LenCredReviews of lencred.com

Response from LenCredJan 29, 2024

Mr. Manzanaares, We are sorry to hear how you feel. Let’s fill in some blanks for our readers. Mr. Manzanaares got $55,000 in low cost financing with us back in 2022 when he was a client with us. Had he used all of that financing for his business his monthly payment would have been approx. $1,100/month. Pretty low-cost compared to other forms of financing. He needed no collateral and no financials for that $55k in approved financing. He had access to our 24/7 Learning Management System if he wanted to learn more about financing so he could continue to get the right kinds of financing as he and his wife grow their business. When Mr. Manzanaares came to us, he had a business entity and a chosen industry but no income/revenue so it was a true startup. We get people as much low-cost funding as THEY qualify for. This complaint comes to us out of the blue. We didn’t get any phone calls or emails from Mr. Manzanaares. Of course, we can’t help if we don’t hear from someone. Furthermore, Mr. Manzanaares missed 3 scheduled appointments with our team in a row back on 10/31/2022, 11/23/2022, and 1/4/2023 so it’s been a year now since his missed appointments and our efforts to continue his engagement. He paid us $1,000 and then financed the remaining portion of his total fee of $3,950. Before we started with Mr. Manzanaares, we gave him a written, Custom Strategic Plan in which we put our expectations for him in writing. We told him to only expect $20,000 in the first 90 day and we got him over $50k. We exceeded that expectation. We certainly could have got him additional financing had he continued with the plan we gave him. Here is exactly what we said to him in that written plan we gave him before he made his buying decision; this is a copy/paste from his plan: Use LenCred's combo plan; utilize our personal loans API with 15+ unsecured lenders AND tap into our credit card algorithm to apply for credit cards...both personal & business credit cards...this will give you access to more financing, help you obtain some 0% money, and make your credit file better and more robust. We aren’t sure how we could have been more clear with Mr. Manzanaares on what we were doing, how we would do it, and what to expect. We also couldn’t continue to assist him when he repeatedly didn’t show up for the scheduled time with our team. Mr. Manzanaares, we’re here and we haven’t gone anywhere. If you want us to continue with some additional financing let us know. Like all our other clients, we can only help you get the kind of financing that YOU qualify for.

Response from LenCredDec 5, 2022

With Deryell being a name that is not common we searched our database and cannot find this name. Please elaborate and give us whatever name we would have for you so we can find you. 12/19 update - in addition to our database we also went back and reviewed our soft credit pulls we do for prospects in addition to our clients. This would tell us if we ever had any interaction with you Mr. Patterson. Since the search for "Deryell" turned up nothing we also searched under "Patterson" and reviewed each and every credit pull for anyone with that name in the last year. With over 100 names in our search under "Patterson" we do not see a credit pull for anyone with your name; there's only two of those in our search whose names begin with D. One is a woman and the other is not a name that is even close to yours. Please reach out to us at 888-783-1503 or [email protected] so we can locate who you are and try to assist you. Thank You.

Response from LenCredOct 16, 2022

It’s never fun to be in a position where you have to respond to a client like this in a public forum. We’ve had numerous discussions with Glenn over the last year of his engagement. Glenn is a good guy and is pretty well known by our team. We certainly didn’t put him in debt but I will clarify what he is referring to. Glen paid us last year for one of our solutions that was offered to him based on his qualifications and goals. He paid us for that solution and we have spent many, many hours working with him since his engagement began. One of the pieces of our technology is an API with 20+ companies who offer personal loans. These are lenders that anyone can find online if they look and search for them. They are primarily designed for people who want to consolidate their credit card debt. These are likely lenders who many of you know about. Our API has what we believe are most of the main online lenders in the marketplace who participate in this personal loans space. What’s different about our technology is NOT that these are “secret” lenders or that we get someone better rates than what they qualify for. It doesn’t work like that. One of the things our technology does is it allows a client like Glenn who needed to consolidate debt when he came to us to get that done more efficiently utilizing soft credit pull technology to get multiple offers from lenders and then choose whatever terms you like the best from those offers…and to have a higher level of confidence that you got the best possible deal that the marketplace would allow based on YOUR qualifications. We can’t make or force someone to get more money than a lender is willing to loan them and we can’t make or force those lenders to give terms to the borrower that are better than they qualify for. That, in essence, is what Glenn basically wants and expects. It, unfortunately, is not something we can do. We were successful with Glenn in finding a lender who would consolidate some of his debt. Glenn didn’t like the terms at the time the offer was made and he is still not happy with the terms he got. We are not the lender. We don’t make more money or win by helping Glenn or any other client get higher rates or terms. We simply try to assist and with our experience and technology our clients can get the best deals that the market offers them based on THEIR qualifications. It is important to note that we DID NOT force Glenn to accept the offer he was given. He chose to proceed with the loan he was offered. He saw the Truth in Lending document before he closed on the loan. He chose to sign and take the funds. We have had clients over the years who say no to their loan offers and we move on with the rest of their plans if they don’t want what gets offered to them. It's simple stuff. There have been numerous discussions with Glenn about this topic and our attempts to help him understand these basic details have not been successful. We are here to help him. If he wants to proceed with us and work toward building business credit and working toward solutions we will be here. If he would rather blame and talk about what doesn’t work then we will not be able to assist him.

Response from LenCredFeb 7, 2022

Brandon – we are sorry to hear about your frustrations. It’s never fun or part of what hard working teams want to have happen when a client is unhappy & it’s certainly even worse when they take those concerns to a public forum. We are a team that cares deeply about the work we do but we cannot create a funding solution for anyone that their own income & credit qualifications don’t allow them to obtain. This has been frustrating for us just like it’s been frustrating for Mr. Bennett. While we agree that Mr. Bennett has good credit, we do get permission from our clients to perform soft credit pulls & then our algorithm that has been developed over the last 6½ years gives them a funding range for what to expect as part of their funding plan. In our several months of working with him or trying to work with him we performed several soft credit pulls & FICO score checks &, in that time, we’ve never seen an 800 FICO score, nor do we have this partner of his who he mentioned. We would be happy to work with his partner if he wants & would coordinate that with us. Back to our algorithm & funding ranges we give our clients before they engage with us, with our Funding Express plans we even show people EXACTLY how they compare to other people who have the same Income & Credit levels that they have. This helps us, quite honestly, to avoid situations where people feel misled because they are seeing data-driven results of many others just like them. It shows them what the average funding levels are, the low & high results, & it’s an attempt to help people better know what to expect. What is misleading about this review is that we got him MORE money than we told him we would get him in the first 90 days of working with us. BUT we only completed half of his first funding round & we planned to do 3-4 funding rounds with him during the year. Our processor made four follow up requests to finish the 2nd half of his first plan. He was called or emailed on 6/3, 6/4, 6/8, & again on 7/8 in an effort to continue moving him forward. He was unresponsive. Even though Brandon wanted something he wasn’t pre-qualified for & that wasn’t part of his funding plan that was put together by a team of experts that collectively has over 20 years of business financing experience, we did agree to review his financials to see if something was missed and if he could get financing he was requesting. Upon review of those financials, we let him know that we did not see any unsecured business lines of credit that were not credit card based for which he would qualify. As a company that has done several million dollars in non-credit card based unsecured business lines of credit, we have a fairly good handle on how to get that product or solution. Anyone with experience in business finance knows that a solution like that is tough to get as a real estate investor like Brandon & that when a company is in a better industry & qualifies for a product like that…well…they know that those lenders have tight underwriting criteria & that they normally will only lend about 10% of the top line revenues so with Brandon being in an industry that is high risk & for having revenues below the mark it just wasn’t a fit. He didn’t like that, & we never had a chance to continue helping him with the financing he did qualify for. In our 13+ years of working with thousands of real estate investors & doing over $250 million in financing for them we would LOVE it if there were the kind of bank loan options Brandon claims are out there for real estate investors. If Brandon was correct that he was “easily able to obtain lines of credit” by just calling a few banks, then we commend him. Ironically, in 13+ years of working with entrepreneurs & small business owners, we rarely hear from anyone that they were able to “easily obtain lines of credit” from a bank.

Response from LenCredFeb 7, 2022

It's always an unfortunate thing when any client is unhappy. Being in business for over 13 years like we have, we try very hard to hire great people, build great software, and put good processes and systems in place so that our services can be delivered consistently and at scale. Reviews like this one and the several others Josh has posted on various sites are always disappointing to our team of hard working people. We have well over 1,000 active clients who our 40+ employees work hard every day to serve and we diligently follow our agreements and the plans that our valued clients are given before they make their buying decision. For Josh, when we moved him to funding he did not yet have his business and his entity set up so it makes it tough to get funding for a business owner when they haven't set up their entity yet and didn't want to do so. When we talk about our "average" fundings we get our clients we only include funding totals for our clients who have their EIN set up. Since that's 99% of our clients it means that people like Josh who don't have an entity as a business owner are rare. We encourage them to set up their entity for obvious reasons and we offer a discounted solution for them with a company that has very good service and fair pricing and that was all part of Josh's funding plan that we recommended before he decided to hire us. It's strategy 2a on his written, Custom Strategic Plan. When he wouldn't set up the entity we sent him to funding with a modified plan that is not at all what it would have and could have been if he would have followed our plan that he had from the beginning. Sometimes when you try to help rather than sticking with what you know is best it can work against you. In this case it seems it has. After Josh's funding round when he was only able to obtain a few approvals, and he quickly became disappointed. He stopped returning our calls and showing up for his appointments with our team. We hit curve balls all the time with clients. It's part of life and it's why the Federal Reserve published in their small business credit survey that the majority of small business owners are unsuccessful getting all the funding they are looking for. Our data, our CSP's (Custom Strategic Plans), and our technology help to reduce the number of small business owners who are disappointed but things like this do happen. In Josh's case, it could have likely been avoided if we would have had him set up his entity as the plan stated. There are several parts of this review that are also factually inaccurate so that's also frustrating when someone says things that are false, not accurate, and misleading to any reader. We are not and never have been a subsidiary of Monterey Financial Services. I'm not sure why someone would attempt to say something so far from the truth but we will let you decide after you've read our response. As far as Josh's credit score drop we only perform soft credit pulls for our clients and we've certainly never seen his score drop as much as he's indicating. He could be comparing a FICO score to a non-FICO based score (we call them FAKO scores) but we did point out to Josh in one of his 2 emails he sent us after his funding round that his score would have been impacted by the big increase in spending he did and the 2 cards he maxed out as well as the card he went over the credit limit on. We have a clause in our contracts called the Treat Your Credit as an Asset clause and so our plans are all put in place to help our small business clients to separate their personal and business credit. We can help Josh with that but he has been doing his own thing and stopped communicating with us. Josh's Discover card being closed down is something that isn't a good thing and is a bummer. For context, we don't know why it got shut down and Josh hasn't provided us anything from them to better understand. It was his lowest credit limit card by far - his next highest credit limit is 7 times higher than that one so his average credit line has increased. Additionally, his average age of file on his revolving accounts dropped from 4.04 years to 3.68 years. There is no "fine print" in our agreements. We use the same font size and style throughout. We have different types of solutions so our engagement with some clients are shorter than others. With Josh, he chose a 12 month engagement and that plan brings with it a 5 day right of rescission. We have very few cancellations and if anyone doesn't think they want a 6 or 12 month plan then they can choose our Funding Only option where they just get funding and nothing else. For most people that's not what's best for them because they miss so many of the basics of having excellent personal and business credit but it is an option. We would be happy to pick back up with Josh and we are happy to reconsider his Custom Strategic Plan and see if any portions of it need to be changed or updated. However, at this time, the majority of the challenges are the result of NOT following the plan; Josh will likely get better results and more funding if he's willing to follow the plan we gave him before he hired us. As Josh stated we are also more than happy to provide all documentation and move to an independent arbitrator to resolve the matter if Josh does not wish to work with us directly.