Majority of small business entrepreneurs understand the various conventional loans available to them, from normal small business financing to unsecured business financing. However, many who don’t qualify or are searching for an alternative to these funding programs are not aware of what a merchant cash advance is.
If you don’t know what cash advance is and have never heard about one before, this is a description from the advantages of entrepreneurs it’s over conventional business financing programs, along with a brief history on which a cash advance is made to do.
What Is Cash Advance?
It’s the solution for your problem. Exactly what the cash advance market is now; began about 10 years ago with restaurant financing programs. After that, the industry increased to serve the requirements of small business entrepreneurs in almost all business models that require funding in a timely and unrestrictive manner.
Merchant Advisors is exclusive among the cash advance lenders, using the quickest approval processes and progressive improvements backing our underwriting, permitting us to serve more businesses in short time.
Besides speed, Merchant Advisors is an expert in supplying funding for individuals who may have had difficulty getting approved for small business financing, even when they’ve been declined by other banks or cash advance lenders.
Merchant Advisors was founded on the idea to provide financing to businesses that are growing their business, however have bad credit or other issues that are preventing them to get funding they need. Since the time of our beginning, Merchant Advisors has developed incredibly, confirming our credence that small business entrepreneurs in the United States are in dire need of alternative funding.
Why MCA Is Better Than Conventional Loans?
A merchant cash advance is a small business financing alternative that offer quick approval and financing.
The real meaning of what a cash advance is originates from its particular characteristics made for small business entrepreneurs, merchant cash advance programs are different than conventional loans in many ways. An average business loan from the bank will disqualify the application for those who have poor credit, in addition to require tax statements, business strategy plan, and private guarantees of collateral you could drop. To assess all of this needs time to work, you need to wait for months throughout the approval process, and need to visit bank many times.
On the other hand, merchant cash advance is simple to acquire, all it needs is to apply and your business should exist for more than 2-3 months and making monthly sales of almost $15,000.
The underwriting process behind this kind of financing is sleek, and for that reason, considerably faster than conventional loans. Actually, you can usually go from application to getting your cash advance in just one day.
Without Any Personal Guarantee Of Collateral To Make, What’s MCA Not Offering That Conventional Loans Do?
Merchant cash advance don’t offer interest that can stack up, or specification – all of the terms of merchant cash advance are discussed with you over the telephone with your devoted representative. Merchant cash advances don’t depend on limited repayment plans that can slow down your strong business revenue. Since the cash advance for merchant is made with business in mind, repayment is taken like a small portion of your daily revenue, and therefore for those who have a slow day or perhaps a slow week of sales, the obligations are going to be instantly decreased.
Quick and easy access to working capital, in addition to a customer experience that takes your requirements in consideration is at the center of merchant cash advance, produced by business proprietors for business proprietors.
Advantages That MCA Bring In To Your Business
As a smart option to commercial business loans, merchant cash advances have certain advantages including:
• Application and collection processes are simpler – the applying process is quite simple and easy. They merely take two things into account – your monthly debit or credit card returns and the duration you’ve been in business.
• High approval rates – unlike conventional financing, merchant cash advances depend on performance not credit rating, therefore the cash advance application process is quick and you’ve higher chances to be approved.
• Funds are rapidly accessible – merchant cash advances are indicated by their fast turnaround since there’s relatively less documentation that should be processed.
• Repayments are revenue-based – where conventional loans need a fixed monthly repayment amount, the amounts collected every month with an merchant cash advance will fluctuate in line with the quantity of debit and credit card sales which are recorded.
• No collateral or credit needed – merchant cash advances are some of the most secure techniques to being able to access the cash that the organization needs. Unlike commercial loans, merchant cash advances stay off your credit report.