LenCred Reviews 464

The process with LenCred was a very good experience. I felt comfortable sharing my personal information and experiences to achieve my goals. i am very happy i have chosen this route.

Jerry,
Thank you for introducing me to the LenCred program. Your coaching was both informative and practical. The information has helped me expand my business.
Once again, a big thank you and look forward to working with you in the future.
Paul

I was looking for funding, Lencred contacted me within minutes of my application.

Clear, Concise, and Honest. I'm quite comfortable recommending Lencred for many financial endeavors.

Awesome experience. Staff very friendly and handled any questions or concerns I had promptly.

Randy was patient with my schedule and very straight forward on the phone. I appreciate the level of professionalism.

My coach Jerry Engert is patient with carefully explaining the process to use credit. I was able to obtain credit for the first time with his assistance. I will continue to work with Jerry for round two of the funding process.
Ruth - Ft Worth Tx

Before signing a contract with LenCred make sure you thoroughly understand the services they are providing. Only then, can you determine if it is your best funding option.

There were a few things I regrettably did not understand when I signed:
1. My personal credit background was used to establish business credit.
2. Applying for and using new business credit cards reduced my personal credit score (due to hard inquiries and new debt to credit ratios.) The hard inquiries only impact the score a small amount for a short amount of time. Newly incurred debt negatively impacted my personal score significantly.
2. There is a difference between personal versus business transaction reporting to credit agencies (the scores). Some of my new cards reported to the business credit agencies and some reported to personal credit agencies.
3. I didn't realize my new business credit reported cards were all personally guaranteed. Therefore, if the business goes under I am personally responsible for payment of those cards, and non-payment affects my personal credit score.
4. I didn't fully understand the service I was contracting them to perform. They collected and inputted my financial information in to their algorithms to determine what business credit cards I might be eligible for. They applied for those cards on my behalf.
5. I didn't realize many of the cards would have upfront annual fees (not after 12 months), very short or no 0% promotional offers and high interest rates.
6. Their fees were based on the total amount of credit they were able to secure on my behalf, whether I used the cards or not or even if I closed them immediately due to annual fees or no 0% promo offer. I was approved for multiple cards combined to a very high total credit limit due to my personal FICO score of around 830.

Result:
I spent a lot of time cancelling credit cards, moving funds from one to the other with better terms, paying balance transfer fees etc.

ADVICE:
1. Know what you are getting yourself in to.

2. If there is a way to provide parameters of the cards you would like them to apply for on your behalf and a maximum amount of total credit you would like them to apply for, do that BEFORE they start the application submission process.

3. BE SURE YOU UNDERSTAND: The business credit cards are nearly all secured with your personal guarantee. The "business" credit cards will not protect your personal assets or personal credit score in the case of default. On the positive side, it also won't your personal credit score, in the case of on-time payments.

12/26/2018 UPDATE: I have tried to reply to their response to my review on this site and received no response back. I also emailed my original contacts at the organization with no replies. They stated I had not responded. I hope we are able to connect to discuss my experience.

12/26/2018 Just received a personal email and apology from LenCred's management for not seeing my reply on this site. We will arrange a phone conversation soon to see if we can resolve this matter.

1/18/2019 After exchanging several emails and two personal calls with LenCred’s upper management, we were able to come to a clear, easy and fair solution. During the resolution process I experienced excellent educational and customer service. I am very pleased that my original financial goal of establishing business credit has been attained, my personal credit score is on the rise and my business will have access to working capital in the future, if needed. I am adjusting my rating from 1 star to 3 stars because it was ultimately handled well, but took a year to resolve "Average - acceptable experience but with some friction."

I was introduced to Lencred today and spoke with Randy Julien. Randy was very professional, courteous and well informed and knowledgeable about Lencred.

Randy explained the terms and conditions of establishing a business relationship with Lencred.

I want give Jerry a Special THANK YOU! This guy is Awesome! He make every step through the process very easy. I recommend you ask for Jerry! Good Luck!

LenCred is a fabulous company! Mr. Joel Wilson was particularly phenomenal as was Mr. Gabriel Beale. I am a start-up commercial loan broker, having just started my own business, and I am needing funds to get the word out about my business and the various commercial funding solutions which I can offer. Mr. Joel Wilson was particularly helpful in this regard as was Mr. Gabriel Beale, who reminded me that "the squeaky wheel gets the grease!". I am truly ecstatic about my partnership with LenCred and look forward to not only funding my own commercial capital needs, but also the needs of business owners everywhere! Thank you so much Mr. Beale and Mr Wilson!

5 stars (minimum) !!!!! All customer service companies,regardless of their affiliated industry, should model themselves after LenCred. Jeff is not only the consummate professional but genuinely cares about positive results.
He completely eliminated my anxiety with delving into an area of which I had zero knowledge. I simply cannot thank him and LenCred enough !!!!!!

Excellent customer service! The first time I ever felt like someone was looking out for me, my business and my credit. I would definitely recommend Lencred to anyone looking to open a restaurant or second location.

Step One! Joel Wilson was incredible. He was fast and efficient and got me set up for the next step immediately.

simple, fast and easy to deal with. no complaints at all.

Joel Wilson was incredible. He was fast and efficient and got me set up with Laurie Redman straight away. I would highly recommend anyone using this service that is in the construction business like myself. Thanks Joel and Laurie you two are rock stars.

You can trust this company. It is true that this is not the cheapest way to borrow money but Lencred explains everything right away. A really unique way to build business credit based on strong personal credit.

Rick at Lencred has renewed my faith in humanity. I was turned down time and time again due to my unique financial situation. I almost gave up and then was contacted by Rick who was so warm, friendly, helpful and professional that I instantly felt at ease. Finally someone took the time to listen to me and I'm so very greatful to Rick and Lencred for there excellent customer service