Predatory Lender. FundMerica call and advertise they will lend up to 15% of your gross income on your business at 5% rate, of course depending on the viability of your business. They asked me for 3 months bank statements, which I provided.
I’ve been in business for over 8 years with gross income of $120,000, which I substantiated and have excellent credit personally (785) and on my business.
They called back and said they could give a $5,000 loan for 5 months and I’d have to pay back $7,000. That is literally a 96% ANNUAL RATE!
I’m sure they’ll respond here saying my credit was poor or business didn’t have good history, but that isn’t the case at all.
I called 4-5 times asking to speak to a manager and was repeatedly hung up on. I’m surprised this is even legal.