Benaroch explains that the approval process is typically completed in just a few hours, with funds often provided within 24 to 48. He adds that the product is perfect for retailers, whole sellers or merchants looking for a quick influx of working capital to get up to date on bills or cover liabilities, with loans averaging about $30,000.
“In many cases these business owners are going online because they’ve been turned down,” he said. “When they come to Smarter Loans they are exposed to lenders like ourselves who look past credit and are willing to give small business owners the opportunity to sell future receivables for immediate cash, even if they have bad credit, recent bankruptcies, tax liens or other issues with cash flow.”
Rates range from 1.399 to 1.499, based on the risk associated with the account, with terms that range from 84 to 140 days. The company also offers renewable credit lines for merchants looking to receive additional funding on a recurring, 60-day basis.
“Our transaction is based solely on trust—there’s no collateral—therefore when we fund a business we take a big risk because we believe in the business and their ability to pay us back,” explains Benaroch.