Unsecured Credit & Loan Program (UCLP)

Frequently Asked Questions

How long is the funding process?

It typically takes 2-3 weeks from the time you submit all of your required documents to complete the funding process.

What will my interest rates be?

Interest rates are usually in the 7% to 24% range, averaging around 12%.

Can I secure financing other than credit cards?

Yes, you can also secure loans and lines of credit, however, these financing options require proof of income (i.e. paystubs, W-2's or tax returns).

If you are able to provide income documentation, please ask your funding advisor about this option.

What is a "Credit Stacking"?

Credit Stacking is the process of securing mutliple loans or lines of credit to achieve a desired funding amount.

Because most individuals and small business owners do NOT qualify for a single loan or line of credit above $50,000, Credit Stacking provides the opportunity for you to secure up to $250,000 in combined loans and lines of credit.

What are credit inquiries?

An inquiry is a request made by a lender to check your credit score and history. They are categorized as "Hard" or "Soft". Hard inquiries affect your credit score and are triggered when you apply for credit, such as a mortgage, personal loan or credit card. This inquiry becomes part of your credit report and will be seen by anyone who does a hard or soft inquiry. A hard inquiry may recduce your credit score by up to 5 points.

A soft inquiry occurs when you check your own credit or when a lender or credit card company checks your credit to pre-approve you for an offer. Soft inquiries do not appear on your credit report and do not impact your credit scores.

How will you know which applications I've been approved for?

Upon enrollment, we set up an internal application portal on your behalf which gives us immediate access to your approvals and file activity.

This allows us to keep track of your progress and helps us guide you through the funding process.

Will this process increase the "Hard" inquiries on my credit profile?

Yes, however, we limit the number of "Hard" inquires by carefully selecting lenders, credit unions and credit card companies that match your credit profile.

By matching your profile with the right lending sources, we're able to reduce the number of "Empty" inquiries (Inquiries that do not result in an approval).

If you are able to provide the required income documentation to secure cash loans, you can get pre-approved for up to $250,000 without a single "Hard" inquiry appearing on your credit profile.

Once you're pre-approved, you can choose the loans with the best rates and terms. At your request, we will lock the loans you've selected and only those loans will appear as a "Hard" inquiry on your credit profile.
That said, once a credit card application is submitted on your behalf, a hard inquiry will appear on your credit profile.

Will I secure more than one loan or credit card during this process?

Yes, we employ a method referred to as "Credit Stacking" which includes multiple credit cards or loans to meet your funding goals. Unfortunately, in most instances, our clients do not have the cash flow or collateral to qualify for a single loan up to $250,000.

Due to this fact, our process is designed to ensure you are able to maximize your funding opportunity through multiple loans and/or credit lines.

What is a "Success Fee"?

A success fee is a fee charged to assist you in securing the funding you desire.

We call it a "Success Fee" because it's a performance based fee that is only charged after you have successfully secured funding.
Our success fee is 12% of the amount of funding secured (Example: If a client secures $50,000 in funding the success fee is 12% or $6,000).

How do I pay your "Success Fee"?

First of all, our success fees are only paid once it is confirmed that you have received funds in hand.

Once we have confirmed that you have received funds, we will issue an invoice for the amount due based on the amount of funding secured.
We recommend that you pay our success fees using the funds received. Example: You receive a $30,000 loan and the funds hit your bank account. We send an invoice for the success fee and you wire the fee from the $30,000 secured.

48 hours later, you receive a credit card in the mail with a $12,000 limit. We send you an invoice and you activate the credit card and pay the success fee from the $12,000 on the card.

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