Idea FinancialReviews of ideafinancial.com

I have been a client multiple times now and was just treated worse than a Hardees worker. I have a text and a recorded call of Al Beutel threatening me and raising his voice saying he only reports to the CEO and he can do whatever he wants. I Tried to reach HR and got sent back to Al....RUN! Don't say I didn't warn you

I had a fire at our retail location and thought Idea Financial would have my back thought I could get funds to help. No, since it took months to reopen and my bank account sales badropped (imagine that, your sales dropping while being closed) they denied my request even though I never missed a payment my checking account balance had more than my loan. They are great as long as you don't need them, I have had a loan with them for 15 or more years. I will find someone else and would NEVER recommend them to anyone.

We are a transportation contractor for our State Medicaid program. We have Idea Financial for emergency funds. We have a balance of $59,000 on a $129,000 credit line. The company that handles processing Medicaid payments suffered a software glitch that delayed our regularly scheduled payment by one week. This payment represents 91% of our operating revenue. Without Idea Financial, we would have to shut down until the Medicaid program fixed its error and issued payment. We believed that if ever the government check was delayed for reasons beyond our control, our credit line from Idea Financial would keep us afloat until the Medicaid program caught up. It is essential we keep moving because most of our patients receive dialysis treatments. When the error was discovered, it was Thanksgiving and Idea Financial was closed for the holidays. We contacted our vendors and assured them our credit line could keep the show going until the error was fixed. We requested $40,000 to pay for fuel and balance our account until our double Medicaid payment ($98,000) was received in 4 days. Idea financial received my draw request on Friday. They rejected the draw request on Monday. I explained our dire situation and demonstrated to the Idea Financial agent our consistent weekly Medicaid payments every Thursday for the last 5 years. The agent then informed me he would take it to the higher ups and explain the situation. Finally late day Monday, Idea Financial explained that after further review, Idea had no interest in allowing us to withdraw funds from our credit line. They informed me that my draw request was denied because they will not fund a negative account. I pleaded for help, explained the situation, and even demonstrated that we could repay the amount in 4 days. We have never missed a payment to Idea Financial. As a result of our safety net not really being a safety net, we did in fact have to close. The damage to our business is in the 10’s of thousands, not to mention the loss of revenue and damage to our reputation. We are not about to close permanently. We have increased sales by 30% every year for the last 5 years. Dun & Bradstreet scores (Paydex 80, Overall Assessment Stable, Likelihood of Continued Operations, Low Potential for Late Payments) are good to excellent. My personal credit score is 759. WHY WOULD YOU NOT ASSIST US???? In 5 and ½ years in business, we have never closed once. We have now increased our monthly payment to Idea Financial to conclude our relationship ASAP. Our company needs partners that we can rely on, and in a terrible moment for 32 employees and 1600 customers, we failed them. We won’t make the same mistake twice. Once they are paid in full, our Company will get a line of credit that is available for the worst case scenario. I do not require a response from Idea Financial. You made your position clear, and I understand your explanation. I do not agree with it, I simply wish to help other small business owners avoid my mistake. Thank You *Update: As of 01/16/2024, our credit line with Idea Financial has been paid in full and the account closed per my request.

I am very disappointed in how the request for a simple payoff letter was handled! It took 5 days. 3 Other lenders got us what we needed in hours. Even our big bear bank got us a letter in 24 hours. In the end Ideal team was just holding off to talk to me to get more information from me directly that my authorized team was and would have gladly answered for them! Our rep was stubborn and hung his hat on “policy”which was clearly just a game to talk to a principal partner. The first question was why we were requesting the letter. Lol. He asked me 3 simple questions to verify my identity nothing more to process a simple letter on what we owe them, all of which my team could have easily done. Even after I spoke to him he didn’t deliver the letter immediately which seemed out of spite at that point because I refused to respond to his first question due to the nature of his dishonesty over why he needed to talk to me. We have worked with 3 or 4 lenders like Ideal over the years and have never met a team that was as solely focused on their needs vs keeping a very good customer happy. They made a fair amount of money from our business but struggled to see the additional opportunities that would have been there had they made this transition process easier. I will not use them ever again! It’s a shame really.

Very untrustworthy. They asked us to pay down a different loan to approve us, which we did. The day after signing the agreement, they closed our account. Their reason was a credit line we got while we were looking for credit and before their approval but had no balance. We only agreed to discuss additional funding because Idea offered a higher limit and lower cost. That other credit line had requested we made a minimum draw to open it, which we repaid fully the week after. This happened three weeks before signing with Idea. Now after closing our account, Idea requested we fully close our account with this company to "see" if they get us reapproved, but with no guarantees. No need to say, at this point, we cannot trust them enough to do that. We had already paid down a loan at their request to give us their first approval. We cannot keep hurting our credit for them just to play around. DO NOT TRUST IDEA FINANCIAL. They don't stand by their signed agreements or their word. Take your business elsewhere. EDIT: The reply of Idea Financial, saying that we opened an account after getting approved, is an outright lie, and I have the documentation to prove it. This reinforces my argument: DO NOT TRUST IDEA FINANCIAL.

Idea finance will give you quick funds with no problems but the problem is when paying off the loan they suppose to give you 50% off on your interest and they did not give us 50% off, I would not work with them anymore I do borrow lots of money from market but this is complete nonsense, they are fraud, a bunch of fools working there

We applied for a credit line to finance a remodeling project for our restaurant. We needed to finance not only the construction but the operational costs as we would be closed for a few months. The day we tried to draw down the credit line it was refused due to "loss of revenue". Well that's what happens when you close your business for a remodeling project! Now we have to scramble to find another credit line to continue the project. Its almost as if they expect you to borrow when you don't need it yet refuse to lend when you do need it. Not cool at all and defeats the whole purpose of a credit line. DO NOT EVER WORK WITH THESE PEOPLE!!!

The whole IDEA for a line of credit is to protect for overdraft. Not penalized them.