When Loans are Hard to Find


credit card swipingThe recent unprecedented financial crisis has resulted in banks lending. Whether you are an individual, or small company it is likely that you are having trouble getting funding. The banks cannot be blamed. There was an 81% increase in small business bankruptcies from June 2009 compare to June 2008( source Equifax). The banks are afraid to lend to anyone except the best capitalized companies.

When you own a business, you are aware of the many facets that must be regulated to keep the business income flowing to provide for yourself and your family. The old adage, “It takes money to make money” is often very prophetic as thousands of businesses go under every year due to lack of funding. In a pinch there are options to obtain money needed to operate a business. Loans can be procured at banks and through other such financial institutions. Small business owners with good credit and a strong company history can borrow money with collateral to protect the bank from a default. With the economy in the state that it is in today, it may be hard for every company that needs money to get it for any expansion or growth they would like to achieve.

Business loans can come from banks and specialized financial institutions, but there is a new method that not only helps those with less than perfect credit, but it also allows business owners to get money quicker and easier than ever before. Merchant cash advances are available online to companies that have a history and a certain level of credit card sales. The most convenient feature of these loans is the way that the borrower is able to pay them back. Money is taken directly from the point of sale on credit card purchases. A certain percentage of gross credit sales is removed to pay back the advance, so you will never have to write a check or be burdened with worrying about due dates. If you make less money than expected one month, you will end up paying less toward your debt that month. Merchant cash advances are easy to get and you can be pre-qualified online and the money can be in your account in a few business days, making them a great solution for the business owner looking to grow and expand.

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