We provide cash advances to companies throughout the USA — irrespective of the industry, or niche. We are your partner, not just a lender. We can help you to get the funding you need when you are in distress, and needing fast funding to create deadlines and payroll. When you get a merchant cash advance, it is not the exact same thing as a loan. It’s basically a cash advance based on the credit card sales that you get in your company merchant account. As soon as 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 accounts. As soon as you ask a loan, it takes just 24 to 48 hours for this to be approved and in your account.
This sort of loan works well for folks who have bad credit or need fast access to funds. The entire approval process is quick and works for many kinds of businesses. The only drawbacks are the higher fees and how the loan must be repaid through your daily sales.
Having a merchant cash advance, you get the money you need when you need it. The funds may be used for anything your organization needs. Some businesses use this sort of cash advance to make up revenue during a slow month. Other businesses just need to cover a bill that’s past due.
This is a cash advance and not a loan. When you get a cash advance, you promise to pay it back together with your company’s future income. The loan is provided in a lump sum that is paid back from the money you make every day. The amount that you pay back is referred to as the recovery 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 that you can borrow depends on your credit card sales. Most suppliers will review your earnings 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’ve got 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 conventional loan. Often, you can get approved within just a few hours. Then, you receive the advance within just one or two days. If you’re trying to pay your payroll or a sudden expense, having a speedy choice is a benefit.
Another benefit is that you can avoid using collateral to obtain an advance. Banks normally require collateral for a business loan, which requires time. It is also a huge risk for your company if you can’t pay back the loan. Having a merchant cash advance, you get the cash you need without needing to offer your assets as collateral.
Best of all, the application process is simple and straightforward. You can do the entire 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 track record of credit card sales. They’ll also look at how long you are 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 percentage of your credit card sales. Plus, some lenders will give around $2 million at a merchant cash advance.
This option works well for companies who need money quickly. You need to have an established history of credit card transactions. The only drawback is the cost. If you need cash fast and want a convenient alternative, then a merchant cash advance may be worth the additional price.