business loans

[steve_64]

anyone ever use OnDeck for a loan?

ive been getting snail mail from them and was thinking about giving them a call. i would like to upgrade my truckmount but dont have the cash on hand at this time.

 

[WillS]

We looked into this and definitley decided against it. The approval is some what easy, they check how much deposits you have going into your bank, and then check to see what your bank balance is. If it isn't over $5 to $10,000 don't even try applying. To pay it back, they start taking between $100 to $200 automatic withdrawal from your bank account EVERY day until the loan is paid back. If you miss any automatic withdrawals or any bounces the fee taken out each day will increase. The withdrawals start the same day you receive the loan. No good.

 

[Mike Draper]

If you have good credit any local bank will give you a loan and probably at an interest rate that is lower as well. Be careful with non local. I tried this with my very first loan. They said I was pre-approved after a credit app. I sent them $1500 down payment and then they said I am not qualified do to me not being in business long enough. They said they are going to keep my down payment as a processing fee. I had to hire an attorney to get my $ back. When you deal locally you have more leverage to not have tings like this happen.

 

[steve_64]

thanks guys.
my credit isnt too bad but my name is still on a mortgage from my divorce a few years ago. i have only asked my bank about a loan but not actually applied due to my income to debt ratio from the mortgage.
the ex and myself have tried to get my name off the loan. i have been told twice paperwork was being mailed to me yet i never received anything.
the ex had fallen behind on the mortgage payments a couple times affecting my credit, otherwise i havent been late or missed a payment on anything in over five years. ive even given her money to keep things current. didnt want her losing the house.
all in all it was still worth the divorce lol.

may have to hire a lawyer to get things straightened out.

 

[rwcarpet]

It's tough to trust any type of "business loan" company. I applied at my bank for the lease/loan on my Thermalwave, all was good and approved, but they wanted "earnest" money down, uo to 15-20%. Even with automatic withdrawals, moving all my business and personal accounts to this bank, and the equity/collateral of the TM, they wouldn't budge.

Went to Interlink, and was approved in a day.

A lot of these "business loan" companys will turn your loan into a lease, or sell it to another lender.

 

[Captain Morgan]

thanks guys.
my credit isnt too bad but my name is still on a mortgage from my divorce a few years ago. i have only asked my bank about a loan but not actually applied due to my income to debt ratio from the mortgage.
the ex and myself have tried to get my name off the loan. i have been told twice paperwork was being mailed to me yet i never received anything.
the ex had fallen behind on the mortgage payments a couple times affecting my credit, otherwise i havent been late or missed a payment on anything in over five years. ive even given her money to keep things current. didnt want her losing the house.
all in all it was still worth the divorce lol.

may have to hire a lawyer to get things straightened out.

That's mighty generous of you Steve but if she was going to get the house she should have refi'd the mortgage into her name only and that way you and your credit isn't held hostage. Guess she needed you more than she wanted to admit. I don't know what type of relationship you and your ex have and it's non of my business.... time to cut the ties and move on don't you think? If she can't afford the house without you helping all the time, sell the house, split any profit and go your separate ways so you can live, grow you business and not be held back. Like the saying goes.... nice guys finish last... they REALLY do!! I speak from experience..

Good luck and Merry Christmas!!

 

[jcooper]

Bills right. If the house gets foreclosed or goes to a short sale, your not going to be able to finance anything for a while! TM or van goes down bad you wont be able to get another one.

may have to hire a lawyer to get things straightened out.

At least go talk with one.

 

[Papa John]

Hi Steve,
I was in your exact same shoes about 12 years ago---- except a little worst --cuz our home was sold short. But It turned out to be a BLESSING in disguise. The mortgage lender was from out of state and in California the lender cant go after the borrow for the loss. Anyway the blessing was that I couldn't borrow to get a TM- But I could get a Vortex Leased...haha . I

Can anyone remember the name of that company? Chicago area. my agent was Kip.

Good Luck!

 

[Russ T.]

Hi Steve,
I was in your exact same shoes about 12 years ago---- except a little worst --cuz our home was sold short. But It turned out to be a BLESSING in disguise. The mortgage lender was from out of state and in California the lender cant go after the borrow for the loss. Anyway the blessing was that I couldn't borrow to get a TM- But I could get a Vortex Leased...haha . I

Can anyone remember the name of that company? Chicago area. my agent was Kip.

Good Luck!

Kip Hardesty from Jefferson Leasing, its a division of The Bancorp. He helped me with my Cleanco 2 Summers ago. I have good credit so the process was easy and rate was low.

I was turned on to them by Ken Snow. I'm pretty sure Hagopian uses them too???

 

[Russ T.]

PM me if you want Kip's contact info...

 

[steve_64]

the ex did try to refinance once she realized what happened. she had lost her job teaching (school closed) and didnt qualify for gov assistance.
i only found out a couple years ago when i went to buy a home.
shes talked to a realtor about selling.
itsas a mess.
i took the business and she got everything else. the kids lived with her so i did all i could do to keep them secure. both in college now and engaged.
life is good, just have to clean this up and it will be great.
thanks russ, maybe after the holidays.

 

[TomKing]

anyone ever use OnDeck for a loan?

ive been getting snail mail from them and was thinking about giving them a call. i would like to upgrade my truckmount but dont have the cash on hand at this time.

Call Jon Don and talk with Mike in the Roselle location.
They have a program with the local dealer. He can get you the vehicle and truck mount in the same loan. GMAC finanacing.
I bought 2 Chevys with 4.8CDS salsa water pond. I got a rate at that time better than any bank was offering.
got 7 years 3% loan.