So what happens to a merchant small business owner after they take out a Merchant Cash Advance type of business loan?
It is widely reported in the Merchant Cash Advance industry that at least 65% or more merchants return 3 to 4 times to take additional financing for their business.
Why are they returning so many times?
Because of the way these cash advances are structured, each month the merchant is left with less money as they pay approximately 16% of the original amount funded plus the fees (cost of the money) so after just 3 months they usually have less than half of the original funded amount remaining.
Now that their business is hurting even more, and they need even more money they are in a state of desperation, and they come back for more, willing to pay whatever it takes to get more money into their bank account.
Then often they start borrowing from other Merchant Cash Advance lenders, sellers and brokers to pay off their original lenders or brokers.
Usually after 3 or 4 times, either the merchant realizes just how much the fees are hurting their struggling business or they are sadly no longer in business.
Merchant Cash Advance Renewals
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