Merchant Cash Advance – Upgrade Your Business With Merchant Cash Advances
A merchant cash advance allows a borrower to accept payment or receivable steams to get an advance of the funds flowing into his or her account. Consumer receivables will provide the borrower with immediate working capital which is effective in accentuating the business. You can repay the loan in installments of equal amounts. The money will allow you to generate more sales and focus on managing and improving your business. Running a business is an expensive affair. You need an effective plan with adequate capital to meet all your demands.
If you are looking for a loan to boost your business, look no more beyond merchant cash advances. It will help you boost revenue generation. Whether you need more money to buy new equipment that will boost your production or bulk up your inventory to meet market demands, a merchant cash advance can help. For a business looking for capital, there are many options to choose. You should look for a loan that will allow you time to rebuild your business while repaying the loan on time.
What Is Merchant Cash Advance Financing?
A merchant cash advance is a form of funding where a third party lender advances money to you on credit based on your sales volume.
Essentially, you will be committing your future revenue to your lender for a fast cash boost currently.
Merchant cash advance companies will deduct the money directly from your account at specific times instead of the conventional loans which requires you to repay monthly payment.
For the merchant cash advance loans, the eligibility criteria is less stringent than conventional loans where you are required to have a perfect credit score. You do not need to have a perfect credit score to access the loan. The primary factor includes the volume of sales that you generate on a monthly basis and your business plan. If you can show your lender that there are many transactions in your business and boosting your business through extra cash will take your business to the next level, your lender will give you the cash. So, our loans system can help to boost your advantages own business.
Criteria that you have to meet include:
- Must have been in business for at least one year.
- Accept cards that process at least $1000 a month.
- Seeking a few thousands of dollars of loan.
Some of the merchant cash advance loans may have additional requirements. However, this will vary from one lender to another. Your lender will not determine how you will use the money and you can use in purchasing new equipment, boosting inventory, training staff and many more.
Differences between Merchant Cash Advance and Other Loans
Merchant cash advances are different from small business loans in a few areas. However, the main one is the mode of repayment. For the small business loans, you will be required to pay a monthly amount while for the merchant advances, you are required to allow your lender to deduct a certain amount from the account from time to time.
The benefit of this is that when your card sales are lower, the deductions are lower too and vice versa. However, not having a predetermined amount to pay will present challenges in budgeting.
How to get a merchant cash advance
Once you have considered all your funding options and have decided that cash advance is the solution to your problem, the next aspect is to find a way to get the loan. You should follow the following steps to access the loans.
- Contact your lender. You can request your lender to give you more details about the loans and the terms and conditions.
- Complete the loan advance form and submit. It is imperative that you fill out the loan request form on the site and submit it to our support team. In case your lender requires more supporting documents, you will be required to provide one.
- Carefully review the offer. It is important that you read the fine print of the loan that your lender gives you. This way, you will avoid extra charges that you may have overlooked during the request process. You can easily calculate the amount of money that you owe your lender and plan how to repay it.
- Sign the document for the loan to be processed. If you are happy with the terms of the loan you can sign the documentation and allow your lender to process your loan request.
It is imperative to note that if you are to build a better credit score, then you should look for reliable lenders and a reputable lender that will boost your capital and build your business. Research is important to find the best lender online. The online lending industry is full of lenders who promise to give you lucrative deals. However, this is not the case because you will be required to repay the exorbitant loan rates. Lenders in our network are reputable and reliable, and you can choose the best lender that will fit your plan. Be sure to ask as many questions if there is something that you need clarification about or if you do not understand some aspects.
My Name is Jay has and I have a passion for financial writing. I am the chief writer on this blog. I do my best to verify all the information but if there is anything amiss please let me know and I will do my best to correct it.