Okinus Credit Solutions Nonsensical Policies: Pelham, Georgia

I agree with both sides of this, but thats not my point. I think the issue you are having with them is a simple one, You are new to using the company and they are a small company they do their due diligence to protect their equity. all you had to do was withdraw the application and resubmit it with the other account.



I am self employed and use them all the time they just want to make sure that you are going to pay the bill I use the furniture i purchased from them in my office. You actually gave them to much personal information.if it something you truly need to operate resubmit the application.

The only reason why I responded to this thread is because post like this are not really of substance to be considered a "rip off" as a objective consumer and a I do a lot of research on any company that I might do business with and to read countless posts about an opinion versus a "real" issue can get frustrating.

1. Okinus isn't required to loan anybody anything. Regardless of we as consumers feel.
2. Your statement "if they would have let me add another account", is a personal opinion and maybe totally out of the criteria to make the loan, if you do not keep or deposit more than $1000 per account it may show that your income is really weak and it states that you should show at least $1000 of deposits in that one account.
3. Your post displays as if you are entitled but yet you went to a subprime lender, so if they are offering to loan you money with bad credit then you should at least follow their requirements.

I true rip off report, would be if Okinus deceived you about their product and services and you are being ripped off now, if they continue to take money out of your account even though you paid your merchandise off, if they take more money than you agreed on paper, or they simply do not uphold what it written in the contract.

I found it that majority of people fail to read their paperwork in depth, they only listen to the sales people. Sorry I never listen to sales people because they do not pay my bills and only care to make the sale. The only thing that matters in a transaction like this is what the contract states, so just because the sales person tells you what you want to hear doesn't negate the fact that you have oblige to what you signed.

In addition, I dealt and deal with 2 companies like Okinus, one I totally love because they offer you 90 Days same as cash, early pay off where you can save interest and they are very correct. Yes if you go over your 90 Day the interest is very high but that's okay because that's how they can offer these loans to people that have dings on their credit which is a lot of Americans now. So if you have history of not paying your bills, these companies offering you a second chance but it comes with rules and regulations that YOU will have to follow.

There are defiantly items that you are NOT posting, and I would be pretty sure that those things are not favorable to your claims.  It also seems that you just don't "get it" about credit.

As far as the number of transactions, had Okinus allowed me to submit at least one more personal bank account as proof of income & activity, I would have qualified under both of their criteria. It's not what I "think" is sufficient -- the income criterion was provided in writing.
- They have TWO criteria, you qualified under ONE.  They don't have to "allow" you to submit more than one account if they don't want to.  This is THEIR money and you do not get to dictate the terms of what they should accept.

My point was that someone who is self-employed will continue to work as long as he/she can & doesn't have to worry about being fired versus someone who could be let go for any reason.
- I underlined a certain part for you.  What guarantee is there that you CAN continue to work?  Say you sell widgets.  What if no one wants to buy widgets anymore, or what if someone comes in and sells widgets for less to where they no longer want to buy your widgets.  What happens to your business?

Based on the amount of money I was requesting to borrow (around $1,000), there was a specific monthly income requirement.

You claim to have many bank accounts and yet your business has to go to an outfit such as this (high risk/high interest) to borrow $1000?  I don't get it.  You can't scrape up $1000 or use a reasonable interest rate credit card to buy office furniture?  There is another aspect to your business (or  businesses) that you're not telling if this is the only recourse you have to attempt to purchase $1000 of furniture with credit.

I'm self employed with 2 main businesses (computer services and property management).  Each business has ONE corporate credit card and one bank account for conducting normal daily business transactions (there are other accounts used for escrow/bond.)  This is my business structure;  one type C corporation which is the parent of two LLCs.  Each incorporated business has its own bank accounts and credit cards-I never co-mingle funds.  Of course, I have a personal credit card and bank accounts.

As to your question about what bank would issue a business credit card without requiring a personal guarantee, there are MANY.  One bank that I personally know of is M&T.  I am NOT a personal guarantor for the corporate credit card.

I would suggest you consult with a good business attorney.  You may wish to restructure your business to LIMIT your personal liability (that's one REASON for incorporating, the other is for raising capital/acquiring CREDIT.)

Good luck to you.

INCOME REQUIREMENT ISSUE: The salesperson with whom I was working at Furniture Mall showed me a chart with Okinus' income requirements. Based on the amount of money I was requesting to borrow (around $1,000), there was a specific monthly income requirement. I clearly exceeded this amount. As far as the number of transactions, had Okinus allowed me to submit at least one more personal bank account as proof of income & activity, I would have qualified under both of their criteria. It's not what I "think" is sufficient -- the income criterion was provided in writing. 

People can get fired from their jobs at any company, no matter how large or solvent. Companies of all sizes go out of business. My point was that someone who is self-employed will continue to work as long as he/she can & doesn't have to worry about being fired versus someone who could be let go for any reason. In the state of Georgia, where I live, employers can terminate employees for any reason. What was your point?

As for the business vs. personal issue, banks don't give you a hassle about which one you open. As for business credit cards, please let me know what issuer of business credit cards does NOT ask for a personal guarantee. A business credit card is basically a personal credit card that the cardholder designates for business use only. Had I purchased this furniture with personal credit, had it delivery to my office, and paid for it out of my business account (and I do keep excellent records), Okinus would not have known the difference. 

Bottom line for me is that Okinus lacked common sense in reviewing my particular case, given the documentation that I am able to provide. Any company that issues credit is taking a risk. Plenty of people who had excellent credit & solid income have lost their homes since the economy tanked in late 2008.

Somehow you seem to be under the impression that a company MUST allow you to borrow their money on the basis of what you THINK is sufficient or what you consider "common sense".  Unfortunately, that is wrong as it is their money and they can loan(or not loan) it based on what ever terms they deem appropriate.  If they want you to have 3 or 3,000 transactions in your account that is their choice.  If you don't like it then find another company who is willing to loan you money on your terms.

Just going over a few of your other comments...
Nobody who's self-employed ever fired him- or herself. 
- But there is also NO guarantee that you will stay in business.  If past performance was a guarantee that you would still be in business in the next few years, you could name dozens of now bankrupt companies that would still be in business.

People use their personal credit cards for business expenses all the time. All the credit card companies care about is that the consumer is not past due.
- Your right people do, and that is not as bad as using business credit cards to pay for personal expenses.  But you still have to be very careful about "mixing" accounts.  If you do this you better be keeping very good records or you may end up on the wrong end of an IRS audit.  Oh and by the way if you think creditors and banks really don't care if they are personal or business.  Go to one of your many banks and let them know you want to open a "personal" account to run your "business".  Let us know the reaction you get from them.

Thank you for your observation. Although some of your comments have merit, your statement as a whole is largely flawed.

1) You wrote: "They want to know that the account you provide is your primary account." My response: Not only do I have a primary account, but I have a secondary account & a tertiary account. Taken together, these accounts show a more than sufficient number of dollars being deposited. I tend to use credit cards for daily transactions, leading to less bank account and debit card transactions. 

2) You wrote: "Daily transactions show them that you are dependent on the account to pay your bills and won't close it for any reason. Transaction history also shows how you pay your obligations and how you use your account."  My response: Again, I could be using credit cards to pay my bills & making payments to the credit card companies. There is no guarantee that a given person won't close their account. Bills can be paid with credit cards, cash, or money orders. 

3) You wrote: "Being self employed poses a big risk because fraud is easily done versus someone who works at a major company that is easy to verify." My response: I have a business license, business bank accounts, a corporation w/ Tax ID number, an office that I own, and a 1099-K from PayPal showing how much credit card business I did in 2011. I think that's enough verification that I am in business. Although it is easy to verify someone's employment at a major company, there is no guarantee that they won't be laid off. Nobody who's self-employed ever fired him- or herself. 

4) You wrote: "Like if you use certain banks personal credit cards for business they may cancel your account." My response: People use their personal credit cards for business expenses all the time. All the credit card companies care about is that the consumer is not past due. 

The bottom line for me is that Okinus lacked common sense in reviewing my particular case, given the documentation that I am able to provide. Any company that issues credit is taking a risk. Plenty of people who had excellent credit & solid income have lost their homes since the economy tanked in late 2008. 

I can understand your frustration but I have done business with companies such as okinus. People tend to forget that the reason why you go to these companies is due to either bad credit you just can`t get credit the regular way. What this means is they take huge risk doing these deals. They want to know that the account you provide is your primary account. Daily transactions show them that you are dependent on the account to pay your bills and won't close it for any reason. Transaction history also shows how you pay your obligations and how you use your account.

Being self employed poses a big risk because fraud is easily done versus someone who works at a major company that is easy to verify. Also regulations can forbid companies from extending personal credit for business. Like if you use certain banks personal credit cards for business they may cancel your account.

But never forget that companies do not have to loan you money for any reason they don't know you and they have to protect their money if they think you are a risk. Now that you know what to do just waist until you get it the way you need to so they are willing to loan you.