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Don’t Fall for Business Debt Settlement Scams

As the business cash advance industry grows and becomes more “mainstream,” we’ve seen more and more shady companies trying to trick business owners with promises of debt settlement. Over the summer, some of the most well known of these companies’ were exposed in a very NSFW story that revealed how disreputable and unprofessional these debt relief companies can be.

The news got a lot worse for phony “debt relief” companies this week, as two of the largest cash advance companies in the unsecured lending industry, Yellowstone Capital and Everest Business Funding, jointly sued several debt settlement companies, as well as several cash advance brokers, for allegedly conspiring to sell business owners cash advances and then referring them to debt settlement companies that induced merchants to default.

While the consequences of these scandals are not fully known yet, the details of these issues are consistent with the way businesses that claim they can settle cash advance debts operate. In fact, they aren’t much different than debt settlement operations that claim they can settle personal debts, or even the infamous “loan modifications” that were offered during the financial crisis to help homeowner’s negotiate their underwater mortgages.

First, they attract business owners with high interest advances with promises that they won’t really need to fulfill repayment. They will advise merchants to stop paying their cash advances, and to start sending payments to a debt relief company, that they will supposedly negotiate a settlement amount with the cash advance lender.

But cash advance companies simply don’t work that way. The overwhelming majority of unsecured lenders do not allow for these type of settlements, and in most cases, the money sent to debt settlement companies is not nearly enough to repay these debts, even if they were used for that purpose. Merchants will also likely find out that it may be years before they will ever qualify again for any type of financing for their business because of dealing with these debt relief scams.

Now, many lenders are fighting back as extremely aggressive debt settlement firms threaten to trick their clients into insolvency. And here at Main Street Finance Group, we always advise our clients not to deal with these predatory finance companies that lend with one hand and defraud with the other. While unsecured online lending has gotten bigger and bigger, good advise is still very hard to come by. That’s why its so important for small business owners to vet and research people who approach them, offering them deals that sound too good to be true. Your businesses’ future is too important.

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Why Traditional Lenders Are Not An Option For Business Cash Advance


There is no dearth of banks and traditional financial institutions and they have a plethora of loans to offer. However, most of their loans are for conventional purchases or investments. They don’t really factor in the possibility of making unique investments that are specific to an industry or pertaining to a singular purpose for a business. When we talk about corporate loans or business loans, we are mostly looking at procuring large equipment or investing in a massive infrastructure that the banks or traditional lenders can relate to, what they will find viable and can see their loaned amount to be safely parked in assets that they can easily liquidate or dispose off should the need arise.

Not every business loan is for the larger infrastructure or to procure the quintessential equipment.

A business cash advance could be an interim financial aid to steer through a crisis. A business cash advance could be to invest in a supplementary solution, which could be hardware or software. There cannot be a cap on the types or the purposes of business loan as that would be futile for companies looking for the much needed financial assistance.

Traditional lenders do not see much sense in considering applications for small loan amounts over very short terms. The extensive application process, the stringent approval and the long drawn loan disbursal make it less rewarding. Most banks are willing to assist large companies with a fortune as a business loan but would not consider business cash advance applications from small firms and medium enterprises. There isn’t enough return for the banks. It is unsurprising why banks have such an approach, given the much higher overhead, the portfolio to manage and the obvious quest for higher returns.

That is where Main Street Finance Group becomes relevant. In a rapidly changing world, it is only expected that businesses will undergo tectonic shifts, new businesses will emerge and the startup scene has already transformed the way business is done. Traditional lenders fail to understand the kind of business cash advance such organisations need, they fail to relate to the viability of such a business loan and hence do not really feel inclined to expand their programs or accommodate apparently quaint purposes according to what they are accustomed with.

Main Street Finance Group understands and relates to the purposes, the nature of expenses and how small to medium businesses are trying to achieve their goals. That lays at the crux of why getting a business cash advance from MSFG is so simple and more surefire.




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Is My Business Eligible For Cash Advance?

“Is my business eligible for cash advance?” This is certainly a fair enough question to ask. You want to know for certain that your business can quality for a cash advance business loan. You want to be absolutely certain that your business cash advance is going to be at a reasonable rate. At the same time, you also want a small business loan that is going to give you the end result you are looking for.


Finally, to be sure, you may also need to look into the possibility of a business cash advance bad credit. This brings a whole other set of considerations to the table. All of these questions and needs fuel the larger question of “Is my business eligible for cash advance?”


On all of these points, it stands to reason that you’re going to love the end result.


Your Business Is Eligible For Cash Advance

Let’s make one thing abundantly clear: When it comes to a cash advance business loan, your business almost certainly qualifies. The business cash advance bad credit solution is a legitimate one. In other words, even if you have bad credit, you can qualify for one of these essential loans. More to the point, you can get one of these loans in hardly any time at all.


It is also important to keep in mind that this small business loan is reliable. It also represents an extremely straightforward process. When it comes to get the loan you require for your business, the main requirement involves the revenue of your business. This is the main element that will be considered, in terms of your business cash advance loan. You can be approved for the loan in a matter of just a few moments. You can be approved for the loan on the strength of only the bare minimum in personal information. You will find yourself dealing with straightforward terms, when it comes to paying the loan back on time.


Now that you know you qualify, the benefits become that much more attractive. A cash advance business loan allows you to focus on more important things. It gives you the ability to keep your business afloat through a momentary difficult pause. You have plans for the future. You just need a little capital to keep you going. To that end, you are definitely going to want to consider all of the benefits of a business cash advance bad credit loan. You will be glad you did.


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How To Get A Business Cash Advance Loan With Bad Credit

Looking for a business cash advance on bad credit? It can quickly seem like an absolutely impossible task. However, it doesn’t have to be. If you are interested in a business cash advance bad credit solution, then you have come to the right place. You can find the small business loan you need, regardless of your current credit situation.


A cash advance business is ready to assist you. Get the money you need right now. Get through your current challenges and difficulties. Create a straightforward, effective foundation that will allow you to attend other aspects of your business. If you know without question that this is just a rough patch, and you have concrete plans for the future of your business, then a business cash advance is going to prove to be absolutely vital. It will allow you to navigate these uncertain waters with a great deal more confidence.


More importantly, that confidence will come from the tangible benefits of a business cash advance bad credit loan.


Getting Your Business Cash Advance Loan On Bad Credit

One of the great things about working with a cash advance business for a small business loan? Your credit history isn’t going to be a problem. The loan is extended based on the revenue of your business, rather than the current state of your credit. For this reason alone, these types of loans have a considerably higher approval process than some of your other loan options.


Furthermore, a business cash advance comes with the additional benefit of being a rapid solution to your problems. Other loan types for small businesses come with the cold reality of having to wait days, weeks, or even months to get the money you need. With this business cash advance bad credit solution, you can get the money you need quickly. In most cases, you can get that money in 72 hours or less.


Getting one of these loans couldn’t be more straightforward. A small business loan from a reliable cash advance business company can be obtained by giving out some basic personal information. You will also need to give some information about your business. These questions are easy to get through. There will then come a process of waiting for approval. As we mentioned before, you can get this approval for your loan in hardly any time at all. Make sure to understand all of the elements involved in the creation of your loan, including how you’ll pay it back.