Shopping Small Business Loans and Merchant Cash Advance Lenders? Think Twice! (video)
Since the onset of the 21 st century, the various access to small business loans have flourished. From typical business loans offered by local banks and credit unions to credit cards, crowdfunding websites, and specialized online lenders, (to only name a few), the small business owner has a plethora of financing options to choose from. Despite this commoditization of business funding, research on choice difficulty seems to suggest that it may be even tougher to choose an optimal funding source from so many alternatives.
Even within each category of financing sources, numerous lenders propose different procedures, rates, and terms, which can be quite overwhelming for the borrower. Decision research shows that having too many options often reduces engagement and increases decision difficulty for individuals in general. You’ll know what I’m talking about, if you’ve thrown away that 20th credit card advertisement envelop in your mailbox.
Moreover, the growth of online lending has resulted in the introduction of sub-optimal lenders that engage in less than ethical practices. Unfortunately, some lenders push small business owners to take on more credit than needed, or initially promise unsubstantiated terms and rates in a bait-and-switch scenario. The reality is, with zero regulation in small business finance and the merchant cash advance industry, coupled with the fact that anyone can buy their way to the top of a search engine... it's the wild west and thousands of small business owners are learning a very dear lesson, the hard way.
DON'T CONFUSE A BIG MARKETING BUDGET WITH AN ETHICAL FUNDING COMPANY!
Here's the problem.... Do you know that there are NO requirements needed to "sell" small business loans and merchant cash advances? I use the word "sell" because that's exactly what most small business funding companies and loan brokers are doing. They are NOT offering prudent small business financing solutions that make sense for your particular business, they are "selling" merchant cash advances and other small business funding products to earn a commission. They could care less about your business, or how deep of a cash flow crunch you will wind up in, they are using you for a commission check and telling you anything you want to hear, in order to make money off you. Literally, NO barrier to entry in small business finance. No education. No experience. No certification. No schooling. No classes. No tests. No nothing. Would you undergo open heart surgery from someone you found on Craigslist? What about getting on an airplane with someone who calls themselves a pilot, although has never flown a plane. How does getting a cavity filled by your local butcher sound? Would you have your estate planned by someone who's broke or buy a stock from someone who doesn't know the difference between NYSE or DJI? Hiring a stranger who hates kids to babysit your newborn? Those analogies are about as ridiculous as trusting the future of your business and the lively-hood of your family in the hands of a telemarketer or loan broker with no knowledge, education or experience in finance and/or business.
Shoulda, woulda, coulda... Don't put your business at risk shopping online for small business loans.
Folks, MOST online lenders are NOT finance companies; they are call centers ran by very young sales reps in cubicles without any knowledge, or background in finance; and zero experience in business. We have never seen so many small businesses implode, and often times it's due to taking on way more debt than the business can handle, stemming from an unethical loan broker or immoral small business loan lender.
For no-nonsense small business financing, offered by a team of experts who not only care, but also have the wherewithal to advise you properly, the choices is obvious.... Call (855) 998-LVRG or click below, we're here to help!