A merchant cash advance can come in handy for anyone in a tight financial situation. Merchant cash advances offer easy and quick cash, and are available to all individuals who meet their simple requirements. There are many benefits of a merchant cash advance especially when compared to the complexities of a bank loan.
Merchant cash advances are given to applicants quickly regardless of whether their advance applications were filled and submitted online or at local businesses. All approved applicants are guaranteed to walk out the door with cash in their hands. Online applications are also approved quickly with cash made available to approved applicants within 24 hours or less. There is no waiting with merchant cash accounts as there usually is with traditional bank loans.
No Credit No Problem
One of the most notable advantages of merchant cash advance (MCA) is that applicants are not required to have great credit in order to qualify. This makes this type of advance the easiest to obtain, especially for businesses that have negative discrepancies.
Most companies that offer MCAs only ask a few things from their merchants. The first requirement is that all applicants must be at least 18 years old to be eligible for an advance. Applicants are also required to have business checking accounts and reliable sources of income from employment or businesses. Applicants who meet these requirements are usually approved for certain advance amounts. Alternatively, Bank loans for small businesses require collateral, good credit and positive working capital, something that many business owners may not have.
While there are some people who apply for their MCAs from the nearest merchants, many people are taking advantage of online access to send their applications. Online application can be done at any time of the day or night right from the convenience of your home or office. People can apply for their funding in the privacy of their homes and have the cash wired to their accounts without having to go to a local bank.
MCAs help businesses to acquire more working capital for their small business, which helps them to have enough capital to pay off short-term debts, hire new staff, expand locations, and order inventory for the holidays.