Why Go for Merchant Cash Advance?
Merchant cash advance (MCA) is now considered to be one of the most reliable sources of funds for small businesses. Thanks to MCA, you can still get your establishment funded even after getting rejected from a bank loan.
Banks consider certain businesses to be quite risky in terms of funding. A quicker and simpler option is to get a merchant cash advance because it offers higher approval rate without the collateral and personal guarantees. Thus, you can get funds for your small business within a short wait.
Another good thing about the MCA is that the providers will forward you the money even though you currently have a bad credit. Wonder why it’s so easy? MCA works through credit card factoring. Your current funds does not matter that much because the cash advance will be repaid through your future credit card sales. MCA providers will deduct a percentage from your monthly credit card sales until the advance is completely repaid.
After just paying 60% of the total cash advance amount, you can then avail another cash advance if you choose to!
Here are some of the basics regarding merchant cash advances:
BenefitsHigh approval rate Quick approval process Zero personal guarantees needed Zero collateral or liens Zero processing fee Zero application fee No fixed monthly payment
What is MCA for?For remodeling your establishment For buying new equipments For inventory purposes To pay your business debts To buy out a partner In acquiring new location for your franchise For payroll purposes For marketing purposes To increase your supplies To expand your establishment
Who can avail MCA?
All small businesses that accept credit card payments are eligible to get a merchant cash advance.Automotive Supply Restaurants Bars Beauty salons Communication Construction supply business Franchises Healthcare Supply Furniture Gas Station Entertainment
What are the requirements?
In order to avail a business cash advance loan, you need to…Fill out the form from the MCA provider’s site. Submit your credit card receipts within the last four to six months. You need to have a year more lease from your landlord. Your establishment needs to be earning $5,000 monthly sales. You should have no open bankruptcy case within the last six months.
Cash advance is recommended for all small business owners who are in need of quick funding. If you currently have a bad credit and has been rejected from the banks, go to an MCA provider instead and get the cash you need.