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Loan repaid through credit card processing

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    realnycguyrealnycguy subscriber Posts: 0
    Actually, there are dozens of cash advance companies out there, and they all have different criteria for funding.  Some of the more established companies can mold a plan more specific to the business at hand.  While 1 year in business is a generally accepted practice, it is not the rule.  You can usually go as high as $50,000 without requests for tax returns as well.  Meaning, you should do your homework on the different companies out there.
    I work for 2nd SOURCE FUNDING, and we work with 7 different Merchant Banks.  To anyone who doubts the viability and size of the industry, we are currently funding between $10 and $15 million a month to merchants in all 50 states.  We usually ask for the last couple months of bank statements and merchant processing statements, so we can assess the business as a whole and how your income is broken down.  In some cases, we will forward you to one of our banks for a more traditional loan vehicle (though 650+ FICO scores and P&L`s are required).
    Realistically, you can expect to pay  between 25%-40% on the money.  Refinancing options are available to merchants who pay on schedule.
    In summary, this business is evolving and you should apply to more than one company to see who will offer the best terms.  Also be cognizant of the fact that in most (but not all) cases, you will be required to switch your credit card processing company.  Make sure your rates are not hidden and the fees inflated.
    If you would like to learn more, feel free to contact me
    Brian A. Baron
    Executive Funding Specialist
    877-700-7947 # 1912
    877-699-9017 fax
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    Ralph4Ralph4 subscriber Posts: 3

    our business is called whats4dinner our website is www.whats4dinnerinc.comand we do process credit cards....about 7K/month.

    You have an interesting website.  I wish all success.
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    Ralph4Ralph4 subscriber Posts: 3

    I have looked into several of these companies, but I found their rates to be over the top.  To borrow 100K over 9 months, one company told me I would have to pay back 130K!  30K over 9 months is too high for us to pay. So we are investigating other sources of funds, specifically an unsecured line of credit, so if anyone knows a good source for those, I would love a referral. So far all I can find are brokers that want to charge me a 15K brokers fee for getting me a 100K loan.Best of luck!Advaweb

    At www.thesnaploan.com, there is a consulting fee of 5 points on the amount of money they acquire for you.  If they do not acquire a loan on your behalf, there is no charge.
    What do you think about their fees?
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    theblindmantheblindman subscriber Posts: 0
    Hey Paul,
    I am in the same boat as you,
    and I was wondering if you ever found a company?
    Please let me know
    Thanks,
    Matt
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    mattsindmattsind subscriber Posts: 0
    Hey Paul,
    I am in the same boat as you,
    and I was wondering if you ever found a company?
    Please let me know
    Thanks,
    Matt

    I am not a financial business consultant.  However, I can recommend I resource that I have used in the past and intend to use in the future when my business environment dictates the need for additional funding etc.
    I like them because the process is online, user friendly, and has no hidden fees or charges that will be dropped on you surprising throughout the process.
    I consider myself a simpleton really when it comes to technology, and I found working with www.thesnaploan.com.
    Perhaps, you should give them a try.
    At the bottom of their homepage, there is an email submission box.  Enter your information and you will be sent everything you need to start the process, without paying a sent.
    What I really like most is that I don`t have to pay anything to the company unless an approved loan is acquired for me.  Further, if they do apply a loan for me, I only have to pay 5 point on the approved amount.
    Thought I would let you.  It may not be suitable to your situation, or it may be.
    I just wanted to offer you an option that I found success with.
    If you have any questions about them, feel free to ask.  I will tell what I know from my experience with them.
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    markslfmarkslf subscriber Posts: 0
    Some credit card cash providers will provide up to $250K per location depending on how much your total sales are and how much you currently do on credit card sales. This is a very easy method of obtaining cash for your business however it may not be the most cost competive way to receive money.  I have to ask, do you sell to businesses or to consumers?
    If you are selling to businesses you could look at invoice factoring. You need to make sure that you are given the freedom to to factor what customers and what invoices you want. This way you have total control over your cash flows and it lowers the expense.
     
     
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    markslfmarkslf subscriber Posts: 0
    If you accept credit cards Spotlight Financial LLC has a fast cash business loan. It is not a merchant cash advance but a real loan. The credit card information is utilized to confirm your cash flows. You could potentially qualify for up to $100K. It is more difficult to get then a merchant cash advance but much easier then a bank loan. Here is the link https://www.spotlightfinancial.biz/Fast ... s_Loan.php
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    matthewSBOCmatthewSBOC subscriber Posts: 0
    PaulBrown,
    This is common among the service industry were banks will not lend funds, but you can always get a merchant account cash advance. Yes it is based on your future credit card sales and it can be great way to get fast capital if you need it to grow your business.  The way it works is: these companies will buy your future debit and/or credit card sales at a discount to give you cash today.
    I have been involved in the merchant cash advance business for a while now up in Canada and have seen many success stories, but I also am aware that this type of funding it is not for everyone.  Merchant cash advances on credit cards sales do not always come with good buy rates. Some buy rates are a factor rate of 1.4 so that means for every $1 they fund you, you will eventually pay back $1.4 -  so if you do have time on your side or have a line of credit available it may be better to take that route. 
    However, if you do not have those types of financing available at your hands then this type of funding may be exactly what you are looking for.  Typically they approve 90% of all accounts and it is almost solely based on what your average credit sales are, which determines how much you can qualify for.matthewSBOC5/11/2008 7:02 PM
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    cashpriorcashprior subscriber Posts: 0
    There are several factors to consider when looking into unsecured loans, credit card factoring, cash advances.
    1) They are unsecured, that means no collateral is required.
    2) If you are looking for these types of loans, and not a regular bank loan, is because you have a less than perfect credit history or your business is too fresh.
    3)The funding process is *really* fast, usually under 10 days.
    4)it goes completely under the radar, no UCC1 fillings to your business.
    5) There are no fixed monthly payments, you pay as you sell to your customers when processing credit cards.
    Of course these types of advances are more expensive, but there are many advantages to take into consideration.
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    cashpriorcashprior subscriber Posts: 0
    What you are looking for is called a credit card advance. The lent amount depends on your average monthly credit card sales, and while your gross sales supports it, you can get a cash advance of up to 2.5 times your CC sales average. It`s totally unsecured and it doesn`t have a fixed monthly payment nor it has a fixed term for the repayment.cashprior5/20/2008 1:59 PM
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    dtominusdtominus subscriber Posts: 0
    My name is David Tominus I can provide cash Advance from $2500 to $500,000,  unsecured ,  bad credit ok, 100% tax deductable  better then a bank, no fee`s , flate rate . please vsit www.cashprior.com</A>
    Then call me to send you a one page application , no obligation!
    Thanks
    David Tominus dtominus@yahoo.com</A> or 727-545-9530
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    GutianoGutiano subscriber Posts: 0
    Hi my hame is Rob and I am an auto parts business owner in North Miami Beach... I was looking for some help regarding cash and I spoke with this guy David from capital advance.. they were fast and they approved me for a very good cash advance within a day or so, fees where not high.. if you are looking for help try them at 954-647-6173.. good luck!!!
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    macontishmacontish subscriber Posts: 0
    "I received financing through www.usunsecured.com and had no problems. My old bank had me in the dark as to when they would close and offered me horrible terms. I also got a free hawaiian vacation."
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    MotherFundMotherFund subscriber Posts: 0
    We specialize in providing funding to small businesses. We offer the Credit Card Receipt Advance that you are talking about. If you would like to contact me please feel free to call or email:
     
    Jeff Benat
    Mother Fund

    www.motherfund.com

    866-923-6710 ext 215

    jbenat@motherfund.com

     
    Our rates are quite a bit better than most, as I`ve heard of of some of the same type companies offering 20k for 40k with an outrageous percentage of returns on credit card receipts. Generally we can offer, for example, 10k of funding for a 13500 return and only a 20% paypack on your daily credit card receipts. Of course the amount of funding is dependant on us reviewing your last 3-4 months of CC statetements to see how much you would eligible for. Feel free to contact me with any questions you may have. Thank you
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    MotherFundMotherFund subscriber Posts: 0
    We offer cash advances based upon your monthly Visa/Mastercard average. I would be glad to work up a proposal for you. We can fund you an amount equal to your monthly average V/MC sales. Just make sure that anyone you go with gives you the numbers up front. Our general rule of thumb is a 1.35 at 20%, which means we can fund $10,000 for a $13,500 remit with 20% of you daily V/MC batch outs going towards the balance. And yes, we will want to change your CC processor to Alpha Card Services but we guarantee to match (or beat) your current processing fees.
     
    Jeff Benat
    Mother Fund
    469-402-1125 (direct line)

    jbenat@motherfund.com

     
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