If you’re looking to get a business loan, you probably have bad credit. If your credit wouldn’t be bad you would turn to your bank. Bank loans are always the cheapest option since the SBA helps the banks borrow to small businesses. Unfortunately the banks will not approve business loans for people with bad credit, making it very difficult to get a loan for most small businesses, but you probably know that there are alternatives.
Since 2006 loan companies throughout the nation started to offer business loans for bad credit with higher interest rates than the banks. These loan options gained momentum in the small business world especially for business owners with poor credit that were getting turned down by the banks. The industry became very big and more and more competitors started to offer similar loan options that were designed for people with bad credit. The most popular option is known as ‘Merchant Cash Advance’. MCA is actually a fancy word for a high interest business loan that is not ‘considered’ a loan, but is similar to a loan, being that the business receives ‘cash’ and is obligated to repay the cash within a frame of time. Just like you would describe a loan..
The term ‘merchant cash advance’ relates to a specific system that the bad credit loan companies invented, to be able to borrow money for businesses even though they have a bad history or bad credit. The company ‘buys off’ cash from their every-day sales, and receives a percentage of the sales until the loan is repaid. If you are looking for such type of loan you are in the right place. Business Loans Direct Lenders is a nationwide platform that brings a revolution to the merchant cash advance industry. We believe that despite thousands of loan companies that claim to be cash advance ‘lenders’ or simply ‘loan agencies’ there are actually a dozen of real direct lenders, and quite a few of the best business loan companies.
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