Private Money Lender - Private Money Loans! Call Us At 646.296.1988
A new small business is always looking for ways to prop itself up in the short term. This is why a short term business loan is an option. A short term business loan allows a business to get cash quickly without going through the rigorous approval process.
these types of loans come from a lender and is different from a traditional bank loan. these short term loans are based on credit card receipts. Lenders also assess how much a merchant needs and how much you could pay back.
The contract the business owner signs with the lender will outline the amount they are getting. The contract will also state how much interest merchant will have to pay. Lenders offer different Interest rates and can vary widely between companies.
The location of your business is based also determines how much you ultimately have to pay.
The loans we offer are not as rigorous as a conventional loan approval process. However, these loans are not a bag of money with no strings attached. There is a contract with stipulations that you have to be aware of.
It’s important to assess and ask for exactly what you need, or else you’ll have more to pay back. The advance can be equal to or greater than your monthly sales. However, it depends on how much the merchant needs. It also depends on how long the merchant is willing to pay in daily sales back to the lender.
The payback amount of the loan is a larger number than the advance amount. This is because a lender charges a fee called a factor. In addition, to the money the lender gives the business owner upfront. In some cases, this amount can be far higher than the interest rate on other kinds of loans.
The lender will also require a merchant to hold back a daily amount from your credit card transactions.
The biggest benefit of an small small business loan like we offer is getting the money business owners they need for your business fast. A merchant cash advance can be a way to acquire quick cash.
Unlike a loan, you don’t need to have collateral to back up the loan. You also don’t need to worry too much about your credit score. The lenders we use tend to be more forgiving for businesses with mediocre or bad credit.
A lender will be able to give you more flexible payment options as well.
5th Avenue South Solutions is a private money lender offering the Best Rates On Private Money Loans! Call 646.296.1988