addition to credit building and monitoring bonus offers, Fundwise Capital has another product worth looking into (for satisfied clients, anyway): Fundwise Partners. 

What is the Fundwise Partner Program? 

Fundwise Partners is a program designed for affiliates to earn a commission for referring other business owners to the core offer. 

Affiliates or “partners” get a unique landing page through which to send leads to the platform. They are also provided with a dashboard to track leads referred, funded accounts, and conversion rates. 

Fundwise Partners Login

This is a two-tier affiliate system, which means that you can also refer affiliates to the platform for a commission. Some affiliates primarily focus on promoting this platform to business coaches and entrepreneurs with a large network of other owners. Allegedly, some affiliates earn hundreds of thousands per year. But, there’s a catch… 

Fundwise Capital Complaints

…the partner program costs $29.99 per month. 

Fundwise Capital Affiliate Program

Frankly, the Fundwise Partner program sounds more like an MLM business than a typical affiliate program. And, if that’s your thing, there could be a full-time opportunity here. 

Final Takeaway: Should You Apply for Business Funding Through Fundwise?  

As we wrap up, there are a couple of things I don’t love about Fundwise Capital: 

  • Their website is a little wonky and missing information about pricing, fees, and other important details. This lack of transparency makes the company seem potentially unreliable. 
  • Business owners who don’t qualify for funding seem to be rolled into paid offers with the promise to help clients improve their odds of getting funded. Unfortuanately, these offers don’t seem to provide a ton of value compared to other products in the marketplace.

And, there are some aspects I can appreciate about their business funding offer: 

  • Fundwise Capital seems to rely on soft-pulls, which have no negative impact on credit scores — unusual and refreshing.  
  • Credit cards, lines of credit, and term loans are my favorite type of funding for small businesses because they allow owners to maintain the highest level of control over cash flow. 

So, like all business funding options, Fundwise has its benefits and its drawbacks. They’ve helped enough companies obtain funding to earn their star in the hall of business funding fame. Now you should know enough about the offer to determine whether it’s right for you at this time or not. If you want to learn how to get $100K in business funding in as little as a month, enroll in Business Credit Workshop today.

How to Interpret Lendio Reviews: Is This Funding Company Legit?

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Lendio Business Funding

Business owners across the world, now more than ever, turn to online lenders to keep their cash flowing and their doors open. One of the significant names in the business finance game today is Lendio. But, is Lendio a legit company? You want an honest answer, so here it is. 

Let’s examine actual Lendio reviews from some of the most trustworthy consumer sites and thoroughly examine the brand’s offer. Here’s what we’ll cover. 

Read on to piece together the puzzle. 

What is Lendio?

Lendio is a simple small business loan marketplace. The platform connects business owners with the lenders that they are most likely to obtain funding from. The platform offers connections with lenders who offer all types of cash flow increasing options like credit, loans, equipment financing, mortgages, accounts receivable financing, and more.

Who is Lendio and Where is the Company Based? 

Lendio, Inc. was founded by Brock Blake, the current CEO, in 2011 and the company extended their first loan in Q4 2013, according to Wikipedia. The CFO is Chad Iverson. Company headquarters are located in Lehi, Utah. 

How does Lendio Work? 

If you’re a small business seeking funding, here’s what you might expect from Lendio. The application should take about 15 minuted to complete and will connect you with 75+ lenders. In many cases, you could get the funds you seek in as little as a day. 

First, Lendio looks at your self-reported credit score range. Then, they find out how long you’ve been in business and how much money your company has generated over the last 90 days. After that, they ask what you need funding for. 

Terms and conditions vary for business acquisition vs expansion or payroll, for example. So, by determining why you need funds, they filter out various lenders who aren’t likely to approve you. 

When that’s over, the platform looks at certain aspects of your business that may help or hurt your qualification odds like if you have a prior bankruptcy or if you operate as a non-profit. 

Lendio com reviews

Once you’ve shared the above, the platform looks at the location of your business, your annual personal income, and your percentage of ownership in the company. Finally, there is a differentiator between Lendio and competitors: they want to know what factors are most important to you whether it be amount, speed, or cost of funding you’re looking for. 

Once you agree to the terms and conditions (*which include the possibility that you’ll be contacted by auto-dialers and partners — probably why many people are asking “How do I get rid of Lendio emails?”), the platform will do a soft pull of your credit via Experian using your social security number. At this point, they don’t ask for your DUNS number. 

Lendio login

If the platform can’t make the connection automatically, Lendio will ask you to manually enter your business’ financial information. You’ll be asked for your entity type and annual profits. 

And, if you’re likely to be qualified through one of Lendio’s partners, they’ll let you know instantly and connect you to a possible funding channel. 

If not, the platform lets you know precisely what’s standing in your way of getting funded and tells you what to do next. 

Lendio business loans reviews

And, when this happens, the system will suggest the next steps you can take to get ready for funding, which may include applying for a credit card or connecting with a partner like LegalZoom or Credible. 

What Type of Funding Can You Get Through Lendio? 

Via Lendio, you can access several types of funding types from their network of banks and online lenders. Now, let’s examine a handful of them and, for each, see some of the top lenders in their network.

First, here’s a quick summary. 

Lendio Rates Chart

Credit cards

If you’re looking for plastic, they have it. Just determine how much you need and the Lendio platform will try to help you determine which credit card issuer is likely to help you get it and at what rate. In many cases, you could be looking at 0% introductory APR offers, but this is likely to increase later. And, if you’re not quite ready for larget credit lines, Lendio might connect you with credit building options. 

Some of the leading credit cards Lendio might match your business with could come from Chase, American Express, LenCred, Bank of America, Credit One, and Seek Business Capital. 

Lines of credit

Through Lendio, line of credit amounts can range from $1K to $500K with interest rates between 8 – 24% and terms between one and two years. If your company qualifies, you may be able to access funds as quickly as within a couple of weeks. 

For business lines of credit, Lendio might connect you with Kabbage, Blue Vine, Fundbox, Headway Capital, or Fundation among others. 

Term loans

Term loans that you can apply for through Lendio might range from $5K to $2M with have interest rates as low as 6%. And, the terms can range between one and five years. Access funds obtained through the platform in as little as 24 hours. 

Some of the term loan providers Lendio could link you with include OnDeck, Fundation, American Express, Funding Circle, Opportunity Fund, Credibility Capital, and Lending Club. 

Startup loans

In most cases, startup loans can be the most difficult to obtain because financial institutions are more eager to lend to an established business. But, if you meet the requirements, you can leverage loans of $500 to $750K at interest rates between 0 and 17% to start a business. Access funds in two to four weeks and pay off your loan over the course of 25 years. 

Startup loan offers that Lendio might match you with could come from Chase, American Express, or Bank of America. 

Accounts receivable financing

Have outstanding invoices? Then, you may be able to leverage them as collateral through accounts receivable financing throught the Lendio platform. Get cash in an amount up to 80% of your current accounts receivables and pay factor rates as low as 5%. Get this type of funding in as little as 72 hours and pay it off in a year or less. 

If you qualify for accounts receivable financing through Lendio, it might come from Eagle Business Credit, Internex Capital, BlueVine, FundBox, or ActionCapital. 

What is Sunrise by Lendio? 

Lendio bookkeeping software

In some cases, the next steps that the platform claims will set you on the journey to obtain working capital, loans, or credit via the platform will include signing up for Sunrise, the brand’s bookkeeping software. 

If you create an account, you’ll be asked what your priority is. For example, are you looking to apply for PPP loan forgiveness, send and track invoices, or manage your banking? 

Sunrise bookkeeping app

When connecting your business banking information, Sunrise gives you the option to connect to major banks as well as smaller community banks and credit unions. From the dashboard, you can track income and expenses, send and receive invoices, and manage your business bank accounts. 

This platform isn’t as automated or feature-rich as leaders like Quickbooks, but it seems to have everything you need for simple accounting and invoicing. Plus, invoicing only costs 1% per transaction, which is low. 

Is Lendio an SBA-Backed Lender? 

Lendio was one of 19 finetch companies participating in PPP loan application processing as of May, 2020. Yet, Lendio is not a lender. Instead, they match you to the most appropriate lenders in the United States based on your needs. And, the SBA does approve of their legitimacy. 

Is Lendio legit for PPP?

So, Has Lendio Funded any PPP Loans? 

As of July 2020, Lendio reported to have facilitated $10BN in total funding for the PPP program. And, despite the fact that August 8, marked the end of the PPP application period this year, Lendio is still accepting PPP applications in hopes that congress will extend the small business relief program. Still, the company does not provide direct funding. 

Yet, according to many, Lendio is a good source for PPP application processing. 

Lendio reviews PPP

And, If They’re Not Funding, How Does Lendio Make Money? 

Lendio doesn’t charge a fee, so how do they make money? Well, they don’t charge the small business owner. Instead, the get their money as a sort of finder’s fee or a setup similar to affiliate marketing from the Lenders who fund their applicants. 

Think of Lendio as a broker who takes a cut from the big guy. Note that this typically means that the applicant may pay more than if they cut out the middle man and apply directly with a lender. But, the latter is a less convenient option. 

Now, How to Decrypt Mixed Lendio Customer Reviews

On one hand, you’ll see 5-star reviews like the one above. Then, on the other, you’ll come across the naysayers. Take the following, for example: 

Lendio reviews TrustPilot

Even if they make up a small portion of feedback, this caliber of review is enough to make you think twice about doing business with a financial company. 

If you check out forums like Reddit, you might read about wonky system glitches. 

Lendio reviews Reddit

Then, if you dig further, you may find that Lendio, Inc. is not BBB accredited and they have mediocre ratings on the platform.

Lendio reviews BBB

So, what should you make of this confusion?

First of all, I need to point out that 2020 has been a whirlwind. I don’t know of a single company who didn’t face unexpected challenges this year. Our proverb for the year should be, “Have patience and trust the process.” Now that we got that out of the way, let’s just say that it is what it is. 

Very few  brands have a 5-star rating across the board. And, this doesn’t mean that they aren’t helpful or legitimate. TrustPiolt and BBB are designed for consumers, and most people don’t run to them when they have a great experience. But, if you have a bad experience, you want people to know. 

Therefor, I recommend that you read the reviews, trust that you might expect similar results, but don’t judge too harshly based on the bad experiences. Many business owners have leveraged this platform and marketplace to grow their businesses. If the system is a good fit, you could be one of them. 

+Bonus: A Quick Look at Lendio’s Franchise Offer

Before we wrap up, I want to mention another feature of Lendio’s offer in case you were wondering. Since 2016, they’ve presented the option to Franchise their offer for your own gain (up to 70% commission to keep for yourself).

In most US states, excluding California, Utah, and North Dakota, franchise opportunities are open to the public. So, if you live in any other state, you have excellent business networking skills, and you’ve got $55-65K to invest, this might be worth looking into.

Final Answer: Is Lendio Legitimate? 

Yes, Lendio is an established, trustworthy company. They’ve helped many small business owners get financed. However, this is not the funding marketplace I recommend. Instead, I have more trust in Nav and feel that their offer provides more value while giving the business owner heightened control over the funding process. 

If you want to learn how to build business credit so you can obtain up to $100K in funding in 30 days, enroll in Business Credit Workshop today.

Fundbox Review: Are These Lines of Credit Legit?

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Fundbox review

When you’re in a pinch or you want to scale your business operations, you might turn to online lenders for working capital. Fundbox loans (which are actually revolving lines of credit) are a popular option right now. You may even be considering applying with the company. Before you do, read this. 

Here, you’ll learn everything you need to know before you make a critical business financial decision. This is what we’ll cover: 

Now, let’s get to it! 

What is Fundbox? 

Fundbox login

In a nutshell, Fundbox is a fintech company that extends working capital in the form of revolving credit lines to companies that make at least $50K per year. 

Frequently Asked Questions: 

When was Fundbox founded?

2013

Where is Fundbox located?

Fundbox headquarters are in San Fransisco, California. 

Who owns Fundbox?

Eyal Shinar is Fundbox’s founder and executive chairman, previously CEO. 

How big is Fundbox?

According to Crunchbase, Fundbox currently has 17 team members, 25 investors, and $453.5 million in funding as of September 2020. 

Where does Fundbox funding come from?

Lines of credit and loans are made directly by Fundbox and by First Electronic Bank. 

How much is Fundbox worth?

Fundbox valuation was estimated at $750 million in 2020, according to Forbes. 

How Does Fundbox Work? 

Fundbox uses predictive modeling to help small businesses and freelancers optimize their cash flow. Essentially, a company connects Fundbox to its accounting or invoicing platform and business bank account to prove cash flow. The system analyzes accounts, which takes a few minutes. After that, the business is automatically approved or denied access to funding through the platform. 

Quickbooks Fundbox review

While the database of supported online banking software is massive, not all banks are accessible through the platform. So, some users who do their business banking at very small community banks or credit unions may not have access to Fundbox’s financial services for this reason alone.  

Furthermore, only business bank accounts qualify. So, freelancers or contractors who use a personal checking account for both personal and business use will be unable to use the service (yet another reason why you must have a business checking account). 

Once you’re set up in the platform, you may qualify for business credit. Learn more about each offer below. 

1. Fundbox Credit 

After your account is set up, you may get an offer for a revolving credit line in hours or minutes. You can then draw funds directly from your Fundbox dashboard to your business checking account for a maximum of $50K on your first draw. These funds must then be repaid weekly within the set repayment period. 

Reddit Fundbox review

Repayment periods on Fundbox credit might be 12-24 weeks. And, if you repay early, you will save on interest, which starts at 4.66% for a 12-week plan and goes up from there. And, “revolving” means that once your funds are replenished, you can draw from your limit repeatedly. 

Periodic account reviews may increase or decrease your funding limit and/or interest rate over time. 

2. (Previously) Fundbox Pay Net Terms

Typically, net 30 vendors that report to business credit bureaus are one of the first stops when establishing business credit. With Fundbox Pay, businesses could apply to send or accept payments for products and services with net terms. 

Vendors who wanted to accept payments with net terms could apply as a merchant on the platform. Or, buyers could invite their vendors to the platform for the ability to buy now and pay later. It was a convenient funding option for businesses who were temporarily tight on cash. 

Unfortunately, as of about a month ago, Fundbox no longer offers a net terms product. 

3. (Previously) PPP Loans

While the application period for PPP loans, as outlined in the 2020 US stimulus, has passed, we should still acknowledge this offer. The reason it’s important to note is that if there is another round of similar financial offers in the future, Fundbox could be a potential funding source. 

Is Fundbox legit for PPP

Fundbox PPP loan reviews are pretty much unanimously positive. The only complaint that applicants seemed to have was that the process took awhile. But, while these applicants waited from a couple of weeks to a month for approval, we’ve all heard of others who waited even longer.  

Fundbox Line of Credit Requirements

As stated above, Fundbox borrowers must have a business checking account. In addition, the platform has other (relatively relaxed) requirements. If you have at least three months of business checking transactions that show activity that proves around $50K or more in annual revenue, a soft pull to your credit report that shows a minimum 500 personal credit score can qualify you. 

Trustpilot Fundbox review

In some cases, the platform may conduct a one-time hard pull. And, at least two months of history in a compatible accounting software might allow you to bypass the three-month banking history condition. But, if you connect the platform to a personal bank account, you will not be approved. 

Personal Guarantee Requirements

These loans/credit lines do not require a personal guarantee. So, if your business defaults, you will not be held personally responsible. However, the proprietary algorithm that makes funding approval decisions makes it unlikely that this will happen — only companies who show the likelihood of repaying the loan will be approved. 

Prohibited Businesses 

If you’re in a questionable line of business, you already know that some major platforms might reject you. And, that could be the case with Fundbox as well. 

Businesses in the following industries are prohibited: 

  • Adult services and entertainment
  • Weapons and firearms
  • Gambling and online gaming
  • Drugs, dispensaries, and paraphernalia 
  • Money service businesses 
  • Not-for-profit organizations 

Unfortunately, if your business falls under one of these umbrellas, you’ll need to look elsewhere for capital. 

Does Fundbox Report to Credit Bureaus? 

Business owners who receive funding might want to know if Fundbox reports to major credit bureaus. This is important because loans that are not reported will not have a positive impact on your business credit score.  

Unfortunately, at this time, Fundbox does not report to D&B or any other business credit bureaus. So, any payments you make toward funding will not have an impact on your business credit. 

Final Takeaway

So, yes, Fundbox loans and lines of credit are completely legit. The proprietary software can help businesses access working capital fast without too many hoops to jump through. But, there are some limitations that might lead business owners in another direction. If you’re interested in learning how to get $100K in business lines of credit in 30 days, sign up for Business Credit Workshop.

A Straightforward Kabbage Review: Everything You Need to Know …Without the Fluff

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Kabbage Review

As one of this year’s SBA-approved PPP lenders, Kabbage has received an onslaught of poor reviews recently, essentially pulling their trust score down quite a bit in a very short time. Now, you’re probably asking if you should believe what you read. Is Kabbage a legitimate lender? And, should you leverage their financial services for your business? 

After you read this, you’ll be able to answer these questions with confidence. Here’s what’s in-store. 

What is Kabbage? 

While the platform is known for its small business funding, all Kabbage lending has been temporarily suspended for new and existing customers. While many companies across the globe were forced to close indefinitely in response to COVID-19, Kabbage chose to suspend their offer. 

Kabbage loans

So, if you can’t access their core funding offer, what are you doing here? Well, the brand now offers several other business financial services. Let’s explore what’s up with Kabbage’s checking, payments, and financial insights platforms (accessible from one dashboard).

Kabbage Checking

Where there once were lending opportunities, you’ll now find earning opportunities. 

Kabbage Checking offers FDIC-insured banking with 1.10% APY earned on funds, which they declare is the best deal you’ll find. I had my doubts about this claim, so I did some digging. Here’s how Kabbage compares to current checking account offers from some of the best business credit unions I know of. 

Kabbage Checking Competitors

To my surprise, Kabbage stacked-up well next to some of my favorite institutions. But, they don’t have the “best” offer. Consumer Credit Union, for example, offers nearly double APY or more on checking account balances up to $10K for those who use their debit card at least 12 times per month. 

So, while it’s a good deal, it’s not the best out there. But, APY earnings may balance out against the competition for some companies who don’t plan to use their business debit card often. 

Note: None of the above checking accounts demand monthly fees nor do they have minimum balance requirements. When you shop around for a business checking account, keep this in mind. 

Kabbage Payments

Next on the list of financial services to leverage here is an online payment platform. Invoicing with Kabbage Payments costs 2.9% + $0.25 per transaction, which is five cents less than major competitors.  

Kabbage Payments Invoicing Competitors

The invoicing cost is competitive. And, the platform offers email or web link billing. Also, you can leverage next-day deposits on eligible transactions. Any payments processed on the platform before 5 pm will be sent to your bank by the next business day at no additional cost. 

Another promoted service within the payments platform is a unique URL where you can sell gift certificates from $15 to $500. 

As with most online payment platforms, you will be asked to share your social security number when signing up (a sign that these financial services are not likely to help build your business credit). 

Kabbage Insights

I might compare Kabbage Insights to Quickbooks. While it does deliver visual reports, it’s basically an accounting platform. 

Kabbage login

Theoretically, you can see all of your accounts in one place and start to get a clear understanding of your cash flow and revenue. 

You do not need to use Kabbage checking or invoicing to use the insights feature, but I suspect you will receive more detailed insights if all of your accounts are connected.  

Easily, you can link the system to your bank account including various smaller credit unions and community banks. While the dashboard claims that Kabbage Insights can be connected with PayPal, I wasn’t able to do so. Nor could I connect with Stripe. 

These integrations aren’t necessary as long as all transactions are processed through your connected business bank or credit union accounts. But, it would be more convenient if they were to provide these options. 

The Resource Center

Kabbage’s Resource Center is essentially just a blog with financial advice for business owners. 

Kabbage com reviews

The articles here are pretty useful, easy-to-understand, and worth a look. Chances are, you’re likely to find helpful information here, whether a majority of Kabbage’s staff stays on furlough or not. 

Kabbage Yesterday, Today, and Tomorrow

Launched in 2009, Kabbage was founded as an automated lending platform. By 2017, the company had grown to a net worth of $200 million, establishing itself as a leader in the business working capital corner of fintech. 

Kabbage’s core offer included quick, easy loans with low credit requirements. The fees were transparent and small businesses could get approved for lines of credit up to $250K at a time. Most loans were extended within just a few days, making this a convenient option for companies that needed quick cash for their operations. 

On the downside, the fixed-rate fees could be pretty steep, ranging from 24-99% APR. Early repayment didn’t save borrowers on interest, long-term repayment options were unavailable, and only companies with online checking or PayPal were approved by verifying cash flow. 

With the onset of Coronavirus in March 2020, Kabbage furloughed workers and the situation looked bleak. Then, they began processing PPP loans, which ended up helping the company get back above water.  

Recently, it was announced that American Express acquired Kabbage whose loan funds used to come from Celtic Bank. If the brand does offer working capital in the future, it will most likely come directly from Amex itself. 

We’ll just have to wait around to see. 

Kabbage Business Loan Pricing

Despite the fact that business loans are the core offer that has been temporarily suspended, it’s pretty important to understand how Kabbage funding works. The key to deciding if a working capital option like this one is right for you is to understand repayment terms.

So, if a business gets a loan from Kabbage, they will repay the funds over 6, 12, or 18 month terms. These loans have APRs that range between 24% and 99%. Each month, the borrower will repay a portion of the principal owed plus an additional 1 to 10% of the total funds toward the interest.

As with most loans, the interest you pay will be higher during the first portion of repayment. For example, a six-month loan requires 10% interest in addition to the principal payment for the first few months. After that, the interest amount decreases. Sadly, borrowers do not get a break for early repayment.

PPP Loans via Kabbage

In response to the US Stimulus bills passed in 2020, Kabbage offered Paycheck Protection (PPP) loans. After August 8, 2020, the Small Business Association (SBA) is no longer accepting new applications. So, you can no longer apply for one of these loans with Kabbage or anyone else.

While the brand seemed to leave some small business applicants unsatisfied, let’s be fair — nobody knew what they were doing as this was an unprecedented time for everyone.  Furthermore, Kabbage was the second largest provider of PPP loans in the nation by application volume.

So, I would try to cut their reputation some slack. And, if there’s ever a similar round of funding offered, my guess is that the staff at Kabbage will know better than anyone else what not to do. 

Final Summary

Right now, Kabbage’s desktop web app and mobile app both seem a little wonky. I’m assuming this is because they’ve furloughed staff and cut back on their service offer for the time being. 

There’s no telling when and if they may offer their core loans again, as this will likely be dictated by the global economy as we rise back up from the effects of the Coronavirus. In the meantime, if it’s relevant for your operations, I would check out Kabbage Payments because the low transaction fees are great. 

As far as the business checking accounts and insights platform are concerned, I would recommend going with more established solutions — at least until Kabbage revamps their offer (I wouldn’t expect this to happen until at least winter or possibly even Spring, 2021). 

Kabbage is a legitimate FDIC-insured lender with an eleven-year track record of delivering convenient financial services to small businesses. If and when they reopen their doors for business funding, they are likely to come up with something fresh, unique, and trustworthy. 

In the meantime, explore your other options. And, if you’re interested in learning how to obtain up to $100K in business credit in as few as 30 days, start here!

Credit Secrets Book Review: Can You Erase Bad Credit History?

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Credit Secrets Book Review

Business credit coaching clients come to me often with a fundamental dilemma — they need to repair their personal credit before they can obtain high business credit limits. While I do teach how to obtain business credit without personal guarantees, clearing up personal credit can be a massive weight off your shoulders and opens you to a world of options. The Credit Secrets book by Scott and Alison Hilton claims to have all the answers. But, does it really?

I’ve read the book, I’m a member of the Credit Secrets Facebook group, and my career was built on credit consciousness. Here’s my honest and straightforward review of the program.

This is what I’ll cover: 

Now, learn what you’ll get if you buy the book. 

What is the Book Credit Secrets About? 

Credit Secrets (yes, I’m referring to the book that was featured on Larry King) is nine chapters of advanced credit hacks. 

  1. Getting Started
  2. Getting Inaccurate / Incomplete / Unfair / Unverifiable Items Removed
  3. Advanced Tactics
  4. Lawsuits
  5. ChexSystem Removals
  6. Student Loans, Repossession, and HIPAA
  7. Advanced Credit Techniques
  8. Frequently Asked Questions
  9. Statute of Limitations Chart 

In the end, the book includes a glossary of credit terms used in the text. 

Consumer credit reports are filled with errors that often go overlooked. But, if you know what to look for, you can leverage these errors to your advantage; this is the premise of the book. In a sense, you can erase bad credit history with the knowledge you unearth after reading the Credit Secrets book. 

In a nutshell, you will learn to make it seem as if credit bureaus will have an easier experience removing negative items from your credit report than leaving them there. And, you will learn what to do and what not to do. 

What Questions Does the Book Answer? 

This book is a step-by-step guide for rebuilding credit, even in the most complicated scenarios. If you seek answers to questions like the following, you’ll find them in Credit Secrets.  

  • What is the best way to deal with defaulted loans and vehicle repossession? 
  • What can I do to recover from bankruptcy or foreclosure? 
  • Can I remove liens and judgments from my credit report?  
  • How do I file a credit dispute and what can be disputed? 
  • What is the fastest way to rebuild bad credit? 
  • How can I get out of ChexSystems? 
  • How can I raise my credit score? 
  • How long does it take to rebuild credit history?
  • What do I need to know about consumer protection laws? 

And, they’re not just general answers that you can already find online. Most chapters include step-by-step tutorials, including common legal loopholes, as well as letter templates to send to creditors and credit bureaus. 

Credit Secrets Book Page 88

What Will You Learn About Consumer Protection Laws? 

Now, what really sets this book apart from other personal credit repair offers is that it lays out the steps you can take to file small claims lawsuits against creditors, credit bureaus, and collection agencies. The authors share 17 common reasons that you could legally take these parties to court, which laws you should understand to identify if you’ve been wronged, and the dollar amount of damages (fines) you could be able to collect in court. 

For example, credit bureaus are required to respond to certain consumer communications within a set amount of time. Creditors have caused injury if they report inaccurate information. Collection agencies must abide by strict laws that they often do not follow. Once you know your rights, you may find that certain negative aspects of your credit report are legally invalid. 

In addition, the book includes courtroom tips that can better your chances of success. These tips are followed by real-life examples of lawsuits won by consumers, both anecdotal from Credit Secrets members and legal citations for specific cases. Finally, you will learn how to find a registered agent and when you must hire legal counsel. 

*Keep in mind that the authors of this book are not attorneys. You should always seek professional counsel when seeking legal advice. 

Still, what you learn by implementing the guidance shared in the Credit Secrets book can have a major positive impact on your financial health and personal credit scores; this book has all the information you need to see amazing results. In fact, it is better than many credit repair services, as long as you’re willing to put in the work.  

How Much is the Credit Secrets Book? 
If you purchase from creditsecrets.com today, Credit Secrets will cost a flat-rate of $29.95 (usually $39.95).

Plus, the authors throw in several gifts. Monthly access to the Smart Money Club online member portal is $38.60 per month, which also gives you the Credit Secrets audiobook for free. 

*You will be automatically enrolled in Smart Money Club, so contact the company within 14-days if you don’t want access to your member dashboard. 

What are the Added Bonuses? 

Bonuses like guaranteed $1,500 lines of credit and how to obtain business credit can be found in your member dashboard upon purchase. So, even if you manage to find a copy of the Credit Secrets book free or at a discount, you’ll probably want to pay for a membership to access the most valuable tips and tricks. 

Credit Secrets Login

And, that’s not all — to understand the value of the offer, learn what else you get when you purchase the book. 

As of today, if you purchase Credit secrets, you will get the following: 

  • Credit Secrets Guide to Business Credit
  • Credit Secrets Quickstart Guide
  • Secret Money Method 
  • Shipping Discount
  • *Two-week access to Smart Money Club

You’ll get a guaranteed credit referral, business credit and quickstart guides, a shipping upgrade, and two weeks access to the Smart Money Club online member portal as gifts. 

How Can I Wipe My Credit Clean?

I expect that the bonus products will continue to change with market demand and as the core offer evolves over time. 

+The Money-Back Guarantee 

One thing I don’t expect to change is the refund policy, a 100% money-back guarantee. For any reason, if you return your book within 30 days, you will get your money back. And, if you meet certain criteria, you can get double your money back after three months. 

  1. Proof of purchase at least 90 days prior 
  2. Verified login to the online member’s area
  3. Completion of the Jumpstart Training inside the member’s area
  4. Receipt for three certified letters sent to a debt collection agency, creditor, or credit bureau requesting removal or update of erroneous information 

If you can show all of these things, you can get a check for $79.90 via check or PayPal within a month. 

Final Thoughts

The Credit Secrets book is an ‘as seen on TV’ product. If you go fishing through Amazon, B&N, or eBay, it will be difficult to find a hard copy of the text, which might make you think it’s a scam. But, it’s not. 

Furthermore, a used copy of the 2017 version of the book, previously titled “Smart Money Secret,” goes for upwards of $42 on Amazon. So, the $30-40 price tag you see on the branded website is pretty much a steal. 

Credit Secrets Book Used Amazon

The book alone might be valued higher than the asking price. Especially with the added bonuses, this is definitely a worthwhile offer. 

And, can you use this information to erase bad credit history? In some cases, you can. In all cases, you can use what you learn to take control of your personal credit. 

While the tactics covered are legal, to my knowledge, I don’t recommend bending any of the included strategies without counsel from an attorney. I do recommend you check it out right away. And, if you’re interested in learning how you can obtain up to $100K in business credit that won’t show up on your personal credit report, start here.

Expert Weighs in on Credit Suite Reviews: Is the Service Worthwhile?

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Since the onset of COVID-19, many businesses have been scrambling to access capital to keep their doors open. PPP loans and other Coronavirus relief can only get companies so far. More than ever, owners turn to creative ways to finance their operations. Now, Credit Suite is an increasingly popular option. So, can you trust all of the positive reviews? 

Credit Suite Reviews

As of August 2020, less than 1% of users on TrustPilot have reported bad service from the brand. And, it’s pretty much the same on BBB and SoTellUs. Now, Before you take other peoples’ word for it, let’s examine the offering, determine what you would get yourself into if you signed up, and compare the service to other options. 

This is what you’ll find here: 

So, let’s get to it… 

First, What is Credit Suite? 

Credit Suite is a system, powered by Finance Suite™ software, designed to help businesses build credit and obtain capital through lines of credit and loans. Via their Partner Program, they also offer the software as a white label solution for B2B companies to help get capital for their customers. 

In a nutshell, there are three services offered: 

  1. Business credit building consultation
  2. White label business credit software 
  3. Credit monitoring 

Learn more about the complete offer before you decide if it’s right for you. 

What Will the Service Help You Accomplish? 

The goal of leveraging the Credit Suite system is to build and obtain credit for your EIN that is not linked to your SSN (no personal guarantee/credit check). You will learn about a DUNS number, discover a few net 30 vendors, and the rest of the basics of business credit. 

Business Credit Building Framework

The system used is based on a simple, 4-step framework: 

  1. Build Business Credibility
  2. Establish Business Credit Reports
  3. Get Initial Business Credit
  4. Get revolving credit

Recommended: 7 most important steps of building your business credit profile so you can obtain business credit without showing financials!

By the end of your journey, the brand claims to help you get multiple revolving lines of credit from $5K to $50K each. And, their users seem to be pleased. Here are some of the features boasted by clients.  

  • Continuous contact from support via call, text, & email
  • Business credit education
  • An offer of $20K in personal credit 
  • A 5-month business credit program
  • Exceptional customer service

And, as far as resources go, the blog has some decent info for beginners who want to learn about expanding their business credit options. For example, one recent topic is “Crowdfunding Terms You Should Know in a Recession.” They also share content about trade references and NAICS and SIC codes.

How Much Does Credit Suite Cost? 

Credit Suite’s core offer to help you build business credit costs either $2,997 or 7 payments of $597 ($4,179). 

The Partner Program, on the other hand, is classified as an investment and will cost more. This offer is broken down into two tiers: 

  1. VIP: $4,497 or 8 payments of $697 ($5,576)
    1. Get business credit and financing
    2. Become a licensed partner (Finance Suite™ user) 
    3. Leverage direct funding for your customers
  2. Ultimate: $6,497 or 9 payments of $897 ($8,073)
    1. Everything above 
    2. Marketing funnels to boost your sales

Credit Suite’s Credit Monitoring Overview

If you’re only interested in seeing your business credit scores, the brand has a less expensive intro offer. Credit Suite’s credit monitoring software enables companies to monitor credit through D&B, Experian, and Equifax. 

Business Credit Building Software

As a standalone product, the software costs $24 per month after a 30-day free trial. So, let’s compare this choice to your other business credit monitoring service options. 

MonitoringServiceD&BReportExperian ReportEquifax ReportCost
Credit Suite YesYesYes$24/mo
NavYesYesYesFree to $49.99/mo
ExperianNoYesNoFree+
EquifaxNoNoYesFree+
D&BYesNoNoFree+
FunderaNoNoYesFree+

As the above comparison shows, you have several free options to pull business credit reports. While you can pay to upgrade with most of these services to see advanced insights, including your business credit scores, I don’t usually recommend it. If, however, you might have some negative history to clear up, it can be a good idea. 

The top competitor for Credit Suite’s credit monitoring solution is probably Nav. And, Nav’s paid monitoring services range from $30 to $50. While you might pay a few more dollars per month to access full reports and scores, you can see basic summaries at no cost. So, subscribe to Credit Suite’s monitoring service at your own risk.  

Recommended: 2020 Nav Review: A Tool to Build Your Business Credit Score

Now, Let’s Look at Credit Suite Complaints

While the system mostly seems to satisfy users, it is not free from grievances. The most dirt I could find on Credit Suite had to do with their refund policies. Users who were apparently speaking to the Partner Program (not the core business credit building services) complained of being overcharged and/or not receiving a refund when they believed they were entitled to one. 

Yet, in at least one case, a Credit Suite representative replied and claimed to have made an attempt to process the refund after all. So, this criticism should be taken with a grain of salt. All in all, the service maintains 4.5-4.8 out of 5 stars across the board. 

If you are interested in the white-label business financing software options, I recommend shopping around. Check out Funding CEO, Blue Street Capital, and Mulligan Funding just to get an idea of how many fish swim in this sea. 

And, How Does Credit Suite’s Core Offer Stack Up to the Key Competitors? 

To play the devil’s advocate here, I might argue that businesses could save themselves a couple thousand dollars by diligently researching their options. These business owners would make sure they have the right fit because there are several worthy Credit Suite competitors. For example, Fund&Grow, LenCred, and many others offer similar business credit acquisition solutions. 

CompanyFunding ClaimCost
Credit SuiteMultiple revolving lines from $5K to $50K$2,997 to $4,179
Fund&Grow$100K to $250K $3,997 or 9% of Funding Obtained 
LenCred$25K to $150K5 to 10% of Funding Obtained
Business Credit Builders$50K to $150K $3,500
One-Stop Funding Solutions$25K to $200K$99 to $3,950
Midwest Corporate CreditUp to $500K8% of Funding Obtained


Plus, some contenders have pretty amazing bonuses. Fund&Grow, for example, offers private getaways and vacations. So, I recommend studying the business credit building marketplace before you sign up. 

Final Takeaway

The answer you’ve been waiting for: Can you believe the positive Credit Suite reviews? Probably.

It sounds like users are happy with their results and that Credit Suite’s customer service is impressive. The service is legitimate and seems capable of coaching you to get large lines of business credit, as long as you work the program. Furthermore, the white label service is a standout feature not offered by direct competitors.

However, I wouldn’t recommend the credit monitoring software that Credit Suite offers — I say check out Nav instead. And, if you’re interested in the white label product, reach out and talk to some people who have purchased it because there are many comparable finance software products that could be a better fit. Now, if you’re looking to boost your business credit score and obtain large business lines of credit without paying high origination fees, learn how to obtain $100K in business credit in 30 days.

Summa Office Supplies: Should You Leverage Net 30 Terms for Your Business Purchases?

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Recently, we published a review of Crown Office Supplies as an early step on the business credit building journey. We discussed why you should be interested in the brand’s net 30 offer and outlined what to expect once you are approved. Now, we’re going to look at one of Crown’s top competitors in the business place products arena: Summa Office Supplies. 

The aim here is to answer the most pertinent questions about this merchant so that you can decide whether to utilize their net 30 terms to establish foundational business trade lines of credit. 

Here’s what’s in store: 

Now, let’s gather more of the puzzle pieces so you can start to see a complete picture of what your Summa experience might be like. 

First, the Summa Office Supplies Catalog in a Nutshell

Nearly every business needs office supplies, which makes Summa a natural option for online shopping. The vendor advertises eight product categories to shop: 

  1. Pens, Pencils, and Markers
  2. Filing Folders
  3. Envelopes
  4. Markers
  5. Tape and Adhesive
  6. Labels
  7. Legal Pads
  8. Correction Supplies

With Summa Office Supplies, you’ll find the major brands you should expect like Bic, Scotch, Sharpie, and more. While seemingly ordinary as far as stationery and other workplace supply retail is concerned, there is a catch. 

The first drawback to this retailer is that you will need to register a business account to see the catalog. You probably want to determine whether you’ll find everything you need before you go through the trouble (although most Summa Office Supplies reviews report that registration is a breeze). There are two tiers for Summa accounts, each with varying catalog sizes. 

Tier one business shoppers will have access to a smaller product selection while those in tier two are able to access the entire catalog. Some business owners have not been satisfied with the first-tier catalog. Others have been able to purchase useful digital products like anti-virus software, MS Office, and educational materials. 

Next, Summa Office Supplies Net 30 Terms

So far, we’ve mentioned Crown and Summa here. These merchants are legitimate net 30 vendors who report payment history to major business credit bureaus. When you purchase under these terms and pay your account(s) in full and on-time, your positive behavior will be reported. And, this will increase the chance for you to obtain higher revolving credit lines for your company in the future. 

Net 30 accounts that are reported to Dun & Bradstreet (D&B) and other business credit bureaus have a few things in common:

  • They offer a “buy now and pay later” option for businesses to get the supplies and equipment they need to operate. 
  • All payments are due in full within 30 days after your order. Some vendors offer net 45 and net 55 accounts wherein full payments are due within 45 and 55 days after an order respectively. 
  • A company’s payment behavior, including on-time, late, and delinquent, will impact a legal entity’s business credit score(s). 
  • Typically, there is a minimum purchase amount to report. 

And, each vendor has terms that are a bit different than the others. In the case of Summa, the minimum qualification terms and benefits vary from competitor offers and between the two internal tiers. 

Net 30 Office Supply Stores Online

For a brief comparison of comparable offers from a couple of other vendors, read this office supplier net 30 competitor analysis. 

For both tiers, Summa Office Supplies’ accounts require the following: 

  • Business credit union or bank checking account
  • Legal business entity and any required business licenses *in good standing*
  • EIN number from the Internal Revenue Service 
  • DUNS number from D&B
  • Identical business address on all documents 
  • $75 minimum purchase for reporting to business credit bureau(s)

And, the usual starting limit for Summa’s net 30 accounts is $2,000. You can potentially qualify for enough credit to buy as many post-it notes and boxes of manilla envelopes as your heart desires while laying the foundation for the ideal business credit score.  

Remember that not paying as agreed on purchases will have a negative impact on your business credit score. As far as the business credit bureaus are concerned, on-time payments signal positive and responsible behavior for this type of account, no matter what price you pay. 

Next, find out what’s not equal within each tier. 

1. Tier-One Minimum Qualification Terms and Summary

The first net 30 tier offer from Summa is the easiest to qualify for, hence it is customarily a fit for newly-established businesses. No personal guarantee is required. This means that your personal credit will not affect your ability to obtain a line of business credit and your account will not be reported on your personal credit profile. 

As stated previously, the product offer for Summa’s tier-one accounts is limited and made up primarily of digital products and software. And, all payments for purchases above the $75 minimum will be reported to Equifax Business. 

After making on-time payments for a brief time, companies are often able to graduate from tier-one to tier-two. So, if you are new to the game and your options limited to the lower rank, don’t think of this as a permanent fail — this type of account can be the perfect stepping stone for early-stage business credit building in various situations.  

2. Tier-Two Minimum Qualification Terms and Summary

Now, Summa’s second net 30 tier has slightly more stringent minimum qualification requirements and is typically a better fit for established companies. And, for an account at this tier, a personal guarantee (PG) may be required by the vendor. 

In this case, the person listed on the application will be personally liable for any debts incurred should the financial obligation not be met on-time. Furthermore, tier-two net 30 accounts from Summa might appear on applicants’ personal credit reports. 

But, here’s the best part: All payments (and any missed payments) toward purchases greater than $75 on this type of account will be reported to D&B. Since this is the credit bureau that most business lenders turn to for information about a company’s creditworthiness, an account at this level will have an optimal impact on your PAYDEX score (credit grading system used by D&B). 

Who does Summa Office Supplies Report to?

Now, 4 Steps You Can Take Right Away

Summa Office Supplies is a leading net 30 vendor that you can take full advantage of for the purpose of boosting your business’ credit score. Despite the general consensus that this particular merchant’s product offering could afford to be built out, this is definitely a valuable offer. On-time payments made on orders with prices as low as $75 can bring you a step farther along the path to a perfect business credit score. 

Now that you know more about the net 30 account options that Summa has to offer, here are steps you can take to raise your business credit score starting right now: 

  1. Register an account with Summa Office Supplies. Be certain that your business address is accurate and that it is printed exactly the same across all of your documents (including all licenses and business profiles). 
  2. Determine which of Summa’s net 30 tiers your business is most likely to qualify for and decide whether this vendor is appropriate for you. You will have access to more related information following registration than you can find on the website when browsing as a guest. 
  3. Either apply for and accept the net 30 terms that Summa offers… …OR… ..Select a trade line that is better suited to your business needs. If you choose the latter, be certain that the vendor you pick reports payments to D&B and that you are informed about any terms and conditions that might stand in the way of reporting. 
  4. Discover how you can get $100K in revolving business credit in as little as 30 days and gain immediate access to member-exclusive content (including a comprehensive list of net 30 vendors that report on-time payments to D&B) by enrolling in Business Credit Workshop.

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· How to Create a Business Credit “Entity” – Tutorial

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