Bank of Cardiff transfers loan funds via an ACH and charges $395 for this service
However, companies in the practice of stacking loans simply to obtain additional working capital may sink themselves into bankruptcy as payment obligations pile up and more loans are needed just to stay afloat.
Origination Fees
Merchants obtaining funding from Bank of Cardiff usually pay a 1-3 percent origination fee. On a $100,000 loan, this amounts to $1,000 to $3,000 and must be paid in addition to factor rates and documentation fees.
Renewal Policy
It’s often the policy of alternative lenders to require a specific percentage of an initial loan to be paid off before considering renewal. Bank of Cardiff, however, touts a commitment to business growth as one of its values and is flexible with renewal and add-on options. Rather than considering a fixed amount paid back as a benchmark, the lender bases renewal decisions on the percentage of the approval taken on the first transaction and seeks to assist merchants with their changing financial needs.
Interest Forgiveness
Sometimes it’s possible to pay a loan off early if business picks up. Bank of Cardiff offers a 30 day interest-free early payoff option on approved credit. Other payoff options are also available. Merchants who do not qualify for early payoff options must pay the full amount of the loan and all fees regardless of whether or not they can pay the loan back before the end of the terms.
Loan Use
Bank of Cardiff provides merchants with the flexibility to choose a loan type that’s suited to their needs, financial situation and stage of growth. As long as the money is put toward business expenses, the lender places no restrictions on how merchants spend their funding.
Equipment loans and leases may be used to purchase any type of machinery or technology, allowing businesses in industries like manufacturing and food service to improve their products and offer a better customer experience. Lines of credit and MCAs are often used to bridge gaps in cash flow, and working capital loans can be put toward improvements, renovations, expansions or customer acquisition tactics. When seasonal changes in business require more staff or large inventory purchases in anticipation of sales, a loan from Bank of Cardiff can ensure merchants have what they require in advance of rising demands.
Online Reputation
- 4/5 BBB with an A+ rating
- 4.6/5 Facebook
- 4.9/5 Google
- 3.5/5 Yelp
Satisfied merchants praise the lender for its easy application process, fast approval and quick delivery of funds. When traditional funding isn’t a viable option or deadlines for cash requirements are tight, these merchants say Bank of Cardiff’s helpful, polite staff make it easy to get a loan.
- High fees and rates
- Incorrect or dishonest information about rates
Aside from the BBB website, Bank of Cardiff doesn’t appear to be responsive to customer complaints or praise. Few answers or dispute resolutions have been posted at the time of this writing.
Licenses & Accreditations
Bank of Cardiff has been BBB accredited since 2015. This lender has not yet been reviewed by any high-profile financial websites. Their California Finance Lender License Number is 603-G469
Company Contacts Details
- William S. Stern, Managing Director
- Dean G. Lyukin, Managing Director
http://www.installmentloansgroup.com/installment-loans-pa
This can be beneficial or detrimental to a business depending on its financial strength. Companies with loans or lines of credit in place with other lenders ent leasing, their existing providers don’t offer and could miss out on the opportunity to upgrade and get ahead of the competition if they can’t obtain additional funding. In such a case, a loan from Bank of Cardiff could improve business operations and lead to financial growth in the long term.