Honest Loans

Honest Loans

Since the economic downturn, small businesses have found it difficult to secure business loans, a fact that reflects just how much the downturn affected banks. But if you need a loan for your small business, you may be in luck. That's because a new trend of cash advanced business financing that's ahead of current regulation standards is helping small business owners to get their dreams off to a good start.

Not like traditional loans

Officially known as merchant cash advances, the advances help businesses-typically those that receive frequent credit card payments-receive the start up or expansion money they need when they don't meet the requirements for a bank loan: excellent credit and sizable collateral. What's more, the advances don't have the terms of a traditional loan; instead of having set payments over a certain period of time, they're granted in exchange for a certain percentage of a business' sales. That means if you earn $1,000 in your first month, about $1,000 of it might go toward repaying what you owe.