Western W.
Not good
Companies like Idea financial are what is wrong with our American economy. I am going give a very honest detailed review of my experience doing business with Idea financial. I have been in business since 2017 and my business has grown rapidly and our revenue just passed $6.5m in the last 12 months. I started with Idea in 2022 and in that time I have had 4 different lines of credit that would get renewed after we had paid them off. I never missed one payment since I did business with them and they have multiple times cut my line. One time specifically my line was approved for the full amount they offer of $275k and then when I went to draw they reduced the amount down to $100k and this was during a very difficult time when President Trumps tariffs went into effect. This made things extremely difficult considering we have 30 people on payroll as well as having very large POs. It is very clear to me that Idea Financial is in business for themselves and don't care for the businesses that depend on them for capital. Also this is another piece of information I want to put out is that they position themselves a great company and act as if they are lending money at fair rates, however my last line was at a 0.0884 factor rate on an 18 month term. If you calculate that it comes to a 1.5912 factor rate over the life of the loan. This is usury and should be illegal. If you are looking for a lender that helps you, not hurt you then you should look else where. Considering I have done business with Idea Financial for 3 years and have taken multiple loans from them I would say I have a say in this matter. I do not recommend Idea Financial
Response from Idea FinancialAug 1, 2025
Dear Western Welder, Thank you for being a customer of Idea Financial since 2022. However, we feel it is necessary to correct what is a very misleading and unfair review. Idea Financial decided to stop extending credit to you for one reason: you breached your contract. Our relationship is governed by clear terms and conditions designed to protect both parties and ensure responsible lending practices. You violated our agreement—specifically, our “stacking policy”, which prohibits taking any additional financing without our consent. We determine a company’s ability to service debt and you were clearly told numerous times throughout the closing process that taking additional debt is a breach and will result in your line being frozen. As such, our decisions should have come as no surprise and your complaints are both unwarranted and misleading. While we understand that this decision was disappointing, it was made based on careful review, adherence to our policies, and a commitment to ethical lending.