Coy about costs. Brushing over the fine print. Pressuring you into something bigger or more expensive than what you need. If you’re an entrepreneur, chances are you’ve had at least one uncomfortable encounter with a lender who just didn’t seem to have your best interests at heart.
Earlier in my career, my partners and I built up a network of successful fitness businesses. The business grew quickly, and we started shopping for a loan to help us expand our profitable model to new markets. It was during this time that I got my first glimpse into the opaque underbelly of the traditional lending industry. We were shocked at how many lenders literally could not produce an amortization and repayment schedule. And when we asked them to share their fee structure and APRs? Crickets.
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