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Earlier this week, a colleague informed us that he had just finalized the paperwork for the refinancing of his mortgage. He explained that although he hadn’t purchased a new property, the process was necessary because he was consolidating his debt. Having racked up excessive balances on his credit cards over the past couple of years, he knew it was time to find a way to make paying back his debt easier.
“By consolidating my debt, I now need to make just one payment a month to one institution charging one low interest rate,” he explained, “It just makes it easier for me to pay it all off.” While our colleague is pleased with the greater ease he has secured in the process by which he is repaying his financial debt, his story reminds us of far too many business owners across Canada who have faced the same challenges.
In an effort to grow their businesses, many entrepreneurs have sought similar help from their banks. In order to finance such undertakings as new advertising campaigns, renovations or expansion, business owners have gone through the process of applying for bank loans. Those who are successful in attaining loans from their banks find that the repayment process is actually quite difficult.
What makes repaying a loan so difficult? Consider the fact that a loan is most often requested because the borrower is in need of money. At a time when one requires money, he/she isn’t exactly in the best position to begin paying it back. Nevertheless, a bank loan requires a borrower to make a payment once a month, each and every month. Regardless of that individual’s financial situation, a payment is required by a specific due date.
What happens if a payment isn’t made on time? If that date is missed or the minimum payment is not made at all, there are a number of ramifications. Firstly, there is a negative impact on the borrower’s credit score as it will be documented that he/she is unable to make payments on time. Secondly, the interest rate on the loan may increase. This is often a possibility when the loan goes into default after multiple late or missed payments. As well, a late fee may also be added on top of the loan amount which is already proving difficult to repay.
What makes repaying a merchant cash advance so easy? With Synergy Merchants’ merchant cash advance program, all of the pain of repaying money is taken away. And that’s because there is no repayment schedule! Instead of making a minimum payment by a specific date every month, a small percentage of a merchant’s credit card and debit card sales is automatically deducted.
That way, no payments are made before the merchant is paid first. Our program works with the ups and downs of the sales of our clients to ensure that no payment is unaffordable. Since there is no repayment schedule, there is no such thing as being late, there are no late fees and there is no accruing interest on the outstanding balance! Our clients know the exact amounts of their repayments on the very days they receive their advances.
For more information about our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.