Carol Stream, IL · Member since 2016 · 13 posts · 4 votes
Hello. I'm coming across FB ads offering large lines of credit for businesses at zero percent rates, in other words, possibly eliminating the hard money lenders. Has anyone seen these? Are these BS?
Thanks, Jacob. I have many 0% credit cards and haven't paid interest on anything for the past decade or so. I'm talking about large, unsecured lines of credit. If you're to search on FB for investor financing or hard money lenders, those ads should start appearing for you. Let me know if you do. Thanks
It's probably an ad for a credit card stacking consulting company. They're going to charge you 10% to help you apply and get 15 different 0% intro cards with a credit limit averaging $10k each. That's how they advertise $150k credit lines at 0%. The only value they add is for someone who does not know much about the 0% credit card game, teaching them the best order to apply in, e.g., starting with business cards that typically don't show on your personal credit report before doing the personal cards that are going to increase your credit risk until the CC companies finally stop offering you 0% deals.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
2y
@Jose Guillu if it's too good to be true...well, you know the rest. That doesn't mean there aren't good deals out there but usually we find good lenders from our networks. So, if you already have substantial sized company...what is your current bank providing you? What are other businesses doing in your market? If we are just starting our real estate career...no lender is going to provide us with hundreds of thousands of dollars of LOC. Even very well experienced investors don't have lines that large. Just trust your instincts on this stuff...which is why you went here to check. Lean on other real estate investors in your market on who they use - it's not foolproof but working with someone that another investor already had great experience with is a good starting place.
Hello. I'm coming across FB ads offering large lines of credit for businesses at zero percent rates, in other words, possibly eliminating the hard money lenders. Has anyone seen these? Are these BS?
Hey Jose ! Depending on income and credit there are always credit card, personal line of credit and personal loan options available out there
Carol Stream, IL · Member since 2016 · 13 posts · 4 votes
2y
Thanks, Jacob. I have many 0% credit cards and haven't paid interest on anything for the past decade or so. I'm talking about large, unsecured lines of credit. If you're to search on FB for investor financing or hard money lenders, those ads should start appearing for you. Let me know if you do. Thanks
Thanks, Jacob. I have many 0% credit cards and haven't paid interest on anything for the past decade or so. I'm talking about large, unsecured lines of credit. If you're to search on FB for investor financing or hard money lenders, those ads should start appearing for you. Let me know if you do. Thanks
It's probably an ad for a credit card stacking consulting company. They're going to charge you 10% to help you apply and get 15 different 0% intro cards with a credit limit averaging $10k each. That's how they advertise $150k credit lines at 0%. The only value they add is for someone who does not know much about the 0% credit card game, teaching them the best order to apply in, e.g., starting with business cards that typically don't show on your personal credit report before doing the personal cards that are going to increase your credit risk until the CC companies finally stop offering you 0% deals.
Specialist · NJ · Member since 2022 · 1k+ posts · 649 votes
2y
I know of credit cards that can be acquired for a business that has a very low rate, I don't know of a 0% card. If it is 0% to start, I doubt it is 0% into perpetuity. How would they make money?
But yes, if you can prove that your LLC does X amount of business in a year you can qualify.
Thanks, Jacob. I have many 0% credit cards and haven't paid interest on anything for the past decade or so. I'm talking about large, unsecured lines of credit. If you're to search on FB for investor financing or hard money lenders, those ads should start appearing for you. Let me know if you do. Thanks
It's probably an ad for a credit card stacking consulting company. They're going to charge you 10% to help you apply and get 15 different 0% intro cards with a credit limit averaging $10k each. That's how they advertise $150k credit lines at 0%. The only value they add is for someone who does not know much about the 0% credit card game, teaching them the best order to apply in, e.g., starting with business cards that typically don't show on your personal credit report before doing the personal cards that are going to increase your credit risk until the CC companies finally stop offering you 0% deals.
John, this makes a lot of sense. In one of the ads, the guy was holding multiple credit cards. And in another, they did mention "a small fee." Thanks for your input.
I know of credit cards that can be acquired for a business that has a very low rate, I don't know of a 0% card. If it is 0% to start, I doubt it is 0% into perpetuity. How would they make money?
But yes, if you can prove that your LLC does X amount of business in a year you can qualify.
Hi Mike,
Which credit card companies do you recommend for a low interest rate?