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Merchant Cash Advance - 5 Prospective Clients to Focus on

5 Things to Keep In Mind While Working With Alternative Lenders

Banks and Financial Institutions are not the only sources of loans for small businesses. There are many alternative lenders such as merchant cash advance providers who can help you with your funding needs. In fact, some such lenders may even get in touch with you directly through merchant cash advance leads. However, before you decide on signing the agreement with any such alternative lenders, there are things you need to know about working with them:

The interest rates they may charge you would be higher

If there is one thing that stops many small businesses from going for alternative business funding, it is the high-interest rates. This is because most such lenders do not ask for collateral while providing funds. They have fewer restrictions and are easy to obtain even for those who don’t have a decent credit score. The best thing is that they are available quickly and can fulfill your emergency cash requirements. However, if you don’t have the resources to pay your monthly installment payments on time, it is better not to go for an alternative funding option.

You may not get too small loans

Most alternative lenders insist on signing off on larger loans that give them better returns. Nevertheless, not every small business would be ready to take on this much amount of debt. A few thousand dollars may be good enough for you to cover your operating costs until your customers settle their accounts. So unless your loan requirement exceeds $50,000 it is better not to go for alternative funding.

There is always an element of risk in alternative funding

Most alternative lenders who might come to you through merchant cash advance leads are relatively new in business. Considering the kind of competition that exists for alternative funding, not all lenders might have established themselves in the market. If you are not so lucky you might end up with someone who might be ready to close his doors at any time. Therefore, it is always crucial to do your homework and evaluate your lender before transacting. A few things you need to find out include:

  • The number of years they have been in business for
  • The kind of funds they have provided and can provide
  • If they have been backed by a legitimate bank or financial institution
  • The kind of support and service they offer
  • The number of positive customer reviews they may have

Pre-payment of loans may not be rewarded

Most businesses that are into alternative lending thrive through interests. They do not expect you to repay your loan earlier than the specified term. So you can’t expect any prepayment discounts if you pay an 18-month loan within a period of 10 months. Before deciding to work with an alternative lender who comes to you via merchant cash advance leads, make sure you find out about pre-payment penalties or early repayment fees if any.

There could be hidden fees

Not all alternative lenders who approach you through

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Why Small Businesses Prefer Alternate Funding

Cash-strapped small businesses often find it tough to count on traditional financing methods to meet the financial needs of their business. To qualify for such loans they need to satisfy the following conditions:

  • They should have been in business for at least two years before the date of application
  • Their credit score should be above 640
  • The amount that they require should be greater than $250,000
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    Merchant Cash Advance in Three Simple Steps

    If you are a startup or a small business, you will know how important it is to get some fast cash. Traditional business loans won’t do it for you as you may have to wait for months together to get the money. In most cases you may not even qualify for such loans. The perfect answer for your problem is the merchant cash advance.

    Merchant cash advance can help you raise money in a quick and hassle-free way. Unlike the traditional business loans, merchant cash advances don’t involve extensive  paperwork. The process is very simple and straightforward.

    There are many merchant cash advance providers who operate online. A couple such providers may even contact you directly by purchasing your details via merchant cash advance leads. If they are satisfied with the documents you provide, they can transfer the money within just about 72 hours. If you are in urgent need of money, either to pay off a debt or purchase inventory, an MCA could be really advantageous.

    There are three steps involved in the process of applying for a merchant cash advance.

    Step #1 – Setting up your account with an approved credit card processor

    Merchant cash advance is an advance that you get against the purchase of future credit card receipts of your business. Therefore it is very important to set up an account with a credit card processor.Each MCA provider works with different credit card processors. If you already have an account with a credit card processor, you need to figure out if this processor has been approved by your provider. If not, you may have to set up a new account with one of the approved processors.

    Step #2 – Submitting your application

    Although the process of application is the same as that of any traditional commercial loan, the paperwork required in case of Merchant cash advance, is very minimal.  The documents that you need to submit include:

    • Your credit card processing statements for the past three to six months. (This will give the MCA provider a fair idea about the volume of credit card sales that you make in a month)
    • Your bank statements for the past three to six months
    • ID proof such as your driving license
    • A copy of a voided check
    • Your application, duly filled up and signed

    Your application will be evaluated based on the duration for which you have been in business and the average monthly income of your business. This might vary from one provider to the other. While some MCA providers may necessitate duration of nine months in business, there may be others who may require at least one year. If the average monthly income of $5000 through credit card receipts should be okay with one provider, another might consider an even lower income.

    Step #3 – Evaluating the contract

    Once your application for Merchant cash advance is approved you will be required to sign a contract that specifies the amount of cash advance that you are about to receive and the fixed percentage of the monthly credit card receipts that the MCA provider would be receiving in return.It is very important to go through the contract carefully before you sign on the dotted line.

    Remember – Merchant cash advance is not exactly a loan. You may get confused with the terms of the contract. As a merchant you are a seller here and not a borrower. You are selling a percentage of your credit card receipts in exchange for the cash that you receive as advance. Apart from the amount that you receive, the amount that you pay and the percentage of credit card sales, you need to also pay attention to penalties if any, in case any part of the agreement fails to be upheld.

    Do your calculations and find out how much this cash advance will actually cost to your business. If it doesn’t seem viable, it is better to shop around and check with a few more MCA providers. You can choose from the many that contact you via

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    3 Tips to Follow before Going For a Merchant Cash Advance

    3 Tips to Follow before Going For a Merchant Cash Advance

    When small businesses are in need of urgent cash, it hardly makes sense to contact a corporate lender or a bank for traditional loan options. While most don’t qualify, even those that do will have to go through a lengthy application process and wait for a long time to obtain the funds. A more appealing and timely option is a merchant cash advance.

    Not only are merchant cash advances available quickly, they are also very easy to qualify. They are available to businesses such as restaurants and retail stores that have a decent volume of credit card sales transactions on a daily basis. Even businesses with bad credit can get merchant cash advances quite easily.

    The term might still be foreign to many; but the merchant cash advance industry has been growing in fact at quite a rapid pace. It was just a few providers you would have found a few years ago; today merchant cash advance is a 10 billion dollar industry, with many providers operating from different parts of the world.

    If you are in need of emergency financing to run your business smoothly, you can find a merchant cash advance provider quite easily. There are many that contact businesses like you by purchasing merchant cash advance leads from professional lead generating firms. You could go with any of them or even find out from your credit card processing company if they can provide you with the required advance. Nevertheless, before doing so, there are three things you need to consider:

    Evaluate your Requirements

    Many small businesses apply for merchant cash advances for a variety of purposes like purchasing new equipment/inventory, business expansion, store renovation, paying up salaries/rent/utility bills and marketing/advertising. Basically, they work very well for emergency needs. However, if you want to furnish your office with the money you obtain from merchant cash advance, it is wiser to go for a traditional loan. It could nevertheless be the only option if you have been struggling with bad credit.

    By taking out a merchant cash advance you are actually giving away a decent portion of your future credit card sales. Hence it is important to use this amount wisely. You will have to prioritize your requirements and take only that amount that you actually need. If there are certain items on your list that could be postponed for a few months, they can be satisfied by going for a traditional loan at a lower rate of interest.

    Understand the Repayment Plan

    Merchant cash advances work very differently when compared to traditional loans. The repayment will start as soon as you receive your advance. There are no fixed monthly payments here. As soon as a credit card sales transaction happens at your point of sale, a pre-agreed percentage of the amount gets transferred to the merchant cash advance provider’s account automatically. This transfer happens with every credit/debit card sales transaction until the advance you have borrowed has been completely repaid.

    There are certain things you need to look for when it comes to repaying your cash advance. First thing is to find out if you would be able to pay back the advance through your future credit card sales, within the time period specified. If your sales are predictable and if they are consistent throughout the year, you should not have any problem estimating your financial timeline. However, if your business is seasonal, you may have to look for providers who are flexible with respect to repayment time periods.

    Another thing you need to consider before signing your merchant cash advance contract are your business expenses and other debts. You will have to check if you can still manage meeting all these, without the chunk of your future credit card sales. You may even need a business plan to increase your business or improve your profitability until you pay back your advance completely.

    Go through the terms of the contract completely

    You may be signing many papers on a daily basis as a small business owner; but this is one paper you need to pay special attention to. You would want to go through it thoroughly, while paying close attention to the service agreement. It is this service agreement that details your payment plan, charges and the terms that you have agreed upon. There are two things you need to specifically look for, here:

    • The Post-signing fees:In case you need to buy new credit card equipment or switch to a new credit card processing company in order to obtain merchant cash advance, you may have to pay up some post-signing fees. Then there are also the service fees and the UCC filing fees. You may have to consider all these before signing your contract.
    • Interest rates:Merchant cash advances are calculated based on factor rate rather than an interest rate. It could be generally between 1.14 and 1.48. When converted to APR, this rate may be equal to as low as 15% or as high as even a triple digit rate. Nevertheless, it is very important to compare these rates with the interest rates that you pay on traditional loans. This will help you understand whether you are getting into a good deal or a real bad one.

    Time is very precious in the world of business. Merchant cash advances make it possible for small businesses to attend to their financial needs within time. Nevertheless, before you sign the contract with a merchant cash advance provider who contacts you via

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    Merchant Cash Advance Leads make a better option for MCA lenders

    Merchant Cash Advance lenders have two options when it comes to finding small business owners who are in need of short-term financing – one is to hire MCA brokers and two is to buy Merchant Cash Advance Leads from professional lead generating firms.

    A few years ago most such lenders would get their products sold through brokers who adopted the traditional door-to-door sales approach to gain customers. In fact this offline selling tactic continued even after Merchant Cash Advances started being offered online.

    Merchant cash advances are available easily and there are many individuals and firms that offer them. Yet only one in every 10 brokers would manage to do good business. It is the crises of conscience they feel while hard selling this advance. They feel that the high-interest rates and unfair repayment schedules can end up killing the cash flow of their clients.

    As an incentive to increase their sales, MCA lenders have started offering higher commissions to Merchant Cash Advance Brokers. For instance, a $20,000 MCA can get a broker a commission of $2,200. However, most Merchant Cash Advance brokers started resorting to unscrupulous tactics while selling these advances. The reason is that apart from MCAs, these brokers would also sell other short-term small business loans offered by different financing companies.

    Most MCA firms and private lenders have now decided to cut down their dependency on third-party brokers. This can be taken as an advantage to the lead generating firms that offer

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    What Should Small Business Owners look for, before Choosing the right Merchant Cash Advance Provider?

    Merchant Cash Advances are easily available to Small Businesses, within a short span of time. However, as a small business owner, you will have to do your research before you zero in on the right MCA provider.

    Not all MCA providers are similar.While some resort to deceitful practices, many of the Providers have been out of business since quite a few years now.  Nevertheless, there are plenty of providers available in the industry, some of whom may even try to contact you directly via

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    How to Refinance your Existing Mortgage?

    Now that you have bought your home, you have made it through the toughest part. At some point of time, if you think you are paying much more than you should be paying (via monthly mortgage payments), you can always decide to refinance your mortgage.

    A mortgage refinance can help you lower your monthly mortgage payment or reduce the term of your mortgage. However, the procedure involves much more paperwork than what was required in your first mortgage.

    Here is a step-by-step method that will tell you how to refinance your existing mortgage:

    Identify the Purpose

    First thing you need to do before refinancing your existing mortgage is to determine the actual reason behind refinancing. Do you want to lower your monthly payments by going in for a lower interest rate? Do you wish to pay back your loan quickly?

    You can even go for a higher mortgage loan and use the extra cash to make home improvements or put in the down payment for a second home.

    Get your Credit Score and your Credit History Report

    The credit history report can be obtained from the three major credit reporting agencies such as The Equifax, the Experian or the TransUnion. Else, you can even get a comprehensive credit report through an agent, by paying up a nominal fee. You will have to first check for the accuracy of such a report and then make sure your credit score is good enough to get good interest rates for mortgage refinance.

    Find out the current value of your home

    If anyone in your neighborhood has sold a home that is similar to yours, you may find out the selling price of such a home to approximately determine the current value of your home. Alternatively, you can even get your home appraised by a professional appraiser.

    Compare the mortgage rates

    You can find many mortgage lenders who may agree to refinance your existing mortgage. In fact they may even contact you on their own by going for

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    Go For a Mortgage Before The Rates Hit The Peak

    The rise in mortgage rates is probably not going to stop. In fact, the Fed is confident that there are going to be two more hikes this year.

    In reaction to the recent Fed rate hike, there might be a dip in the mortgage rates. However, this drop is not going to stay for long. The rates will soon start resuming their upward path.

    Those looking to buy homes or refinance their mortgages should think of doing so as early as possible if they want to make the most out of low mortgage rates. If you can find a lender who can offer you a good mortgage rate, it is better to lock in before it gets too late. Nevertheless, a little bit of research and rate comparisons will have to be done before making the final decision.

    The usual 2% increase in inflation may not be the case in 2017. The central bank is expected a higher rise in inflation this year. You may expect three hikes in the short-term rates, instead of the usual one or two this year.

    The Fed’s rate increase is going to affect a quarter-percentage hike in the interest rates on HELOC (Home Equity Line of Credit). Nevertheless, HELOC rates still seem attractive to homebuyers who wish to borrow from an inexpensive source.

    The rate for the 30-year fixed rate mortgage has increased to 4.44 percent this week. It was 4.38 percent last week, 4.35 percent four weeks ago and 3.93 percent a year ago. Since April 2014 when the rate was 4.48 percent, this has been the highest rate so far on the 30 year fixed rate mortgage.

    Here are a few more facts about mortgage rates that you need to know if you are thinking of purchasing a house or refinancing your existing mortgage:

    There has been a 0.07% increase in the average interest rate of 15-year fixed-rate mortgage

    The average interest rate of the 5/1 adjustable-rate mortgage, which was 3.57 percent,has now risen to 3.60 percent.

    The average interest rate of the 30-year fixed-rate jumbo mortgage now stands at 4.43 percent, as against the previous 4.35 percent.

    The rise in mortgage rates for sure is going to increase your monthly mortgage payments. Nevertheless, this is no reason to panic. It is definitely not advisable to take a rash decision based on the gradually rising mortgage rates. It is to be understood that the mortgage rates may not exceed the 4.75 percent mark this year. Most projections of 2017 tend to emphasize this fact.

    At the current interest rate of 4.5 percent, the monthly mortgage payment of a 30 year mortgage of $200,000 will be $1,013. If the interest rate rises to 4.75 percent, this payment may reach $1,043. Over the last 25 years, there has been a total increase of about 6.16 percent in the 30-year fixed mortgage.

    Although the mortgage rates have been increasing on a day-to-day basis, they are quite low if you go by the historical standards. Considering this perspective, the current mortgage rates are definitely a bargain.

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