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Small Business Loans 101: Repaying Your Loan (Part 3)

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Bianca Crouse

Bianca Crouse

Bianca Crouse has been writing about business loans and finance for three years. In addition to Merchant Maverick, she has appeared in Startup Nation and Business.com, among others. She has a BA in English from George Fox University and lives in the Pacific Northwest.
Bianca Crouse
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6 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Steve Vallery

    I have been paying back a lender $725.00 per day – I just found out that three of my big accounts are going to reduce my monthly revenue by 17% but I can’t come close to cut payroll that much do to the work won’t get done. I still make a little profit. I will be reaching out to my lender to let them know that now I could only afford $208.00 per day. What kind of response do you expect. I have been in good standings with them.

      Jessica Dinsmore

      Hi Steve,

      Our understanding is that lender responses vary quite a bit when it comes to that type of scenario (some are more lenient than others), so we really don’t know what sort of response you should expect to get. I’d recommend when you reach out, that you include as detailed a plan as possible, including a timeline as to when you’ll be able to get back to paying the $725, and any documentation you might be able to provide that corroborates your claim. Best of luck!

        Cafe

        What about taking a cash advances loan from your merchant service , and didnt realize they were still taking payments out for 5 months after I already paid the loan back in full? Which caused me to close my business more days during the week cuz I couldn’t make payroll. A total of over 41,000 dollors. It’s already hurt my daily business and causes me to get addmitted into the hospital over my finances with non payment of my business taxes and my personal taxes. There’s no way a sorry is going to help my situation. The reason I just found this out us I’ve been going to courts over a divorce, so I wasn’t on top of my paperwork at that time…. ?

          Jessica Dinsmore

          Hi there,

          I’m so sorry; that sounds very upsetting! If you think your MCA provider is not adhering to the terms of the agreement, you’ll probably need to get a lawyer involved. Best of luck to you!

            Chad Martin

            I have an employee that wants to buy into my small business. Where does his payment of repayment come from? His percentage of the profits or directly from his personal life? Thanks.

              Jessica Dinsmore

              Hi Chad,
              To be honest, this isn’t something we’ve ever encountered before, so it may be a bit outside of our expertise. I’d rather not give you an answer that I’m not too certain about. I’d suggest consulting with an accountant. Good luck!

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