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3 Scams to Lookout for when getting a Small Business Loan

1) Money Being requested Upfront

There is absolutely no reason to EVER give a lender money upfront. They may say its a credit report fee, a broker fee, an application fee, a processing fee or something else. None of these are fees that you should be paying to a reputable lender. As a business owner these fees are our responsibility and covered by our compensation. You wouldn’t a a cashiers fee or a dishwasher fee when you go to a business and these fees are no different. So if you are talking to a lender and they are requesting money up front it is likely a Scam and you should start looking for another lender.

2) GUARANTEED Approval

This is not going to happen in the real world. Lenders need to see credit, time in business and revenue. We cannot guarantee you a loan without knowing the whole picture. So if you see an ad or talk to a lender that Guarantees funding it is definitely a Scam.

3) Terms That Are to Good to be True

Is the interest rate they are telling you dramatically lower than what you’ve been told from other lenders?

Are you being offered funding before you’ve provided any information about your company, your revenue, your credit or your financial history?

Our biggest piece of advice when considering whether a loan might be a scam is: Trust your gut. There are a lot of legitimate, verifiable online lenders out there for you to choose from if you feel that the lender you are talking to currently is a Scam.

The last thing we want is for you to get Scammed so be careful out there and if you have any questions or would like us to check into the lender you are talking to or review the terms they have presented you please feel free to reach out to us.

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