Why Payday Advances for Smaller Businesses Are Bad Information
As Cory Elliott’s construction company boomed, her debt woes started. She was indeed rejected by 10 banks for funding to enhance her St. Louis construction company, and a economic consultant she hired advised a popular alternative: a vendor advance loan.
6 months later on, she had been spending over $14,000 a to service debt of $130,000 for two cash advances month. This sounds like payday loans for small businesses, as some critics have called merchant cash advances, you’d be on the right track if you’re thinking. Both...