Main Street Finance Group Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Main Street Finance Group is a financial institution that specializes in providing business owners with the cash they need. The company offers a variety of long-term or short-term solutions to meet the unique needs of each business. As a small business themselves, they understand the importance of access to fast and reliable financing. They are committed to helping small businesses find alternative financing that is suitable for their business.
Main Street Finance Group is one of the top business loan companies, offering some of the best and most convenient secured and unsecured financing options for small businesses. They are located at 3201 Griffin Rd #102, Fort Lauderdale, FL 33312 and can be reached at +1 866-739-5558. They have empowered over 6,000 businesses and have delivered over $1 billion in funding.
Products & Services
Main Street Finance Group offers a variety of financial products and services. These include Business Cash Advances, Business Lines of Credit, Debt Consolidation Loans, Collateralized Loans, Equipment Financing, and Healthcare Cash Advances. Business cash advances are the fastest and now the most popular method for financing small businesses. The company also offers a flexible business line of credit that allows businesses to control how much funding they draw and when they draw it.
The company also provides debt consolidation loans for businesses with too many individual debts, offering a more sustainable single debt solution. They offer collateralized loans for those who want to use collateral to secure a better loan. Equipment financing allows businesses to buy the machinery necessary for their business by collateralizing purchased equipment. Healthcare cash advances are based on future insurance receivables and regular business revenue.
Pros and Cons
Pros:
1. Fast and simple application process.
2. Approval within 24 hours.
3. Variety of loan products to suit different needs.
4. No personal guarantees required.
5. Minimum documentation required.
Cons:
1. Information about interest rates is not clearly stated.
2. The website does not provide detailed information about loan terms.
3. The company does not clearly state the minimum credit score required for applicants.
4. The website does not provide information about any industry restrictions.
5. The company does not clearly state what states they do business in.
Ideal Customer
The ideal customer for Main Street Finance Group is a small business owner in need of fast and reliable financing. This could be for working capital, equipment financing, or debt consolidation. The company offers a variety of loan products to meet different needs, making it a suitable choice for businesses with diverse financing needs.
Required Documentation
The company requires minimum documentation for loan applications. However, the specific documents required are not clearly stated on the website.
Industries and Restrictions
The website does not provide specific details on the industries the company works with or any industry restrictions. It is recommended to contact the company directly for this information.
State of Operations
The website does not provide specific details on the states the company does business in or any state restrictions. It is recommended to contact the company directly for this information.
Basic Qualifications
In most cases, any business that has been operating for more than 6 months and has a monthly revenue greater than $5,000 will likely qualify for some type of funding. Other factors include business owners’ credit score, average business bank account balance, and whether or not the business has any existing cash advance loans, liens, or defaults.
Collateral or Guarantees
Most traditional business loans require collateralized assets, high credit scores, and a lot of paperwork. However, Main Street Finance Group's program is different. They do not require personal guarantees and the amount of documentation required is minimal.
Alternatives
Alternative options to Main Street Finance Group could include traditional bank loans, credit unions, or other online lenders. These alternatives may offer different loan products, interest rates, and terms that may be more suitable for some businesses.