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Merchant Loan Debt

Merchant Loan Debt Attorney in Rockville, MD

Card machines are payment facilities for the goods and services purchased by consumers, but did you know that your debit and credit card machine can also be a valuable source of additional business funding through merchant loans?

Small business owners may view Merchant cash advances as a lifeline financially, but these loans are expensive. Despite being a simple method for small businesses to get capital, merchant cash advances have been demonstrated to have exorbitant interest rates and unsustainable repayment terms. For many small business owners, this can be a trap for debt.

Our law firm can assist you if your debt management becomes unmanageable or burdensome. It will not cost you anything to see us and learn about the possibilities of financial freedom. We are seasoned Maryland-based attorneys knowledgeable in merchant loan debt at Kurland Law Group. We take swift legal action so that you can efficiently deal with debt as quickly as possible. Schedule a free phone consultation today!

Why Do I Need a Merchant Loan Debt Attorney in Rockville, MD?

 merchant loan debt attorneyA merchant loan debt attorney experienced in merchant cash advances can provide legal counseling services to help secure your assets from creditors. Avoid the anxiety of having your assets seized or frozen accounts with a Maryland merchant loan debt attorney on your side!

Apart from that, a merchant loan debt attorney may be able to help you with

  • Reducing your total debt
  • Helping you achieve a low-interest rate
  • Enrolling you in a forbearance program
  • Settling your merchant cash advance loans for less than you owe
  • Providing you with business relief

On top of that, you need an attorney to help you repossess control of your cash flow so that you may run your business as efficiently as possible. Employing merchant cash advance attorneys before escalating your budgeting difficulties will prevent you from filing for bankruptcy.

Contact the Kurland Law Group immediately if you have received an advance from any MCA company and require legal debt help or relief.

What are Merchant Loans?

Merchant loans are short-term business loans secured by the revenue generated from debit and sales of credit cards. You repay the creditor monthly according to an agreed percentage of your card machine income. Those repayments are made until the initial loan balance, plus the lender’s commission and charges, are repaid. 

Typically, repayments are calculated to last around six months. But of course depends on the amount initially advanced, the income you acquire, and the length of time it takes you to repay the loan. Adding up the exact amount of the first advance and the fixed rate of the lender’s commission ensures that you know the cost of borrowing. All of which can be accounted for in your cash flow budget.

How Do Merchant Loans Provide Business Funding?

An appropriate merchant cash advance provider is probably equipped to supply whatever your business needs. Different merchant loan providers impose varying limits on the maximum amount you can borrow. These are:

  • For the lender to base any loan on expected debit and credit card sales, trade, and use card machines for at least a year
  • An agreement is set with the lender on the percentage split. Meaning a portion of your monthly card machine sales is used to pay off the initial loan. Average percentages range between 10 and 30 percent.

What are the Benefits of Merchant Loans?

If you run a small business, you will already know that it is not easy to get a loan from a bank. Most banks will not give you a loan unless you start or expand a new business. However, that does not mean that you cannot get a loan. A way to fund your business is through a merchant cash advance or merchant loan. These are similar to business loans banks offer but do not have the exact requirements.

Resolve Cash Flow Difficulties in the Short Term

Small businesses inevitably face short-term cash flow concerns that might result in significant hardship for the organization. A merchant cash advance loan can assist small businesses in resolving short-term cash flow concerns. Particularly when the business owner knows where the money is coming from and waits for it to arrive.

Avoid Refusing Work Due to Lack of Capital

Many small businesses decline new ideas because they lack the capital to fund them. For example, suppose a massive project for an established organization pays upon completion of the project. In that case, your company may not have the funds to keep employees working on this significant project until it yields. Such instances may result in companies being tiny.

Get a Quick Answer to a Frequent Inventory Problem

Generally, the application process and approval time for merchant cash advance loans are much quicker than for conventional company loans. Suppose your business needs to restock inventory due to a busier-than-expected sales cycle or a large order. In that case, you can acquire the necessary list, components, and supplies without the wait and approval process required by other small business lending choices.

Utilize Revenue-Based Collections for Innovative Concepts

The repayment plan is one of the biggest reasons to choose a merchant cash advance loan. With a conventional loan, you receive an agreed-upon sum of cash and make monthly payments. The monthly amount your firm owes has nothing to do with the amount of revenue it generates. Occasionally, making payments during a less productive month can be a strain that might worsen cash flow and profitability.

However, with a merchant cash advance loan, you return the loan with a modest percentage of your earnings. You can reduce your loan payment if your business performs poorly for one month and generates fewer sales. Such cases might be a lifeline for numerous firms. Particularly for fresh ideas, a merchant cash advance loan can reduce the risk of what will happen to your firm if the new concept fails.

Get Funds You Need Despite Poor Credit

If you have poor credit scores, obtaining business funding can be difficult. Thankfully, merchant cash advance loans place less emphasis on your credit score. Since repayment is related to credit card transactions, you can have higher approval rates. A merchant cash advance is an excellent choice for business owners with bad credit histories who require financing.

Call our Rockville Merchant Loan Debt Attorney in Maryland Now!

Getting out of debt can be a monumental struggle. There are other bills to be paid and perhaps a family to feed. Discuss your problems and obtain solutions to your inquiries about merchant loan debt. Consult with an expert and devoted bankruptcy attorney. Schedule a free, confidential phone consultation by contacting Kurland Law Group today. Let us help you in managing debt.

The Kurland Law Group provides debt relief services. The company assists individuals in filing for bankruptcy relief under the Bankruptcy Code.

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