Top Reasons for going out of business

Is your business having severe problems and is going out of business?   Below are the Top Reasons for going out of business followed by the complete list.

You can take fast, easy, and efficient steps to avoid going out of business.    This may include securing working capital to bridge the difficult period.    We have numerous options for all business situations.
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Top Reasons for going out of business

1. Running out of Money.   Running out of money is probably the main reason for going out of business.   There are different circumstances under which businesses run out of money.  The business is going through a slow period.   Revenues have been low since the business opened.

3.  Too much debt and overhead.   The owners or the business itself may have too much debt and overhead to deal with.   They can’t handle it and go out of business.

4.  Insufficient starting capital.   Many businesses never really had enough capital to start.   Often there are problems after opening.  This is followed by the business not having enough capital to overcome them.

5.  Unable to get financing or enough financing.   Many businesses need working capital or other types of business financing after starting.  Some of these needs are critical.   If they cannot get the financing needed for equipment or short term working capital, the business may not survive.

6.  Not enough back up capital or emergency capital.    Business owners have liquid assets and net worth.   If the business needs more working capital than

7. Bad Employees.   This is usually employees that are bad performers with low quality work and low production.   Some employees are out sick on leave a lot.

8. Bad Marketing and Sales.   Some businesses have owners with expertise in certain areas.  They may have technical but not sales and customer service.   These other areas can be crucial to the survival of the business.

9. Inflexible ownership.   This is resistance to change or new ideas.   Many business owners have aggressive take charge personalities.   This is often what drives them to accomplishing starting a business.   It can hurt some business owners significantly.  Many business owners are not open to new ideas or alternatives different than the ones they believe in.   They are often very resistant to criticism.

10.  Market changes.   Businesses need to keep up with what is happening in their industry and stay up.  Some businesses show poor awareness to market trends and changes.

11.  Not keeping track of competition.   Businesses that do not keep track of what the competition is doing may be left behind.    Competitors may introduce new products, programs and incentives.

The reasons listed are usually the top reasons for going out of business.  Some solutions and ideas are offered to avoid going out of business.   If your business is closing, the SBA offers a list of items to consider when going out of business.

 

 

 

Top 6 business loan decline reasons

This article will focus on the top 6 business loan decline reasons and several easy things you can do to prevent many of these declines.   Use the following list to increase your chances of getting approved for a business loan by avoiding the decline reasons listed.

Complete fast and easy form below to get your business loan approved, not declined.
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Don’t let your business get turned down for any of these top 6 business loan decline reasons.

1. Derogatory Personal Credit

Poor, damaged, or delinquent personal credit  of the owner is the main reason for being turned down for a business loan.  Most businesses are less than 35 employees and the personal credit of the owner is usually part of the credit review. If the personal credit score of the owner is low, there are some steps that might be taken to minimize the impact.

Short term Solutions:

Research different business loan products  before applying. Try to apply for business loan products that have less scrutiny of the owner’s personal credit.  If possible talk to the lender first.  Find out how much of an impact personal credit has on their business loan product.
If there are multiple owners of a business and one owner has better credit, the owner with the better credit should be the first applicant.   If the owner with the better credit is over 50% owner, the application may be approved without the other owner.   This may prevent a decline for weak credit.

Longer term solutions:

Get a copy of your personal credit report and look for errors.   You can dispute them with the credit bureau and your credit score will go up.  Any derogatory items close to 7 years old may be on the verge of dropping off your report.  If you have limited credit, this may be a time to consider what new accounts you can add to your credit bureau to make it stronger.

2. Derogatory Business Credit

Businesses can have derogatory business credit.   This derogatory business credit may appear on a business credit report.   Examples are State Tax liens, Federal Tax Liens, Suits and Judgements, Past Due Accounts and Collections.

Solutions:

Get a copy of your business credit report through Dun & Bradstreet or Experian Business credit report in advance of applying for a business loan.  If there is incorrect information, the process of correcting it is similar to the process of correcting incorrect credit reported on your personal credit.   Contact the business credit agencies and dispute the incorrect information.   If the business credit agency cannot verify the derogatory credit, it may be removed from your file.

3. Insufficient Cash Flow

The lender believes that the business does not have enough cash flow to handle the new debt.   If the lender is reviewing a P & L, Profit and Loss statement and it is showing a negative net income, that may a decline reason trigger.  Overdrafts and NSF’s happen because of poor or insufficient cash flow.

How to avoid this denial reason:
A.

If your business is declined for this reason, contact the lender to discuss it. There may be alternative solutions.   Your business might be approved for a lower amount.   This can include a starter line that lenders offer just to get the relationship started.   Lenders sometimes do this with borderline decline instances.   They want to take a small risk hoping that the borrower will develop into a good long term customer.

Weak financial statements.

Financial statements are still required for many types of business loans.  If a companies financial statements are weak and show a low net income, decreasing revenues, or other weaknesses, it can easily cause a decline.
How to avoid this decline reason:

4. Collateral

Some loan products are asset based.  In these cases, the collateral must be satisfactory or the business loan will be declined.   Real estate backed loans, accounts receivables financing and equipment loans require acceptable collateral.  Even if the customer has excellent credit and time in business, if the assets do not have enough value or other conditions are not here, they may be declined.

5. Time in Business

The time in business requirement varies from one business loan to another and as much as 2 years or more may be required. Ask the lender if there is a time in business requirement.    If there is, ask if it a hard and fast rule.   For some lenders, if the applicant has other strengths in their profile, it may override the time in business requirement and be approved.

6.Industry.

Some lenders will decline a business just for being in a certain industry.  Often business do now know when applying the lender won’t even loan to their industry.   This is an easy decline to avoid.  Put this in the list of questions to ask a lender before applying.   Do you lend to my type of business?   Sometimes lenders have preferred industries that they lend to.

FAQ Frequently asked Questions on top business loan decline reasons

What are the main reasons businesses get denied for loans?
The top reasons businesses get rejected for loans are: derogatory personal credit, derogatory business credit, insufficient cash flow, lack of collateral, short time in business and industry type.
Why do I keep getting denied for business loans?
Frequent denials for a business loan are in most cases due to bad credit, low sales and profit and not enough collateral. Ask the lender why your business was denied to see if some of the decline reasons are the same. Ask the lender if there is anything you can do to change the decline to an approval.Our business was declined for credit. Is there anything I can do about it?
Ask if it was for personal credit, business credit or both. Try to get any credit bureau and business credit scores the lender will give you information on. Ask if there are minimum credit scores you did not meet and what those score are. Also ask how long you have to wait if you want to re-apply.
Our business was declined for not having enough revenue or cash flow, but we have good sales. What does that decline reason mean?
The lender determined that based on their criteria, your business does not have enough cash flow after expenses to safely pay the new debt. The lender did a cash flow analysis which may have included a debt to income type ratio. If your business is about to payoff any current debt or is increasing revenues significantly, then let the lender know about this. It may be possible to reverse their decision or get an approval on a lower amount.

Some lenders have industries that the do not considered favored industries.   They may consider your industry as challenged or place it in a more difficult to loan to internal category.   Ask the lender: Is my industry a preferred industry you lend to?

How to correct the business loan decline

Not all of these 6 top business loan decline reasons have to be corrected.   Some cannot be corrected.   The steps that should be taken are on a case by case basis. Every company has different hurdles to being approved for a business loan.

Using some of the tips above and your business can overcome many of these top 6 business loan decline reasons and get critical business capital.

Derogatory personal credit
Has your business been declined for a business loan because of derogatory personal credit?
Apply now for fast and easy business loans with bad personal credit.
Derogatory business credit
Has your business been declined for derogatory business credit? Several solutions fast.

 

Insufficient cash flow
Has your business been declined for insufficient cash flow? Click here for immediate solutions

In summary, the top 6 business loan decline reasons are:

  1. Derogatory personal credit
  2. Derogatory business credit
  3. Insufficient cash flow
  4. Collateral
  5. Time in Business
  6. Industry

There are other excellent resources available to assist small businesses in many different industries prepare for a loan.   The SBA has a 30 minute video session on how to prepare a business loan package.

Should you worry about any more decline reasons?   What are other steps you can take?  There are other considerations besides these top 6 business loan decline reasons.  Others include declines for key financial ratios such as debt to income and declining revenues.

Businesses may get loan terms they don’t want and should consider  Additional action steps in addition to the top 6 business loan decline reasons.

Thank you for visiting this page on overcoming the top 6 business loan decline reasons.

Ethical business loans

Ethical business loans

Not getting straightforward information when applying for a business loan?   Business owners are often told they are approved only to find out they are not.   They are surprised they must pay significant fees at closing they were not told about upfront.   Get ethical business loans through credible, honest and upfront information.
Contact us and our representatives will work with you as your business advocate, not a salesperson trying to sell you a product.    Get full and thorough information from representatives with integrity to put you on the path that is best for your business, not best for their business.
Complete the secure DocuSign >>15 Second Application now.<<
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You will be given a fair assessment of your businesses’ chances for approval, the cost and charges.    The strengths of your profile will be discussed, along with any weakness or obstacles to approval.     You will be receive help in the same manner if you hired a paid consulting company that is working for you, not someone else.

Loan programs include:
– Business Loans based on the Gross Sales of your business
– Business Lines of Credit
– Asset based loans, such as loans against Tractor Trailers, Construction equipment
and Accounts Receivables.
– Financing to obtain equipment
– We specialize in difficult to approve customers.   Difficult to approved business loans
because of credit, time in business, low revenues.

Get a free full consulting session with your business advocate.

Our consultants work much differently than tell you which products are available and push you to apply.  We will discuss what your situation is and what are you trying to accomplish.  We will ask you basic facts about your business to determine all the realistic and attainable options.   By doing this, you will only be talking about products that are the best match for your business.   Then we will discuss their features and benefits.   You can then decide which of the options will work best for your business.   You will not be pushed into any product.    With this method, you can get a business loan through a legitimate and impartial manner.  An authentic, true, reliable and objective assessment will be made. An ethical business loan is what your business deserves.

You will get clear information upfront.  You will get detailed information and what you are told and expecting.   We build trust and trustworthiness by working as your business advocate.   Get an honest business loan for your business.

For other broad loan options and business assistance, check with the SBA.   Useful business information such as business plans and specialized programs is available.

Start your business on the right track today.   Thank you for visiting our ethical business loan page.

Ethical business loan resources:
Assistance is available in many cities to help you with your business
based on the Region you are in.   

Get used car dealer loans with low credit scores and term options

Used Car Dealer Loans and used car dealer financing.

Loan for used car dealer up to $1,000,000.

Used car dealer loans of up to $1,000,000 can now be obtained fast. Terms available from 3 months to 120 months.   Low credit scores under 500 and tax liens can be worked with.   3 Months or more in business.

What types of used car dealer loans can I get?
Used car dealers and new car dealerships now have fast business loan options.   Programs are available.  No financials or Tax returns are required.

Steps your used car dealership can take to get a used car dealer loan.

Search and identify lenders that have used car dealer loan programs and offer used car dealer loans.
For a used car dealership lot that has more than $10,000 per month in revenue and bank deposits,  then it may pre-qualify for a business loan or other types of business financing.   Short time in business less than 1 year can qualify.
Select the program that is the best match for your business and profile, such as revenue, time in business, and credit.
Select the program that is the best match for your used car dealership
Select the program that is the best match for your used car dealership
Call the lender and ask for details on approval requirements.
If your business meets the requirements, then apply.  Submit any information that will help your application.

If an offer is made for business financing, review the terms.   If you want to close the transaction, gather all closing stipulations and close the transaction.

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Car dealer loans

Buy here pay here business loans

Buy here pay car dealers have always had difficulty securing business loans and rarely get financed by banks.   Now they can use financing based on the cash flow of their dealership to get business loans fast.     They need to make several deposits per month and keep at least $3,000 average daily balance in their business checking account.

New car dealer loans

New car dealers can also get financing using their revenues.   The process is also fast and easy.   Just a few business days for financing and a one page application.

Callers request a used car dealer loan,  a loan for a used car dealer or a business loan for a car dealer.

Other requests include loans for a new car dealer, and loans for car dealers.

Callers this week have requested loans for a used car dealer and a business loan for a used car dealer.    Other callers have requested used car dealer financing and financing for used car dealers.    Our most recent customer specifically requested financing for a used car dealer.   The most basic requests are car dealer loans and used car dealer loans.

Representatives service the following cities in the Western Region and can be contacted.

Consultants in the following cities can be called to schedule a same day appointment
or call: 

Kentucky, Virginia, Washington, D.C., and West Virginia: In Alexandria, VA and Arlington, VA. Chesapeake, VA and in Hampton, VA.  Huntington, WV and also in Kenner, VA and Lexington, KY. Louisville, KY as well as Lynchburg, Virginia.  Newport News, VA and in Norfolk, VA.  Petersburg, VA and also in Portsmouth, Virginia.  Richmond, VA and Roanoke, Virginia.  In Suffolk, Virginia and also Virginia Beach, VA.

North Carolina, South Carolina:

In Anderson, SC and Asheville, NC.  Cary, North Carolina and also in Chapel Hill, NC. Charleston, SC and in Charlotte, NC. Chattanooga, TN as well as Columbia, SC. Concord, NC and Davidson, TN. Dunn, NC, Durham, NC and Fayetteville, NC. Franklin, TN, Gastonia, NC. as also in Greensboro, NC. Greenville, SC,  Henderson, NC as well as Hickory, NC. High Point, NC, Kingsport, TN and Knoxville, TN.  In Maudlin, SC, Memphis, TN and also Morristown, TN. Murfreesboro, TN, Myrtle Beach, SC and Nashville, TN.  North Charleston, South Carolina as well as Raleigh, NC. Sanford, NC, Lenoir City, TN and in Shelbyville, TN. Spartanburg, SC, Wilmington, North Carolina and Winston-Salem, NC.

Florida:

In Cape Coral, FL, Clearwater, FL and Daytona Beach, FL. In Jupiter, FL, Fort Myers, FL as well as Ft. Lauderdale, FL. Hialeah, FL, Jacksonville, FL and Lakeland, FL.  Melbourne, FL, Miami, FL and Ocala, FL.  Pensacola, FL, Kissimmee, FL as well as Naples, FL. Orlando, FL, Ormond Beach, FL and also in Palatka, FL.   In Palm Bay, FL, Pensacola, FL and also Port St. Lucie, FL. Saint Petersburg, FL, Sanford, FL and Tallahassee, FL. In Tampa, FL, West Palm Beach, FL as well as Winter Haven, FL.

Alabama, Georgia, and Mississippi:

In Atlanta, GA, Augusta, GA and Birmingham, AL.  Gulfport, MS, Hoover, AL and also Huntsville, AL. Jackson, MS, Mobile, AL as well as Montgomery, AL. Savannah, GA,  St. Mary’s GA and also in Talladega, AL.

Arkansas and Louisiana:

In Baton Rouge, LA and Fayetteville, AR.  Forrest City, AR,  Lafayette, LA and Little Rock, AR. Metairie, LA and New Orleans, Louisiana. Baton Rouge, Louisiana, Shreveport, Louisiana and also Lafayette, Louisiana.

Oklahoma and Texas:

In Arlington, TX and Austin, TX.  Bartlesville, OK, Beaumont, TX and in Corpus Christi, TX. Dallas, TX, Edinburg, TX and in El Paso, TX.  Ft. Worth, TX, Houston, TX as well as Killeen, TX. Lafayette, LA, Mission, TX and Muskogee, OK.  Oklahoma City, OK, McAllen, TX and also in New Braunfels, TX.  Round Rock, TX, San Antonio, TX, as well as Shawnee, OK.  Sugarland, TX, and The Woodlands, TX as well as Tulsa, OK.

Midwest Region:
Representatives in the following Midwest cities can be contacted:

Illinois, Indiana, Wisconsin:

In Anderson, IN, Carmel, IN, and Aurora, Illinois.  Chicago, Illinois, Elgin, Illinois as well as Rockford, Illinois.  Joliet, Illinois, Lee’s Summit, Missouri and in Naperville, Illinois.  Springfield,  Illinois,  Peoria, Illinois and also in Elgin, Illinois.  Waukegan, Illinois, Cicero Town, Illinois as well as Champaign, Illinois.  Bloomington, Illinois, Decatur, Illinois and Eau Claire, WI.  Fort Wayne, IN, Gary, IN and in Indianapolis, IN.  Madison, WI, Milwaukee, WI and Naperville, IL.  Green Bay, Wisconsin, Kenosha, Wisconsin, and Peoria, IL.  Racine, WI, Springfield, IL and also Waukesha, WI.

Michigan and Ohio:

In Akron, OH, Ann Arbor, MI and Canton, OH.  Cincinnati, OH, Cleveland, OH and also Columbus, OH.  Dayton, OH, Dearborn, MI and in Detroit, MI.  Flint, MI, Grand Rapids, MI as well as Marion, OH. Maysville, OH, Muskegon, MI and Parma, Ohio.  Toledo, OH, Wilmington, OH, Wyoming, MI and also  Youngstown, OH.

Kansas, Nebraska, North Dakota and South Dakota:

In Council Bluffs, NE and Kansas City, MO.  Lawrence, KS, Omaha, NE as well as Wichita, KS.

Iowa, Minnesota, and Missouri:

In Bloomington, MN and Columbia, MO. Davenport, IA, and also Des Moines, IA.  Duluth, MN and also Independence, Missouri.  Kansas City, Missouri and Minneapolis, MN. Overland Park, MO as well as Rochester, Minnesota.  Springfield, MO, St. Charles, MO as well as St. Joseph, MO.   Springfield, Missouri and St. Louis, Missouri.  St. Paul, Minnesota and St. Cloud, MN.

Northeast Region:

New York:

In Albany, NY,  Batavia, NY and Buffalo, NY.  Cheektowaga, NY, New York City, NY as well as Niagara Falls, NY.  Rochester, NY, Schenectady, NY, Seneca Falls, NY and Syracuse, NY.

Maine, Vermont, New Hampshire and Massachusetts:

In Bangor, ME and Boston, MA. Burlington, VT, Cambridge, MA and Concord, NH. Montpelier, VT, Newton, MA as well as Portland, ME.  Providence, MA and Springfield, MA. In Warwick, MA as well as Worcester, MA.

Pennsylvania, Maryland and Delaware:

In Allentown, PA and Baltimore, MD.  Bethlehem, PA, Columbia, MD and Dover, DE. Harrisburg, PA, Lancaster, PA and in Lansing, MI.  Lebanon, PA, Manchester, PA as well as New Castle, PA.  Philadelphia, PA, Pittsburgh, PA and also Reading, PA. In Salisbury, MD, Scranton, PA and Towson, MD.  In Weirton, PA, Wilmington, DE and also in York, PA.

Connecticut, New Jersey and Rhode Island:

In Bridgeport, CT and Camden, NJ.  Hartford, CT, Jersey City, NJ as well as Milford, CT.  New Haven, CT,  New London, CT and Newark, NJ.  Norwalk, CT and Norwich, CT.  Providence, RI, Stamford, CT and also in Trenton, NJ.

 

Thank you for visiting our used car dealer resource page again soon.

LGBT Friendly Business Loans

Start here for full LGBT small business loans and options.  Equal access to business loans.   Consider us for your gay business owner funding resources.
Complete the secure Docusign application now.
Or call us at Tel:  1-919-771-4177, or get an LGBT friendly business loan here. 

How are we different?    We will first discuss your business in detail.   Your future business goals and needs will then be reviewed.   From that, the business loan products that are the best fit and can be approved will be discussed.   We stay with you through the entire loan process.   

500 and lower credit scores can be approved.   Tax liens, short time in business accepted.   $5,000 to $500,000.   Short and long term loans. 3 months to 120 months.   Fast turn around.   Same day responses in most cases.   Short 1 page application.   Fast and easy process.   

We will help you get an LGBT business loan fast through this program.

LGBT business owners sometimes encounter discrimination in the loan process.  Our loans avoid these problems.  There is full and equal access to business loans for the lgbt community.  We discuss the specific needs of each business owner in detail.   We help them determine the product that best fits their business now.

Gay & LGBT Friendly Business Loans
Gay and LGBT Business Loan Center Assistance

We work with and volunteer extra professional assistance to the community.   There are many requests.  Callers call in asking for gay friendly business loans.

Business Loan for Gay and LGBT businesses questions:
Are some of these lgbt friendly business loans programs specifically for the LGBT Community?  
No.   These loan programs have been reviewed to insure they are friendly to the Gay and LGBT business community. All customers are welcome as well.

Business loans for Gay and LGBT Businesses Resources:

For more resources, visit the SBA.

Thank your for visiting our LGBT Business Loan page!

Consolidate merchant cash advances


How to consolidate merchant cash advances.  Many businesses have multiple mca merchant cash advances through stacking cash advances and are looking for major relief to lower their daily and weekly payments.   A regular consolidation and reverse consolidation are ways to improve cash flow by as much as 25% to 50%.

How to get a merchant cash advance consolidation:

  1. Calculate how much you can afford to pay per day, week and month compared
    to what you are paying now.
  2. Research and contact companies that offer consolidation programs that match your business needs and daily budget.
  3. Review the qualification requirements and choose from programs that you have the best chance to qualify for.
  4. Do not get another mca merchant cash advance during the term of the consolidation.

Complete secure Docusign 30 Second Application now.
Or call us at Tel:  1-919-771-4177, or Question?

FAQ Frequently asked questions on merchant cash advance consolidation.

What is a merchant cash advance consolidation?
A merchant cash advance consolidation is usually one large loan used to payoff several smaller cash advances.  The goal is to lower total daily payments by extending the term, lowering the rate, or both. However, there are several programs that work differently to lower your payments. Not all of these programs will help your business, so contact us to discuss
I want a merchant cash advance consolidation. How do I qualify?
Keep paying all your current advances on time
Wait until 30 days after the most recent cash advance if possible before applying for a consolidation.   Most consolidation requests are declined if a business took out a cash advance in the last 30 days.    Lenders want to see how a business is paying the most recent advance before a consolidation request is approved.
Your business should not have more than five overdrafts or five NSFs per month.  Then complete the 30 second application above.
How can I get the best Merchant Cash Advance Consolidation?
Complete the one page application.  Provide information on the existing advances.  Give the approximate balance and the daily payment.   List how many months are left on the existing merchant cash advances.  Determine how much per day, week and month your business can afford.
A business may be able to cut their monthly payment up to 50% to 75%.   As an example a business has a $3000 monthly payment on two merchant cash advances combined.   By paying those off with one 48 month loan, the payment can be cut as much as $1750 per month.  By doing so the business now has an extra $1750 per month  cash flow.   It can use the savings for other business expenses.
How much can I save per day or per week?
In most cases, your business can lower payments between 25% and 50%.
How does the consolidation work?
Your business submits an application and the most recent three months bank statements. Your business cash flow is analyzed to determine what your business can successfully pay in full. If it is determined that your business can pay a lower amount for a longer term, an offer may be made. Your current advances are either paid off or the daily payment is covered while you pay a much lower amount for a longer period of time.
Do you offer reverse consolidations?
Yes, we offer reverse consolidation options
What is a reverse consolidation
In reverse consolidation of mca merchant cash advances the merchant lowers their daily as well as weekly and monthly payments by having their total debt extended for a longer period of time

h5>How does a reverse consolidation work?

In a reverse consolidation, the current mca merchant cash advances are covered and paid on a weekly basis. An amount equal to one week of all mca payments are deposited into the business checking account of the merchant. The business then makes a reduced longer term daily payment to repay the reverse consolidation financing. The consolidation financing is for a longer term and often a lower rate than the merchants current mca advances. This allows the merchant to have a lower daily payment and improve their daily and weekly cash flow. Payments are often between 20% to 50% lower than their current advances.
Can you consolidate business debt?
You can consolidate business debt. There are several programs available to consolidate business debt. Other consolidation programs include consolidating merchant cash advances. Real Estate or other assets may be required to qualify for the consolidation of business debt. Some program options include a monthly payment and favorable early payoff options. Other features include higher consolidation approval amounts with high credit bureau scores or using real estate or other assets as collateral.

These businesses want to consolidate mca merchant cash advances, which consolidating an ach loan, or consolidating and ach business loan.    If your business does, it may be able to consolidate merchant cash advances into 1 loan.    Your business may also be able to extend out the term of the advances.   We can assist in paying off 2, 3 or 4 other advances and lowing your payment by as much as 50% or more.

Some businesses have more than one merchant cash advance. Some businesses have 2, 3 or more short term advances.  Due to the monthly cash flow impact, they cannot pay the advances and need cash flow relief.  They need to either consolidate or extend the term.   Consolidation and extending the term is an ideal solution.

Funding can be advanced to allow your business to consolidate merchant cash advances into 1 loan.

Tips on how to get approved for a cash advance consolidation:

–  Keep paying all your current advances on time before applying for a consolidation.
–   Wait until 30 days after the most recent cash advance to apply for a consolidation.   Most consolidation requests be declined if a business took out it’s most recent advance in the last 30 days.    Lenders want to see how a business is paying it’s most recent debt before it agrees to approve a consolidation application.
–  Don’t have more than 5 overdrafts or 5 NSF’s per month.

Consolidate merchant cash advances
Consolidate your merchant cash advances today.

Common concerns and requests we hear:

– I need a mca merchant cash consolidation.
– Help me consolidate my mca merchant cash advances.
– I need to lower my merchant cash advance daily debits.
– My merchant cash advances are devastating my business
– I need help immediately from mca merchant cash advances”
– Please help me save my business.   My cash advances are suffocation my cash flow destroying my business.

Frequent consolidation program features:
– No net funding requirement.
– Any number of positions consolidated.
There are daily, weekly, bi-weekly, and monthly repayment options for several consolidation options and loans.
We try to tie payment frequency to your deposit volume.  In consolidations, the main things at are looked at are:

The repayment history on current advances.

– If we are materially cheaper, and if your business has been able to pay your existing higher cost advances with minimal NSFs, we will aggressively pursue a consolidation.
– Deposit volume and consistency are reviewed.  If deposits vary significantly from month to month, we will typically look at the lowest month when calculating an amount to offer.  Up to 1.25 times your deposits with a 6 to 12 month term are offered.
– (NSF) insufficient funds and overdraft frequency are looked at.

Other features of the Merchant Cash Advance and other loan products:

1. Advances are available in almost all states EXCEPT California.   Term loans are available.

Merchant cash advance consolidation benefits

2. Your future consolidation advance acts like more of a line of credit than a typical advance — a merchant can request additional capital at anytime from us.  We will quickly re-underwrite it with no fee and offer additional funds and keep your scheduled payment the same.

You do not have to pay off our advance with us in order to get more capital.  This holds true if your business requests more capital after one month, or after six months.  Your business saves money at renewal. Your business will not pay interest on interest if you renew for premium programs.

– No origination or underwriting fees unless three or more advances are consolidated.  Then those fees are still lower, $250 to consolidate 3 to 4 advances, $500 to $750 for 5 or more advances).  No NSF fees or other junk fees are charged.
– The maximum initial advance or loan is $100,000.
– This is first position funding only.   This funding can be the only funding following a consolidation.  A standard line of credit, credit card split loan, traditional bank loan.
– SBA loan, car loan, student loans and home loans can be left in place.
– Daily, weekly, bi-weekly, and monthly payment options are available.
Your business may need help creating a business plan.  The SBA can also assist with ideas and programs to develop a business plan.

Representatives service the following cities in the western region and can be contacted.

Alaska, Hawaii and California

In Anaheim, CA and Anchorage, AK. Bakersfield, CA and also in Carlsbad, CA. Chula Vista and also Fontana, CA. Fremont, CA and in Fresno, CA. Hayward, CA and Honolulu HI.  Irvine, CA and in Madera, CA. Modesto, CA and also Merced, CA.  Oakland, CA and in Ontario, CA. Oxnard, CA and Riverside, CA. Roseville, CA and in San Francisco, CA. San Jose, CA and also San Diego, CA. Santa Ana, CA and in Santa Clara, CA. Santa Rosa, CA and Sacramento, CA. Salinas, CA and in San Bernardino, CA. In Santa Barbara, CA and also Santa Maria, CA. Sunnyvale, CA and in Stockton, CA. Thousand Oaks, CA and Vallejo, CA. Ventura, CA and also in Visalia, CA.
West Region:
Representatives in the following cities may also be contacted:

Nevada, Oregon and Washington:

In Bellevue, Washington and Eugene, OR. Everett, WA and in Henderson, NV.  Kent, Washington in addition to Las Vegas, NV.  Olympia, WA and also Portland.  Reno, NV and Seattle, WA. Olympia, WA and in Paradise, NV.  Portland, OR in Renton, Washington.   Salem, OR and in Seattle, WA.  Sparks, NV as well as Spokane, WA. Tacoma, WA, Vancouver, Washington and Yakima, Washington.

Arizona and Utah:

Albuquerque, AZ and Avondale, AZ.  Chandler, AZ and in Flagstaff, AZ.  Gilbert, AZ and in Glendale, AZ.  Goodyear, AZ and also Mesa, AZ. Nogales, AZ as well as Ogden, UT.  Phoenix, AZ and in Peoria, AZ.  Provo, UT and Scottsdale, AZ. Salt Lake City, UT and also Scottsdale, AZ.  Surprise, AZ and aslo in Tempe, Arizona.  Tucson, AZ, Yuma, AZ and San Tan Valley, AZ.

Colorado, Idaho, Montana, New Mexico and Wyoming:

In Albuquerque, NM, Aurora, CO.  Boise, ID and in Cheyenne, WY.  Colorado Springs, CO as well as Denver, CO.  Helena, MT and Lakewood, CO as well as Santa Fe, NM.
South Region:
Consultants in the following cities can be called to schedule a same day appointment
or call:

Kentucky, Virginia, Washington, D.C., and West Virginia: In Alexandria, VA and Arlington, VA. Chesapeake, VA and in Hampton, VA.  Huntington, WV and also in Kenner, VA and Lexington, KY. Louisville, KY as well as Lynchburg, Virginia.  Newport News, VA and in Norfolk, VA.  Petersburg, VA and also in Portsmouth, Virginia.  Richmond, VA and Roanoke, Virginia.  In Suffolk, Virginia and also Virginia Beach, VA.

North Carolina, South Carolina:

In Anderson, SC and Asheville, NC.  Cary, North Carolina and also in Chapel Hill, NC. Charleston, SC and in Charlotte, NC. Chattanooga, TN as well as Columbia, SC. Concord, NC and Davidson, TN. Dunn, NC, Durham, NC and Fayetteville, NC. Franklin, TN, Gastonia, NC. as also in Greensboro, NC. Greenville, SC,  Henderson, NC as well as Hickory, NC. High Point, NC, Kingsport, TN and Knoxville, TN.  In Maudlin, SC, Memphis, TN and also Morristown, TN. Murfreesboro, TN, Myrtle Beach, SC and Nashville, TN.  North Charleston, South Carolina as well as Raleigh, NC. Sanford, NC, Lenoir City, TN and in Shelbyville, TN. Spartanburg, SC, Wilmington, North Carolina and Winston-Salem, NC.

Florida:

In Cape Coral, FL, Clearwater, FL and Daytona Beach, FL. In Jupiter, FL, Fort Myers, FL as well as Ft. Lauderdale, FL. Hialeah, FL, Jacksonville, FL and Lakeland, FL.  Melbourne, FL, Miami, FL and Ocala, FL.  Pensacola, FL, Kissimmee, FL as well as Naples, FL. Orlando, FL, Ormond Beach, FL and also in Palatka, FL.  In Palm Bay, FL, Pensacola, FL and also Port St. Lucie, FL. Saint Petersburg, FL, Sanford, FL and Tallahassee, FL. In Tampa, FL, West Palm Beach, FL as well as Winter Haven, FL.

Alabama, Georgia, and Mississippi:

In Atlanta, GA, Augusta, GA and Birmingham, AL.  Gulfport, MS, Hoover, AL and also Huntsville, AL. Jackson, MS, Mobile, AL as well as Montgomery, AL. Savannah, GA, St. Mary’s GA and also in Talladega, AL.<

Arkansas and Louisiana:

In Baton Rouge, LA and Fayetteville, AR.  Forrest City, AR,  Lafayette, LA and Little Rock, AR. Metairie, LA and New Orleans, Louisiana. Baton Rouge, Louisiana, Shreveport, Louisiana and also Lafayette, Louisiana.

Oklahoma and Texas:

In Arlington, TX and Austin, TX.  Bartlesville, OK, Beaumont, TX and in Corpus Christi, TX. Dallas, TX, Edinburg, TX and in El Paso, TX.  Ft. Worth, TX, Houston, TX as well as Killeen, TX. Lafayette, LA, Mission, TX and Muskogee, OK.  Oklahoma City, OK, McAllen, TX and also in New Braunfels, TX.  Round Rock, TX, San Antonio, TX, as well as Shawnee, OK.  Sugarland, TX, and The Woodlands, TX as well as Tulsa, OK.

Midwest Region:
Representatives in the following Midwest cities can be contacted:

Illinois, Indiana, Wisconsin:

In Anderson, IN, Carmel, IN, and Aurora, Illinois.  Chicago, Illinois, Elgin, Illinois as well as Rockford, Illinois.  Joliet, Illinois, Lee’s Summit, Missouri and in Naperville, Illinois.  Springfield,  Illinois,  Peoria, Illinois and also in Elgin, Illinois.  Waukegan, Illinois, Cicero Town, Illinois as well as Champaign, Illinois.  Bloomington, Illinois, Decatur, Illinois and Eau Claire, WI.  Fort Wayne, IN, Gary, IN and in Indianapolis, IN.  Madison, WI, Milwaukee, WI and Naperville, IL.  Green Bay, Wisconsin, Kenosha, Wisconsin, and Peoria, IL.  Racine, WI, Springfield, IL and also Waukesha, WI.

Michigan and Ohio:

In Akron, OH, Ann Arbor, MI and Canton, OH.  Cincinnati, OH, Cleveland, OH and also Columbus, OH.  Dayton, OH, Dearborn, MI and in Detroit, MI.  Flint, MI, Grand Rapids, MI as well as Marion, OH. Maysville, OH, Muskegon, MI and Parma, Ohio.  Toledo, OH, Wilmington, OH, Wyoming, MI and also  Youngstown, OH.

Kansas, Nebraska, North Dakota and South Dakota:

In Council Bluffs, NE and Kansas City, MO.  Lawrence, KS, Omaha, NE as well as Wichita, KS.

Iowa, Minnesota, and Missouri:

In Bloomington, MN and Columbia, MO. Davenport, IA, and also Des Moines, IA.  Duluth, MN and also Independence, Missouri.  Kansas City, Missouri and Minneapolis, MN. Overland Park, MO as well as Rochester, Minnesota.  Springfield, MO, St. Charles, MO as well as St. Joseph, MO.   Springfield, Missouri and St. Louis, Missouri.  St. Paul, Minnesota and St. Cloud, MN.

Northeast Region:

New York:

In Albany, NY,  Batavia, NY and Buffalo, NY.  Cheektowaga, NY, New York City, NY as well as Niagara Falls, NY.  Rochester, NY, Schenectady, NY, Seneca Falls, NY and Syracuse, NY.

Maine, Vermont, New Hampshire and Massachusetts:

In Bangor, ME and Boston, MA. Burlington, VT, Cambridge, MA and Concord, NH. Montpelier, VT, Newton, MA as well as Portland, ME.  Providence, MA and Springfield, MA. In Warwick, MA as well as Worcester, MA.

Pennsylvania, Maryland and Delaware:

In Allentown, PA and Baltimore, MD.  Bethlehem, PA, Columbia, MD and Dover, DE. Harrisburg, PA, Lancaster, PA and in Lansing, MI.  Lebanon, PA, Manchester, PA as well as New Castle, PA.  Philadelphia, PA, Pittsburgh, PA and also Reading, PA. In Salisbury, MD, Scranton, PA and Towson, MD.  In Weirton, PA, Wilmington, DE and also in York, PA.

Connecticut, New Jersey and Rhode Island:

In Bridgeport, CT and Camden, NJ.  Hartford, CT, Jersey City, NJ as well as Milford, CT.  New Haven, CT,  New London, CT and Newark, NJ.  Norwalk, CT and Norwich, CT.  Providence, RI, Stamford, CT and also in Trenton, NJ.

Open tax lien business loan

A loan for businesses that need working capital and have unpaid federal or state liens without a payment arrangement.   Proof of payment arrangements are not always needed.   Your business can get a business loan even with an open tax lien and no payment arrangement.  So act now and resolve your business back taxes today.

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Open tax lien business loans

Program # 1:   Business funding based on the assets of the business.  If the business has over $10,000 per month in sales, they may be able to get a business loan based on their sales.

Commercial real estate with equity can also be used to payoff the open tax lien.   At closing the tax lien is paid off from the proceeds.   Another option is to use business equipment. Get capital based on business equipment.  Use the funds to payoff the tax lien.

Business loans with an IRS payment plan

There are several business loans that can be obtained for a business with an IRS tax lien that has a payment plan. A business can use the revenues of the business or the hard assets of the business.  This can be Real Estate or Equipment.

Business loans without a payment arrangement with the IRs.

A business that has a tax lien without a repayment plan can be financed.   Businesses needing immediate help can now quickly use their revenues or assets to get working capital or a business loan.  The process is fast and easy.   Up to 5 to 10 business days and just a one page application.

Open tax lien business loan
Resolve your open business tax liens with several quick programs.

 

Finally, other sources of information related to tax liens may be found at the SBA small business administration site.

h4>Faq, frequently asked questions on business tax liens and open tax liens

What is an open tax lien?
An open tax lien is a lien that has been filed by the irs or state government against a person or business that does not yet have a payment plan approved for repayment.
Can I get a business loan with a tax lien on my credit bureau?

There are several business loan options for businesses with a tax lien. In some cases an open tax lien can be approved and funded. The lien can be paid off at closing. Funding options available to payoff tax liens loans are based on the cash flow of the business and against real estate or equipment assets.
Do I have to have a formal OIC offer in compromise before I can get a business loan?
A formal oic offer in compromise is better to have but not required in many cases. If real estate and equipment assets are used then you may not have to have a signed offer in compromise. If you do not have a formal offer in compromise and the amount you owe is low, then you may still be able to get approved for a business loan.
How do I know if I have a tax lien against me or my business?
There are several ways to determine if you have a tax lien filed against you or your business. If a lien has been filed against you by the state or IRS then you should have received a letter confirming that. If you think a state or federal lien has been filed against you then call the IRS or state tax department to confirm.
A state or federal tax lien will likely show up on your credit bureau. You can check your credit bureau to see if a lien has been filed. If you do not see a lien on your credit report it is not a guarantee that a lien has not been
filed.
Why should I pay a tax lien if it has already been filed and has damaged my credit?
Many lenders will not approve a business loan if you have a tax lien on your credit, most especially banks. Any other companies you do business with may be more reluctant to enter into a contract with you if you have a large tax lien on your credit. They believe that if you do not meet the IRS requirements then your business could be impacted in a major way and affect your company’s ability to perform the contract.
Can I dispute the tax lien and then apply for a business loan while it is in dispute?
You can dispute the tax lien. However, if you do not have all the paperwork to support you dispute then disputing it will not be your best choice. If you think the figures the state or the irs has are approximately correct then a settlement will probably be a much better choice. A settlement is the best choice if your income
has gone down since the time you got behind on your business taxes. If business revenues and your personal income have gone down then you cannot afford what you own. The irs may consider you uncollectible on the full amount owed and will likely consider a settlement. Provide your recent income information and get a settlement with the irs in an offer in compromise. When you have that then apply for a business loan.

Loan on a semi truck, big rig or business vehicle

loan against semi-trailer truck

If your business has big rigs and needs capital, it can get a loan against tractor trailer, semi truck, and any business or commercial vehicle.   Even 1 semi trailer truck can be enough to get capital.   Loan amounts starting as low as 2,000 and up.   There are several loan programs and resources available in the marketplace to get semi-trailer truck financing.   Credit scores can be lower under this program.  Credit scores of the owner can be below 500 and still have a strong opportunity to qualify.   The truck or semi-truck has to be free and clear.    There cannot be any loans against the truck.

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How to get a loan on a semi truck trailer or big rig: How to steps, direction, and tips:

How to get a loan on a big rig semi truck
How to get a loan on semi-trucks, tractor trailers and business vehicles
Estimated Cost: $0
Total Time: 1 Day
Supplies Needed:  Semi truck trailer or business vehicle, title, picture of semi truck and odometer.  Time available.
Tools needed: Internet connection, phone, computer

Step 1:  Preparation

Research companies that offer loans against semi trucks or big rig 18 wheelers. Search for programs that best match your business need for the amount needed, the value of your semi rigs, and credit.

Search for a program that offers loans against semi-trucks and big rigs
Search for a program that offers loans on vehicles specifically of this type, including OTR Over the road trucks and trailers

Step 2: Have your information on your big rig semi trucks ready to go.

Tip: Start the process a few days before needing funding.  You may need to get together information you were not expecting to get.
Remember that regular business vehicles such as vans may also qualify.
Information on the trucks you will need includes manufacturer, year, model number, title, a picture of the odometer and a couple of

pictures of your truck.

Get information on the trucks together including year, manufacturer, model number and title.
Have the information ready that you will be asked for such as the title, year, manufacturer and model number.

Step 3:  Settle on the top 2 or 3 programs that best matches the value of the semi trucks you have and the amount you need.

Contact qualifying companies and ask about their approval requirements.

Tell the lender the basic information on the trucks and try to find out what your chances of approval are.    Also ask if you can be pre qualified.

Contact the lenders and ask about their approval requirements
Call the lenders and ask about what is required for approvals and if you can be pre-qualified

Step 4: Submit an application

Apply with the program that can most likely get your business a loan against your semi trucks based on the conversations you had with the lender and review of their criteria.   Complete an application for funding and provide the supporting items such as copy of the title, pictures and odometer reading.

Apply and submit application
When you have picked the most likely program, apply and submit your application information

Step 5:  Review approval offers

After approval, review all closing terms and conditions. Make sure you can provide required closing items. Complete transaction and receive funding.

If you were declined, contact the lender and try to find out why.  Try to find out if you are able to do anything to get the decision reversed and get approved.  If you cannot get approved, then go back to the other lenders you looked at during your search.  Ask if the reason for your decline will be a decline reason for them.   If not, then consider applying with one of the other lenders.

Review your offers and close the approval
Review the terms and closing requirements of any offer received. Pick the best one, provide the closing documentation needed and receive funds for your business.

If you have many vehicles due to being in business to sell cars, consider options under our used car dealer loans.

FAQ Frequently asked questions on a loan against a semi truck, big rig or business vehicle

Can I use my truck as collateral for a loan?

To get a loan you can use a semi-trailer truck, tractor, big rig, 18 wheeler, or business vehicle that is paid off as collateral. You need to have the vehicle in your possession and prove ownership. Some vehicles with a very low balance owed on them may still qualify.

My semi truck is broken down and in the shop for repairs. Can I get money against it to pay for the repairs?

You can get money against a semi truck in the shop to pay for repairs. The shop will be paid directly to get your big rig back on the road asap. If the repair is less than the loan amount, then you will get the difference in cash.

How do you get a loan on a semi truck or regular work truck and how much can you get?

You can get a loan against a semi truck, tractor trailer, big rig and most vehicles used for business. You need to have a copy of the title to prove ownership, a picture of the truck and odometer. The amount of the loan is about 40% to 50% of the retail value. The truck must be used at least in part by your business and have your company information on it. Magnetic signs may be acceptable.

Recent Customer requests

Last week the owner of a single rig trucking company called and said his truck went down and was in the shop.  The customer needed $6,700 for repairs and his credit score was mid 500’s.   He wanted to get funds against his Semi-Truck.   The truck has a value of approximately $25,000.  He still owed about $16,000 on it and as a result, we referred him to another loan product because the semi-truck has to be free and clear.

A company should make up a list and provide it to the lender to get a loan against 18-wheelers.   Offering multiple trucks is also another way to get more money.   The trucks normally have to be free and clear.  The terms the customer can get are usually attractive because they are not short term and the collateral is valuable, so the lenders will give more attractive rates.  The customer can get a decision within one business day and closed within a week.
Click on the contact link and get more information.

loan on a semi trailer
Get a loan on a semi-trailer truck, big rig, or tractor fast and easy.  Monthly payment loans start at $2,000. Damaged credit and scores 500 and below are O.K.

Loan amounts:

Loan amounts are based on roughly 2 to 1 collateral and also on the wholesale value.   Businesses with 2 semi-trucks worth $100,000 for example, will get an offer in the $40,000 to $50,000 range.

Online resources include an interest calculator.   Customers can type in the loan amount, the number of months and the monthly payment to find out the interest rate.

http://www.efunda.com/formulae/finance/loan_calculator.cfm

For example, on a loan for $100,000 for 60 months with a payment of $2,163, the interest rate calculates to 10.77% and a total repay of $129,780.

Additional collateral is not required.   If a company obtains this loan, a site inspection is normally done by the lender.  The customer pays for a site inspection.  Another Tip: The trucks have to be accessible and in working order.  A UCC filing is placed with the department of motor vehicles in the state the business resides in.

Thank your for visiting our loan against tractor trailer page.  The success of your business is our goal.

Help getting a business loan

Help getting a business loan

Do you need help getting a business loan?   If you and your business has experienced going to traditional banks or alternative lenders and not fitting into one of their programs we have some options and free counseling.  Find solutions, learn and understand which programs are best to help getting a business loan for your business.

Options for help getting a business loan include options based on assets such as equipment assets, and based on just the sales of your business.

We will discuss your company’s particular situation and needs.  We will help you determine what the best funding options are for your business.   Once that is identified, we will help you get together any paperwork you need for that program and get you started.
Most businesses have the easiest time qualifying for either the loan against assets or loan using bank statements.

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Many businesses that have been denied financing due to either unacceptable credit, collateral or financial statements have complained that if they have significant sales, so why can’t they get funding against their sales?   We agree.   We have assistance programs that provide help “getting a business loan” through just your company’s revenues or equipment.   The funding functions similar to a business line of credit.   The approval is based mostly on the business’s total monthly deposits, average daily balance and time in business.

We will provide help getting a business loan by assisting your business with the processing.  Just provide your most recent 3 months complete business checking account statements and a short one page mini-app.  Other ease of program include:

Fast and easy processing
No financial statements to provide
Easy personal credit and time in business requirements
Quick funding through a wire into the business checking account
within one to two business days.

Approvals are up to 125% of the total monthly deposits.  If a business deposits $50,000 per month, the business may qualify for up to $62,500.  The amount they will qualify for will depend further on the time in business and average daily balance.   Terms are between
3 and 18 months, while most approvals are for 6 and 9 months.  The customer can borrow and repay repeatedly.   Once the customer pays the original balance down to about 40% of the original balance, they can borrow against the line again.   The best way for help getting a business loan is to get the assistance of an experienced representative.  Early payoff is limited and the customer will not get much of a discount.

We need to talk about time in business.  The business only needs to be operating for 9 months, though any time in business more than 2 years means you will have more of a chance of being approved and increase the approval amount.   All other things equal, a business that has been in business for 3 years will get
higher approvals than a business that has been in business for
only 6 months.

There are more choices for help getting a business loan through the loan against assets program.  A business can get working capital using either their computer electronic equipment, machinery, industrial equipment, construction equipment, dental equipment or medical equipment.  Loan sizes are from $10,000 to $250,000, with just an application only for most cases up to $40,000.   The business just provides a one page application and equipment list.   Up to 75% of the current value of the equipment can be obtained.

Terms:

Terms are 24, 36, 48, or 60 months.   There are early payoff options, although they are not favorable or give a large discount for early payoff.   The funding is set up either as a lease or an equipment finance agreement.  Leases are designed to provide the biggest deductions but are not the best for early payoff.

Sample transaction in which a business received help getting a business loan.

Sparks Engineering needs $50,000 in working capital.  They complete a one page application and equipment list.  The list includes technical equipment such as measuring instruments as well as computer equipment, including Servers, technical engineering software and hardware.

Their bank statements show they are depositing an average of $60,000 per month.   They are approved for $30,000 on a loan based on bank statements and $30,000 on a loan against their equipment.   The $30,000 loan based on bank statements is for 9 months.  The loan against equipment can be done for 24 to 60 months.   Sparks Engineering does not want to have the entire $50,000 financed for only 9 months because the monthly repayment would be too high.   They decide to take $20,000 with a 9 month term and $30,000 with a 36 month term.

Both sets of documents are E-Mailed to the customer.  They complete and return the docs.  After the docs are checked for accuracy, a final verbal verification is completed with the customer.  Once the customer confirms the transaction, funds are wired into their account within 24 to 48 hours.

FAQ’s:

Most frequent Requests:
– I need a business loan.
– Get me a business loan.
– Help me get a business loan.
Some customers call in, skip the questions, and just ask us to do consolidate advances.  All of these requests fall into the same MCA consolidation relief product.

Question: How much of a loan can we get?

Answer: The amount depends mostly on the amount of your business’s sales, the amount of equipment the business has, the time in business, and the credit.

For more information, you can visit Money Planet

Thank your for visiting our help getting a business loan resource page!

Credit Inquiries you cannot avoid

“Credit Inquiries” has been a topic of much conversation and concern in recent years.  The following is current information you should know about credit inquiries you cannot avoid.

Do not try to avoid virtually all credit inquiries.   A growing number of people do not want any, or virtually any credit inquiries to be pulled on them even if they are applying for credit.  They tell lenders that they want to be considered for the financing without their credit being pulled.  There are “credit inquires you cannot avoid”.
This is not feasible or realistic, especially if the request is in the name of an individual.  In most of these cases, these request are in the name of a small business and the owner wants the request to stand in the name of the business by itself without their name.
If a business has less than 35 employees, in most cases the lender requires the owner’s credit to be reviewed.
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Virtually no lenders will decide your loan request with a consumer obtained bureau.  Consumers can contact credit reporting agencies as well as outside vendors that provide bureaus and get all 3 credit reports.   These reports are not the same reports that lenders obtain.  Consumer reports are formatted differently and are simpler than the lender’s report.  The consumer version often provides more written explanation and sometimes less numerical detail.  Consumers will sometimes take these reports and tell the lenders that they want the lenders to use their consumer obtained reports rather than what the lenders use.   However, the lender’s version is usually more current than the consumer’s version.  The consumer version may be two or three weeks old.  The lender feels that the consumer’s version may not reflect items on the bureau that may have happened within those most recent two or three weeks.

There are many outside vendors that provide intermediate party credit reports.  Lenders are not, and should not be expected to know whether those vendors provide updated and satisfactory information.  Lenders are not obligated to use those reports.  As a result, consumers should not expect to avoid credit inquires by demanding that lenders use their consumer credit report version.

Thank your for visiting our credit inquiries you cannot avoid resource page!