Verbal Verification Call: What to Expect

After you’ve signed your funding contract with FundLocal, the next important step is the Verbal Verification Call. This quick and straightforward process is designed to verify your identity, confirm the terms of the loan or line of credit, and ensure that both parties are aligned before the funds are disbursed. Here’s everything you need to know about the verbal verification call and what to expect.

The verbal verification call is a standard security procedure that helps to:

• Confirm your identity: This ensures that the person signing the contract is authorized to act on behalf of the business.

• Validate the funding terms: We review the key terms of the loan, including the amount, interest rates, and repayment schedule, to ensure that you fully understand and agree to them.

• Prevent fraud: The call helps protect both your business and FundLocal by confirming that the loan or line of credit is legitimate and has been approved by the correct parties.

The verbal verification call is a simple and quick process that usually takes 5-10 minutes. A member of the FundLocal team will contact you to review the key details of your funding agreement and confirm that you’re ready to proceed.

Here’s What You Can Expect During the Call:

1. Identity Confirmation

• Personal Information: You’ll be asked to verify some basic personal information, such as your full name, business name, and possibly your date of birth or Social Security number. This ensures that we are speaking with the correct person authorized to act on behalf of the business.

2. Loan or Line of Credit Terms Review

• Funding Amount: The representative will confirm the amount of funding you have been approved for. This is your chance to double-check that the loan amount matches the offer you accepted.

• Interest Rate and Fees: The call will also cover the interest rate, any fees associated with the loan, and the repayment schedule. You’ll be asked to confirm that you understand and agree to these terms.

• Repayment Schedule: The representative will outline the repayment schedule, including the frequency and amount of payments, as well as when the first payment is due.

3. Final Confirmation of Agreement

• Verbal Agreement: At the end of the call, you will be asked to verbally confirm that you understand and agree to the terms of the loan or line of credit. This is the final step before the funds are disbursed.

While the call is straightforward, it’s important to be prepared so that the process goes smoothly. Here are a few tips on how to get ready for the call:

1. Have Your Loan Details Handy

• Review the Contract: Before the call, make sure you’ve reviewed the loan contract you signed. Familiarize yourself with the funding amount, interest rate, repayment terms, and any fees that were outlined.

• Keep Documentation Nearby: Have a copy of your contract and any related documentation available during the call in case you need to reference specific details.

2. Be Ready to Confirm Personal and Business Information

• Personal Details: Ensure you are ready to confirm your personal information, such as your full name, business name, and any other details requested for identity verification.

• Business Details: Be prepared to provide key information about your business, such as its legal name, business address, and possibly your Employer Identification Number (EIN).

3. Have Questions Ready (if Any)

• Clarifications: If you have any lingering questions or uncertainties about the loan terms, this is a good time to ask for clarification. The FundLocal representative will be happy to address any concerns you have before finalizing the agreement.

Here are some common questions business owners ask about the verbal verification call:

1. How Long Does the Call Take?

• The verbal verification call typically takes 5-10 minutes. It’s a quick and straightforward process to confirm that you understand and agree to the terms of the funding.

2. What If I Miss the Call?

• If you miss the call, don’t worry. A representative will attempt to contact you again, or you can reach out to reschedule at a time that works for you. It’s important to complete the call promptly to avoid delays in fund disbursement.

3. Can Someone Else Complete the Call for Me?

• The call must be completed by the person authorized to act on behalf of the business. This is usually the business owner or an authorized signer who signed the funding agreement.

4. What If I Have Questions During the Call?

• Feel free to ask any questions you have during the call. The FundLocal representative will review the terms with you and provide clarification on any details you’re unsure about.

Once the verbal verification call is completed and you’ve confirmed your agreement to the loan terms, the next step is the disbursement of funds. Here’s what happens next:

1. Fund Disbursement

• Quick Access to Funds: After the call, the funds will be disbursed directly to your business checking account. In most cases, you’ll receive the funds within one business day.

• Notification: You will receive a notification once the funds have been transferred, confirming the amount and the account where the funds have been deposited.

2. Begin Repayment

• Repayment Schedule: You will begin making repayments according to the schedule outlined in your contract. This could involve weekly or monthly payments, depending on the terms you agreed to.

• Payment Methods: FundLocal offers flexible payment methods to help you manage repayments conveniently.

3. Ongoing Support

• Customer Support: If you have any questions after the funds are disbursed or need assistance with repayments, the FundLocal support team is available to help you throughout the life of your loan or line of credit.

At FundLocal, we prioritize security and transparency. The verbal verification call ensures that:

• You fully understand the terms: We want to make sure you’re comfortable with the funding agreement before funds are disbursed.

• Identity protection: The call helps us confirm that the loan is being processed for the right individual and business, reducing the risk of fraud.

• Smooth funding process: By verifying all key details, we can ensure that the funding is transferred without delays or complications.

If you have any questions or concerns about the verbal verification call or any other part of the funding process, our support team is here to help. We’re committed to making the funding process as smooth and transparent as possible. Feel free to reach out to us for assistance at any time!