[Increment1]

I have a client who needs very short term financing on a regular basis. Is there anyone out there that does this type of financing?

[biggr]

yes, SMH, Give us something to work with here please

[WhoisKingsley]

I have a client who needs very short term financing on a regular basis. Is there anyone out there that does this type of financing?

Yes. What you can do is request an early payoff discount before the offer is accepted. You should receive a table listing the amount of time vs. the payoff from 1 month and so on. I know for sure Quarterspot does this because I've had many files that requested payment information if they were to payoff in 3 months instead of their original payment term of 15 months. I always have my Merchants chose the term that will make their daily/weekly payment comfortable and show the options to payoff early and/or when they can get additional funds/renewal. If they do pay off- they know they can always do the same again with QS on their own time when they need it and QS sends me over an email letting me know. I have a good handful of files that have been doing this for about 2 years with them.

[Cfairbank]

We do this type of thing every day -- I agree with Amanda, to minimize the cost, structure it as a longer term product and have an aggressive early repayment discount at one month, two months, etc.. Contact us (Steve -- ssafirstein@breakoutfinance.com) if you want a quote. We have a number of clients we do this for.

And just make sure you aren't going to get double dipped (or interest accelerated) to the extent it renews.

Edit to add: As much a I think QS has a great product and respect them as a company, they do still double dip (as do most firms in the market) -- this isn't a marketing play at all, just something to think about -- the whole concept of double dipping/interest acceleration that is a significant, hidden charge for YOUR OWN CUSTOMERS just drives me crazy.

[mcaguru]

I know Double Dip very well. My grandmother paid taxes all her life and then came the inheritance tax. It drives so many American families crazy especially the farmers ...

[omegafund]

I know Double Dip very well. My grandmother paid taxes all her life and then came the inheritance tax. It drives so many American families crazy especially the farmers ...

Hey but if the government does it we should all be fine since no choice. Reminds me I think there is a certain state of IL that tried to pass some legislation about financing trying to protect the consumer and business. Funny place to start considering 4 of the states governors have been indicted.

[WhoisKingsley]

Breakout makes a good point. I would highly suggest reading this if you don't 100% understand "double dipping". Knowledge is key...
https://www.breakoutfinance.com/addi...all-businesses

The interest on an original loan from QuarterSpot is amortized and out of the refinance. I know there is no double dip there. There is a fee charged if new money gets issued. This could be considered a double dip on upfront fee- though it is usually a lower rate than the original fee. So maybe another dip but not a double.

[J_B]

I know Double Dip very well. My grandmother paid taxes all her life and then came the inheritance tax. It drives so many American families crazy especially the farmers ...

Marcus, that's great that you are aware of double dipping don't support the practice, having seen first hand how it negatively impact those who suffer from it.

[LoanMe]

I have a client who needs very short term financing on a regular basis. Is there anyone out there that does this type of financing?

LoanMe could be a good option here. We offer simple interest term loans. Interest is only charged on the number of days a borrower keeps the funds for. No pre-payment penalties and no having to ask for early payoff discounts.

[HDF]

BROKER versus coming REGULATIONS

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[IOUFinancialex]

pmd

[Cfairbank]

Breakout makes a good point. I would highly suggest reading this if you don't 100% understand "double dipping". Knowledge is key...
https://www.breakoutfinance.com/addi...all-businesses

The interest on an original loan from QuarterSpot is amortized and out of the refinance. I know there is no double dip there. There is a fee charged if new money gets issued. This could be considered a double dip on upfront fee- though it is usually a lower rate than the original fee. So maybe another dip but not a double.

Thanks for the shout out Amanda -- Double Dipping / Interest Acceleration is a practice we are pretty vocal about, as it can make a product much more expensive (both cash advances and most fixed repayment loans) than advertised given renewal rates in this space -- I can see this being a UDAAP issue eventually.

If QS doesn't double dip, I withdraw my statement on them!

[HDF]

There is a lot of room for improvement. To say the least. Most notably, adopting "Know your client" and "Borrower suitability" guidelines. Serious players are already buttoning up. Are you all?