When you are shopping for a mortgage, you know that you’re comparing apples to apples when you compare interest rates and terms from banks. This is because consumer lending is protected by the Truth in Lending Act, preventing any predatory lenders from hiding overblown rates behind tricky language and technicalities.
Unfortunately, alternative lenders in the commercial space aren’t regulated in the same way. Because alternative lenders aren’t banks, they’re not legally required to provide that same upfront, apples-to-apples statement of rates. That means that Merchant Cash Advance (MCA) lenders can disguise APRs upwards of 70% behind terms like ‘buy rate’ and ‘daily debit’. All too often, we speak to hardworking small business owners who believe they’re only paying 10% on their MCA, when in reality it comes out to more than 80% annually.
Small business owners deserve the same transparency whether they’re shopping for a mortgage or a loan for their business. It is a moral imperative of ours to give every one of our clients the most transparent terms. At Dealstruck, the only deals we sign are honest deals. Otherwise, we’d work somewhere else.
If you’re a small business owner, you deserve far more than what the industry has been giving you. And now you can get it. Log on to our Dealmaker application and find out what we can do for you.