The Important Thing Is To Not Run The Client S Credit Multiple Times

Category: Finance, Credit.

Interviewed by Dan Clemente. Why did you start US Unsecured?

May 17, 2008. Antonio: I will not name names, but I found that most unsecured lending companies were charging outrageous application fees. I decided, why not create an affordable solution? Some where even near$ 1200, and there was no guarantee of their services. Naturally banks are tightening up and finding an unsecured loan is getting harder, so an application fee must be charged to cover overhead, but what I was seeing was ridiculous, especially at a time where unsecured loans were being handed out like candy. Antonio: The biggest enjoyment for me is making a difference in someone s life. What is your favorite aspect of the lending business?

Many clients come to us that have been denied, or are being proposed an ugly loan with ugly terms. The second biggest enjoyment for me is analyzing the deal. Sometimes I feel like we could charge three times what we do and still provide greater value. When a client comes to me, his numbers are usually scattered. And now every bank expects something different. Maybe he has a business plan, but he does not always know what the bank expects.

Small banks will not lend as graciously as large banks will. Banks change their standards every week, and unless you are working in this business and in the constant" know" , it s like enrolling in college at a foreign university where everyone is speaking a foreign language. But then there are banks like Bank of America, which just tightened their standards as to exclude all no document loans. Why do your clients need US Unsecured? Luckily our volume of customers from all over the US helps us to stay informed and keep the relationships we have with all of our lenders active. Antonio: As I stated in the last question, the standards of individual banks are changing at a pace that is almost faster than our company can keep up with. Once you accept a loan or line of credit and begin spending, the deal is in place, and whatever terms you agreed upon you are stuck with.

I cannot count how many situations where my employees have practically relayed a situation cringing to me about how a client was almost sold into a loan which demanded their entire retirement plan as a down payment and was structured over half as long as a term as what we could achieve. We act as financial consultants for small businesses and people. Even Donald Trump has employees which find the best financing packages for him. What is the general philosophy of US Unsecured? In the long run, it is cheaper than accepting a loan with the wrong terms, or worse not achieving financing. Antonio: We try to be adaptable to change.

The financing process is not immune to adversity. Just because a client has been denied or seems like a hopeless case, we do not give up. Just because the banker of a client has said no does not mean that we cannot get one of our lenders to say yes. We do not advocate this position with our clients, but you get my idea here. Kernel Sanders was denied over seventy times by different banks before someone said yes. The important thing is to not run the client s credit multiple times.

Our database of lenders understands how we operate, and do not run a client s credit until that client is ready to accept the offer that is only resting yet upon his credit score. If Joe Schmoe wants to try to get financing from multiple banks, he will have multiple inquiries on his credit as a result, which will decrease if not eliminate his chances at financing for at least another four months. Many people do not realize that a credit report they pull off freecredit. com is a consumer credit report, and may differ wildly from the" hard" credit report pulled by a bank. Antonio: My advice would be to find a good credit repair company that can remove bankruptcy, and other related, foreclosure misfortunes. If there was any general advice you could give to those experiencing the current mortgage crisis directly, what would it be? Often times a borrower will find that he is paying more on his house than it is worth. The advice given largely depends on the financials of the individual.

Many people for this reason simply walk away from their homes. The crisis will get slightly worse, but with the rising price of oil and the inflation of the dollar, we are bound to see the price of homes increase in the near future. Antonio: Thanks Dan. Thank you for time Antonio.

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