BUSINESS & FINANCE
Why Would I Ever Use a High Interest Short Term Cash Advance Business Loan?
People often ask me, “Why would I take out a short term high interest loan of this type when I could go to the bank and get a long term low interest loan?” To which I answer, “Good question!”
Well, contractors especially, often find it very useful to keep us in their back pocket for a variety of situations. Sometimes the bank or insurance company paying out on a job may be months away and we can provide the working capital they need to pay labor and expenses. When the job pays out they pay us and everybody is happy. And since they have only made a few months of payments the interest they actually paid was pretty minimal.
However we don’t just fund contractors. Any business owner can apply. A restoration contractor I was once working on funding for told me: “If I had $100,000 I could turn it into $1-Million in 1 Storm Season.” While we loan money for many reasons this is by far the best one. Sometimes the tool you need to make money is money. If you can double, triple or more the profit level of your business, then the interest becomes a moot point because you have increased your profits many times the cost of the funding.
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Whether you are a contractor or some other type of business owner this is a way a merchant cash advance loan can be a great tool because you can have the money in your account in 1 to 3 days. Often the most profitable opportunities come spur of the moment and if you do not have the ability to act in that moment, you will miss the opportunity completely and basically lose out on an incredible return on investment because you could not get he working capital fast enough to make the investment.
We can help you scale your business when the bank says no which they usually do. Not to mention they are a nightmare to deal with. You need to provide Tax Returns, Profit & Loss Statements, Business Plans etc… and you as a business owner have better things to do than compile documentation for a bank over the course of 60 to 90 days, if you are even approved at all.
As well they often want to control what you use the funds for and even if you have a perfect credit score there are many reasons they can still decline your application. In fact 80%+ of business loan applications are turned down by banks.
We approve 90% of our applications once our agents pre-screen them and all we need is 6 months of bank statements and a simple 1 page app. We check credit less than 2% of the time so your credit is not hurt, and we can usually have the funds in your account in 1 to 3 days.
Hopefully that makes it a little more clear how Mom & Pop Business Funding can be a great tool for you or any business owner to keep in your arsenal of business and money making tools.
General Contractors, Roofing Contractors, Restoration Contractors or any business owner for that matter can have access to liquid cash on demand to use for any reason by keeping Mom & Pop Business Funding on the proverbial speed dial.
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