Don’t take the bait!

We all get them.  I am talking about offers  for a  line of credit with a specific dollar amount.  Whether they arrive in an e-mail, fax or online pop up ads, they usually include multiple opportunities to “click here” or “call this number” for an application and other details of the offer.  

In light of all the stories of phishing attacks and identity theft that are common knowledge, why would anyone take this bait?  I often wonder how many “fish” they really catch?  Due to the Equifax breach that may have divulged the identities of up to 143 million people,  these scams are likely to increase.

Securelist reported that in the second quarter of 2017, the percentage
 of spam in email traffic grew slightly from the previous quarter.
 The number of email antivirus detections increased by 17% in Q2 vs. Q1.” 

For businesses in need of capital, it can be tempting to investigate these offers of quick loans with instant access to the funds.  Some inexplicably boast that they are 100% tax deductible.  In response to this threat, The Federal Trade Commission recommended some precautions in a recent article.  

  1. Use caution opening attachments or clicking on links.
  2. Do your own internet search of the company.
  3. Make a phone call to the number on the company’s website.

Additionally, if  a business owner intends to acquire capital equipment with the funds from an online loan, an equipment lease could be a much better alternative.  For those businesses that have already purchased equipment that is free and clear of liens, a “sale/leaseback” should be considered.  These modes of financing  have many advantages over a risky online loan.

  • Far lower rates 
  • Tax Advantages
  • Secure Transactions
  • 100% Financing

Lastly, you can always contact Clune & Company, the Company you know, the Company you will keep.

It’s the “Lease” we can do,

Kevin F. Clune, CLFP
Clune & Company LC