LenCredDon’t misinterpret Lencred as a Lender. It is just a credit card
I was looking for a business financer. I am a veteran and have served my nation all my life. I am an honest man and deserve at least honesty from others. I applied for business financing but did not know I would be highly disappointed. I got the reference for this service from Lendio.
I made it clear on the phone that I was looking for the SBA Veterans Advantage Loan. The application indicated that I was looking for an SBA Veterans Advantage Loan. The sales rep affirmed the same, which was the first reason I ever decided to talk to this company about the loan I needed.
They acknowledged that my credit was stellar, and I was perfect for the loan I wanted. They later checked my business growth and other factors to access my eligibility. They confirmed that my business was promising, and I would have no problem getting the loan approved from their firm.
While talking with them, I never realized that these guys were not genuine. All this while I thought I was applying for the government-subsidized veteran loan. I was even okay with the non-SBA bank loan. However, none of these were provided to me.
I had a word with Jimmy, the sales rep. He is too good at his skills. There is no doubt about it. He has good techniques. However, after getting excited about our business and all, suddenly, he said that I wouldn’t be able to get the loan approved. But, he can help me with the 1215 CREDIT CARDS.
I am sure that Lencred is not a lender or a bank. It is just a credit card affiliate. Not only will they receive a big credit card closing commission, but they also want an 8% loan origination fee. I do not know what is that for? This is not even a loan they are offering.
They also confirmed that they are working with a company to access cash from the cards. They work by charging the credit card and wire transfer the money to the vendors. It seemed shady to me. I have been in business for the last ten years and have encountered different banks and nonbanks. But I have never heard of anything like this.
These guys are nothing but credit card selling agencies. They will pretend to be the best lenders, but all they can provide is a credit card with a substantial yearly fee and processing fee. I did not go with this company.
They lied to me in the first instance. If you are in desperate need, you can still think of something else. This company should not even be a choice. These people are scammers and will lie to you to get you on board. Whatever they say about their credit card cannot be as good as a loan account.
6 Reviews on LenCred
Lencred is a SCAM
LenCred is a scam! I paid into their program with the expectation that I would be guided to obtaining business financing. I did EVERYTHING they asked me to do for months and received no return. I received multiple credit cards opened in my name, a lowered credit score, and absolutely nothing else to show for my time and energy.
I was told I would have a professional team helping me along the way. I was even given names of industry leaders that would be my “team,” but those were not the employees that called me.
I was told I would most likely be eligible for almost $300,000 in business financing if I did what they said. When I questioned why my only source of lending where the multiple credit cards opened in my name, they said their private lender would reach out. They never called me.
My “coaching calls” consisted of 5 minutes conversations with people I am not sure had the credentials. I lost over $4k on this program.
Please DO NOT USE this guy.
I have worked with Dustin Weitzel and his team, during the first phase of our financing for our business Dustin secured the loans we needed. Dustin was difficult to get in touch with and at times we went weeks without receiving updates from him and this was very frustrating.
Eventually everything was taken care of. We paid for his service and expected him to provide additional coaching towards the end of our first year in business we made contact with Dustin and he responded immediately saying he was glad to hear from us and would help us in the next step of our financing and again we didn’t hear from him I made contact with the members of his team and again no response he has left us in a position now where we are struggling to keep our business going.
I don’t feel that we have received the support we paid for and were promised. Before you decide to work with Dustin and his team beware!
DO NOT employ these folks to steal money from you.
I worked with Austin Peppers and Jeff Gazaway, brother of the founder, to obtain a “line of credit” to open my business, a small trucking company. I was able to obtain $26,900 in credit through their process, but, it turns out they did nothing more than submit me for credit cards, which I could have done myself and saved 9% of that $26.9k.
Additionally, both Austin and Jeff assured me the cards I obtained would be strictly ZERO PERCENT INTEREST cards, which turned out to be a lie. The largest credit limit I got was from Barclay Bank, but it has an interest rate of 20.74%, even with a credit score of 777. DO NOT employ these folks to steal money from you. Do the legwork yourself and save the 9% fee they charge.
Lencred only gets you a bunch of credit cards and has no bank or other money to lend.
Worst company charging 9% of total credit which you qualify for and oh yes they do it on credit cards to fill out and get you a credit line of what some credit company’s have 0% interest for the first 12 months. If you want to draw cash from these cards using them it is a additional 2.5 to 5% depending on which way you go.
They got me for $6000. And now stuck with a bunch of credit cards I never wanted. Just wanted a line of credit for working capital. Wish I never used these or any other company that does the same thing. Also ruined my 830 credit score it is now a whopping 630 thanks to them
Still seeing if that is legal or not.
Jeff Gazaway is horrible, nothing more than a crook. He promises but doesn’t deliver. Just FYI they do nothing more than get you credit cards with a hefty fee you owe them. They will pull over 20 inquiries on your credit report and tank that. I would stay far far away from these people.
I have all the email correspondence and emails to prove how horrible they were from billing, to what they offer, they even remote into your own computer to fill out the credit card apps as if it were you. Still seeing if that is legal or not.