How Precision Automotive Saved Thousands by Using Lendified to Refinance Their Debt

 
244187_3969738315982_1933015979_oGlenda from Precision Automotive Inc is a Canadian small business owner and she used Lendified to save thousands on her Merchant Cash Advance (MCA) debt. Read on to learn how Glenda knew it was time to refinance and how she used those savings to grow her business. 


Glenda's Challenge 

Glenda's Precision Automotive Inc is a local, full-featured auto shop in Happy Valley-Goose Bay with years of experience and skill. She got financing from a lender who gave her an MCA. The MCA meant that she would get financing in exchange for a percentage of her future daily credit and/or debit card sales. 

At first she thought this could be a good quick-fix to get capital for her business. After she got the funds she soon realized the high-loan payments would be difficult in the long run. She also found that making daily payments made it difficult to track how much the loan was costing her and manage her cash levels. 

Glenda isn't alone.
 
In fact, many of the businesses we help don't understand how expensive their MCA debt is. MCAs are the most expensive alternative lending option and should be seen as a last resort for financing. 
 
 

Lendified Saves Glenda Thousands per Month 

When Glenda reached out to Lendified she worked with our Funding Specialist, Alina to refinance her loan of $41,000Glenda commented: "Alina was very professional and friendly (her voice is awesome!) She took care of things and helped us understand the process completely. The process was well disclosed and clear."
 
Lendified saved Glenda $5,400 a month and gave her $19,000 more! She used the savings to take on immediate opportunities her business was facing and pay back her suppliers. 
 
Also, Glenda was grateful to switch from daily payments to our bi-weekly payments. She added: "The transition from daily payments to bi-weekly makes payments less worry-some for sure. Scheduled payments are easier than undetermined, daily ones."
 
Daily payments with an MCA limits how much cash a business is able to hold. Which is troubling because cash is the lifeblood of any business. Bi-weekly payments helps manage your cash levels and worry less about bankruptcy. 
 

Save Thousands Yourself

We have helped Glenda and other owners save thousands by refinancing their debt. If you're facing similar struggles, speak to one of our Funding Specialists to see how much we can help you save.
 
 

About the Author

Lendified

Lendified is Canada's premier online lender for small businesses. The company was founded by former bank executives dedicated to provide businesses with fast, easy, and affordable financing. The Lendified team regularly produces blogs and guides to help small business owners succeed.