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Qualifications: In business for at least 9 months with at least $120K in sales over the past 9-12 months
When it comes to applying for a working capital loan, obviously you’ll be focusing on aspects like loan amount, interests costs, repayment terms, and so on. These are critical factors to consider before you apply – not after.
However, there’s a piece to the puzzle that is arguably even more critical than any other, because it’s the one factor that, more than anything else, will fundamentally determine if you enjoy a successful experience…or a regrettable one. And this factor is choosing the right working capital loan lending partner.
Indeed, just as with any other industry in the financial services industry and elsewhere, not all companies are created equal. Some are credible, honest and experienced, while others are patently untrustworthy and won’t be in business for much longer. Knowing how to separate the former from the latter is your most important task at this time.
To help point you in the right direction, below we highlight the 5 things you should look for in a working capital loan lender:
Simply put, there is no substitute for experience when it comes to ensuring that you get the answers and advice you need before AND during your loan period. If a prospective lending partner doesn’t have proven experience, then consider it a deal-breaker and walk away. You’ll be glad you did!
2. Service Commitment
You want to connect with a working capital loan lending partnerer who invests quality time to understand the unique nuances and details of your business. Otherwise, you’ll be given “one-size-fits-all” information that, frankly, isn’t going to fit.
What’s more, when you have questions about your loan or what options are available to you (such as taking out a second loan while your first is still active), you want to know that you’ll be speaking to someone who knows you as a PERSON and not as a NUMBER.
3. In-House Funding Experts
We can’t stress this enough: many companies that offer working capital loans are really just elaborate websites with no real infrastructure. If you have a question or need advice, you’ll be routed to a call center where you’ll be connected to a representative who likely started the job a few days or weeks ago. Ensure that your working capital loan partner has an in-house staff of trained and experienced funding experts.
Birthday surprises can be fun, and we all enjoy unexpectedly finding a $20 in the pocket of a pair of old jeans. But when it comes to your working capital loan: surprises are the enemy!
You want to know EXACTLY how much you’re getting, how much it’ll cost you, what the repayment terms are, and whether you can pay your loan back early. These fundamental details should be clearly laid out by your prospective working capital loan lender before you sign on the dotted line, not after.
If you have any concerns about lack of disclosure or you’re getting fuzzy answers or push-back when it comes to demanding facts and figures, don’t just walk away: RUN!
5. No Double Fees
Double fees refers to the very unethical and unprofessional practice of forcing borrowers to use the proceeds from a second loan to pay down the amount owing from a first loan – but charging fees on BOTH loans. In other words, borrowers are forced to pay fees on a loan that they don’t have access to. This is unfair and unprofessional – and hopefully one of these days, it’ll be illegal.
In the meantime, our advice on this is very clear: make sure that you’re working capital loan lending partner explicitly confirms that they don’t charge double fees. If they won’t confirm this, then the next words out of your mouth should be: thanks for your time, goodbye.
The Bottom Line
At Mulligan Funding, we’re proud that customers across the country choose us as their working capital loan lending partner. And among the key reasons we earn their trust is because:
- We’re among the most experienced firms in the alternative lending marketplace.
- Our service commitment is unparalleled, and we take a personal interest in our customers’ success.
- We proudly have a team of experienced, in-house funding experts who are just a phone call or email away.
- We only offer transparent loans that clearly state all of the important details.
- We do not charge double fees for our customers who take out a second loan while their first is still open. To our knowledge, we are the ONLY company in the alternative lending marketplace that doesn’t charge double fees.
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.