Cash Cow Advances Blog

Merchant Cash and Capital Small Business Finance Survey finds merchants reluctant to apply to banks for small business financing because they don’t think they’ll qualify, process too difficult

New York, NY (PRWEB) April 26, 2012

A new survey of small business merchants who turned to cash advances for financing found that many small businesses either didn’t think they’d be able to qualify for financing from traditional lenders or had already been declined. The Survey was conducted by Merchant Cash and Capital, a recognized leader in merchant cash advances, from among a random sample of its customers. The MCC Small Business Finance Survey found that 42% of respondents who applied for their first merchant cash advance did so because they “Did not think they could qualify for a traditional bank loan.”

The survey confirmed the extreme challenges facing small businesses these days. 57% of those surveyed responded that they had applied for a small business loan in the past but a whopping 76% described the process of obtaining a loan from a traditional lender as either, “difficult” or “extremely difficult.” Of that same 57% who had initially applied for a small business loan, 80% said they were either declined or had withdrawn their applications for one reason or another.

“It’s no surprise that small businesses are suffering from an extreme lack of available financing from traditional lenders and their tight qualifications but the depth to which the problem has gone should be of great concern,” said MCC President and CEO Stephen Sheinbaum. “Merchant cash advances are proving to be an acceptable and timely substitute for merchants who need funding for a variety of reasons. Unlike traditional lenders, MCC makes the process easier and quicker, which can be a true business-saver for those merchants in need.”

The Survey found that there was a variety of uses for merchant cash advances, many of them short-term, which would place a premium on quick availability to funding. In order, the Survey found that 32% of small business respondents said they used their merchant cash advance for Expansion and Growth, while 15% used their MCA to Purchase Inventory. These were followed by merchants using an MCA for Payroll, Paying Taxes/Bills and Marketing.

“It’s quite clear that there’s an important role for MCA’s to play in the marketplace, especially in these tough times. Unlike the banks, merchant cash advance companies, by and large, seek ways to help merchants who the banks won’t or believe shouldn’t be helped, or who simply don’t want to deal with the banks’ red tape and collateral requirements” said Sheinbaum.

Merchant Cash and Capital has continued to stay ‘ahead of the curve’ by offering innovative cash advance programs, unrivaled technology and reporting and creative underwriting. This allows MCC to fund businesses of all sizes, industries, and credit worthiness; which other competing advance companies are not capable of. Just as important, MCC has earned a reputation for working with businesses on a case-by-case basis to find the true story behind each business and to find ways to say “yes” to funding.

Since 2005, Merchant Cash and Capital, LLC has been one of the nation’s small business cash advance funding leaders and program innovators. MCC has provided over $400 million in financing to over 12,000 distinct customers and a total of over 20,000 advances. For more information about MCC’s innovative programs visit http://www.merchantcashandcapital.com or call 866-792-9366.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebmerchantcashandcapital/financesurvey/prweb9442384.htm

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

By providing customers with greater access to payday loans, we are ensuring that our customers can pay their bills on time, avoid late rent or mortgage payments, and cover unexpected expenses and bills.

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

InternetPayday.com is proud to announce the addition to its site of an educational article that is designed to inform consumers about the many advantages of payday loans. The company has created the new content with the belief that there are various widespread misconceptions about cash advances, and that the beneficial qualities of these loans for most people need to be publicized more. The new article is just one of numerous free educational pieces about cash advances and the lending process that are accessible from the InternetPayday.com homepage.

“InternetPayday.com is eager to educate potential borrowers on the myriad of ways payday loans can help them,” says InternetPayday.com spokesperson John Bean. “We truly believe in the many benefits of cash advances, which is why our site strives to let everyone know the real facts about these short-term loans. We hope that having all the information will encourage consumers to look into payday loans a bit more.”

One of the most popular advantages covered in the new article, which is posted under the title “The Biggest Advantages of an Instant Payday Loan,” is that a high credit score is not necessary to get a cash advance. This means it is possible for a customer to get a loan even when they have poor credit or no credit at all. Most people with credit issues have few options when it comes to borrowing money, especially where banks and other traditional lenders are concerned. Payday loans are designed to be as accessible as possible to the greatest number of people possible, no matter what their credit scores may be, and this puts the loans in stark contrast with traditional loans.

As further evidence of their accessible nature, payday loans have few requirements for borrowers in general. To qualify for a loan, a borrowers just has to be 18 or older, a US citizen or legal resident, and in possession of their own bank account. They also need to have a steady job where they make at least $1,000/month after taxes, a valid email address, and valid home and work phone numbers.

Once they qualify for a payday loan, most borrowers find that it is extremely easy to get the money. It is usually deposited directly into their bank account within one business day, so there are no trips to the bank or mailbox required. The application process only takes a few minutes, and approval usually takes just a few more minutes beyond that, putting borrowers quickly on the road to getting the money they need right away. InternetPayday.com believes that anyone with an unexpectedly high utility bill, immediate car repair needs, or any other type of urgent or emergency expense will appreciate the ease and speed involved in getting a payday loan, and it encourages consumers to thoroughly peruse its online materials so they can gain a solid understanding of how exactly the company can help them.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/5/prweb9461639.htm

Copyright 2012 Midland Daily News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

Debts
of all kinds can be included in debt consolidation. If you want to bring down the
monthly cost of your unsecured debts likecredit cards, store cards, overdrafts, personal loans or any other form of unsecured borrowing, these debts can all be
consolidated with debt consolidation. In fact, you could even consolidate secured debts with a consolidation loan – its a question of whether it would be
worth it.

2 main ways to consolidate debt: secured and unsecured

Secured debt consolidation
involves adding debts (like credit cards) to your existing mortgage or taking out a secured loan.
Its only an option if youre a homeowner and you have enough equity in your home – plus, securing any debt against property does put you at risk of repossession if you cannot keep up with the repayments. However, you could seriously
lower the interest rate youre paying.

Click here to speak to a debt adviser about secured debt consolidation.

The other way to consolidate debt is with an unsecured debt consolidation loan (although you could use an overdraft or a credit card instead to bring
your debts together). If youre going to consolidate your debts into one this way, consider the APR of the credit before you do it. You want to make
sure youre paying an affordable amount of interest. Secondly, consider your credit rating and whether its
realistic that you could obtain further credit – if your credit rating is very poor, you wont find a good deal at a time like this. Finally, consider
the repayment period and whether you could afford to continue your repayments for the length of the loan – and remember that the more slowly you repay
the debt, the more itll cost in total.

More things to consider with debt consolidation

However, you pay interest on any debt consolidation loan – whether thats
secured or unsecured – so its only worth including debts that already charge interest.

So, debts you probably shouldnt include in debt consolidation are zero-interest or very low-interest debts – these might include an interest-free
overdraft, student loans or debts to friends and family.

Should I consolidate my debts?

You should only consolidate your debt if you know that you can afford the repayments and will be able to afford them for the full term of the repayment
period.

By slowing your payments down you could

save money

every month, but if you already cannot afford your repayments, another debt solution, like

debt management

, might be a more realistic option.

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

Birmingham (PRWEB UK) 29 April 2012

What are Payday loans?

Payday Loans are short term loans that are repayed on the next payday. When used correctly, payday loans can be a good source of emergency cash. Payday loans are typically available between 80 and 1,200. As payday loans are only designed for short term borrowing, they are more expensive than unsecured or personal loans. Payday loans are easy to apply for with most loan providers offering online applications and very fast payouts. Some payday loans can be paid out in less than 10 mins. Payday loans are availiable for people with bad credit amp; CCJs, payday loans and default payday loans being availiable from most lenders. Payday loans can be obtained with no faxing and/or credit checks.

A payday loan is a small, short-term loan provided by a payday lender that is intended to cover living expenses until the next payday. They generally range between 100 and 1,200 and if applied too close to the next payday, they will roll the loan over until the following payday.

The interest rates may seem extremely high, as they are displayed as an annual interest rate, but will generally pay back anything between 20 and 50 per every 100 borrowed. Payday loans can be a lot cheaper than unauthorised bank charges so they may be a better option than going overdrawn.

How do they work?:

A payday loan is a small, short term cash/credit loan solution that can provide people with finance to tide people over until next paid from employment.

Payday customers will need to do an application via their website or over the phone. They will credit check potential customers (some companies do no credit check payday loans”) and check the validity of employment and bank details. If a potential client is accepted, the money is generally paid out within a couple of days of the application (although some lenders do instant or 24 hour loans). Payday users have the money for the length of the term, unless they wish to pay it back early to save interest charges with some lenders.

When it comes around to the next payday, the money is usually deducted from a debit card. If required, users may be able to roll the loan over to the following payday but remember that this can end up costing a lot more as interest charges still apply again and may be charged for rolling over the loan. It is advised not to roll over a loan unless potential payday customers have made good financial planning to compensate for the actions.

Why is the APR so high with payday lenders?:

Every lender must disclose their representative APR, in the UK this is a legal requirement, if they refuse or cant do this walk away and make a complaint to the office of fair trading (OFT). APR is really helpful when used to compare loans that are for a year or longer. APR is not the best way to compare payday loans because you are usually paying the loan back within 31 days or so.

The APR number becomes extremely high because it represents the interest that would be payable if payday users did actually have that payday loan, at that rate, for a year.

APR is not easy to understand and thats why before applying, people need to make sure they know exactly what they are going to pay back on payday. Most payday loans have a certain charge for every 100 borrowed but others still calculate the repayments using APR.

Advantages of using payday loans:

• Payday loans are very usually flexible and easy to use online.
• Payday loans used correctly can improve credit rating.
• Quick fix solution before next wages are due.
• Very quick transfer times, application and acceptance.
• Avoids embarrassment of asking employers, friends or family for loans.
• Can help with large unexpected bills if a forward financial plan is complied.

Disadvantages of using payday loans:

• Payday loan interest charges are usually very high APR.
• Using these loans incorrectly will lead users into deeper financial trouble.
• Credit rating if currently poor will self destruct if payments are defaulted.
• The high interest rates can diminish disposable income.
• If defaulted, lenders could take out large amounts when users accounts are in credit.
• Payday loan users could act in haste and repent at leisure.

Additional fees/charge a payday lender may/could impose:

• Admin fee, this is a charge users may pay for acceptance of a loan.
• Validity fee, this is usually applied to check card/bank details.
• Transfer fee, this is generally optional or set out in the terms amp; conditions.
• Roll over costs, fees may apply to roll over a loan to next month.
• Late payment/default fees, a fee applied for default or late payments.
• Early settlement fee, usually does not apply with most payday lenders.
• Arrears fee, a fee for a loan going into arrears.
• Collection fee, usually applied when a third party collection agency need to recoup the debt.
• Solicitor, baliff and court costs fees.

Things to consider before applying for a payday loan:

• Make sure that the payday loan is for a good valid purpose.
• Put pen to paper with bank statements and also have a good think what out-goings are for each average month.

This release is intended for tips to help people consider before taking out a payday loan.

The advice given should not be taken as legal financial advice.

Media contact:

Paul Turvey

http://www.wongaforum.com

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

Readers Can Learn the Advantages of Cash Advances

(PRWEB) April 29, 2012

FastCashLoansOnline.com has made accessible from its homepage a new informational resource detailing the advantages of payday loans. The company has declared that it is determined to help consumers get rid of short-term money problems, and as part of its mission has made a concerted effort to provide a wealth of free informative content to prospective loan borrowers. Readers can easily learn the ins and outs of cash advances by perusing the posted resources, and if interested in pursuing a loan, can proceed with the site’s brief, simple online application and get a chance to compare the rates and terms of loans offered by several lenders.

“FastCashLoansOnline.com is committed to thoroughly informing customers about the various aspects of payday loans and the lending process,” says FastCashLoansOnline.com spokesperson Kelly Mann. “We intend to continually educate site visitors about the benefits that can be had when they get a fast cash loan online.”

The newest posted article is entitled “Top Five Benefits of Direct Payday Loans,” and it shares with readers the main reasons cash advances are often preferred over other options. The material explains how the site lists lenders that might work well for each potential loan borrower, based on the information entered in the initial application. In this way, the site does not loan directly money to consumers, but rather points them in the direction of helpful lenders that can offer fast cash loans. Plus, borrowers can conveniently complete the entire process of getting a payday loan without ever having to leave the site, which is completely safe and secure.

Once borrowers find a lender that can loan them the amount of money they need for the lowest interest rate possible, they can complete the loan process and get loan funds deposited into their bank account within no more than one business day. And most people can easily be approved for a loan because there is no minimum credit score required. Borrowers just have to meet a few simple requirements, including having a steady job that pays at least $1,000 per month after taxes, possessing a bank account, and being at least 18 years of age and a US citizen or legal resident. Since so many people meet these requirements, payday loans can be seen as being extremely accessible compared to other types of loans.

In general, the new article highlights the simplicity and quickness of the payday loan process. Anyone interested in a payday loan can peruse the piece, as well as all the other content at FastCashLoansOnline.com, for free and without needing to initiate a loan application. The materials have been designed to answer any questions and clear up basic concerns about this type of loan. Once site visitors have read the articles, they can easily move forward with the application process if they wish and get the fast cash they need at a time when they are struggling financially.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/4/prweb9453693.htm

Cash Cow Advances is a leading nationwide service provider of cash advances and payday loans.