credit card cash advance

I have been getting a lot of phone calls lately. Only been in business since end of last july and now all these shady companies are trying to “give” me money. They never do answer my question when I ask about fees, interest rates, etc. I currently have take-out and delivery only. I want to expand to have dine in but need handicap accesible bathrooms. I also want to put a deck on and offer beer and wine to lure a younger crowd on friday and saturday evenings. My problem is cash flow. For the first seven and a half months I couldn’t get a handle on food costs so with an average of $7000 a week, my food cost was 40% and I wasn’t exactly getting rich, then april hit and I finally figured out the food cost puzzle, got my costs down to 31% but my sales were lagging at $5700. Now if things rebound in May I will be taking a decent chunk out but not enough to do what I want to do…so has anyone else had any experience with one of these companies that do the credit card sales cash advance? I am being offered about $11500 which will be just enough to accomplish my projects but I am wondering if I have to give my first born child to them to pay them back. Since they won’t give me any answers up front I was hoping the forum could help.
Thanks…New York Charlie

DONT DO IT they are a high interest compamy who will suck you driy. get them everyday and it is a scam. go with ur locals, they will take care of you and if you need help they are there. other companies where are they 1000 miles from you. primo

Well, you’ve answered your own question.

Why would you even consider this enough to even ask the question? You already know this is not a good thing…

I get those calls twice a week
it turns out to be .35 for every dollar

f that


Your intuiton is leading you well. If companies are sending out automated phone messages for this sort of thing, then it isn’t a mainstream opportunity. We all know that Credit Cards area necessary evil in our business. they already suck 2.5% to 4% of our gross sales and now they want to get us to pay them interest on top of that. It just ain’t a good thing when pitch is all spoken, and nothing is written down.

Demand a written schedule of the rates, benfits, schedules and amounts. In buying property, it is called a fair debt disclosure. If they won’t send you something written to review, then hang up and walk away. If they DO send you something . . . look it over, throw it away, hang up when they call again and pretend it didn’t come.

“Vinny the Fish” never had a loan program like this.

You are hard working person, and trying to make living. These loans are shark, will suck you down… dont do it. We all get calls like these 3 to 4 times a day and my answer to them is click…


Your landlord may be willing to finance the expansion. I’d check with them first.


I need $4800 to pay for the walk-in coil/compressor I had replace last week, but I just hung up on the same type of call today! DON’T DO IT! :smiley:

Thanks to all that responded. It’s only been five days since I found this forum and after staying up late nights and reading posts(when I should be sleeping) I’ve found so many going through a lot of the same things I am. I appreciate the advice and will heed it well. You all are great, thanks for the advice!!!

We work with a company that does this and having said that I would not recommend it UNLESS:

  1. You need the Money Yesterday!
  2. Your Credit is not good enough to get a Bank Loan.

Get a loan from a reputable banker , depreciate the equipment or write off the interest.

These types of “loans” (they can’t officially call them loans because they are Not Banks!) Cash Advances can be as high a 50% with payback taken directly out of your Credit Card receipts. If you depend upon Credit Card deposits for Cash Plow you can expect a 30% reduction in Cash Flow.


We get thos calls everydayyyy and i am so sick of it. I ask them to take out number off they just hang up so now we play with them if its not busy …

but nothing will make them stop calling not that i know of. they are very shady… one time i took that phone call and i had the guy talk to me for 30 min how their program works, thank god i dont need cash advances so just for fun i let him talk for 30 min and then just hang up on him.

If i needed cash i would do it locally.

Keep reading…these folks NOW their Stuff!