As a business owner, there are a couple of things you need to know regarding LendC and the financial options offered by our financial partners.
What is the Interest Rate?
Like most loans, you are most probably used to asking about annual percentages that come with traditional loans. However at LendC, there are no annualized interest rates that come with our cash advance services. Rather than that, our financial partners add to the funding amount a fixed cost which equates to the business line of credit offered by one of our financial partners replacing the fixed cost with a fee.
What is the Fixed Cost?
There are many factors that reflect on the fixed cost, such as the cash advance product you have chosen. However, we can tell you that the normal range is $0.14 to $0.40 on every $1 funded. The fees for the business line of credit are 1% to 13.5% of the selected loan amount for the first two months and 1% for each of the remaining four months of the six-month term.
Why Should You Choose LendC for Your Business?
At LendC, we have a simple mission: to allow funding access to business owners based on the strength of their business. We succeed where banks fail! Our methods succeed where traditional banking methods fail! We are always on the lookout for new and better ways to help the businessman or businesswoman so we can help your business towards success.
We have made application processing easier by knocking down unnecessary barriers and streamlining the qualification requirements. With our vast network of funding partners who specialize in helping smaller businesses, together we aim to realize the opportunities that can lead your business to success.
- Less Paperwork – Application Processed Within 24 Hours
- Higher Approval Rates
- No Collateral – Don’t have to put your assets, like your home, on the line
- No restrictions on how you spend the money
- No Fixed Payback Schedule – You repay the LendC cash advance according to your sales
- Application takes weeks to get processed and approved
- You don’t have to show any track record of debit or credit card receivables to qualify
- You don’t have to pay back a certain amount within the prescribed time
How Do You Pay Back the Money?
At LendC, our financial partners offer you two ways to pay your cash advance back. However, the repayment is based on what’s best for your business. A small percentage is chosen of your credit card sales ranging from 8% to 10% on the working days. No payments are collected for weekends or holidays. This ensures that you pay back with the ebb and flow of your business. On average, our clients are able to pay back within 6 to 8 months.
You can also pay back a certain amount on a weekly or daily basis. This way, you will know the exact date and the exact amount that will be paid off. You can choose a fixed term for paying us back, from as short as 4 months to 2 years. No payments are collected for weekend or holiday sales.