A Loan Broker Lied To Me: Video

01:08 100% I guarantee it Lie
01:52 Consolidate in 30 days Lie
02:40 Offer is only available today lie
03:33 Debt Settlement Lie
A broker lied to you? Let’s take a closer look. Welcome to smallbusinessloansdepot. A loan broker lied to me. He promised me a consolidation if I closed the loan and paid on time for 30 days. After 30 days I tried to get the consolidation and was declined.
Does this sound like what happened to your business? If you have been misled or told a lie while getting a business loan, mca cash advance, real estate loan, or any other loan, we have some tips on how to work with a loan Broker, or a lender.
Step 1: Provide details before applying.
Call and go over your Company details over the phone. Your type of business, annual or monthly revenues or deposits, time in business, and credit. Ask what is the criteria or basic qualifications. Try to figure out if you match the minimum requirements. Ask is there anything that you or your business will automatically be declined for? TIP: Many brokers will not pre-screen your file at all, or very little. The basic information you give them is usually more than they will review before submitting your file.
Step 2: Broker Red Flags. Review what you are told about the options.
Does it make sense?

100% I guarantee it lie

Red Flag # 1: You are told: You will be approved, or I can get that, no problem, 100%, guaranteed. They don’t know that.
Brokers and even direct lenders do not, and cannot know if you will definitely qualify before you apply. Why ? They don’t know the details of your cash flow and debts until they see your statements. They can’t check if you can afford it until they see your debt.
They don’t know about your credit until they look at your file and your score. They also don’t know if have you had previous defaults.
So they absolutely 100% do not know in advance if you will be approved.

BS Meter 10 0ut of 10
Call us instead!!! At 919-771-4177. We will give you the honest truth and no misleading information.

Consolidate is 30 days lie

Red Flag # 2 You are told: Take this deal now, make on time payments for 30 days and we will consolidate you, Get you more money, and better terms. Or some version of that, such as make only a few payments and we will consolidate you, and get you more money after 30 days. This is a hard core 10 out of 10 on the BS Meter. It is not true. The broker does not know what will happen within 30 days, so they do not know what can be offered in 30 days.

Customers might run into cash flow problems during those 30 days or take out other loans that disqualify them for consolidation. What if your business has a very bad sales month? Paying for 30 days doesn’t prove much more to any lender than what they know already about you right now. If the lender has already really decided that you will qualify to refinance you in 30 days, why not just consolidate you or give you better terms right now? Its because they are lying so that you will take the deal on the table right now. And lastly,

Offer is only available Today Lie

Red Flag # 3: You are told this offer is only available if you close it today. Also known as Pressure tactics, or the take-away. Every Broker knows this one and many use it.
Step 3: Applying. If you are satisfied with what they are telling you makes sense, consider applying. Or call us at 919-771-4177 With over 20 years experience. If you are approved, review the terms closely.
Step 4: Closing: Ask questions about the exact closing process. Request the closing documents and review them as much as you can. Try to make sure the terms match what you were told verbally. Also Look for information in the documents that was not discussed.

TIP: Use the search feature on your document, command F or control F to look up critical keywords, Such as past due, default, fees, liens, ownership, arbitration, and debit. This may help you find any information on the most critical issues in
The event you run into difficulty repaying.

Debt Settlement Lie

Further TIP: many of our clients that have dealt with debt settlement companies have
Told us after the fact that They signed contracts, paid the debt settlement companies thousands of dollars, or more, but nothing happened for weeks or months. It was only after the customer paid for several
Weeks or months that the debt settlement companies sometimes began trying to negotiate with debtors. By then the lenders had already defaulted the customer.

TIP: Get commitments on when the broker or lender will do something, not just what
They will do. Call us instead!!!