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NEWS: 5/06/14

5/06/14 – You Ready to Rock And Roll

any small business owners who decide against Merchant Cash Advances and go the traditional business lending route are exposed to a variety of scams and unscrupulous characters. For some reason, business lending often attracts the worst kind of predator after your money. Whereas, with a Merchant Cash Advance, the business owner can get funding very quickly, many loan scams string the applicant along for weeks and even months in the application process. The rapid funding is one reason a Merchant Cash Advance makes more sense than a traditional business loan. However, should you decide to go the traditional business financing route. Here is how to protect yourself from business loan scams.

1. Don’t provide any information until you know who you are dealing with.

Many business owners make the mistake of providing all their personal information without knowing who they are giving it to. Many scam artists run ads marketing loans but they really only are fishing for youMr data. Be certain to verify the company you are dealing with independently before providing any information.

2. Advance fee

This scam is as old as business lending itself. No legitimate company requires an advance fee to place a loan. If you are asked to pay an advance fee, application fee or any fee prior to the loan funding, run!

3. No office location, or sketchy office location

Check out the office location of the lender. Is it a real office or a PO box? Be careful dealing with lenders in run down strip malls or who operate out of PO boxes. Legitimate lenders take pride in their location, be cautious if you are suspicious in this regard.

4. Guaranteed Loans

There is no such thing as a guaranteed loan. Legitimate lenders will never guarantee a loan before seeing your application. If the lender starts saying things like this, it is a sure sign of a scam.

5. Weird spelling errors and strange grammar

If you notice weird spelling errors and strange grammar in the written correspondence from the lender be cautious. This may indicate you are dealing with an offshore scam operation that will be impossible to pursue once you get ripped off.

6. Upfront payments of loan

Some scammers will tell you that you need to make the first or more payments on the loan prior to it funding. Not only is this a classic scam, it’s illegal.

Come check out our Merchant Cash Advance or to instantly get qualified for business funding click the button b.

Matthew Scott King

"If I accept you as you are, I will make you worse; however if I treat you as though you are what you are capable of becoming, I help you become that"

- Johann Wolfgang von Goethe