January 17, 2019
Partner Catherine Brennan provides merchant cash advance insights for MagnifyMoney
On January 17, MagnifyMoney published a comprehensive summary, provided by partner Catherine Brennan, of merchant cash advances, including what they are, how they work, where to obtain them, and the pros and cons of this business funding alternative to a traditional loan. Unlike an actual loan, a merchant cash advance typically doesn't require collateral, a personal guarantee or liens. "One of the key benefits of this [feature] is it's supposed to be based on what you generate," Catherine said. If the business fails despite best efforts, the owner is not on the hook for the cash advance.
Catherine points out that some cash advance companies are deceptive when advertising their products, which is why it's important to look for fees or penalties that may not be disclosed up front. "As a merchant, buyer beware is a good frame of mind," Catherine cautioned.
Catherine primarily assists investors in the consumer financial services and alternative business funding sectors. She engages in credit due diligence on behalf of investors in fintech firms, bank partnership platforms, small business lenders, merchant cash advance companies, consumer finance companies, title loan companies and payday lenders.
Click here to read the article.