ForumsStarting a Business

Cash Advance Loans? Good, bad, and the ugly..

Can someone convince me. I could, I would if I knew who I was writing to.

Go to Members page and share some info and then I would be glad to
continue this discussion.

LUCKIEST

I dont know too much about those types of loans but horrible to me and horrible to someone else might be too different things. I\'m not hear to convince anyone whether that product is right or wrong for their situation because I dont know their situation and I dont know too much about cash advance loans.

I do however believe that not everyones business situation deserves the same solution. Someone with a great track record deserves better financing than someone who doesnt have a good record. Credit\'s, businesses, debt, risk, etc.. are all different so that if cash advances solves someone problem and they have to pay a bit more than a traditional loan that they couldnt get approved for then yes its the way to go. If you have better credit and a better business it might not be. People have to understand their situation first.

Lenders weight peoples and/or company\'s risk. When people or businesses have a history of being risky and history tends to repeat itself then charging X amount is justifiable. Think about this way. If you had $25K to lend out. A company thats in the beginning stages with no experience wants money. You verify their credit. Its considered \"high risk\". Would you lend that money for a small percent return over 5 yrs with a large chance of no pay back? You might be better putting that money on a football game. The reward has to be worth the risk.

Their are a lot of options out there but not everyone has a lot of options. When your business is your life you will do whatever it takes to make it happen.

Some products are quick and easy so people pay more for that. Its all what makes sense for people and their business. This is all just my opinion though. Good luck to all.

I'm curious why it seems nearly impossible even in todays economy.

Are small business loans from the smaller community banks completely

out of question. I met with a banker from such type bank for over two hours,

which showed they must have some interest. I have provided returns,ytd

numbers, business plan, all kinds of literature on my business. Also I do

have some property which can be used toward collateral. I think they are also

more interested in whether the cash flow is there and of course we can service

the debt, which I believe we can. I'm curious of opinions on this as compared to

other sources. Thanks.

Boy, this is getting old. I have tried three replies to this and nothing shows up??
I believe there's a vendetta against me!!!

TEST

When all business loan applications are processed, less than 25% actually get approved. This incudes the larger and smaller banks, and a large chunk of the 25% are large corporations. If you have applied for a business loan, please let us know if you get funding, because, there are a lot of companies out there who can't get the funding know matter how much information they provide, with or without collateral. If a company has great credit and is willing to put up personal or business assets, it is possible to get funding. If this doesn't answer your question let me know.

Chris Black
Making Obstacle Manageable