If you’re considering applying for a small business loan, then there are several factors you’ll be mulling over. The obvious factors include how much funding you’ll request, how you plan on using the money, and of course, which funding partner you should choose.
However, there’s another consideration that is somewhat less obvious, but in our experience should be among the most important factors on your list. It can be summarized in two words: “comfortable repayments.”
The Importance of Comfortable Repayments
The last thing you want is for your small business loan experience to go from being a good news story, into a stressful and problematic scenario. However, that’s exactly what happens to thousands of small business owners across the country each year who are pressured or persuaded by unethical lending companies into borrowing more than they can comfortably pay back.
When this happens, these small business owners are often forced into carrying out one, some or all of the following actions:
- Use their loan proceeds to cover their loan repayments – which is a complete waste of money, since they’re essentially paying interest to “hold onto” the loan for a few months.
- Scale back on their initial investment or spending plans, which can limit their small business growth and even undermine its long-term success.
- Liquidate assets to free up cash to cover the excessive monthly payments.
- Go back into the lending market and pay even higher interest rates (note: many business owners will not have this option).
And again, the cause of these undesirable and risky actions is that little or no consideration was given to choosing a comfortable repayment amount – which is one that small business owners can easily afford WITHOUT putting their operations, assets, plans or financial well-being at risk.
Mulligan Funding: Comfortable Repayments are Standard
At Mulligan Funding, we work with our customers to identify a loan repayment amount that is comfortable, reasonable and in-line with their average monthly cash flow. This isn’t because it enhances our bottom-line. It’s entirely because we want our customers to succeed and grow. Working with them to choose the optimal loan repayment amount is part of that commitment.
Furthermore, unlike banks, our customers can pay back their loan earlier than scheduled if they wish in order to save interest costs. Of course, early payment is never required and we never request it, either. But the option is there for our customers who wish to take advantage of it.
Contact Us Today
Call Mulligan Funding at 855-326-3564 to discuss your financing options today!
The information shared is intended to be used for informational purposes only and you should independently research and verify.
Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.