Key takeaways
- Guaranteed approval claims deserve skepticism
- Demand written economics
- Never surrender control of accounts or credentials
Promises without underwriting
Legitimate financing requires some form of eligibility review. Be cautious with guaranteed approvals, guaranteed rates, or claims that no information is required.
Document the assumptions behind this part of the decision and compare them against the actual financing agreement. Terms, eligibility, and legal treatment vary by provider and product.
Unclear compensation
Ask whether the provider is a lender, broker, or marketplace, how it is paid, and whether it receives different compensation depending on the selected product.
Document the assumptions behind this part of the decision and compare them against the actual financing agreement. Terms, eligibility, and legal treatment vary by provider and product.
Missing cost details
Do not rely on a payment quote alone. Request net proceeds, total repayment, fees, frequency, estimated duration, prepayment terms, and default provisions.
Document the assumptions behind this part of the decision and compare them against the actual financing agreement. Terms, eligibility, and legal treatment vary by provider and product.
Security concerns
Do not share passwords, remote-control access, one-time passcodes, or bank credentials outside secure and verified workflows. Confirm domains and identities independently.
Document the assumptions behind this part of the decision and compare them against the actual financing agreement. Terms, eligibility, and legal treatment vary by provider and product.
Important
This guide is educational and does not provide financial, legal, tax, or accounting advice. SourcePoint is a marketplace, not a direct lender. Review provider-specific terms and seek qualified advice where appropriate.
Frequently asked questions
Are upfront fees always a scam?
Not every legitimate financial service is fee-free, but unexplained fees for guaranteed approvals or release of funds are a major warning sign. Verify the entity and contract before paying.
Should I sign a blank authorization?
No. Review completed documents, understand their scope, and retain copies. Seek professional advice for unclear or high-stakes agreements.