Lencred Review

2.3/5 - (3 votes)

This is an archive of a consumer complaint published against Lencred at DirtyScam.com-


Business Details –

  • Name: Lencred
  • Address: Southwest I Street
  • City: Bentonville
  • State: AR
  • Phone: +1 888-783-1503
  • Website: https://www.lencred.com/
  • Reported Loss: 500 $
  • Severity of Scam: High


Original Complaint against Lencred published at DirtyScam.com says, verbatim –


I was looking for a business financer. I am a veteran and have served my nation for all my life. I am an honest man and deserves at least honesty from others as well. I applied for business financing but did not know that I would be highly disappointed. I got the reference of this service by Lendio.On the application, I clearly indicated that I was looking for an SBA Veterans Advantage Loan. On the phone, I made it clear too that I was looking for the SBA Veterans Advantage Loan. The sales rep affirmed the same and that was the first reason why I ever decided to talk to this company about the loan I needed.They acknowledged the fact that my personal credit was stellar, and I was perfect for the loan I wanted. They later checked my business growth and all the other factors to access my eligibility. They confirmed that my business was promising, and I would have no problem while getting the loan approved from their firm.While I was in talks with them, I never realized that these guys are not being true. All this while I thought I was applying for the government subsidized veteran loan. I was even okay with the non SBA bank loan. However, none of these were provided to me.I had a word with Jimmy, the sales rep. He is too good at his skills. There is no doubt about it. He has good techniques. However, after getting excited about our business and all, suddenly, he said that I won’t be able to get the loan approved. But, he can help me with the 1215 CREDIT CARDS.I am sure that Lencred is not a lender or a bank, it is just a credit card affiliate. Not only they will receive a huge credit card closing commission, but also wanted 8% loan origination fee. I do not know what is that for? This is not even a loan they are offering.They also confirmed that they are working with a company for accessing cash from the cards. They work my charging the credit card and wire transferring the money to the vendors. It seemed shady to me. I have been in business from last 10 years and have come across with different banks and non banks. But, have never heard of anything like this.Thee guys are nothing but credit card selling agencies. They will pretend to be the best lenders, but all they can provide is a credit card with huge yearly fee and processing fee. I did not go with this company.They lied to me in the first instance. If you are in desperate need, you still can think of something else. This company should not even be a choice. These people are scammers and will lie to you for getting you on board. Whatever they say about their credit card, it cannot be as good as a loan account.



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