Business cash advance programs provide capital funding for businesses in a quick manner. A business cash advance provides instant capital funding through future credit card transactions. You pay back the loan as you make money, instead of having to make fixed loan payments like you do with traditional loans. Business cash advance programs are designed in a way that provides more advantages than the other commercial bank loans. Business cash advance programs involve high capital funding for businesses. These programs were designed for small businesses that do not qualify for standard loans.
Here are a few reasons why small businesses prefer business cash advance programs:
1. The availability of instant capital funding: For traditional bank loans, small businesses have to fill out an extensive application, drive to the bank, present their plan before the loan officer and wait four to six weeks while they decide whether they are worthy or not. It’s almost always better for small businesses to apply for a cash advance online because you can get your money with a day or two.
2. Business cash advances can go up to any limit and cover any business expense: A business cash advance program is very flexible. For example, if small businesses want to buy industrial equipment for $5,000, a cash advance can cover that.
3. Do not need good credit to get approved: Merchant loans have to do with the exchange of a certain percentage of debit and credit sales. These loan providers only need to see how long you have been in business and that your business can be profitable down the line. If you have bad credit, getting a business cash advance is much easier than a traditional loan.
4. No collateral: Many conventional loan options require you to have collateral to back the loan. But with merchant cash advance this step is avoided.
These are a few reasons why cash advance programs are the best source of instant capital funding for small businesses.