Client Review on LenCred
Feedback:
Customer service great, but the actual service is a rip off and should be illegal.I needed a business line of credit of about $20,000 to be used as working capital to get a new business off the ground. I was SOLD them "applying for a bunch of credit cards" that I could have applied for myself!Several credit cards had annual fees charged up front and interest rates in the upper teens or low 20%. I IMMEDIATELY CANCELLED THOSE CARDS and still had to pay the 8% "fee" to LenCred of the "total line of credit" or credit limit that was authorized by the credit card company.A couple of the cards applied for by LenCred did have 0% terms for 3 months, 6 months or 9 months. I used one of those cards to PAY THEIR 8% FEE, but first had to pay balance transfer fees to get it on that new card. The card LenCred had on file for me was my former personal card that did not have a 0% promo and thus I would have had to pay for it immediately and I am in a cash crunch launching a new business.In the end, I lost about $4,300 in FEES to them and credit card companies trying to juggle very short term 0% interest and balance transfer offers.A month later I got an offer in the mail for a credit card with 0% for 18 months of $15,000. I am now using THAT card that I applied for by myself to fund my working capital needs! HAD I WAITED A MONTH AND CHECKED MY OWN MAILBOX, I WOULD HAVE SAVED A LOT OF TIME AND MONEY AND FRUSTRATION!
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