U.S. and World Newswire : Banking and Finance News

Premier General Finance Makes a Splash with New Product Offering that Makes Loan Sharking Legal

Published: Wed, 31 Jan 2007, 17:32:00 EDT

Edited by Liisa Sullivan

CLEARWATER, Fla. - Jan. 31 (SEND2PRESS NEWSWIRE) -- What lurks beneath the dark and mysterious financial waters? It's Premier General Finance (www.CapitalPGF.com) which has one goal in mind: to obtain working capital for small- to medium-sized businesses in as little as 72 hours for as much as $500,000.

While legal loan sharking may sound somewhat sketchy, it is done everyday and businesses are benefiting. It is not illegal or dangerous, but quite the opposite - entrepreneurs are provided with quick, hassle-free credit and business-funding solutions.

"We created Premier General Finance in 2004 to assist business owners, investors, and startup entrepreneurs in developing the most effective and productive solutions for obtaining lines of credit and funding," Robert Fischbach, CEO said.

So, what makes this form of loan sharking legal? Well, as expected, there is a high interest rate, but it is referred to as a "fee." In traditional loan sharking, various shady components are involved such as APRs of greater than 45 percent; non-written contracts; and often, a broken nose, leg, or arm may even be involved.

Premier General Finance takes loan sharking to the next level and legitimizes its somewhat non-traditional practices. Their business is booming because many traditional banks do not want to risk lending to startup businesses. And, startup businesses do not typically have years of financial documentation to support such a loan; it is a Catch-22 situation.

Now, how does it work? If a business processes at least $4,000 per month in credit card transactions, loan approval is likely. The loan is paid back with 20 to 30 percent of future merchant account sales using their merchant account. More cash becomes available for additional advances after the loan is paid off.

Premier General Finance can advance up to 150 percent. For example, if a business processes an average of $50,000 a month in credit card sales, Premier General Finance will advance up to $75,000, no questions asked.

For many businesses, the convenience of cash now trumps the interest rate being repaid and there is no fixed payment amount.

Bankruptcies, liens, foreclosures, oh my! Premier General Finance looks the other way because credit scores are irrelevant. The cash a business receives is also not reported to any credit agency.

For more information about how Premier General Finance works and to learn about other products, visit: www.CapitalPGF.com.

For more information contact:
Steve DeJesus, 307-462-4968, steve @trafficnetworkcentral.com.

Text prepared for the news source by Send2Press on behalf of an agency, Traffic Network Central

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