Drowning in debt from Westwood Funding?
When business owners need cash fast, they often look for the most convenient solution, such as the loans offered by Westwood Funding. However, sometimes this can backfire, leaving your business drowning in debt with no relief in sight. That’s where Tayne Law Group, P.C.’s two decades of experience resolving business debt comes in. We simply know debt and how to resolve it.
Westwood Funding claims to offer a myriad of financing options to businesses, including merchant cash advances and small business loans. Merchant cash advances are a way for business owners to get quick access to cash when they are in dire need. However, because of the often astronomical interest and APRs, merchant cash advances can become nearly impossible to repay, sucking you and your business into a never-ending debt cycle. And when you do repay them, you end up paying much more than you borrowed.
The options offered by companies like Westwood Funding aren’t the only options your business has. Short-term loans can be a viable alternative for businesses that may not qualify for traditional loans. Because repayment terms are generally around three years, lenders have more lenient criteria than for longer-term loans, but those loans may come with strings. Businesses may also consider lines of credit, which offer revolving credit at more favorable interest rates. This allows you to continually borrow, unlike a set loan amount. Still, there are alternatives if you don’t want to go further into debt.
Tayne Law Group uses proven strategies to find an agreement that works for your business and for the creditor, like Westwood Funding while saving you time, money, and an enormous amount of interest. We always put the needs of you and your business first, and we will never ask you to go into more debt. Our process can help you avoid bankruptcy and look forward to a healthier financial future for your business.
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FAQs about Westwood Funding
Westwood Funding claims to offer business financing up to $3 million. The company states they can provide interest-only loans, merchant cash advances, MCA consolidation, unsecured lines of credit, asset-based lending, invoice factoring, commercial real estate loans, and term loans. The company says they can work with industries such as trucking, car lots, salons and spas, construction, medical offices, liquor stores, hospitality, and auto repair.
The company claims to offer hassle-free funding within 48 hours. Business owners can also be pre-approved online making it easy to get these loans.
A business will guarantee a portion of its sales to the creditor, such as Westwood Funding, on a daily, weekly, or monthly basis. Because of this payment frequency, APRs and interest are generally incredibly high and are higher the more successful the business is during the loan term.
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