HOW CAN WE HELP?
Does your business need a new piece of equipment? Or could you use some extra cash by getting a
term loan secured by the equipment you already own? Primary Funding provides equipment loans up to $100,000.
WHO CAN WE HELP?
We generally help companies that are unable to obtain financing from banks or the equipment vendor, we may be able to help. Our clients are typically turned down due to recent losses, lack of history, poor credit score, past bankruptcies and other situations. We can help you with both buying equipment and also help you if you have equipment that is owned free & clear by providing you cash that is secured by that equipment. We want to understand your individual situation and try to find a solution for you and your business. We can help companies in most any industry as we will look at your individual circumstances and try to find a solution for you.
WHAT CAN WE DO?
- Loans up to $100,000
- Repayment terms up to 36 months
- 100% financing available
- Rates as low as 1% per month
- Funding in just a few days
- No prepayment penalties
Some companies will provide you a term loan that is paid back through daily or weekly debits from your checking account. In most of these cases, they immediately add their fee to the amount you owe.
For example, if you want to borrow $50,000 they will charge you a $20,000 fee that is added at the beginning of the loan. On DAY 1, you owe them $70,000.
If you were to choose to pay them off on DAY 2, you have to pay them back $70,000 even though you only borrowed $50,000!
In most cases, these finance companies target a repayment period of 12 months through the auto debits from your checking account. This ends up being a VERY HIGH interest rate. Think about this. When you are paying off this balance over the course of one year, the average outstanding balance of the money that you actually borrowed for the year is roughly $25,000 because it starts at $50,000 at the beginning of t he year and ends at $0 at the end of the year. When they charge you a $20,000 “fee” at the beginning it actually means you are paying that $20,000 fee based on a loan that has an average balance for the year of only $25,000. This equates to approximately an 80% interest rate! We encourage you to make sure you really understand what you are getting into before moving forward.
Give us a call to discuss your individual situation. We are happy to be a resource for you and discuss your needs and options and see how we may be able to help.