Smarter Finance USA Blog

Small Business Debt Relief (5 Ways to Get Your Life Back)

Posted by Rob Misheloff

 

So…

You’re running a successful business…

…there should be plenty of profit left over (for you to, like live on)…

…but somehow…

…loan payments are eating away all the profit.

(Sound familiar?)

Here are a few ways your small business can get out of debt:

(… or at least get some breathing room…)

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Topics: Problems With Business Lending, Small Business Loans

Daily Payment Loans For Your Business: Do They Ever Make Sense?

Posted by Rob Misheloff

Have you ever looked into a "daily payment loan" for your business?   

Daily payment loans are products like some "working capital loans" or "merchant cash advance" products in the marketplace where you end up paying back some enormous amount of money over a short period of time.

We've been pretty vocal here at Smarter Finance USA about the fact that most of the time these "loans" are a pretty risky idea.

However, we just put together a daily payment loan for somebody.

Oh man, the dark side ROCKS!

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Topics: Small Business Loans, Problems With Business Lending

Truck Financing: How to Avoid Being Ripped off for $7,300+

Posted by Rob Misheloff

Are you looking for truck financing?

You probably want to avoid getting ripped off, right?

Maybe you check out some companies online...

Did you know that some companies with an A+ BBB rating...

Show up all over complaint websites like pissedconsumer.com or the Ripoff Report.

Of course, it might just be their competitors posting complaints on those websites - there really is no verification process, so it's really hard to tell who's going to be honest and who isn't.

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Topics: Problems With Business Lending, equipment leasing rates

Bad Credit Equipment Financing - What are the Negatives?

Posted by Rob Misheloff

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Topics: Leasing, Problems With Business Lending, equipment leasing rates

Are Merchant Cash Advances a Scam?

Posted by Rob Misheloff

Have you been pitched a merchant cash advance?

I bet the dude (or dudette...) you spoke with didn't quote a real interest rate, right?

They'll tell you that cash advances don't have an interest rate..

...because merchant cash advance lenders simply take a portion of your daily credit card sales. 

That way on good days you pay more...

...and on bad days you pay less...

Doesn't that sound just peachy?

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Topics: Small Business Loans, Problems With Business Lending

5 Lies Heavy Equipment Finance Companies Tell You

Posted by Rob Misheloff

 

So... you you need to finance heavy equipment.

Are you wondering which companies you can trust?

We hear from many folks who speak to a heavy equipment finance company...

...and get told one thing...

...but after they have paid a deposit the terms change. 

Maybe you've seen some of this BS out there. 

There's not much you can do either... 

but if you know what to look for... hopefully you can avoid some of the shams when you finance construction machinery

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Topics: Leasing, Problems With Business Lending, equipment leasing rates, construction equipment

Restaurant Loans: What are Restaurant Financing Rates?

Posted by Rob Misheloff

Do you need a loan for your restaurant?

Have you tried your bank?

 

I know... that's a silly question.

You'd have better luck buying a handful of scratchers at the gas station than trying to score restaurant financing through Bank of Whatever.

 The good news is that there are plenty of other places to look for restaurant loans.

If you're trying to figure out what your rates will be...

... now that's a totally different story.

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Topics: Small Business Loans, Problems With Business Lending, Restaurants

The Big Problem With Equipment Leasing Rates

Posted by Rob Misheloff

 

There's a huge problem with equipment leasing rates.

One of the first questions we get from a prospect is always, "what are the rates?"

Want to know a secret?

this question is usually not a problem if you've got great credit and have been in business for a few years...

...because the rates will really be pretty low.

 If you're a startup business or have rough credit... 

This one little question is a huge part of why there are so many scams in the industry

Here's why... 

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Topics: Problems With Business Lending, equipment leasing rates

Bloomberg Gets it Wrong in Article Regarding Subprime Small Business Loans

Posted by Rob Misheloff

A recent article in Bloomberg entitled Wall Street Finds New Subprime With 125% Business Loans talks about the recent phenomenon of extraordinarily high interest rate business loans. The article goes on to detail the exploits of a company called World Business Lenders and how a loan they offered carried a 110% interest rate.

Bloomberg's reporter got the math wrong. The loan they describe is actually a 170% interest rate.  

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Topics: Small Business Loans, Problems With Business Lending

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