Frustration with Documentation

Okay.  Let’s put this into perspective.  A merchant is receiving an unsecured loan, ranging anywhere from $2,000 to $250,000.  Most businesses that are funded in the merchant cash advance industry are considered high risk – if they weren’t high risk then they would be going to banks to obtain their working capital.  A merchant cash advance company is not a bank; they are private investors who are looking to invest their money on short lending programs.  Any reasonable merchant will understand that in order to receive money, there is going to be some paperwork that merchant’s will be required to dig up in order for this funding to go through.

Many merchants who receive funding from private lenders have additional problems with their businesses including tax liens, open collection accounts, and late payments on rent and venders.  These are all definite deal breakers with banks.  Our advice to merchants is to provide the merchant cash advance lender with the proper full documentation that they request.  It makes the process much longer when random pages are sent in.  In the end, the lender will need at least, full bank statements, and full processing statements in order to fund the business, so merchants might as well submit the documents in a organized fashion.  Lenders understand that merchants are also busy running their business, but they can’t possibly fund a deal without the required documentation.

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