|Unsecured Business Funding - Predatory Practices|
Unsecured Business Funding feeds on desperate small business people that need business capital. This is firm without moral or ethical boundaries and cares little about their clients financial needs. They are focused on collecting upfront fees and selling the many services of National Business Alliance, LLC dba, Unsecured Business Funding (UBF). The process starts with sales representative that completely misrepresents the UBF's lender success rates of funding and the interest rates that they can provide. The sales representative will misrepresent the amount of lenders, the processing time frame and their success at helping small business people. These gross misrepresentations are presented to prospective clients to create a false sense of confidence that UBF can provide competitive funding for their clients needs. This practice is designed to induce their clients to invest $250 for a Risk Assessment. It does not matter if the clients FICO score is 560 or 800. They will tell you that they successfully fund 98% of their clients. They generate a lot of money collecting $250 per person. After the client invests $250 and sends their 3 credit reports to UBF, you are introduced to their Sr. Underwriter. The Sr. Underwriter's job is to sell you on one of their various services. He will mislead the client to believe that his firm has an exclusive and proprietary process. He will tell you that UBF negotiates with current lenders to shop rates and that UBF gets paid a brokers fee (points) for directing their clients to specific lenders. The services they will try to sell a client include; Credit Repair, Credit Profile Building and lets not forget why you called them, locating lenders. The Sr. Underwriter will attempt to sell you on one of their programs depending on your credit history. If you have a FICO score of less then 700-720, he will tell you that you need the credit repair program. This program will cost $1,500 - $2,000 described as a prepaid success fee. If you have a higher FICO score they will attempt to direct you to their Business Credit Builder Program. Again, the idea is to collect an upfront fee from the client. What they do not disclose to their unsuspecting clients is that there are indeed more fees after the initial upfront success fee. The client moves forward through their fee collecting maze unexpectedly to their next person in the process. The Business Coaches job is to sell you on more of their services. The catch this time is that they do not want your cash, they want to finance an additional $2,000 for their Business Credit Builder program. They will tell you that it is 90 days the same as cash. What they don't tell you is that it will take much longer then 90 days to get a loan. They have you at this point. They have your money, they have you making payments to one of their many affiliated companies and you are completely at their mercy. The contract you sign does not guarantee you will be funded regardless what they tell you on the phone. You are officially SCREWED. Their web site service is inferior to any program one can purchase off the internet, the service is polite but ineffective and evasive. Everyone passes the buck on responsibility and no one is responsible or accountable. Although at this point you are aggravated with their service and their lack of proactive communication, you are still focused on getting funded. This where it really hits you, THAT YOU HAVE BEEN HAD. The Sr. Loan Processor finally gets to you by e-mail, (No wants to talk to you on the phone unless they are collecting money), to give you some options that you could get sitting in front of a loan officer in a bank for free. The stalling and evasive actions from the Sr. Loan Processors is part of the game. They will eventually send you an application to complete, but by this stage you are out up to $6,000 in fees with their firm. The rates the quote for their private lenders are as high as 14 points plus 8% interest. I STRONGLY RECOMMEND THAT YOU DO NOT PAY UPFRONT FEES WITH THIS GROUP. They promise you everything and deliver a very expensive and inferior service.