Charlotte Merchant Cash Advances
Money is an important resource in any business and being able to access it instantly whenever you need it is great. However, as you might already know, businesses are faced with various challenges on a daily basis with some days resulting into losses. This is where getting Merchant Cash Advances comes in.
How Merchant Cash Advances Work
Merchant Cash Advances (MCAs) are not designed as loans but rather as quick money for business people that can be repaid within days, months, or even years. This will depend on the amount you apply for and the lender’s terms and conditions.
The credit card sales you make will also determine how much advance cash you can qualify for.
With MCAs, you can also receive money as fast as you need it because your application will be approved within 24 hours and the money deposited to your account immediately.
You are going to love Merchant Cash Advances because you can get instant money for any type of business. Moreover, your credit score does not really matter during the approval stage.
Whether you are having a bad business period or you just need to access quick money, Merchant Cash Advances might just be the best option available.
The repayment period varies with your loan amount. Most service providers will need to review your business receipts for a given time, which is usually two to six months. You may qualify for 50 percent of your total credit sales as per the analysis. Some merchants even qualify for 250 percent of the credit transactions.
Benefits of Getting Merchant Cash Advances
- Saves time
With Merchant Cash Advances, you do not have to go through the long application and approval process required by other financial and credit options. The approval period is mostly within 24 hours.
Another great thing about acquiring Merchant Cash Advances is the ability to apply online. You don’t have to plan a visit to the lender’s office with your busy schedule. Just get a laptop, a smartphone, or another electronic device that has access to the internet. With online application, you can get the money you need whenever you do and wherever you are.
- Instant cash
Merchant Cash Advances are a great way of getting quick cash to meet your emergency business bills or those that are past due. This makes the credit option ideal for payments that are time dependent.
- It is suitable for a variety of businesses
Despite your line of business, you can access fast cash with Merchant Cash Advances.
- No credit score worries
While most financial options take into account your credit score to determine whether you qualify for their services, none of that is necessary when you are applying for Merchant Cash Advances.
Your monthly credit transactions as well as the length of time your business has been operational are the determinants of your eligibility.
- There is no collateral requirements
While most lenders have to get collateral or take lien on some asset like car or title deed, Merchant Cash Advances are a bit different. You will not need to give any kind of collateral when applying for the loan.
- Flexibility of the payment options
Merchant Cash Advances will design the payment terms such that you will only need to pay a certain percentage of the credit sales you make each month. This way, you will only have to pay based on your cash flow. The less credit transaction the lesser your loan repayment amount and vice versa. This comes in handy when your business is doing badly.
Drawbacks of Getting Merchant Cash Advances
Like any other financial and credit option, there are a few drawbacks associated with the use of Merchant Cash Advances. Here are a few:
- Higher rates
Unlike the conventional ways of acquiring business loans, you will have to contend with higher fees and charges when you opt take a MCA.
- Decrease in cash flow
When getting Merchant Cash Advances, you need to show proof of credit sales. Since you will need to repay the loan soon, the cash flow in your business will reduce. This means that you may operate with little or no savings. Minimizing cash flow is bad for any business.
- Inability to get more money from your Merchant Cash Advances provider
Until you have repaid the loan you have obtained from your lender in full, you cannot get more money from them.