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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Secfi's loan

Finanso.Multilogin™

How to apply

The application procedure is straightforward.

  1. Create an account and choose your company.

  2. Go through an intro call and submit the full details. You will be required to provide information on yourself, your business, employment, and financial details.

  3. You'll be sent an offer detailing rates, fees, possible gains, and the repayment schedule.

  4. If you agree, you will sign contracts and receive funds.

Requirements

The process can vary greatly depending on which option you choose, since this business offers many financial products and services. For financing services, there's a certain set of requirements, and they include:

  • Good business status. Your company has to be on a solid financial footing. Moreover, the projections for the future also have to look positive. There are several financial analysis tools that help gauge your company's prospects.

  • Suitable options amount. It's vital to give the clients what they deserve, but sometimes it doesn't make financial sense for Secfi as a business.

  • Adherence to financial guidelines. There are several regulatory checks to be made during the process. FINRA has to approve the investment.

  • Residence. You don't need to be a resident of the United States, but it makes things easier. Every situation is different, but there are certain guidelines that every equity strategist reviewing the application must follow.

  • Enough time to process everything. Sometimes clients offer too short of a timeframe for this company to process and assess all the data and come up with a suitable offer.

For loans, the requirements include:

  • Good business status;

  • Suitable equity value and a number of liquid assets;

  • Good credit history. There's going to be a soft credit check when you apply. Please note that a soft credit check does not impact your credit score in any way.

Application details

The documents package doesn't really differ much from what you would get from companies offering similar services. Prove your legitimacy by adding documentation to the application. Once you submit details regarding your equity, tax, and company, you will receive an offer from the company, and then you will be asked to provide documentation to corroborate the information you previously provided.

The applications are usually considered 5-7 business days. The reasons for rejection can vary, but, in most cases, they are related to the applicants not meeting the requirements or providing insufficient or incomplete information. However, Secfi makes a point of giving all rejected applicants a chance to re-apply in the future. They say that the fact that you were turned down now doesn't mean that the situation won't change in a few months' time.

FAQ

Does Secfi take control or ownership of my equity?

The company takes neither ownership nor control of your pre-IPO stock. That's now how non-recourse financing works. Secfi's aim is to make sure you get the funds you need without losing your role as the sole owner of the company stock.

What are Secfi's financing rates?

Secfi does not provide clear information regarding their fees and rates. Every offer they send out is highly personalized, so you have to apply before you know what rate you'll be able to qualify for.

How long does it take to get my Secfi financing?

It depends on how cooperative your company is. On average, it takes Secfi about 3-5 workdays to fully process a transaction and deposit your funds to your bank account. This is done via Blue Ridge Bank (Member FDIC).

What to focus on before applying for a loan with Secfi

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Secfi and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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