Merchant cash advance broker

I wondered what happens when you apply for such a loan, so I decided merchant cash advance broker find out. In the course of reporting a story earlier this year, I logged on to a site called eTaxLoan.

com and filled out an application. I asked for 500 and, to be safe, I made up an address, a name (Mary) and a Social Security number. The site asked merchant cash advance broker more sensitive stuff - a bank account number and a routing number - and I made that up, too.

In spite of the made-up information, in less than a minute, I got a response. "Congratulations. Tremont Lending has been selected as your lender and you have been pre-approved for a loan up to 750. " If I wanted to borrow 750 for a week, I would have had to pay 225 in interest. The site said that was an annual percentage rate of more than 1,300 percent.

Merchant cash advance broker

Just fill out our Online Form. Follow the short process and if you are approved, receive your cash loan. APR INFORMATION. Merchant cash advance broker Percentage Rate (APR) is a measure of the cost of credit, expressed as a nominal yearly rate.

It relates to the amount and timing of value received by the consumer to the amount and timing of payments made. We cannot guarantee any APR since we are not a lender ourselves. An APR can generally run between 6 up to 35. Loan products general have a 2-month minimum repayment term and a 84-month maximum repayment term.

Merchant cash advance broker

Non-payment may involve debt collection practices as it is set by applicable law. The majority of the lenders in our network do not intend to sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required merchant cash advance broker adhere to the Fair Debt Collection Practices Act, which protects consumers from being abused or harassed by debt collectors.

Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies - Experian, Equifax and Transunion. This negative record can be reflected on your credit digibank personal loan india indefinitely until the loan is repaid in full. After the lenders receive payment in full, merchant cash advance broker can report it to the credit reporting agencies.

Merchant cash advance broker