Merchant Cash Advance - Quick and Easy Small-Business Loans
If you are a small business then you may experience a cash crunch during summer time where there is a need for extra manpower. This can be a very stressful time for a small business owner. What is a merchant to do when cash flow is tight?
A merchant should consider a business loan alternative such as a merchant cash advance. A merchant advance is a kind of financing where a merchant can borrow money without having to go through the extra stressful procedures bank make you follow. The company would only need the most recent bank statements for the business (most likely around three to six months). The other great benefit of a merchant advance is it is very quick to fund and your credit does not affect your ability to get the loan. We fund small business in just 24 hours!
How much our business may actually qualify for will depend on many things about you and your business. Including but not limited to: industry type, time in business, verified revenue, credit history, and business report information. By accepting our terms, you acknowledge that you’re asking us to determine how much you qualify for, instead of requesting a certain amount of money.
Fast Processing and Turnaround
Unlike conventional loan applications that take weeks and even months to get processed, your application is processed within 24 hours. If sanctioned, your funding will be released within hours. While conventional bank loans ask you for all kinds of financial documentation, you don't have to go through extensive documentation. You also avoid unnecessary and intrusive questioning that is an integral part of the traditional bank lending industry.
No Upfront Charges
Unlike conventional bank loans, you don't have to pay any upfront costs including application fees and closing costs for merchant advance.
High Approval Rate
Unlike banks, merchant cash advance providers are not fussy about approving applications. Funding requirements do not include low FICO and earlier bankruptcies as criteria for denial. Your application is judged on fewer aspects. A poor credit history holds little value towards your approval.
Funding term is flexible and monthly repayment amount varies with your business performance.
No personal guarantees required
A conventional bank loan requires collateral in most cases. Merchant advance providers ask you for no personal guarantees or collateral. They are only concerned with building a partnership between your business.
Is a this advance loan really more expensive?
One argument against merchant advance funding was that it is more expensive than conventional bank loans. However, after the global credit crisis, cash-strapped banks now charge you comparable fees and high interest rates.
With merchant advance you can receive funds for your business immediately, at lower cost, with minimal risk and fewer hassles. It offers greater benefits and fewer problems than conventional loans. It definitely represents the next chapter in commercial lending and is a viable business loan alternative. Contact Everest Business Funding today to get more details on the loan.