This company claims to establish business credit. They say they can get a personal loan and also up to $250K in business loans. They run a preliminary report, tell you everything looks great. Then take your money and produce absolutely zip.
The business credit is predicated on you establishing a C-corp... Which of course they will handle.
Then, they will apply for a binch of credit cards with introductory cash advance rates. Whatever credit line they get for you will be reduced by their 10% finders fee. So &if it all worked by their standards, you'd be left with 90% of the credit they "establish" for you. Then you'd be stuck owing 100% to the credit card company (in your coporate name)—and as soon as the introductory rate ran out, you're stuck with high interest rates and oh, by the way, the credit card company charges a 4-5% upfront fee anyway. Immediately then you are paying 15% on the money you borrow.
I was desperate at the time. I still told them no after they told me what the next steps were. They were supposed to get me a personal loan first. Once that fell through, I declined all the credit card applications they were going to put in for me. So&i'm only out the $700 credit application fee.
Beware.
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