u/rencie4

yook three MCAs over two years running my catering business

first one was fine. needed $20k fast for a big event deposit, got it in 48 hours, paid it back in 7 months, factor rate was 1.28. not cheap but it worked and I could handle the daily payments

second one I was already paying back the first when I took the second. didn't fully understand what stacking meant at the time. two daily ACH pulls at once during a slow month almost wiped me out

third one I was trying to get out of the second. ended up in a cycle that took 14 months to fully clear

the product itself isn't evil but the way it's sold is. nobody explains what happens when you have a slow week and the ACH keeps pulling regardless. nobody explains what stacking does to your cash flow

if you're considering one, ask specifically: what happens if I miss a payment, and do you have any existing positions with other lenders

took a small loan with them last year, paid it off early. thought that was the end of it.

few months later i'm checking my business credit and there's something off with how the account is showing. tried calling to get it corrected and got bounced around a few times.

not sure if this is a one off or something others have run into. did anyone else have to deal with their credit bureau reporting after closing an account with them?

running a 3 person excavation company. been in business 4 years, revenue around $480k last year, personal credit is 695.

need to finance a used excavator, about $85k. the machine is 6 years old and in good shape.

got one quote so far at 11.5% for 60 months with 10% down. trying to figure out if that's a reasonable rate for this type of equipment or if i should keep shopping.

also not sure if the equipment age is going to be a problem with other lenders the way it was when i tried to finance a smaller piece last year.

what are people seeing for rates on used heavy equipment right now?