GUD Capital reached out after I filled out a form on another site. They're claiming to offer better rates than what I was quoted elsewhere.
I'm always suspicious when a lender proactively reaches out with 'better' offers. Are they a direct lender or just a broker who bought my lead? Has anyone actually gotten funded by them and were the rates what they promised?
shopping around for a $60k working capital loan for my electrical contracting business. been in business 4 years, credit around 690, profitable every year.
got three quotes so far. one bank at 11.5%, one online lender at 19%, and one broker who wouldn't give me a rate until i 'completed the full application.'
the 11.5% from the bank sounds okay but they want 2 years of tax returns, a business plan, and a personal financial statement. the process feels like it'll take 6 weeks minimum.
is 11-12% actually a reasonable rate for a business like mine right now or am i leaving money on the table? and is there a faster path that doesn't involve paying 19%+ to an online lender?