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Is LendingPoint Any Good for Financing? [Lender Review]

November 18, 2020 By Joe

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:

What is LendingPoint?
LendingPoint Loan Overview
LendingPoint Merchant Solutions Overview
- The Benefits of Merchant Solutions
- LendingPoint Alternatives for Merchants
Conclusion

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.

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

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%.

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.

You might also like: Torro Business Funding Review: Is This “Zero Hassle” Offer Legit?

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.

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

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.

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.

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 Amounts	Loan Terms	Origination Fees	Interest Rates
LendingPoint Merchant Solutions	$2K to $25K	24 to 48 months	0% to 6%	15.49% to 35.99%
Acima Credit	$500 to $5K	90 days, 12, 18, or 24 months	$25+	Unlisted
FinanceIt	Up to $60K	Varies	$0	6.99% 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?

October 25, 2020 By Joe

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:

What is Fundwise Capital?
What is the Fundwise Partner Program?
Final Takeaway

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.

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’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.

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.

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…

…the partner program costs $29.99 per month.

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?

October 18, 2020 By Joe

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.

What is Lendio?
- Who is Lendio and Where is the Company Based?
How does Lendio Work?
- What Type of Funding Can You Get Through Lendio?
- What is Sunrise by Lendio?
Is Lendio an SBA-Backed Lender?
- So, Has Lendio Funded any PPP Loans?
- And, If They’re Not Funding, How Does Lendio Make Money?
Now, How to Decrypt Mixed Lendio Customer Reviews
+Bonus: A Quick Look at Lendio’s Franchise Offer
Final Answer: Is Lendio Legitimate?

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.

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.

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.

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.

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?

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?

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.

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.

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:

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.

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

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?

September 23, 2020 By Joe

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:

What is Fundbox?
- Frequently Asked Questions:
- How Does Fundbox Work?
Fundbox Line of Credit Requirements
- Personal Guarantee Requirements
- Prohibited Businesses
Does Fundbox Report to Credit Bureaus?
Final Takeaway

Now, let’s get to it!

What is Fundbox?

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:

Where is Fundbox located?

Fundbox is headquartered 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.

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.

You might also like: Torro Business Funding Review: Is This “Zero Hassle” Offer Legit?

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.

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.

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.

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.

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

August 31, 2020 By Joe

Credit Secrets - As Seen On Larry King Special Report

Discover the program now helping over 1 million Americans finally get the credit scores they deserve

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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:

What is Credit Secrets All About?
- Here’s What Readers Have Had to Say
What Questions Does the Book Answer?
Credit Secrets Automator Software
Frequently Asked Questions
Final Thoughts

Now, learn what you’ll get if you take advantage of the offer.

What is Credit Secrets All About?

Credit Secrets website Credit Secrets phone number

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

Getting Started
Getting Inaccurate / Incomplete / Unfair / Unverifiable Items Removed
Advanced Tactics
Lawsuits
ChexSystem Removals
Student Loans, Repossession, and HIPAA
Advanced Credit Techniques
Frequently Asked Questions
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.

Here’s What Readers Have Had to Say

When you visit Credit Secrets’ website, you see a ton of reader reviews, all touting the system as a lifesaver. But, what will you find when you poke around other corners of the web?

Redditors are mostly wary of the platform… however, those naysayers seem to be people who haven’t actually purchased the book and additions. Those who have used the system, say that it helped them increase their credit score.

Credit secrets reviews

One reader even got their score up to 850, which is about as good as it gets.

On Goodreads, Credit Secrets has a 4-star rating, with primarily rave reviews. Readers are saying that they got their FICO score up to 730, 779, and the “high 700s.” One “score counselor” attests that he shares the book and system with his clients all the time.

How can I get a 700 credit score in 3 months?

All-in-all, people who actually read the book and work the system are completely satisfied with Credit Secrets’ offer.

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.

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 Free, 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.

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.

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

The Credit Secrets Facebook Group (Now: BigBudget / Circle)

For around $20 per month, members can join and access the Credit Secrets private Facebook group, which is great. Not only does the moderator regularly share insights, but the community is responsive.

How can I get an 800 credit score in 3 months?

The Facebook group has 28K members who are happy to support one another on the credit repair journey. In my opinion, it’s always helpful to hear others’ experiences with situations similar to what you’re in.

+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.

Proof of purchase at least 90 days prior
Verified login to the online member’s area
Completion of the Jumpstart Training inside the member’s area
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.

Credit Secrets Automator Software

In addition to the book and bonuses, members can pay a little more for Credit Secrets’ “Automator software,” which is a PDF letter generator. This tool can be accessed from the user dashboard. What it does is generate letters that members can send to creditors, collection agencies, and credit bureaus to eliminate and minimize debts, hard inquiries, and other derogatory items on a credit report.

The platform doesn’t just generate single letters, but entire flows.

There are standard communication templates, and several bonus templates:

Automotive Repossession
Derogatory Marks
Student Loans
Charge Offs
Inquiry Removals
“Goodwill” (asking creditors to remove a negative mark on an existing, open account.
Returned Mail
5-Day Reinsertion
Alternative & Bizarre Marks
HIPPA/Medical Issues
Tax Liens
Public Records
Incomplete or Missing Info Fixes

The system is pretty robust, for those who don’t want to hand-write every single letter that they might need on their own.

Users seem to be happy with the platform, and have been known to rave about it online. One Redditor calls it the “Negative Account Destroyer.”

I did find at least a couple of other platforms with a similar offer to the Automator, but I haven’t had the chance to look into them very deeply yet. I did find that Dispute Suite charges $300 to $800 per month for a similar offer, which is much steeper than Credit Secrets’ pricing.

Frequently Asked Questions

Who is the Author of Credit Secrets?

Credit Secrets was co-authored by Scott and Allison Hilton.

What is the 11-word Credit Secret loophole?

“Please cease and desist all calls and contact with me, immediately,” is a phrase that, according to Credit Secrets, can stop debt collectors in their tracks.

How do I sweep my credit history?

Wiping your credit clean doesn’t have a one-size-fits-all approach. Instead, the process depends on your situation and consists of making on-time payments as agreed, disputing incorrect information, and sometimes time. But, there are many other caveats that can be explored and can help eliminate negative and derogatory items on a credit report.

What are 5 ingredients that go into building a champion credit score?

(1) Payment history, (2) debt-to-income ratio, (3) length of credit history, (4) new credit, and (5) credit mix play into a healthy credit score.

What are 5 common mistakes that people make with credit?

(1) Not paying on time as agreed, (2) carrying a balance above 30% of available credit, (3) opening too many new accounts at one time, (4) relying on one type of credit too heavily, and (5) failing to review their credit report for inaccuracies are the most common and detrimental mistakes people make with credit.

Final Thoughts

The Credit Secrets book is an as-seen-on-TV product. Naturally, as with most of these offers, 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, I assure you it’s not.

Furthermore, a used copy of the 2017 version of the book goes for upwards of $100 on Amazon. So, the $30-40 price tag you see on the branded website is pretty much a steal.

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

Credit Secrets - As Seen On Larry King Special Report

Discover the program now helping over 1 million Americans finally get the credit scores they deserve

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So, can you use the info from Credit Secrets 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. Even so, I do recommend you check it out right away.

If you’re interested in learning how you can obtain up to $100K in business credit that won’t affect your personal credit, join Business Credit Workshop today.

Is Credit Suite Legit? — A Business Credit Expert Review

August 22, 2020 By Joe

Credit Suite® is a pretty popular platform to help business owners build business build credit. They have a certain way of doing things that tends to garner mostly positive reviews. So, can you trust these reviews? Is Credit Suite® legit?

I’m here to help you answer that question — Let’s look at the offer, the company itself, exactly what they can help you accomplish, and how they do it. By the time you’re done here, you’ll know if this offer is right for you.

This is what’s in store:

What is Credit Suite?
- How Much Does Credit Suite Cost?
- Company Overview
What Will the Service Help You Achieve?
- Credit Suite’s Credit Monitoring
How Does Credit Suite Stack Up to Competitors?
Final Takeaway: Is CreditSuite Legit?

So, let’s get to it…

What is Credit Suite®?

Credit Suite® is a service that helps businesses secure credit and financing “without the usual headaches” — They offer a Fundability™ system that helps you understand and improve various factors that affect your ability to qualify for financing.

With over 125 Fundability Factors™, they guide you through improving your “fundability” and establishing business credit.

Credit Suite® can also connects you with lenders and brokers, matching you with sources for loans, credit lines, and other forms of financing. By understanding and improving your fundability, the idea is to increase your chances of approval before you apply for financing.

The Credit Suite® team advocates for knowing your fundability upfront, building and leveraging business credit wisely, and applying strategically with their step-by-step guidance and coaching.

Now, 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.

How Much Does Credit Suite® Cost?

CreditSuite’s® core offer to help you build business credit costs either $2,997 upfront or 8 payments of $497 ($3,976 total).

Both plans provide access to the same features, but the single payment option offers savings if you’re able to make the full payment upfront. 🚩 They advertise that you’ll save 50% with an upfront payment, but some quick math shows that this actually gives you only about 25% savings.

Company Overview

CreditSuite Inc is a Tampa-based business that was founded in 2014 by Megan Christiansen and Ty Crandall. The company is active and in good standing, according to Florida’s SunBiz platform. Crandall is the company’s current CEO, and before he became an entrepreneur, he served as a medic at Wright Patterson Air Force Base for four years.

According to Glassdoor, employees are basically thrilled with the company. Impressively, 93% of staff would recommend the company to a friend, and 92% approve of Crandall as the CEO. This says a great deal about the company and how they operate. These numbers are pretty incredible, though based on 23 reviews, which isn’t an enormous sample.

Credit Suite Reviews

Now, we know staff is happy. But, what about members/users?

Well, Credit Suite has a very high rating on Trustpilot too, with an overall 4.6-star rating on the platform. Most members are just as delighted with the company as the staff.

While the system mostly seems to satisfy users, it is not free from grievances — Still, 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 mostly positive reviews across the board.

You might also like: This is How to Leverage Business Credit to Transform Your Life

What Will the Service Help You Achieve?

Credit Suite’s® approach involves not only establishing business credit but also utilizing it effectively. They provide access to numerous accounts to help build your business credit profile, which can then be leveraged for more financing opportunities and better fundability.

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.

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

Build business credibility
Establish business credit reports
Get Initial business credit
Get revolving credit

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, their 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.

CreditSuite’s® Credit Monitoring

If you’re only interested in seeing your business credit scores, Credit Suite® used to have their own credit monitoring software, which wasn’t the very best that I know of. At some point recently, they made some changes to their system.

Now, it appears that they offer credit monitoring through a partnership with Nav®, which is the best business credit monitoring system I know of. I think this change was a smart move.

How Does Credit Suite’s® Core Offer Stack Up to 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 others offer similar business credit acquisition solutions.

Company	Funding Claim	Cost
Credit Suite	Multiple 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 $150K	5 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 Credit	Up to $500K	8% 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.

Conclusion: Is CreditSuite Legit?

The answer you’ve been waiting for: Can you believe the positive Credit Suite Reviews? Probably. The company is active, in good standing in the state of Florida. I didn’t find any legal issues with the company. And, both staff and members alike tend to rave about the company.

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 any direct competitors.

Do you want to boost your business credit score and obtain large business lines of credit without paying high origination fees? Learn how to obtain up to $100K in business credit in 30 days: Join Business Credit Workshop today!

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

August 5, 2020 By Joe

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:

Summa Office Supplies Catalog in a Nutshell
Summa Office Supplies Net 30 Terms
- Tier-One Qualification Terms
- Tier-Two Qualification Terms
4 Steps to Take Right Now

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:

Pens, Pencils, and Markers
Filing Folders
Envelopes
Markers
Tape and Adhesive
Labels
Legal Pads
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.

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:

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).
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.
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.
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.

How Can Crown Office Supplies Help You Build Business Credit?

July 19, 2020 By Joe

When you start on your business credit building journey, shopping with net 30 vendors that report to D&B should be one of your first steps. While Crown Office Supplies isn’t your only option, purchasing from this brand using 30-day net terms is becoming a popular way for businesses to improve their credit scores. So, I want to share everything you need to know to decide if their short-term financing program is right for you.

Here’s what you’ll find.

A Full Crown Office Supplies Review
- What is Net 30 and Why Should You Care?
- Competitor Analysis
Final Thoughts

Keep reading to find out how Crown Office Supplies can help you on your path to obtaining higher business lines of credit.

NET 30 Application - Crown Office Supplies

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A Full Crown Office Supplies Review

As the name suggests, Crown Office Supplies sells stationery, writing utensils, filing cabinets, and other materials you might need to use in the workplace or in a classroom. So, they are an obvious choice for any business to shop with.

Another bonus perk of shopping with Crown Office Supplies is that they have a referral program. If you refer a friend or colleague to shop on their website, you can earn $15 in cash.

But, how do they stack up against competitors for building business credit? And, what kind of impact can their trade line of credit have on your business credit score?

Now, let’s examine the brand’s complete offering.

What is Net 30 and Why Should You Care?

If you’re not familiar with net 30 terms, basically this just means that you buy now and pay later. In the case of net 30 terms, you must pay in full within 30 days. In the case of net 45, you would need to pay in full within 45 days and so on.

Crown Office Supplies enables businesses to apply for a net 30 account. While this is a convenient option for companies who might not have the immediate cash flow to pay for supplies, the true beauty is that on-time payments to a company that reports to business credit bureaus can result in a boost for your business credit score. Crown Office Supplies is one such company.

Both established and new businesses can leverage net 30 terms from Crown Office Supplies.

How to Apply for Net 30 Payment Terms

If you want to leverage net 30 terms from Crown Office Supplies, here’s what you need to do. Before you apply, you need to get a few items out of the way.

Form a legal business entity in your state.
Apply for an employer identification number (EIN).
Get a DUNS number.

After that, you’ll visit the Crown Office Supplies website and navigate to the Net 30 Application. Then, fill out the application with your information and read the terms carefully before your submit.

Crown Office Supplies will contact you via email to let you know whether or not you have been approved for financing. Once you are approved, you simply shop for supplies you need to run your business thend pay your balance in full each month.

Who Does Crown Office Supplies Report to?

At the very least, when utilizing net 30 terms to build business credit, you want to work with vendors who report to Dun & Bradstreet (D&B). D&B is the bureau that most banks and credit unions look to when deciding whether or not to extend credit to a business. Fortunately, Crown Office Supplies reports on-time payments to five business credit bureaus:

Dun & Bradstreet
Experian Business
Equifax Business
CreditSafe
National Association of Credit Management

Crown Office Supplies Reporting Agencies

So, you can rest assured that your payments will be reported to every possible business credit monitoring agency. This is excellent news. No matter which bureau your lender uses, they will be able to see your responsible credit behavior as soon as it’s reported.

When Will On-Time Payments Be Reported?

As with most net 30 vendors that report on-time payments to business credit bureaus, Crown Office Supplies will report on-time payments regularly. In this case, payment history will be reported every 30 days. So, in as little as a month, you could have a tradeline reporting on your credit reports.

Competitor Analysis

It’s possible that you’ll find better pricing for office supplies at major retailers like Costco, Walmart, or Amazon, that’s not what we’re looking at here. Direct competitors report on-time payments on trade lines of credit to business credit bureaus. Crown Office Supplies’ key competitors are Quill and Summa Office Supplies.

So, how do these three brands compare?

Quill, Summa, and Crown Office Supplies offer net 30 terms. Plus, when you make on-time payments to these vendors, they will be reported to D&B as well as Experian and Equifax’s business monitoring bureaus. For building credit, one office supply vendor is not necessarily better than another.

However, there are stipulations you must meet to leverage net 30 terms.

Crown Office Supplies’ annual fee is $99 (which is also reported to business credit bureaus).
Quill requires that you order $100 or more in products per month over a three-month period before you qualify.
Summa Office Supplies has a minimum $75 order requirement the first month for eligibility.

So, choose the vendor that meets your product and budget needs.

Final Thoughts

When establishing your first five trade lines of credit, Crown Office Supplies could be an excellent vendor to establish net 30 terms with. And, as long as you make on-time payments, this will have a positive impact on your credit score.

If you’d like to learn exactly how to leverage vendors like this to boost your D&B score and to obtain up to $100K in business credit in 30 days, enroll in Business Credit Workshop today.

Interested in a Wells Fargo Business Line of Credit? Read This Before You Apply

June 10, 2020 By Joe

Wells Fargo is established as a household name in banking. They offer a full suite of financial services for consumers and businesses. So, is a Wells Fargo business line of credit right for your operations? And, should you use this type of financing to help you build business credit?

Let’s look at a summary of the business lines of credit offered through Wells Fargo. Then, we’ll peek in at the rewards and benefits. After that, fin details about interest rates and more. Here’s everything you need to know to answer that question.

What is a Wells Fargo Business Line of Credit?

A Wells Fargo business line of credit is a revolving line of credit extended by Wells Fargo Bank. It can help increase your business working capital. Like a credit card, you’ll pay interest only on the amount you use, but the interest rate will typically be lower than that of a credit card.

With a line of credit just for cash flow/working capital, you may be able to access from $5K to $1K through the service. You can leverage both unsecured and secured business lines of credit through Wells Fargo, depending on your situation.

Unsecured Lines of Credit Available Through Wells Fargo

Wells Fargo offers two unsecured business lines of credit: Small Business Advantage® and BusinessLine®. These offers can help you take advantage of unexpected business opportunities or increase your cash flow temporarily.

The Small Business Advantage® line of credit was created for young businesses. If your company is less than 2 years old and you have established business credit, this is the type of line you’ll want to look into.

A BusinessLine® line of credit is designed for established companies. So, if your business is two or more years old and you have an established business profile, start here.

Secured Line of Credit Available Through Wells Fargo

If your credit profile needs some work, a line of credit secured by your business collateral provides another option.

And, what if your business doesn’t have an established credit profile? As with most major banks, Wells Fargo offers secured credit lines. With collateral, you can access a BusinessLine® secured Wells Fargo business line of credit.

And, Prime lines of credit are for enterprise companies who need the benefits offered by secured financing.

Then, with responsible payment history, you could graduate up to an unsecured credit line pretty easily. Speak with an account representative once your financing is established for more information.

Wells Fargo Business Line of Credit Comparison:

*WSJ Prime Rate typically lingers around 5% and is continually changing. Wells Fargo’s business lines of credit are subject to a 5% floor rate.

**Annual fees will only be charged after the first year that you have a revolving business line of credit with Wells Fargo.

Does a Wells Fargo Business Line of Credit Offer Rewards?

The business lines of credit themselves that Wells Fargo offers do not come with rewards, in the typical sense. For example, a PNC business credit card offers cash rewards, points, travel, and more. You won’t be able to leverage any of this through the program, but there are benefits.

For one, you can link your line of credit with a MasterCard access card. And, this can provide you with promotions and partner offers you may not otherwise qualify for.

Another unexpected perk is that you can use your line of credit as overdraft protection on your Wells Fargo business checking account. So, if you’re at risk of paying NSF fees, the funds in your credit line account can provide insurance.

Final Thoughts

Wells Fargo has been around since the 1800s and is a trusted name in finance. When you work with this company to secure financing and build credit for your business, you can expect your experience to be in alignment with best practices. Choose the Wells Fargo business line of credit that’s right for you and apply today.

And, if you need help obtaining business lines of credit like this, get our training that teaches how to obtain $100K in business credit in 30 days.

Payability: Can You Trust all of the Positive Reviews?

June 8, 2020 By Joe

eCommerce merchants who don’t like waiting two weeks for a paycheck flock to the platform. And, most Payability reviews are “excellent.” But, these critiques may not paint a complete picture of what you can expect. So, learn everything you need to know before you apply for one of the funding options you’re curious about.

Here’s what’s in store:

What is Payability?
- How Does Payability Work?
Who Can Qualify for a Payability Account?
How Do Payability Alternatives Stack Up?
Conclusion

What is Payability?

Payability is a financial tech company that extends capital options to eCommerce merchants. The company, founded by Keith Smith and Scott Lynn in 2014, is most popular among growth-stage Amazon sellers.

How Does Payability Work?

The platform offers three central financial services for online sellers.

Inventory Funding
Daily Working Capital
Seller Card

So, here’s what each of these services encompasses.

1. Inventory Funding

Payability’s Instant Advance is a funding option that enables sellers to purchase inventory, launch new products and campaigns, and get bulk deals from suppliers. The typical amount of your advance is 75% to 150% of one month of marketplace revenue.

For example, if you average $20K in monthly sales revenue, your approved advance amount might range from $15K to $30K. This type of funding comes in handy when you need an extra boost to grow your business or to fulfill an unusually large order.

To qualify for an Instant Advance, you must have a minimum of nine months selling history and a $10K monthly sales average. There are no credit checks and you can get approval within one day.

These advances have no origination costs and fees start at 0.5% per week. The sooner you pay back the funding, the less it will cost. Repayment is typically taken in the form of 25% of your future receivables. In other words, 25% of each future sale will automatically go toward your payment to Payability.

2. Daily Working Capital

Payability’s Instant Access is a popular option for sellers who don’t want to wait weeks for payouts and instead want instant access to funds. Without constant cash flow, it can be difficult to keep your operations running smoothly and nearly impossible to grow.

Imagine that you receive an influx of orders on a specific product and sell out in one day. This seems like a good thing… until you get orders of the same product the next day. Many marketplaces don’t offer payouts right away, making it nearly impossible to replenish stock during a surge. However, if you have instant access to funds, you can reorder stock at any time.

To qualify for Instant Access, you need a minimum of three months selling history and a $2K monthly sales average. There are no credit checks and you can get same day funding. Each day, 80% of your gross sales will go into your Payability account for repayment, and the remaining balance will be available when the marketplace releases funds.

There is a fixed flat fee for the service, which is typically between 1-2% of gross sales and instant bank transfers are free. Some merchants have complained that their fees were higher than advertised, so be sure to read the fine print and pay attention to your accounting.

3. Seller Card

Payability’s Seller Card is a cash card that gives users immediate access to their Payability funds with a 2% cashback bonus. The card works like a debit card and can be used anywhere Visa is accepted.

The convenience and cashback are the highlights of the card. If you use the card, you will no longer need to mess with bank transfers. And, in addition to the 2% cashback, you can earn even more if you sign up as a new user with select seller tools:

Teikametrics, 20% cashback
Avalara, 15% cashback
AMZShark, 20% cashback
Ecomdash, 20% cashback
Kibly, 20% cashback
SellerApp, 10% cashback
Sellercare, 20% cashback
FeedbackWhiz, 20% cashback
Shopkeeper, 20% cashback
ZonGuru, 20% cashback

So, if you plan to try or use any of the tools above, and you don’t have existing accounts, you can get more from the Seller Card.

Who Can Qualify for a Payability Account?

If you’re not an online merchant, you will need to look elsewhere for capital options. Payability only offers services to eCommerce sellers. Though, if your business involves retail on eBay, Shopify, Amazon, Jet.com, Tophatter, or another online marketplace, this might be a good option for you. Just make sure you meet the minimum requirements for the service you apply for.

None of Payability’s services are based on credit. Nor will they report your card use to the business credit bureaus.

Recommended Reading: 30-Day Net Vendors to Build Business Credit

How Do Payability Alternatives Stack Up?

Now, before you apply, you should know your options. And, payability definitely isn’t the only eCommerce funding choice on the market. Here’s a comparison of some of the top alternative funding sources for online merchants.

	Cost/Fees	Rewards	Boosts Credit
Payability	0.5-2%	2%+ Cashback	No
Amazon Lending	6-19.9%	No	No
Shopify Capital	~1.1 Factor Rate	No	No
Square Capital	~1.1 Factor Rate	No	No
Stripe Corporate	0%	No	No
Business Credit	0%+	Vary	Yes

Conclusion

Payability is a trending source of working capital for eCommerce merchants, and for good reason. They seem to make every step of the funding process super convenient. There will always be the occasional naysayer and your repayment costs may vary based on time and funding amount. Many online sellers are indeed satisfied with their decision to leverage Payability’s financial services.

If you’re looking for a business line of credit to fund your e-commerce/Amazon business beyond Payability, there are some great options from local community banks and credit unions. You can obtain $100,000 in just 30 days without the need to show financials or pay high rates, click here to get started.

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