Benefits of Merchant Cash Advances With Bad Credit
Merchant Cash Advance’s have several benefits which make them appealing to business owners who need funding. When considering a merchant cash advance, below are some of the more important benefits to keep in mind
Straightforward applications: As with many types of small business loans, or lines of credit, applying for a mca is something you can do online. You can upload documents online, like your business tax returns, bank account statements, credit card processing statements, and more – online in a few minutes.
Funding is fast: One of the main benefits of a mca is the fact you can get approval fast, and funding even faster. MCA’s can give you a decision within a few hours and give you funds even faster. This is great if you need money fast to cover payroll, or other business expenses that are time dependent.
Credit doesn’t matter: Most business loans demand you have a strong personal and business credit score. MCA lenders are lenient when it comes to credit. Your ability to get approved for a mca depends on how consistent your credit card sales are, and how long you’ve been in business. The MCA provider is reviewing your business, and it’s strength, versus your personal credit history. Keep in mind though, that mca will not help you improve your credit score
No collateral: When you ask a bank for a business loan it’s common they’ll ask for some type of collateral to get the loan. The collateral helps the bank make sure you won’t default on the loan. In a mca, you don’t have to put up any personal or business assets to get a cash advance.
Flexible payment: Small business loans have a fixed interest rate, and a fixed payment. It means you owe the same amount of money every month on your loan. This can be helpful for some, who need to budget their expenses. But for others, it can be a problem – especially if you have a slow month and can’t make the payment. MCA’s give you greater flexibility, since the payments are based on a % of your credit card sales. For example, a mca will require you to commit 10% of your credit card sales for repayment. The dollar amount will vary based on the total amount of sales for the month. This means you only give a proportion of what the business is bringing in – instead of a flat dollar amount which might be higher than what you’re earning for the month.
High limits: Bad credit merchant cash advance’s give you significant leeway in terms of how much you can borrow. It’s possible to get a mca of just a few thousand dollars. Some might even give you a cash advance up to $2 million. MCA have greater leeway to be flexible and offer more money – even though you don’t have credit or collateral.
 

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