Banks have for a long time controlled financial solutions in the business industry. Many people and businesses have grown and expanded, all credit to the banks. It has, however, become certain that not all people can access bank loans as financial solutions. This may be because of the long process that makes it hectic and tiring which to human nature is not conducive.
The other issue may also be the fact that banks have high-interest rates that will impact very little to the business in the long run. Other alternatives to financial solutions are therefore in order to cater for those to which the bank is not a very good alternative.
Merchant cash advance provides financial solutions just like banks do but they do it in a pretty much different way that makes it an equal alternative and to some extent even better.
Just like any financial solutions where loans can be taken, merchant cash advance also has few requirements for one to receive a loan from them.
There has to be a business that has been operational for at least six months. This business needs to be making a collection of revenue amounting to between $4000-$5000 in credit and debit sales.
Here then comes another requirement that the business needs to be operating their cash through credit cards.
The way this works is very simple. If you need a loan from them and have all these requirements all you need to do is fill an online form. After the form has been filled, it will take between 24-48 hrs for the loan to be approved and once it has been approved, it is sent to the account.
Repayment also works differently from banks in that instead of going personally to make repayments or even going online; the loan repays itself. That is so fascinating, but how does it work?
Look, when one is busy conducting their business, some sales are being made. Now in the money from the sales, there is a percentage that goes to repayment of the loan. The process is so automatic and adding to that advantage, the seasons when business is down, one doesn’t have to freak out about the repayment of the loan. This is a breakthrough in the business industry.
Some people do not take loans simply because there are times when businesses won’t be good, but they would still be required to repay the loans by banks. Well here is a solution to that problem, just take an advance to invest it in the business, and it will be repaid daily from the sales until it’s over.
Several services are provided, and these bring out the differences between this financial solution from the others including the banks. Loans from merchant cash advance are easy to qualify, and the requirements stated above are only an added advantage to getting a loan approved. This is because without the qualifications, one may still get the loan, but the chances are not as high as when one has the needed requirements.
Banks will generally look at the credit rating of applicants before giving out loans, but this one is different in merchant cash advance in that they look at the rates. Approval here is based on rates at which merchant cash advance determines the credibility of the loan being repaid. This then does not mean that if one does not have much credit, but his rates of repaying the loan are high, then they will definitely get the loan.
Merchant cash advance is also fast. Imagine applying for a loan and having it approved in less than 48 hours. This is a new and amazing experience especially for those who have had it hard dealing with banks.
Any business is welcome to use this financial solution as long as they are using credit and debit cards and have an operating location like a salon or hotel. There is also the fact that no guarantees are needed, unlike banks where one needs to have collateral and guarantees are also needed. This is a huge difference in the financial world and to the fact it’s been around for ten years it can be trusted and thus should be explored.