Real or Scam? Question on Business Line of Credit
Have anyone done business with Mikyle Jessen (http://www.linkedin.com/pub/mikyle-jessen/29/376/333) from Midwest Corporate Credit, Inc?
They provide unsecured business line of credit.(http://midwestcorporatecredit.com/Our_Service.html). This is the information he provided.
The Credit lines are based on PERSONAL CREDIT. Your business does not have to have any credit. It helps if you have a business credit profile already.
- Your business can be newer
- Interest rates vary from 8.99% to 16.99% (This is based on the lender's underwriting criteria and your personal credit)
- Unsecured credit lines. No collateral required.
- Stated application process. No income verification.
- The lenders that I have handpicked ONLY report to the business credit bureaus (Dun & Bradstreet, Corporate Experian, and Equifax Commercial). This is advantageous to a business owner because even if the lines are maxed out, it will not affect the business owner's personal credit. They will report any defaults to your personal credit though. Therefore, DON'T DEFAULT.
- Most lenders offer an introductory 0% interest for 6 to 12 months on either balance transfers or purchases or both.
- The process takes about 30 days. My partner has been successful in obtaining $75,000.00 in credit for his own business within a 30 day period. These results are not guaranteed for everyone. Your results may vary based on your credit.
The terms all vary depending on the lender and your credit, therefor each applicant is evaluated on a case by case basis. The first step my clients take is fill out a pre qual form, this will give us a snapshot of your business, and the credit worthiness of the applicant which will determine if you qualify for funding, and up to what amount. If your a good candidate and your pre qualified with us, we guarantee you $50,000 in obtaining these lines of credit within 30-60 days of your initial application.
Pre Qual Process: the client must set up accounts with MyFico.com and TrueCredit.com, promo codes are available to receive 25% off the registration, which is less than $40 for both accounts.
Monthly Credit Monitoring also available, good idea if you want to keep an eye on your scores and reports, but not required.
To answer your questions
1) There are no Upfront fee's
2) MyFico and TrueCredit give us the clients reports for all 3 credit bureaus, Myfico uses Transunion and Equifax, While TrueCredit uses Experian
3) Login ID and password are required that we can review the full FICO reports and do a thorough evaluation of the clients credit worthiness
4) Once we complete the pre qualification process, the client no longer needs the Myfico and True credit accounts, although credit monitoring is helpful!
5) These accounts do not give us access to any personal information of the client such as (SS#, EIN#, account #'s, etc) these sites conceal such private information. Thru these accounts we can review the clients credit score's with ALL 3 credit bureaus and their full FICO report.
6) We charge 8 points of the approved line amount once it's approved. Pre qual process takes 48 hours, once the client completes the full application and returns it to us we can get them the $50,000 within 30 days. In some cases, the client has inquiries on their credit report, or revolving debt on their existing credit cards which will take us time to remove so we say 30-60 days for those clients. But, if they are our ideal client then 30 days to get the funding is normal.
Can any of you give me some feedback on their products and services?
Thank you very much!
Athena