Complaint Review: Direct Business Lending

When I called the number and spoke with a rep, he sounded very positive and told me I had everything in order. He made me feel like I was going to qualify with no problem, even though my income is low and I have no collateral to use against the loan. He did ask how much my long-term boyfriend's house was worth and how much money I had in the bank.  At that time, my appointment was set with the loan officer.

The loan officer told me that he had to go over some "red flags" with me.

1. First of all, they were unable to run my credit(which I already told them was 730), so I would have to pay to have them repair it for me and create what he called, "business credit".

2. He told me that his company would set up my LLC for me and it was something I didn't need to worry about.

3. I would also be required to have them build me a website before I would qualify for a loan, which would be set up by them.

4. Any good website requires Search Engine Optimization. That is where someone spends months or even years acquiring links and writing content in order to make the site rank high in search engines. This is a very tasking and expensive process.

5. They would also be creating my business plan on my behalf.

He said once I have taken care of all the red flags, he will go ahead and submit my file to underwriting to see if I qualify for a loan. Then he told me to hold on while he calculated my costs. I hung up. Don't expect to get a loan. Expect to be ripped off.