We provide cash advances to companies throughout the USA — regardless of the industry, or niche. We’re your partner, not only a lender. We can help you get the financing you need when you’re in distress, and in need of fast funding to create deadlines and payroll. When you get a merchant cash advance, it is not the same thing as a loan. It is basically a cash advance based on the credit card sales that you get on your company merchant account. Once you apply for the loan, we deposit the funds in your business checking account within 24 hours.
How Merchant Cash Advances Work
The cash advance is for $2,500 to $25,000. Each merchant cash advance has a repayment program with daily payments from your account. The moment you ask a loan, it takes only 24 to 48 hours for it to be approved and in your account.
This type of loan works well for folks that have bad credit or need fast access to funds. The whole approval process is fast and works for many sorts of businesses. The only drawbacks are the higher fees and the fact that the loan must be paid back through your daily earnings.
With a merchant cash advance, you get the money you need when you need it. The funds may be used for anything your company needs. Some businesses use this type of cash advance to make up revenue during a slow month. Other businesses simply have to cover a bill that’s past due.
This is a cash advance rather than a loan. When you get a cash advance, you promise to pay it back using your company’s future income. The loan is given in a lump sum that is repaid from the money you make each day. How much you pay back is known as the retrieval rate or holdback. Based on the amount of the advance, your repayment period and your credit card sales, the holdback can vary between 5 to 20 percent.
The amount you can borrow depends on your credit card sales. Most providers will review your sales for the last two to six months to find out how much you can borrow. Depending on the provider, you can get anywhere from 50 to 250 percent of your monthly credit card transactions as an advance. Then, you have 90 days to 24 months to pay it back.
The Benefits of Getting an Merchant Cash Advance
This option is perfect if you need cash straight away. You can get approved much faster with an advance than you can with a traditional loan. Often, you can get approved within just a few hours. Then, you get the advance within just one or two days. If you’re trying to cover your payroll or a sudden expense, having a speedy option is a benefit.
Another benefit is that you can avoid using security to obtain an advance. Banks normally require collateral for a business loan, which takes time. Additionally it is a huge risk for your company if you cannot pay back the loan. With a merchant cash advance, you get the money you need without needing to offer your assets as collateral.
Best of all, the application process is easy and straightforward. You can do the whole application online. You just have to upload a few of your files and fill in the blanks. Unlike a normal lender, most merchant cash advance lenders are quite open to bad or poor credit. Their main goal is to find borrowers that have a strong history of credit card sales. They’ll also look at how long you have been in business.
Merchant cash advances have high limits and flexible payments. You pay a portion of your credit card sales as your company sells products. If you sell less, then the amount that’s taken out is correspondingly less. You only pay out a portion of your credit card sales. Plus, some lenders will give around $2 million in a merchant cash advance.
This option works well for businesses who need money quickly. You want to have an established history of credit card transactions. The only drawback is the cost. If you need cash fast and want a convenient option, then a merchant cash advance might be worth the additional price.