As a business owner, you are fortunate to be your own boss and do things your way. However, when you are cash strapped and your back is against the wall, being on your own can be scary and you may need to know how you can get a loan against your receivables.
When you are having cash flow issues, the best thing you can do for your business is to get out from under them as quickly as possible. One way to do this is to get a loan against your receivables. Before deciding on this option, it is important to have all the facts.
Who Can Provide You with a Loan Against Your Receivables?
If you turn on your television right now, you are bound to see at least one advertisement from a company offering loans against your receivables to businesses in trouble. However, when you read the fine print, these offers may not look quite so attractive.
For one thing, borrowing instant business funding from these traditional factors can come at a stiff price. They typically charge very hefty interest and fees, sometimes up to 200 percent, which gets added to the cost of your loan. In addition, these companies often insist on long-term repayment schedules, up to two years or more, which will only make your debt problems worse.
Also, many have policies that require all checks to be written to them. As a result, your creditors and even employees will know that you are working with an accounts receivable factor, signaling that your business is in trouble.
Is a Loan Your Only Option?
Now that traditional banks have tightened their belts and made it next to impossible for a small business to get a loan, numerous types of alternative lenders have come along to pick up the slack. The most convenient option in this category is a cash advance company, like Financing Solutions (www.fundmypayroll.com). They will provide you with quick business financing without all the hassles of traditional factors.
At Financing Solutions, you can get cash now based on a percentage of the value of your receivables, but that is where the similarities end. They allow your clients and customers to keep paying their bills to you, meaning that no one has to know about your cash situation.
In addition, the process is quick and easy. It only takes a 15 minute phone call to apply and you can have an answer in a few hours. Once approved, the money can be in your account fast, usually in less than 48 hours. Best of all, you can pay the money back in a few weeks or months, with no long term commitment or early repayment penalties.
Why You Should Not Procrastinate on Getting Funds Against Your Receivables?
Worrying about finances takes its toll on your business. While you are busy stressing about missing payroll, paying rent or purchasing supplies, your attention is not fully focused where it should be; on growing your company. Also, the longer you stay in debt, the harder it is to get out.
Let Financing Solutions open the door to financial freedom for you. They can help you get the immediate business financing you need for your independence and peace of mind.
