Inside Money Today

Lendinero's blog on Growing Your Business

MCA ISOs Are Submitting More Than What They Need To?

MCA ISOs Are Submitting More Than What They Need To?

 An MCA ISO is a Merchant Cash Advance Independent Sales Organization. Today, the term MCA is not your traditional cash advance loan versus credit card processing. MCA today expands to daily payment loans, weekly payment loans and even alternative lending. ISOs also known as Business Loan Brokers or Business Funding Intermediaries need to become more educated. In the world of alternative financing most lenders just need a 1 page application and the last 4 months of bank statements to provide a credit decision. However, ISOs are sending in personal tax returns, business tax returns, tax identification numbers and other documents when they submit deals to lenders. The additional documentation is good to have but it’s not always necessary. What happens when an ISO submits all of these documents? It slows down the underwriting process and credit decision delivery time. Every business is underwritten differently depending on a number of factors. To keep the process fast and simple; a 1 page application and 4 months of bank statements will make the credit decision deliver process much faster. At Lendinero we like to simplify things. The only items we need to deliver a credit decision is a 1 page application and 4 months of bank statements for loan requests under $50,000. If the loan request is higher than $50,000 we will need 6 months of bank statements, a year to date profit to loss statement and last year’s profit to loss statements. In some cases, depending on the nature of the business and cash flow activity we may request more.

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