Getting a Business Cash Advance is So Easy!
Business cash advance is just like a “loan” that goes against your credit card receivables within the next twelve months. Meaning, you are getting an advance from your future credit card sales.
This type of business funding is highly recommended for small businesses that are likely to get rejected via bank loans. When you own a small business just like a newly established restaurant, retail store, medical supplies shop and other small merchandise business, it is very likely that you won’t get approved in getting a loan. A few years ago, before merchant cash advance existed, owners of small businesses often get into large amounts of debts that might cause the closing down of their business.
With a merchant cash advance, you can get the funds you need regardless of your bad credit. There is also no need for personal guarantees. The repayment is based on your future credit card receivables which is why your current bad credit is considered “ok”.
Getting a business cash advance is definitely much easier than a bank loan. Because the requirements are simple, small business owners can quickly get the funds and capitals they need for their establishment.
Steps in Getting a Business Cash Advance:
Merchant Cash Advances
Make sure that you meet all the requirements stated by the MCA provider. Usually, the requirements are as follows: your business must be at least six months in business, your establishment needs to accept Visa and Mastercard payments, earning $5,000 via credit card receipts, and to submit your 4 months worth credit card receipt statements. Submit the needed requirements to a merchant cash advance lender that specializes in business cash advances. The money may be forwarded to your bank account within 48 hours upon submission of the needed requisites. The repayment process will begin after a month prior to the forwarding of the cash advance. A percentage will be deducted by the MCA providers from your credit card sales. Usually, the repayment deduction is around 12 to 20 percent of your daily credit card receivables. There are no due dates and late repayment charges which is a big benefit for every small business owner.
You can spend the cash advance depending on what your establishment needs. There is no limit to how you may spend it. It could be for payrolls, purchase new equipments, renovation of the office, and so on.
Take note that business cash advances are recommended for small business owners only. If you are eligible to get a bank loan, the cash advance lender may disapprove your application so you can go for a bank loan instead.