💬 Who wins when you get a subprime business loan in 2019 at an insane, let's say 1.39, factor rate?
Certainly not you. And if you dig deeper it is not even your lender. The only person who wins is YOUR business broker 💩. The same one, who covered up your 80% APR behind a 1.39 'factor rate’ on a 6-months Merchant Cash Advance.
The alternative business lending, that can also be called the subprime business lending, offers insane rates and terms for business owners. Brokers get paid up to 19% commission on certain business loans. Technically lenders pay the commission, however, ultimately if all comes out of your pocket. Wanna know more about BUY RATES? Read here 👉🏽 https://richielending.com/blogs/richie-lending-business-loans-at-buy-rate.
There is an alternative to this predatory practice
🚀 Richie Lending automated 95% of loan processing. Something that was previously done using Gmail and, in some outrageous cases, handwritten underwriting on a white piece of paper, is now being done using highly efficient algorithms 🤖. What used to take 80 minutes now takes 25 seconds; what used to take 11 hours, can now be done in 3 minutes. It allowed us to insanely cut costs, 300 times to be exact. It also allowed us to do it 200 times faster.
Result? We can offer the same loan insanely cheaper. What used to cost you up to $20k before now costs you only 199$, and that is the most expensive tier we offer.
Finally, Richie Lending created a situation when everybody wins:
Richie Lending wins because we can grow, spread the word and disrupt this ugly industry - WIN!
Your lender wins because we sell at BUY RATE, the very secret interest rate only your broker had previously access to. Lower rates for you mean less chance of default for your lender. - WIN!
And finally, you win because you save on average 14% on every single business loan you get or up to $20k.
Triple win, it was never that easy 🎉!