ClearcoReviews of clearbanc.com

Beware of this company! They can approved you with the amount you requested, once you swiped it. You are committed to pay in full of the amount you have requested and not based on what you have used. Then when you're trying to reach out to them with proof of hard copy showing them that you did not used the full amount, they will ignored your email for couple days. IF you're lucky, they will respond with excuses stating - "they are having technical issues and will resolve as soon as possible. You will never hear back from them and then, they will transferred you to another department that doesn't know what is going on. Be smart and wise about it. Example: You could be asking $10,000 and used only $2000. Well your payback is $10,000 regardless and it will show on your external statement of Clearbanc that you owed 10,000 plus the interest fee and not $2000 you have used!

Clearbanc operates a very niche product that only works for select few ecommerce companies. Like what other reviews have been saying, the rate can be as low as 3% but as high as potentially 13.5%. These are their effective rates, but they aim to be paid back on their capital given in 5-8 months, which makes the APR much higher than traditional debt financing. Clearbanc's SDRs, while not naming any in particular, follow scripts and it's evident they just want you in the door to get a 30 minute "demo". Their emails truly do not show their care and they're just trying to get you through the door. If you get through the SDR process, they make you say your story again to the next person and the next person following that, there is no communication between people at Clearbanc except for how much your business makes and that drives how much they truly care about you. 85-90% of Clearbanc's profitability comes from repeat business, and they just want you to repeatedly come back for the same capital, albeit to try and grow your business. There are much better sources of capital out there, and if you've exhausted them all, maybe give Clearbanc a shot.

We were offered in the $15K range and it would be paid back at a 5% take out of our revenues for the next four years. In the next twelve months we will do approximately $290,000 - $330,000 (conservatively) in sales. (We did $260,000 over the past 12 months). So the cost of borrowing the $15K would be about $14,500-$16,500 in the FIRST year. You can see the borrowing costs over the four years, would likely be over $100,000. That is ridiculous.

They proposed an advance that had an effective rate of 40% and could drop to 20% if the advance is wholly spent with their vendors. That is ridiculous. Credit cards and leg breakers offer lower rate unsecured loans than this and this loan has security. They initiate with lower implied rates and then try and juice their returns. I might have to change my business model to loan money (but state that it's not lending) to make returns like that. They have a better return than Goldman! who knew they were that ingenius.

My experience with Clearbanc has been really bad unfortunately. First, my startup applied about 6 months ago but did not take the funding or go forward with anything. Then we got contacted by them at least 10 times over the next months, new sales reps would try to contact every couple of weeks, even though we asked to be removed from their marketing list. Constantly spammed. Finally I applied again at the end of June as other funding fell through. We easily hit their 10K USD requirement as we do much more than that on Amazon and Shopify, and yet even after wasting over 3 hours to finish their application, they still ghosted me afterwards. No approval and no real response. They promised to get back to us with any reason because we would definitely qualify under their terms. They are probably struggling through this Covid and not doing any funding. This was a waste of time and they did not even provide any explanation as to why they didn't accept us after spamming us for many months. We cannot recommend Clearbanc 0/5. EDIT- although I was promised I would be contacted. I have yet to be contacted by any rep. They still have not reached our, after giving very sensitive documents and all banking information. Still no contact from their team.

The head of of payments, Tal Marantz, shouldn't be involved in any customer facing capacity and should be replaced. I will never work with them again, and I have borrowed hundreds of thousands from them in a short time, as long as he's there. When he's gone, and I'm sure someone like him won't last long, I will use them again.

At first, Clearbanc seems like a simple solution to fund business operations but it is anything but. Common misleading marketing of easy to access capital. They tie you to a card that is a true pain in the a** to use unless you are ONLY looking to spend it on advertising. Anytime you do business with a non-preferred vendor, which is 99% of vendors and would like to pull funds from your Clearbanc account it has to be approved which takes time which really isn't how I like to run my business. Will not be using their service again as there are too many better services out there.

HORRIBLE!!! Worst company I have ever dealt with in my entire life. They lied and said that we would have a certain rate and that we would not be charged more than that for additional loans we took in the future. They went back on their word and raised the loan interest by 10%. They also charge a lot more than they tell you up front. This company is doing bait and switch and is very unethical. I would highly suggest staying as far away from them as possible. WORST experience I have ever had in my life is dealing with these liars.