LenCred Reviews 464

My Business has benefited greatly with all the assistance that the LenCred BOSS program has provided my business. The team helps keep your personal credit pristine, They help Build and separate your Business credit (from you personal) and their ability to assist with unsecured working capital and they positioned my Business to be equipped to go after other low cost financing.

Brian

I was referred to this service by an SBA-SCORE mentor at Greenwood Capital. After LenCred reviewed the application, I was repeatedly assured that my personal credit would enable me to unlock small business financing to begin my firm's initiatives within our bp. After a year of headaches, $5,000 in expenses, and no financing awarded through their "algorithmic matching," I'm hoping by sharing my experience, I help others avoid the pitfalls of predatory financing consultants.

Dustin was my sales rep, and our initial conversations were cordial; however, it all began to fall apart once I began questioning the steps and processes outlined in the CSP (an outline of financing goals and objectives provided by LenCred). He didn't seem knowledgeable about the services, products, or processes to make it all happen. [Believe it or not, he once tried to convince me to open up a $10k credit line with a jeweler to allow us to proceed with the CSP goals. We’re a publishing firm – not rappers.]

Over the course of the year, I had more questions than went unanswered. No, literally, they went unanswered! After about 4 months into the program, reaching anyone for information or updates became impossible. Just writing about this experience is exhausting. So to sum all my woes, they DO NOT PROVIDE FINANCING OR CONNECT YOU WITH BANKS TO GET FINANCED, NOR DO THEY ASSIST WITH OUTSIDE APPLICATIONS FOR FINANCING (SBA, EDIL, or Traditional).

LenCred is a personal credit rebuilding program that will educate you on building personal and business credit. Much of [if not all] business financing info can be found online for free. Theres nothing proprietary or secret about the info. They're basically regurgitating nerdwallet articles and charging $99 for the 20 min phone call they use to share the said info. $5,000 for consulting fees, which LenCred takes as a loan against your personal credit through another company - Monterey Financial (I will upload another review on them concerning LenCred later)

I share sentiments with others who have been disappointed by LenCred’s services, as another customer review accurately put it;
"LenCred is NOT a bank, lender, or anyone affiliated with the SBA. No, they are a CREDIT CARD Affiliate. On top of the healthy commissions they will receive from the credit card companies for signing me up, they want an 8% "Loan origination fee." I don't know why I'm paying for a loan origination for NOT A LOAN. They also said they have a company they work with to gain access to cash from the cards, where they charge the Credit Cards and then wire the money to my vendors or me. This sounds pretty shady, and I'm not sure the IRS would be a fan of this. But I'm not a CPA, so I don't know.
Long story short. If you are reading this and wondering, "Am I being referred to a legitimate lending institution?" No, no, you're not. You're working with a credit card sales agency. If you're in desperate need of capital for your business and everyone else has turned you down, and you don't mind frying your personal credit, then LenCred may be your last option. Do yourself a favor, talk to a bank first."

Disappointment is an understatement. This is truly unfortunate, especially for small firms like ours. When we desperately needed help to stay afloat, Lencred prioritized the commissions for their sales team and not the needs of their customers. My LenCred consulting team has changed 3 times since my initial onboarding, and to make matters worse, the only consultant I was able to speak to has now left the company! YES, the Director of Business Credit Consultants that was on our account left while managing my account.

And sadly, it gets worse…

In closing, through LenCred, I have not been awarded or matched for a single penny through LenCred's services. My credit (721 at the time) was damaged from the many credit card applications, and the loan taken against me instead of my business, and my firm has not fully recovered from the missteps of LenCred’s team.

Stay away if you value your business and personal finances!

Keep 100% of your business shares and be your own investor! They will help you! 10 from start to launch.
Thank You LenCred!

My experience with LENCRED has been the turning point of my new career. Since first contact with Jerry Engert he did nothing but help me from the first question up until now. I can count on him to pickup the phone or answer a text The man knows his business and puts it in a language I can understand and for that I`m grateful

Building a financial base for a new business is important to success. It couldn't be accomplished without help from those that know about acquiring those funds. My business's success is being achieved step by step now. LenCred is the only way my business is becoming successful and it's because they know how to help. They have been a continuous support almost two years and they will be relied on in the future as the business grows.

I spoke with Christopher Lee and he was very professional, thorough and to the point. He broke it down of my next step and how long it might take . That's more than anyone else had told me.

We got all the funding that we were told we were going to get. Kattie helped us a great deal with closing all our accounts and kept up with great customer service and prompt communication through email. I would definitely recommend!

I'm just rating the person that called me because I haven't spoken to a lender yet. He was very professional, listen well and very polite.

LenCred did a good job, increasing my current credit limit by over $60,000. The team was very friendly and professional.

I just had my first conversation with Lencred representative, and it went well, he explain to me how the companies resources work. Very helpful, and knowledgeable. Looking forward to working with LenCred.

This is my first time working with LenCred and I am very happy with their support and professionalism. The team members are very well versed on customers needs and they promote encourage and positive motivation. I will refer Lencred to all my friends and family members, I want to extend my gratitude to the Board of Directors, because the company culture is very solid. Congratulations!! Thank you all at Lencred.

Edward Bennett

I called and was able to connect with someone right away. Within 10 minutes I was able to tell my story and give some background info. They came back while on the phone letting me know they were confident they would be able to help and have already scheduled a follow up call the same day to review the details.

They help team up with you and serve as a sounding board and offer advice of your best ways to spend the capital they lend you as opposed to just giving you funding with payment terms. They want to know your business and help you grow personally and professionally.

Randy Julian has been great to work with, and excellent going through the entire loan process from start to finish! I would recommend LenCred to any start-up business!!!

A Very Resourceful Company.
I’ve interacted with LenCred, in particular Dustin Weitzell and his support staff throughout the years. And my experience with LenCred has been very positive and productive. They’re a very resourceful group of individuals that are here to help when you’re in need of financial support for your business. A very professional organization.

Very clean explanations... You pay for - what you get. We look forward to growing our business with Lencred.

Fantastic company, with a number of opportunities for Small Business success. Excellent financial advisors to point you in the right direction.

I’ve had two great experiences with LenCred (2016 & 2018) and its tremendous staff. My Finance Advisor, Jerry Engert, was exceptional as well as his staff Tiffany Cope. Mr. Engert was “spot on” with his assessments and strategic planning. I was greatly pleased with my results. I had such a great experience with Jerry & LenCred that I will looking to become a referral partner.

My experience with Lencred is quite positive. Randy is congenial, capable, and knowledgeable. He is very professional and was able to answer all of my questions. I would recommend LenCred to anyone seeking financial support for their business.

My overall experience with Lencred has been very positive. Laurie Glynn is very knowledgeable and patient. She along with her team have made this process seamless and encouraging. I would recommend Lencred to any business trying to acquire capital.

I was introduced to Lencred and man am i glad i was. Laurie Redman was my advisor and she throughly walked me through the process of getting funding for my startup company. Within days the ball was rolling and i received substantial funding for my needs. Any question i may have had she was readily available and walked me through them. I would highly recommend LenCred to anyone looking for capital for their business. Thank you Laurie and the LenCred team for all you have done for me.