Click N Loan Reviews: What Borrowers Need to Know in 2024
Click N Loans connects businesses with lenders but doesn't lend money directly. You'll face marketing calls from multiple lenders after applying, and you won't know your actual lender until late in the process. Consider working directly with banks, credit unions, or transparent online lenders instead for better control and terms.
Respond to LawsuitFinding a lender for your small business can feel impossible. Click N Loans promises to connect you with financing options quickly. But does it deliver on that promise?
Understanding how Click N Loans works will help you make better decisions. You deserve to know what you’re getting into before you apply.
Sued Over an Unpaid Business Loan?
Lenders can take you to court for unpaid business debts. Respond properly to protect your rights and explore settlement options before the court deadline.
Answer Your LawsuitClick N Loans Connects You With Lenders
Click N Loans is not a bank. The company doesn’t lend money directly to businesses. Instead, it sends your application to a network of lenders.
You won’t know which lender will approve you until after you apply. Each lender has different terms, rates, and requirements.
The company offers several financing options:
- Merchant cash advances
- Revolving lines of credit
- Short-term loans
- Equipment financing
You need good credit to qualify for most options. Same-day funding is only available if you apply before 10 a.m. EST on weekdays.
Most applicants won’t qualify for the best loan terms. The website even includes a disclaimer about minimal eligibility for competitive loans.
Your Contact Information Gets Shared Widely
When you apply through Click N Loans, you consent to marketing calls. Multiple lenders may contact you after you submit your application.
Being on the National Do Not Call Registry won’t protect you. You voluntarily gave your information to Click N Loans and their partners.
Expect phone calls from companies you’ve never heard of. You’ll need to ask each one individually to stop calling you.
Example: Henry’s Experience
Henry needed a short-term loan for his new retail store. He applied through Click N Loans for quick funding.
The next day, five different lenders called him. Henry was on the Do Not Call Registry and filed a complaint. The FTC dismissed it because he voluntarily shared his information.
He had to contact each company separately to stop the calls. The process took more time than expected.
Click N Loans Has Limited Track Record
Click N Loans is a relatively new company. Better Business Bureau accredited them in June 2023 with an A- rating.
Being legitimate doesn’t mean they’re your best option. You won’t know your actual lender until late in the process.
Working with unknown lenders carries risks. You might face unexpected fees or high interest rates. Some lenders use aggressive collection practices if you fall behind.
Consider these alternatives instead:
- Your local bank or credit union
- SBA-approved lenders
- Community development financial institutions
- Online lenders with transparent terms
Researching lenders before you apply protects your business. You want a partner who supports your growth, not just another creditor.
What Happens If You Can’t Repay Your Business Loan
Business loans can become overwhelming fast. Missing payments damages your credit and invites collection calls.
Some lenders file lawsuits to recover unpaid business debts. You need to respond to any lawsuit within your state’s deadline.
If you’re facing a debt lawsuit, our partner Solo helps you respond properly. You can fight back against collectors and protect your rights.
Ignoring a lawsuit guarantees you’ll lose. Responding gives you options to negotiate or settle the debt.
Better Ways to Fund Your Small Business
Aggregators like Click N Loans aren’t your only option. Direct lenders offer more transparency and control.
Start with institutions you already know. Your bank understands your financial history and business needs. Credit unions often offer lower rates for small business loans.
SBA loans provide favorable terms for qualified businesses. The application process takes longer, but the rates beat most alternatives.
Online lenders like Kabbage and Funding Circle specialize in small business loans. They clearly state their terms upfront without middlemen.
Take time to compare multiple options directly. You’ll find better rates when you control the process.
Questions to Ask Before You Apply
Every loan application requires careful consideration. Ask these questions before you submit your information:
- Who is the actual lender providing the funds?
- What are the exact interest rates and fees?
- When do repayments begin?
- What happens if you can’t make a payment?
- Does the lender report to credit bureaus?
Legitimate lenders answer these questions clearly. Vague responses should raise red flags immediately.
Read all loan documents before signing anything. Hidden fees and unfavorable terms often appear in fine print.
Your business deserves financing that helps rather than hurts. Choose lenders who operate transparently and treat you fairly.