If you run a business in Arizona and need some extra cash, you are likely wondering how you can get it. You might think going to the bank and getting a standard loan is your best option because that is what most business owners do. The only problem is that you won’t get a loan if you have poor or no credit, preventing you from getting the money you need to run or expand your business.
When you find yourself in that situation and want a way out, consider the benefits of a merchant cash advance. It lets you get the money you need even if you have poor credit. With this type of loan, you make your payments automatically from your credit card processor.
Consider the fantastic benefits you can get with a merchant cash advance in Arizona so that you can decide if this path is right for you:
- Quick Funds
- Fast Process
- Bad Credit Won’t Hold You Back
A merchant cash advance is a great option for those with poor credit because they can still access the funds they need to reach their goals. You won’t need to fill out tons of complicated forms or wait weeks to get an answer on the status of your approval. Instead of facing those problems, you can apply for your cash advance and get your funds in as little as two days.
As long as you make a consistent profit each month, you can get a merchant cash advance no matter your credit score. The benefits of a cash advance attract many business owners who would otherwise not have access to funding, and they are thrilled by the opportunity to apply.
You need to meet some requirements if you are interested in a merchant cash advance in Arizona. First, you need a credit score of at least 520 and have been in business for two or more years. The two-year requirement gives your lender the chance to see how much money you bring in on a consistent basis. Most lenders require you to have an annual revenue of $180,000 or more to qualify for this lending solution.
This requirement exists to prove you generate enough sales to repay the loan according to the terms to which you agree. If you are in a bad situation or want to boost your business to new heights, a merchant cash advance might make sense for you if you meet these requirements. Since the requirements are not in stone, you can ask different lenders for funding if you don’t meet them.
How It Works
You now know the benefits and requirements of a merchant cash advance. With that in mind, let’s explore how the process works to give you a clear picture of what you should expect moving forward. You begin by applying for the cash advance and providing your credit card statements to prove your profit. You must list the amount you would like to borrow in your application before submitting it, and the loan officer will review your information and make a decision.
If the loan officer approves your application, you will get the funds within a few days. The lender will then deduct a portion of your credit card sales until you repay the loan and service fees. Many lenders will charge less in fees over the life of your loan if you offer a high percentage of your credit card income each month. Rather than jumping into the process, you must look at your options and choose the correct path.
Now that you have read the guide, you know everything you need about getting a merchant cash advance in Arizona. Whether you need to buy new equipment, increase your marketing campaign or bring new team members on board, a cash advance is a perfect solution for your bottom line. New businesses that have been around for only a few years can benefit from this lending option, but those with bad credit can also enjoy the rewards.
You will be pleased when you see how easy it is for you to begin the application and get the funds. If you are ready to start so that you can get the money in your account, pick up your phone and set an appointment today.