When you need funding for your small business, it might be quite enticing to get a merchant cash advance or money against your future credit/debit card sales. Your cash advance provider will deposit your required amount into your business bank account, which you will then payback through your daily credit/debit card sales.
Currently, the merchant cash advance industry is booming with more customers than ever before. With a few years back, there were almost hundreds of cash advance lenders out there, but currently there are thousands of alternative lenders providing cash advance funding solution to small businesses at flexible terms and competitive rates. Due to the success of cash advance lenders, banks start to re-evaluate their lending requirements with an emphasis to make these type of financial products more competitive.
There are many small businesses finding out that merchant cash advances provide them with more benefits than the traditional way of funding does. The best thing about getting cash advances from alternative lenders is that they know what you want and understand your business’ financial problems. Therefore they made funding quick and easy to businesses who need funding immediately.
A merchant cash advance has more than a few features that make them an attractive funding source for small businesses.
- Simple & Easy Application
Applying for a merchant cash advance is quite simple as compared to some other types of business funding solutions. These loans doesn’t require you to visit lender’s office and apply for funding in a traditional way. You can apply for cash advance without leaving your office or home as all the lending process take place online. You can fill an online application provided on your lender’s website and get approval in a couple of hours.
- Quick & Efficient Funding
One of the major benefits of a merchant cash advance is their fast approvals and funding. Cash advance lenders can render the approval in just a couple of hours and provide funding in 2-3 days. Their quick funding process make them the most preferred funding program for small businesses. If you are a business owner and looking for some fast funding to fund the new project and doesn’t have time to waste, merchant cash advance is the ideal funding program to opt for.
- No Credit Check
Having a strong and perfect credit is a prerequisite for most of the business funding programs, but not for merchant cash advance. As merchant cash advance providers consider some other types of factors for getting you approved for funding. They are more compassionate where credit is concerned. The major factor that matters on your approval is your sales through credit cards.
- No Collateral Requirement
As with any other loan, collateral is a must-have requirement, but not for cash advances. Because of their unsecured nature, cash advances doesn’t require a small business owner to provide collateral. That is why your personal and business assets are safe in this type of funding.
- Sales Based Repayments
Loans with fixed payments carries fixed interest rates, which means you owe the same amount every month. While this type of funding can help you to budget your expenses, but it is likewise challenging if you have a sales wise slow month. While with merchant cash advance, the repayments are based on a set percentage of your sales from credit cards.
Does a merchant cash advance sound like the best option to you? Get a merchant cash advance from Merchant Advisors. For more details, please call us on our toll free number (833) 827-4412. Alternatively, get your free online quote by filling our online application form, if you’re ready to apply for a merchant cash advance.