Need A Business Loanby Clients Speak on 06/11/11
Here is a story about a business owner who became a satisfied Prompt Advance Lending client. We hear stories like this so often. Many of us here understand first hand exactly what this client went through with the banks.
From the client…
I have found out from experience that even though I have a steady stream of sales and cash flow, I can never save enough to grow my business, or to take advantage of some great deals when they are presented to me. One day a spectacular deal was presented to me for pennies on the dollar and because I didn’t have the “extra” money lying around to pay the cash price needed, so I had to pass. After having to pass on this deal where I could have doubled my money, I decided to inquire at the bank to see about getting a business loan or a business line of credit. At first, I was hesitant to go to the bank for a business loan. I had already tried and failed in the past to get approved for a business line of credit and a business credit card. All because my personal credit score was low. And since the bank checks on personal credit during the application process, they denied on both attempts, for the business line of credit and for the business credit card. But now I thought this time would be different. I thought since I had a strong deposit history with the same bank for 3 years, and maintained a decent average daily balance, that I had a chance at getting approved! Well, I thought wrong. They checked my credit score and they denied my application for a business loan. They didn't care what my monthly average account balance was. They didn’t care that my business was doing around $200,000 a month in sales and they didn’t even attempt to help me. They simply denied my application. This caused me to now go on a money quest. I decided to try my friends and family, but I could tell they were not comfortable about “investing” or “loaning" me the money.
I was reluctant to search the internet, because I felt it would be a waste of time, like the banks, private lenders would check my personal credit and decline me for a business loan. But I was frustrated with losing this deal, so I decided to see if there were other ways to get the working capital I needed and I did a search online "Business Loans for Business Owners with Bad Credit" and was amazed at what I found. Many companies offered alternative financing called Merchant Cash Advances! Every company stated that bad credit was OK and that they could supply unsecured funds, some up to $250,000 and some a lot more. I found out there are a lot of companies that offer money to business owners with bad credit and all because they based their decision on the average credit card sales rather than credit score. I started to review the websites and found that these "Small Business Financing" companies very well could provide business owners with funds as they advertised. I applied at more than one company that I found online and the amount they all offered was not enough for what I needed. I found after speaking with several of them they could only offer me even a portion of what I felt I would need since my business did not have enough sales that were paid for by credit card. I continued to look online and that’s when I found the website for Prompt Advance Lending. At first I thought they were the same as all the other merchant advance companies, but the Prompt Advance website stated they have programs where they would consider the total of ALL sales and income the business had for the month. They included income from check deposits, cash deposits AND credit card processing deposits, not just credit card processing alone like all the others. I thought to myself, no way, too good to be true, do I apply? Yes, I only have to gain and nothing to lose, so I completed the online application and hit the submit button. I was contacted by an executive funding officer within 15 minutes from clicking on the submit button! The funding officer was very friendly and we spoke for quite some time about my business and business needs. I explained the difficulties I was experiencing, my shortfalls in getting funding and about the opportunities I was losing. The funding officer said all I needed to supply was a few of my past monthly bank statements and that was all needed to get me the amount they could advance me. I was told that I would be contacted the next day, with an amount they could fund. He called me just before noon and said that the previous month’s revenues looked good and that they would make an offer to purchase a percentage of my future sales at a discount. Excitedly, I asked what how much they would give me, and what I had to pay it. When he told me, it was actually more than I thought I needed, so I asked if they would take less. I couldn’t believe I was offered more than I originally wanted. The financing officer explained to me that since I didn’t need as much as they were willing to advance me, I would actually be better off in that the amount of my payments towards the future sales they purchased would be just a small percentage of my daily sales. The financing officer explained this type of payback arrangement would be great because I wouldn't be burdened with a big payment if business was slow, plus I knew I could more than triple the money they were giving me! I accepted the advance. They then made some suggestions on how to lower my expenses so I would keep more of the profits I made. I am very lucky to have met the people at Prompt Advance… very lucky.