Frequently Asked Questions
Q.Will I be obtaining only trade credit or CASH credit?
A.Be careful, there are a number of companies out there that will only help you obtain trade credit. Trade credit can only be used with the individual creditor, and nowhere else (i.e. Staples). This is great if you need $3000 of paper products from Staples, but is useless if you need money to invest, cover business expenses or expand your company. If it is CASH credit, you shouldn’t always need to personally guarantee the application. If the company says you will always have to personally guarantee all types of credit — then you are NOT receiving the full benefit of business credit. My process will introduce you to lenders that do not require a personal guarantee, however these vendors will still be checking your personal credit and need your social security number. They do this to stay in compliance.
Q.How fast will I be able to get cash?
A.The first round of funding will start as soon as you’ve completed the compliance check list. That can be in as little as 48 hours. It’s really up to you.
Q.If I get stuck while I’m taking all those necessary steps, will I have to pay you hundreds or even thousands to help me figure it out?
A.Many companies charge low fees up front and continue to tack on heavy, additional charges each time you call or write for help. At L4S, you will have UNLIMITED access to a dedicated coaching advisor to assist you from start to finish.
Q.Will I have the ability to set up my credit files, and monitor the development of my business credit score with all major business credit agencies all within your coaching platform?
A.Our business finance suite has a direct data feed relationship with the business credit bureaus. This means, when you have a new trade line reporting to your Experian file, for example, our system data feeds with Experian directly and you are notified immediately.
Q.Will I be required to show paperwork to get cash lines of credit?
A.Beware of companies that say it is not required to furnish financial statements, tax returns, business plans, bank statements, etc. to obtain financing without a personal guarantee. When it comes to getting approvals for cash credit without a personal guarantee, you will need to show that your company is financial responsible and you do this by showing it earns revenue, pays its bills on time and has establish good business credit file. If the company tells you that you can obtain this type of financing without providing real documents, don’t bother working with them, they are not being honest. L4S will show you exactly what you need to do in order to become a safe risk and secure this type of financing.
Q.When it comes time to apply for financing, are you going to pass me off from lender to lender?
A.Our online client platform is directly integrated into 19 business lending programs. In other words, we know each of the lenders underwriting criteria and as you are going through the platform with your certified business credit coach, you will automatically be pre-qualified for individual financing products as apply. Wait. It gets better. Not only do we identify which lending options are a good fit for your business, but we also fill out the application for you, and then automatically submit the lending request directly to the lender once you’ve approved of the terms. All you have to do is wait for a call and finalize the loan request!
Q.What are the rates?
A.Rates are determined by the level of risk the lender takes. For example, a loan backed by a securities portfolio can be as low as 2% while cash advances against merchant card transactions may be 10%. The rate will always reflect the risk. That said, due to the number and sheer volume of loans we broker, we have the lowest rates available anywhere.
Q.Will a trained coach show me, step by step, how to incorporate my business and build business credit?
A.At L4S, we spell out each step in our proven system for securing cash lines of credit without personal guarantee in an easy to follow process so simple a child could do it.
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