LOS ANGELES, June 6, 2014 /PRNewswire/ -- It is no secret that easy business loans have been all-but impossible to achieve for small businesses since the economic collapse of 2008, especially at most traditional large banks and financiers. The effects of this troubling trend have been far-reaching, leading many individuals in need of a small business or minority business loan to turn to unsavory lenders. This is evident through a recent increase in advance-fee loan schemes – those in which self-described loan brokers demand upfront payments for loans that never come to fruition. For motivated professionals looking for needed funding, the news is disheartening, but there is hope in the innovative, small business-centric lending at Advantage Capital Business Loans.
The Wall Street Journal reports that last year, there was a record 53,833 complaints about advance-fee loans and credit arrangers filed last year, a significant increase from the totals of 43,070 in 2012 and 44,504 in 2011. "We continue to see suspicious activity reports on variations of advance-fee schemes," says Steve Hudak, a spokesman for the Financial Crimes Enforcement Network, a bureau within the U.S. Treasury Department.
In one case that spanned legal courts in both Philadelphia and Michigan, five men pleaded guilty to charges of bilking borrowers out of more than $26 million between 2005 and 2011, while a sixth was convicted at trial. In another case, Tisto Chapman, owner of a Powerhouse Gym in Burbank, CA, paid a St. Louis broker thousands of dollars to help him obtain a bank loan to upgrade his facilities and refinance debt. However, after trying to contact the broker, Richard Saddler, by phone and email, he never heard back and eventually learned that Saddler had been indicted on three counts of wire fraud.
Many of these fraudulent schemes start online. In some cases, small business owners are targeted via email, while in others they'll become victims when looking online for lenders after being turned down for conventional financing. Fortunately, the trustworthy team at ACBL is committed to providing reliable loans to small business professionals when they need them most. In stark contrast to the predatory lenders and scam-artists looking to cheat small business professionals, the principals at ACBL are committed to providing ambitious, promising entrepreneurs with necessary lending that is simple, quick and easy to get approved.
During the underwriting process, traditional big banks and lenders often put the vast majority of weight on personal credit, value of collateral, debt-to-income ratio, and other factors that favor big, multi-national companies. This often leaves small business owners experiencing rejection for financial assistance when they need it most, leaving them susceptible to scams and con-artists. At ACBL, however, the majority of weight is put on a business's efficiency and potential, allowing promising small business owners a chance to receive the customized lending they need to achieve their goals. For a no obligation custom business loan, contact Advantage Capital Business Loans for a free quote at (877) 379-0202, or online at AdvantageCapitalBusinessLoans.com.
PR submitted by www.Cyberset.com
SOURCE Advantage Capital Business Loans