Waiting for a loan to be processed can be nerve-wracking when you need money to keep your business going. If you are looking for a quick source of cash, merchant cash advance providers can help you. They provide access to merchant cash advance programs where lenders can get access to business capital in less than a week.
There could be many reasons why you may not end up getting a traditional bank loan. But a lot of those reasons that hold you back from getting a traditional loan will not affect your ability to get a merchant cash advance.
Merchant cash advance programs are very easy for business owners to get access to. You pay back merchant cash advances in easy installments that are based on the income that is being generated by your business. You pay a certain percentage of your everyday sales.
Cash advance programs are a good option for your business if your sales are high despite having bad credit. Merchant cash advance providers partner up with credit card companies, so when there is a transaction with a credit or debit card, a percentage of the sale goes toward repaying the cash advance.
Merchant cash advances provide the money required all at once in a lump-sum. Initial capital funding for business processes is very transparent, there are no hidden terms and conditions.
The application could have as little as two pages because all cash advance providers need is the basic details about your business. Merchant cash advance payouts are usually processed within 24-48 hours of applying. In an age where “time is money”, these cash advances can make all your stress go away. Documentation may just include your credit card or bank statements. Since cash advance providers partner with credit card companies, you might have to switch to a new credit card processor.
Due to these great features, cash advance programs are increasing in popularity with business owners. If you need cash right now to support your business, this is something to go for.