Hi Everyone,
When the pandemic hit last spring I started cold calling businesses for merchant cash advances, as I was concerned about the future of my airline career that I love. After a few short months of listening to entrepreneurs and learning more about the products I was peddling, I couldn't in good conscience continue to market these loans.
What I found was that for most business owners, merchant cash advances don't make sense. Unless you have awful credit and are in a serious pinch for a quick injection of cash, merchant cash advances are not smart. The interest rates are ridiculous (can be 40-50% or more) and can cause more harm than good to a business if the business owner doesn't convert the loan into an immediate return. In some cases where MCA's are the only option for funding and you know that a $50K advance allows you to buy a piece of equipment that increases profit by 50%, MAYBE it's the right choice. I just found that for most entrepreneurs, it wasn't.
Since then, I have partnered as an affiliate with a group called 7 Figures Funding based out of Utah. They have 4.9 out of 5 stars on Google Reviews and every interaction I have had with them had been very professional.
7 Figures Funding offers traditional unsecured loans, and lines of credit. The credit scores required might be a little higher than a merchant cash advance (generally 650 or above unless you have other equipment, inventory, or real estate you want to use as collateral), but the rates are much more reasonable. The lines of credit are available at 0% interest for 12-18 months.
One of the best things I like about 7 Figures Funding is that they are able to offer loans to entrepreneurs starting new businesses, as opposed to just established businesses looking to expand. This can be a huge value to entrepreneurs who aren't able to get initial startup funding they need elsewhere.
If you have any questions at all, feel free to reach out. Or if you're ready to apply for a loan with 7 Figures Funding, copy and paste the link below. Happy New Year everyone!
When the pandemic hit last spring I started cold calling businesses for merchant cash advances, as I was concerned about the future of my airline career that I love. After a few short months of listening to entrepreneurs and learning more about the products I was peddling, I couldn't in good conscience continue to market these loans.
What I found was that for most business owners, merchant cash advances don't make sense. Unless you have awful credit and are in a serious pinch for a quick injection of cash, merchant cash advances are not smart. The interest rates are ridiculous (can be 40-50% or more) and can cause more harm than good to a business if the business owner doesn't convert the loan into an immediate return. In some cases where MCA's are the only option for funding and you know that a $50K advance allows you to buy a piece of equipment that increases profit by 50%, MAYBE it's the right choice. I just found that for most entrepreneurs, it wasn't.
Since then, I have partnered as an affiliate with a group called 7 Figures Funding based out of Utah. They have 4.9 out of 5 stars on Google Reviews and every interaction I have had with them had been very professional.
7 Figures Funding offers traditional unsecured loans, and lines of credit. The credit scores required might be a little higher than a merchant cash advance (generally 650 or above unless you have other equipment, inventory, or real estate you want to use as collateral), but the rates are much more reasonable. The lines of credit are available at 0% interest for 12-18 months.
One of the best things I like about 7 Figures Funding is that they are able to offer loans to entrepreneurs starting new businesses, as opposed to just established businesses looking to expand. This can be a huge value to entrepreneurs who aren't able to get initial startup funding they need elsewhere.
If you have any questions at all, feel free to reach out. Or if you're ready to apply for a loan with 7 Figures Funding, copy and paste the link below. Happy New Year everyone!
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