Excellent
Based on 458 reviews
LenCred4.8Honesty, pricing, process and quality scores appear once 5 customers have rated them.
LenCred helps entrepreneurs and small business owners obtain low-cost financing and assists businesses with high-cost debt to improve and/or restructure their debts to more cash-flow friendly financing that reduces interests expenses. Startups in their first 3-5 years can obtain between $25,000 - $250,000 in low-cost financing that doesn't require collateral or financials and that can be used to start, build, and grow their businesses. Established companies can get even more, all WITHOUT needing to pledge your precious collateral.
LenCred (lencred.com) has 458 customer reviews on Folks Told, with an average rating of 4.8 out of 5.
458 approved reviews, newest moderated first
srikanth T.
Mandel Whitehead signed me up for program giving me all false information after signing up there is no one to actually give training and once the training starts you will hear complete different things then what was told to you before you sign up ? and when i am not happy and requested for refund they said no refund but before i signed up they said 30 days refund not they will take my $7800 by cheating me .
CARLO D.
I am a Business Loan Broker who offers LenCred’s BOSS programs to my clients, among other funding solutions. I have also been through this program myself. Based on my client’s experiences and my own personal experience, I can confidently say that the only time this program does not help you is when you do NOT execute the strategies in this program. If you listen to what your Business Finance Strategist, Business Credit Advisor, and Personal Credit Advisor tell you, you will be successful! No doubt in my mind. No company does what LenCred does. Other companies do parts of what LenCred does, but none are doing what these guys are doing. They are an innovative brand that just keeps getting better each day. I know they are working on additional game changing projects. Can’t wait to see what they bring to market next. Highly recommended!
George G.
I'm an independent business loans broker and represent over 20 lenders. The most frequent inquiries are fast loans for startups, and I have 3 lenders in that space with origination fees of 10%-15% and interest rates of 9%-15% and up. Here is my experience when I started offering LenCred as an option. Comparing all 4 options side-by-side, 90% of my clients choose LenCred, for the following reasons: 1. no origination fees 2. zero-interest for the first year 3. renewal rates can be driven down to 3%-4% 4. 75% of clients need credit repair - this is provided at a wholesale rate and done quickly by a third party 5. a genuine commitment to help clients secure the cheapest funding in the market (i.e., lay a secure financial foundation for their success) 6. relationship-driven, not transaction-driven If your hair is on fire and you need a loan yesterday, this won't work for you. If you want to invest in your future with a trustworthy partner, you can't do better than LenCred.
Jay W.
I have used this program and process for 3 different companies. They have created a system that has really worked on stuff to help my business that I never even thought of. I have literally tried to find other funding companies get me more money since getting access to money can make the difference of staying in business or not and let me tell anyone reading this. ANY other company I inquired with wanted to charge me 10% to 15% of the money they got me. The lowest I got from a lending company was 9.9% and they said if they got me under $40,000 I would pay 11.9% and if they got me no money I would have to pay $795 for taking there time! What kind of crap is that! This is a flat fee, and it’s the lowest price I have gotten to get me to the money. What I also thought made this whole process better is they will actually help you fix the stuff holding you back personally and business wise. No one else even mentioned it. So happy with this company is an understatement. When ever I call them, they answer and help me every time. I have some that helps me on my personal credit and making sure everything looks good there. I have someone on business credit and they showed me exactly what I need to do to build my paydex score and the intelliscore. Then the funding person takes over and gets me my money! I paid 5k for all of that!!! Im telling you right now, LenCred is the truth!!!!!!!!!!!
David
Not a trustworthy company. Taking a lot of people's money. Ripping a lot of people off.
Brian P.
My Business has benefited greatly with all the assistance that the LenCred BOSS program has provided my business. The team helps keep your personal credit pristine, They help Build and separate your Business credit (from you personal) and their ability to assist with unsecured working capital and they positioned my Business to be equipped to go after other low cost financing. Brian
Brandon
I was referred to this service by an SBA-SCORE mentor at Greenwood Capital. After LenCred reviewed the application, I was repeatedly assured that my personal credit would enable me to unlock small business financing to begin my firm's initiatives within our bp. After a year of headaches, $5,000 in expenses, and no financing awarded through their "algorithmic matching," I'm hoping by sharing my experience, I help others avoid the pitfalls of predatory financing consultants. Dustin was my sales rep, and our initial conversations were cordial; however, it all began to fall apart once I began questioning the steps and processes outlined in the CSP (an outline of financing goals and objectives provided by LenCred). He didn't seem knowledgeable about the services, products, or processes to make it all happen. [Believe it or not, he once tried to convince me to open up a $10k credit line with a jeweler to allow us to proceed with the CSP goals. We’re a publishing firm – not rappers.] Over the course of the year, I had more questions than went unanswered. No, literally, they went unanswered! After about 4 months into the program, reaching anyone for information or updates became impossible. Just writing about this experience is exhausting. So to sum all my woes, they DO NOT PROVIDE FINANCING OR CONNECT YOU WITH BANKS TO GET FINANCED, NOR DO THEY ASSIST WITH OUTSIDE APPLICATIONS FOR FINANCING (SBA, EDIL, or Traditional). LenCred is a personal credit rebuilding program that will educate you on building personal and business credit. Much of [if not all] business financing info can be found online for free. Theres nothing proprietary or secret about the info. They're basically regurgitating nerdwallet articles and charging $99 for the 20 min phone call they use to share the said info. $5,000 for consulting fees, which LenCred takes as a loan against your personal credit through another company - Monterey Financial (I will upload another review on them concerning LenCred later) I share sentiments with others who have been disappointed by LenCred’s services, as another customer review accurately put it; "LenCred is NOT a bank, lender, or anyone affiliated with the SBA. No, they are a CREDIT CARD Affiliate. On top of the healthy commissions they will receive from the credit card companies for signing me up, they want an 8% "Loan origination fee." I don't know why I'm paying for a loan origination for NOT A LOAN. They also said they have a company they work with to gain access to cash from the cards, where they charge the Credit Cards and then wire the money to my vendors or me. This sounds pretty shady, and I'm not sure the IRS would be a fan of this. But I'm not a CPA, so I don't know. Long story short. If you are reading this and wondering, "Am I being referred to a legitimate lending institution?" No, no, you're not. You're working with a credit card sales agency. If you're in desperate need of capital for your business and everyone else has turned you down, and you don't mind frying your personal credit, then LenCred may be your last option. Do yourself a favor, talk to a bank first." Disappointment is an understatement. This is truly unfortunate, especially for small firms like ours. When we desperately needed help to stay afloat, Lencred prioritized the commissions for their sales team and not the needs of their customers. My LenCred consulting team has changed 3 times since my initial onboarding, and to make matters worse, the only consultant I was able to speak to has now left the company! YES, the Director of Business Credit Consultants that was on our account left while managing my account. And sadly, it gets worse… In closing, through LenCred, I have not been awarded or matched for a single penny through LenCred's services. My credit (721 at the time) was damaged from the many credit card applications, and the loan taken against me instead of my business, and my firm has not fully recovered from the missteps of LenCred’s team. Stay away if you value your business and personal finances!
Reply from LenCredSep 30, 2021
This is a difficult review to read for a variety of reasons. We always hate it when we have valued clients who are unhappy. It’s not at all what any company wants. In our 14 years of business we’re always looking to find ways to improve the client experience so unfortunate situations like this are a real blow to our team. In that sense we’re very appreciative that the vast majority of our reviews here on Trustpilot and on other platforms are 4 and 5 stars. As of this writing we are currently serving 1,304 active clients every month and we are passionate about what we do so we certainly would like to respond. A few things we would like to comment on. First of all, we had to do some research to find who we “think” this review is from. Since Brandon does not mention or give his last name we had to track down the Brandon in our system who this most likely is. I say that because we not only have numerous clients who we are currently serving with the name Brandon but we have an established process that our team follows whenever a client is unhappy and none of our clients named Brandon have ever told us they were unhappy and went through any kind of a grievance process with us. About 3-4% of our clients do go through that process and approx. 80-90% of the time we get the issue resolved with them quickly. This rep who Brandon claims was not knowledgeable has been with us for over 7 years and ON MANY OCCASIONS he’s been praised by our network of sales reps who he has trained over the years. He’s very widely regarded as being the exact opposite of Brandon’s claim. We don’t want to discount Brandon’s feelings or frustrations but when someone takes a swing at a really good person who is also extremely knowledgeable we at least want to defend our people. He’s a top notch professional according to scores and scores of his clients and people he’s trained over the years plus he’s a very invaluable member of our team who we love dearly. As far as not being a lender…amen to that. We never have been a lender and definitely DO NOT want to be a lender. There’s a reason why the Federal Reserve says that most businesses don’t get all the funding they are looking for when they need financing. It’s not easy to get business financing. If it was then we’d all be getting approved and we wouldn’t need technology and people and training and the many other things needed to be successful in our funding efforts. Oh how awesome it would be if we could all just go to the bank and get the funding we want at the terms we would like. We also agree with Brandon that there’s no “secrets” here at LenCred in terms of the information we have access to. There are national lenders, regional lenders, local lenders, credit unions, Fintechs, etc etc etc. We live in the internet age so most of the info is out there. We do, however, have very proprietary technology that we have a development team working on every day to help us better serve our clients and to bring more value to them. Brandon may not have had a chance to get the yield on that (which I can also comment on) proprietary technology but it’s been at work for several years and continues to get better and better all the time. That’s how software works. It usually stinks at first when you roll it out. I know our different pieces of tech were pretty subpar in version 1 when we rolled them out but now years later it’s pretty robust and that user feedback and data collection along the way is what helps the dev team make things better and better. Brandon stated that we charge an 8% origination fee which is 100% FALSE. We do not like that model and we don’t know why he made that claim. It is false. We do recommend a company that is VC-funded and who helps clients who want to pay people who don’t accept credit cards with their 0% business credit cards. Brandon says that sounds shady. The company is great, they have assisted thousands of clients, it’s a valuable service. They are real, located out in Silicon Valley and they do great work. We’re not sure why that’s shady but we will absolutely continue to work with them as their service is valuable…and quite popular as well. He mentioned that we are just a credit card sales agency. There’s a popular part of our technology that assists people with more efficiently acquiring unsecured financing (credit cards are a form of unsecured financing) but since we are not the lender we can get our clients as much money as quickly as THEIR qualifications allow. So when someone may not be ready for things like SBA loans we can use our technology to help them get the lowest cost money possible and avoid some of the high-cost borrowing that’s out there in the marketplace. Brandon mentioned someone who worked with him who left the company. Over the course of the 12 months since Brandon’s engagement there are 7 different people with notes about their communication with Brandon in our CRM. 6 of those 7 people are still with us and the one who is not still employed by us has applied to come back to work with us but she also was not in the business credit consulting position so that comment puzzles us a little. We have great people and very low turnover. As a fast growing company with proprietary technology, genuine relationships, and a cool, fun working environment we don’t have a lot of turnover. Regarding his other comment about his credit we certainly will not provide any detailed information but in our system we have done 16 soft credit pulls with FICO scores for his credit during his last year of working with us. We do not have any scores as high as he has claimed and all but 2 of them in our system are below the national average for FICO scores but that doesn’t deter us. We have technology that can help him and most others with credit concerns. Again, we can get people as much money as fast as possible based on THEIR qualifications. Brandon is no different. Lastly, I think it’s important to note one more thing. We did have an initial round of funding that didn’t go as well as Brandon or we had hoped it would go. Honestly, that happens. Then in the next 4 months we had 8 appointments and scheduled calls that Brandon did not show up for and where our team was unable to continue to assist him. Then, after that, we assigned two people to reach out to Brandon and to continue to make an effort to reach him so we could continue with our plan. After their 3rd attempt (10 weeks later) we did finally get a response from Brandon. Let’s hope that despite his frustration he’ll allow us to continue our work. We are here and we can hit his curveball just like we’ve had to with many other clients
micah A.
Keep 100% of your business shares and be your own investor! They will help you! 10 from start to launch. Thank You LenCred!
