Mr Dodgy is a take-off of some of the fake business lenders that we have seen come and go over the years. Whilst we have thrown a bit of humour into this video, there is a very serious side to it.
Sadly, many business owners have lost a lot of money to these fake business lenders and their dodgy practices. No one should ever be ripped off, and to make things worse, this often happens to business owners who are already at breaking point financially, and sometimes in other ways as well.
This is why we want to call it out, and hopefully alert as many business owners and brokers as possible.
There has never been a more important time to ONLY deal with a well-established lender who you can trust, like HomeSec.
8 WAYS ON HOW TO SPOT A FAKE PRIVATE BUSINESS LENDER?
1. WEBSITE – Check their website and see if they have a business address, and information on who the directors and staff are. (many fake lenders have a PO box on their website, and no info on who owns or runs the company)
2. SOCIAL MEDIA – Check to see if they have a well established social media presence
3. LONGEVITY – Try to find out how long they have been in business
4. REVIEWS – Look for reviews. If there aren’t any, that’s a red flag.
5. ARE THEY THE LENDER – Ask the question straight out on whether they are THE lender and the source of funds.
6. LARGE UP FRONT FEES – Watch out for large upfront fees. This is another red flag, as it’s your huge fee they want you to pay that is all they are really after.
7. ARTIFICIALLY LOW INTEREST RATES – If the interest rate is incredibly cheap, ask what the monthly fees are. You often find there will be large monthly fees, which is interest in disguise
8. HIDDEN FEES – Ask lots of questions, including a list of all of the fees
If you would prefer to only use one of Austalia’s most TRUSTED private business lenders, click HERE.