Sam K.
Messy & Expensive
Two things... I was incredibily turned off by their reps in terms of pressure and wanting to get the funding closed faster. I get that they're sales people and I get that they're using scarcity tactics to try to close. But I just didn't feel comfortable with how much they're just trying to push for the close. Second, the origination cost and the interest rate was incredibly high. As someone in the finance industry and a mortgage loan originator, 300bps closing fee plus a ~30% note rate on an unsecured financing? Holy moly... When I did the math, annualized interest rate could be higher than 30%. I can see how they're paying for all the sponsorships and ads on podcasts with this kind of fees. I was also concerned about them asking for my ID/DL over a text. Really? Not even a secured portal? I never really saw a bank-level grade tech infrastructure for servicing either. LOTS of red flags went up seeing the numbers, how the reps are, and their tech stack. I can tell they're going after businesses that are desperate and crunching for cash. If that's not you - you can find funding elsewhere that isn't going to cost you this high amount of fees and interest rate.