Working Capital CA MA & NH

All States, Even Ones Without Concords

Need a working capital loan that gets paid back through your credit card machine? There are a lot of choices, and you don't have to live in Concord to get one. Business cash advance services offer a variety of deals and rates, some have special calculators to show how much you end up paying back, and all of them can get you money fast if you qualify.

Concord Credit Card Processing Business owners that can't get loans from other sources are seeking merchant cash advance services as a lender of last resort, and now some players like PayPal are entering the equaiton with their own products and services. Note that advances must be used for business purposes and there are checks to make sure you are no overleveraged and that you will be able to pay for inventory with some of the dollars that come from your machine.

Defaulting on a merchant cash advance often happens when the business goes belly up, and depending on how you signed for the loan you may find yourself personally responsible for the dollars fronted. Many criticisms and controversies in this "lending" field involve the fact that remorseful buyers say they should have just closed the shop before borrowing more than they could ever realistically pay back. If you are not optimistic that a short-term loan could turn your business around, then an advance may not be the best financial vehicle and you may realistically consider cutting your losses.

Hazards of MCA

If you can get a merchant cash advance for a big amount, you should reconsider your other options because you should also qualify for one or more business loans with low interest. Some companies get into a trap where they stack advances so the proceeds of the machine are essentially covering loans but not much else. Remember that you can't dissuade people from paying by card in order to get operating cash for daily necessities, and you are pretty much stuck with your processor until the loan is paid up. You also have to have enough viability to stay afloat before you get an advance.

Peer To Peer Lending

A new service out there is peer to peer lending, where dollars come not from banks but from people who have extra money and are trying to get a 12% return, or similar interest rate, on their money by lending it through networks. The P2P model is seen as a step above MCA in that it is more flexible and less like a payday loan. There are major venture capital firms investing in these services, so your peer could actually be a Silicon Valley Billionaire who wants to park some money for awhile. P2P lenders are found through websites and other alternate financing sources, but there are still checks in the same manner as working capital loan sources because naturally people want to see their money come back.