Taylor: Understanding the super high cost of nonbank business loans
Square, which provides a point-of-sale service that processes credit card customer payments, uses the data it collects to offer business loans that — while convenient — can be very expensive.
With traditional lenders so averse, a menagerie of alternative lenders has grown over the past 20 years to fill the gaps.Ease of access and convenience.Most entrepreneurs likely consider the first two criteria and pay less attention to the interest rate.Desperate times, bad decisions I’m pretty certain — once I learned the terms of the loans — as to why Vader Mountain didn’t walk him through the true costs.Taylor: On social media battlefield, math defeats insurance products disguised as investment products
Square uses the data it collects while providing that service to offer business loans. This has a very high convenience factor, since Square solicited him for the loan based on his credit card processing history. The application was fast and done entirely online.
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