All Rights Reserved. Warning: Why a Cash Trap Must be Avoided at All Costs. For an owner, youll never feel quite as hopeless or helpless as when your business is caught in a cash trap. Whats truly frightening is that many owners dont know what a cash trap is and more importantly what to do if theyre stuck. So what is a cash trap. You can search through the Internet, and find a myriad of interpretations and definitions.
Regardless, WhiteRockLoans. coms service is always free to you. By submitting your information via this website, you are authorizing WhiteRockLoans. com and its partners to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness.
Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and TransUnion, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize WhiteRockLoans. com to share your information and credit history with a network of approved lenders and lending partners.
Impact on Credit Cash advance in florida city. Lenders are within their rights to file reports with the three major credit bureausвЂExperian, Equifax and TransunionвЂif you fail to repay your loan.
This negative remark will lower your credit score and may make it impossible for you to obtain short term loans or other forms of credit in the future. However, once you have repaid your debt to your lender in full, this will be reported to the credit agencies and the negative remark will be removed from your credit history.
Some of the lenders in our network participate in what is known as automatic loan renewal. Simply put, if your loan is beyond a specific amount of time past due, your lender will rollover your loan.