Idea FinancialReviews of ideafinancial.com

Response from Idea FinancialMay 4, 2022

Dear Jay: We apologize for your concern. Idea Financial agreed to renew your business' line of credit. The decision to renew was completely yours and you were under no pressure or obligation to renew. When you did renew the line of credit, you were charged a renewal fee, which gave you access to an extended period on your line of credit. This renewal fee was explicitly disclosed to you in writing prior to your decision to renew. In addition, when a loan is renewed, we provide our customers the option (and courtesy) to extend their payments so as to lower the current payment. This was done for you. However, when you expressed to our representative that you preferred to keep your current, higher payment, we immediately accommodated this request. It is inaccurate to state that we charged you a 10% charge to renew. We charged a fee to extend your ability to draw for an entirely new draw period. You did not have to renew the line of credit and could have gone elsewhere, or simply continued on your current schedule of payments. At Idea Financial, we strive to provide excellent, transparent customer service and after reviewing the calls between you and our representative, we did exactly what is expected.

Response from Idea FinancialOct 8, 2021

Hi Jason. It is inaccurate that you have to re-qualify every time you make a draw. However, we do check to see if a customer has violated the contract (i.e., by stacking with additional alternative financing) or if the business has suffered a significant and marked change which would change the risk profile. These are standard requirements for which our customers are informed of from the beginning of the relationship. In addition, our rates do not fluctuate so it is inaccurate when you state that we alter interest rates. That is simply untrue. We are sorry you had a negative experience but we wanted to ensure that the things that were being said were adequately and fairly fact-checked. All our best, The Idea Financial Team

Response from Idea FinancialJul 2, 2021

We are sorry to hear that you had a bad experience. However, the reason we could not finance your business is because you violated the client agreement. We signed a contract to provide financing to your business and during opening, you were informed that a condition precedent to receiving funding was to avoid taking other non-bank small business financing (often referred to as 'stacking'). The reason we prohibit stacking is that our analysis determines the level of debt your business can afford. Stacking changes that calculation and is a breach of contract. We do wish we could have provided funding to your business but our credit decisions are not just for our protection, but for yours as well

Response from Idea FinancialMar 11, 2021

This review is not related to any of Idea Financial’s small business loans but is, instead, related to the Paycheck Protection Program. As many small business owners know, the PPP is a government program and all underwriting decisions are made by either the SBA or the federal bank that is responsible for the program. Idea Financial does not make these decisions. In this case, it appears the SBA denied the PPP loan because of an incorrect round 1 loan number. We are sorry that the SBA’s decision was unfavorable but this was out of our control. As it relates to the loan programs that are offered through Idea Financial, we offer a unique, fast and flexible line of credit. Once a small business applies, a decision is made quickly and funding happens 24 hours after the loan is approved. Unlike the PPP experience with the government, which in this case was not a positive experience, businesses that apply for financing directly through Idea will have a very enjoyable experience.

Response from Idea FinancialNov 24, 2020

Dear Beauty Brows: We take all reviews seriously and strive to provide the highest level of customer service. This is the second time you have left a negative review wherein you failed to state the facts accurately. Our line of credit contains a contractual term that prohibits a borrower from taking high interest term loans in addition to our financing. This is called “stacking” and increases your business’ leverage, making your credit rating with us lower. You were aware of this condition but you violated the contract on two separate occasions. A violation of our contract allows us to call the entire amount of the loan due. However we did not do that in your case. Instead we just declined your request to utilize the line of credit for any further financing. Even after your company violated our agreement, we provided your company with significant Covid-19 payment relief, first allowing an extended period of interest only payments and then extending the term of your loan to lower your payments. We hope this assistance benefited your company. We do wish Beauty Brows the very best.

Response from Idea FinancialAug 18, 2020

Hello Jennifer. We’ve reviewed your loan and want to ensure the facts are clear. Your company attempted to imitate a draw on the day the pandemic shut down occurred. Due to the uncertainty experienced by this unprecedented shut down of all businesses, we took similar steps as many lenders and banks and temporarily froze access to credit. In your particular case, this was not our last contact. We later received a request, and granted, payment relief for at least one month. This request for payment relief supported our decision not to extend credit. Following the payment relief period, we resumed regular payments. Since that time, your loan has been open and available for use. At no time have you requested access to the line since mid March. We are certainly sorry to hear that you had a poor experience. However we disagree with your recitation of the facts and encourage you to be accurate when expressing an opinion to the public.