A merchant cash advance is not the same thing as a loan. When you opt for a merchant cash advance, your finance company provides you with a cash advance based on the amount of money generated by credit and debit card transactions. You pay a fee and receive a percentage of the transactions in cash. A merchant cash advance is a fast way to obtain cash without providing collateral. You do not need excellent credit to qualify for a merchant cash advance. Most merchant cash advance recipients only have maximum credit scores of 550. After completing your application, you will receive your cash within two days.
How to Know if you Qualify for a Merchant Cash Advance
Now that you know about merchant cash advances, you may wonder if your business qualifies. The qualifications are simple. The advance offers you a way to receive financing for your business on a short-term basis. The money you receive can make it easier for you to buy items, pay off your business debts and have basic funds for seeing your business through a difficult period. You may want to take out a merchant cash advance if the profits from your business are primarily realized via credit card or debit card payments.
Applying for a Merchant Cash Advance
If you are interested in filling out our merchant cash advance application, you may find it interesting to learn that it only takes a few minutes to apply. After you submit your application, we view the credit card statements associated with your business. You are a good candidate if you have enough incoming cash. Although you do not need to have an excellent credit history, our representative may want to know about your current credit score. Plus, you may need to share the information on recent bank statements before your merchant cash advance is approved.
Merchant Cash Advance Facts you Need to Know:
- You can receive a maximum advance of $2.5K to $250K.
- A factor fee is withdrawn from your merchant account on a daily basis.
- The factor fee equals approximately 1.14 to 1.18 percent of your transaction totals.
- You receive a fast response.
- An advance provides you with instant cash.
Documents you Need to Provide When Applying for a Merchant Cash Advance
You will need to provide several legal documents. Your application must include a copy of your driver’s license, the last two or three bank statements and copies of the most recent federal income tax return related to your business. You also need to share your credit card statement. In addition, you must provide a voided check. When providing your voided check, all you need to do is write the word “void” across the printed area and on the reverse side of the check. Do not include any amount of cash on a voided check. Our merchant cash advance company needs a voided check to validate the routing number and checking account number associated with your bank account.
A Merchant Cash Advance is Quick and Convenient
If you own a business, you probably need additional funds to keep your company growing in a positive direction. However, filling out numerous loan applications at financial institutions takes a great deal of time. Owning a business means that you do not have any extra time. You probably work from dawn to dusk seven days a week. After spending several days or weeks applying for bank loans, it may turn out that you are not qualified. Loan officers at banks want to lend money to business owners who have high credit ratings. Plus, a loan officer is not as likely to offer you a bank loan unless you have owned your business for several years.
At Fundera, you will find a place where you can get a quick cash advance without having to meet the strict qualifications required by a financial institution. We are enthusiastic about offering you a way to receive the funds you need to keep your business afloat. If you are so busy that you barely have time to blink, then you may want to apply for a merchant cash advance today.