"Great service from Con and Aaron"

Great service from Con who was our onboarding manager, highly suits our business as we turnover our stock quickly and at reasonable margin. We borrowed $170,000 no credit check as it is classed as purchase of forward sales and was happy with the $10,200 fee over the 4-6 month period as we gross much more than this from our items if turned over quickly.

Funds were available quickly and portal is easy to use for vendors to be able to pay. Have roughly two repayments left and very happy with the outcome and decision to proceed with Clearco. It worked out for us, but you will need to have high turnover at reasonable gross to justify the equation.

Contacted the account manager (you get handed to a different person after onboarding). Told them we wanted another $200,000 for future purposes in a couple of months time once the current agreement was finalised. There was a little confusion, but after a little back and forth we have been able to secure another round and look forward to utilising this facility again. Aaron was quite helpful as our account manager to sort out our account in the end.

Love Clearco, Con and Aaron are great. Once again, have to reconfirm that this suits businesses with medium to high turn over at reasonable gross to facilitate the repayments. But 5 star facility in our eyes.

"Our responsable Coach Jasmina Becker is…"

Our responsable Coach Jasmina Becker is marvelous. So everything with Clerco is ok. We want to grow up our business with Clerco.

"Shambles - avoid if you can"

Shambles. Complete shambles. I went through the process and was approved for £42000 + fees = £44500. Added my vendor who they were already aware of and how urgent the supplier needed the funds in order to proceed telex and release my container currently at the port. After adding the vendor, I realised I had no access to the funds as I could not settle the invoice yet Clearco were sending me Payment requests . I was in essence repaying for something I couldn’t access. I Tried phoning only to discover their phone number doesn’t work. It’s fake. Ok. The sales rep who was always at hand prior To me signing and accepting now no longer responds. They finally got back to me advising of the error on their end and promised it had been rectified. I submitted the invoice which they claim was successful. Days went by and yet supplier still haven’t received the funds as such I asked Clearco for a payment slip / confirmation which I could at least share with the supplier only for Clearco to now turnaround and say the payment wasn’t sent because the recipient couldn’t be added. But On your system it states “it’s successful “. I subsequently cancelled my direct debit waiting on a response.

I refuse to repay a loan I haven’t even used nor can I access.

From your fake telephone number to poor support. It’s all a joke / shady

Avoid this firm if you are desperate !

"Not for the small sellers"

I was not sure about the exact payment terms or how everything works. Its my first time lending for my business at any place, so I wanted bit of clarification on how everything works. NOT BEGINNERS FRIENDLY AT ALL, they probably spend all their time with "HIGH SALES" businesses and no time for the small guys. I emailed customer service, Caitlin, and she took 5 days to get back to me, and all I wanted was an explanation how it works. I replied again and she still did not get back to me. They clearly don't want my business and I would rather go with someone else.

"Be aware of the 3 flaws of their Vendor Financing"

Clearco vendor financing is a great opportunity to fund inventory purchases - but it comes with 3 material flaws:

1) You immediately start paying off the entire balance of the funding even if you have only drawn down a small component. At times you might have paid back more than you have drawn!

2) You immediately start paying off the funding even if the goods you used it to purchase do not arrive for months. Vendor financing usually recognises that you pay the loan back when you start selling the goods the loan purchased.

3) Most importantly, Clearco only pays the supplier directly as "Clear Finance Corp". Many countries and banks require that the "payer on the bank payment" matches the "purchaser on the invoice" for the obvious avoidance of money laundering. We have had multiple payments frozen for this reason. That means the supplier never received the Clearco payment which then requires us to pay for the supply ourselves anyway. Clearco seems to be unaware of the seriousness of breaching banking and payment regulations in some countries.

"So far so good"

So far the process has been very simple with a clear clear offers made that I could choose to take or not. Paul was great in the initial discussions and I had hesitated initially as it seemed a bit too good to be true in some ways. Whilst I still have to pay back the majority of the funds, its been really easy to use and the Clearco funding now replacing our own credit cards on Google Ads spend. Obviously it pays to be cautious but there's no harm in having a chat with them if you think your business needs a funding alternative to the restrictions and paperwork of the traditional banks.

"Borrowed and repaid over £120,000 since…"

Borrowed and repaid over £120,000 since mid-2020 with no missed or delayed payments at all, we were recently offered a small top-up of £15,000 - accepted it - only to then be told that they can't lend to us because we sell CBD items. We've sold these since day one, well before we drew-down on the other £120k they approved to lend us, whilst selling these same items.

We're a longstanding, reliable and (I thought) valued customer, but even after the offer to disable the offending products from our catalogue, they say they cannot lend to us anymore and we need to look elsewhere for other finance partners.

Way to be 'for the founders'.

Completely unreasonable and unwilling to compromise.

Not to mention, this is not the first major run-in with them. They have, in the past, offered us £60k - we accepted - they then rescinded the offer and came back with £28k (yes, less than 50% of the algorithm-generated offer). I understand algorithms have their issues, but this was WAY off the original offer amount.

No apology, just excuses regarding the algorithm.

They are far from being 'for the founders' - just another large financial institution using very rigid methods of assessment, and applying zero common-sense. And if you think you'll be valued by them because you're a reliable payer and have worked with them on large sums previously - haha. They don't care.

"By founders for founders, almost the perfect solution."

By founders for founders, almost the perfect solution. One massive issue though. The program is marketed as perfect alternative funding bypassing the slow backwards traditional institutions. I switched from Paypal Working capital to avoid doing business with an algorithm, hoping to work with actual people and that's where this has all gone wrong for me.
The amazing personal touch of the people I first communicated with when making my application has now been replaced by scripted emails telling me that even though I have made flawless payments and am past the 90% mark I'm now at the mercy of an algorithm with regards to any top ups or further offers.
The algorithm apparently places emphasis on evidence of massive growth in the business. This is my first Loan, having pretty much fully repaid both principle and their interest, I have experimented (at my own expense) and learned which growth paths and ideas responded well to increased investment and which ones did not. I have a better idea what I would now do with my next loan. This is simply the way business works and I would have expected our founders to have understood this. Expecting everyone to experience massive growth from their very first loan just seems very unrealistic.
I hoped I had finally found a company I could actually work and grow with, one that truly understood the journeys we are on. One that operated in a predictable, reasonable way that I could actually count on and plan my business around. It doesn't quite seem that way. Even though I've paid back my loan in perfect time and without a single bounced direct debit I find myself back where I started with Paypals working capital, praying for the decisions of an algorithm that no one has no control over. The service is an amazing one but if you need predictable dependable access to funds for your business' future, which you can plan around long term, I'm not sure this is it.

The whole "Fuel and sustain growth with a steady stream of capital at your disposal", "Instantly top up" and "Access more funds when you need", the very things that got me hooked are simply not really a thing if we are to be completely honest. My business is now dyeing a slow painful death which I'm now at my wits end trying to prevent just because the top-up loan I expected after paying back so faithfully is simply not materializing.

Hope this helps someone.

"Zeitverschwndung"

Absolut unprofessionell. Ich befürchte das hier nur Daten gesammelt werden sollen. Wir haben all unsere Account verknürft bei denen wir insgesamt seit Jahren mehr als 150.000 EUR Umsatz machen. Heute kam eine Ablehnung das sie mit kleinen startups wie unserem mit Umsatz niedriger als 10.000EUR pro Monat nicht gearbeitet werden kann. Hä? Also, für uns absolute Zeitverschwendung.

"Haben nur gute Erfahrungen mit unserer…"

Haben nur gute Erfahrungen mit unserer Beraterin Jasmina.

Sie ist immer für uns da, und auch sonst ist Clearco ein total unkompliziertes Zahlungsmittel. Einfach perfekt!