Merchant Cash Advance Leads With Bank Statements Risks -

I’m sure you’ve seen lead companies selling package leads or Merchant Cash Advance Leads With Bank Statements. Leads with bank statements that are essentially ready to submit to a lender for an approval. Typically a full submission would include the last 4 months bank statements and an app to have underwriting review everything to see if a business is fundable or not.

There are a lot of things that an underwriter is looking for when they get a submission. They look for NSFs, negative days, daily ending balances, other loan payments coming out – and more. So a file could get declined for too many NSF fees, too many negative days, low daily ending balances, etc. Of course the underwriter is going to pull credit as well to verify the merchant is in good standing with other credit facilities, etc. The merchant might be defaulting or dealing with a bankruptcy – at which point they’d be declined as well.

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So how valuable is it to get Merchant Cash Advance Leads with bank statements? Well, I think it’s important to ask yourself why a company would sell these types of leads. After all, it does’t take much to get signed up with a lender directly. You don’t need a brokers license to do these loans or cash advances… you don’t really even need a business license. The average commission on a deal like this is 10% of the funded amount! So on a $100,000 cash advance you make an average of $10,000… and they’re going to sell this lead to you for a couple of dollars?

Merchant Cash Advance Leads With Bank Statements can help you get far more submissions that using traditional lead types.

Merchant Cash Advance Leads With Bank Statements – How Valuable Are These Leads?

The reason is pretty simple. The reason is there is no value to that lead. A lead is valuable if you can make money. A lead is more valuable if you can make a lot of money. In this business you make money based on a percentage of the loan amount. If a company is selling cash advance leads with bank statements they don’t see any reason to work it themselves. These are probably all declines already… they’ve probably been submitted with their bank statements more than a dozen times. Many lenders will see that the credit has been pulled over and over within a couple weeks and they won’t even look at the file.

Synergy has asked their clients if they have any experience buying cash advance leads with bank statements. They’ve told us the experience has been horrible. We’ve heard cases where 80% of the leads have been defaults. These borrowers were already defaulting on another advance. Now it makes sense why these companies would sell business loan leads with bank statements. They’re trying to make something on a dead lead. Do you want to help someone else make their money back on dead leads?

In reality, you should run from companies that offer leads with applications or bank statements. What we’ve learned is that these leads are not valuable because 99% of them won’t get approved. Moreover, these leads are sold to every client these lead venders have. Unfortunately, many people will fall for the pitch and have to learn the hard way.