How can Small Businesses Qualify for a Merchant Cash Advance?
Are you in need of funds to meet your working capital needs? Do you want a fixed source of funds that you can use to fulfill your short term business operation needs? Are you looking for a fund that entails minimum risk of default?
If you answered yes to any of the above questions, merchant cash advance is ideal for you. The financing option offers small business to meet all their short term financial needs. Using the financial option, you can gain access to a constant source of funds to fulfill your business operation needs.
Merchant cash advance is unlike traditional loans. In fact it is not a loan at all. The financing option allows you to obtain cash advance by selling a portion of the share of your business’s future credit for lending funds. The cash advance is not repaid in the form of a fixed monthly amount. There is no fixed maturity date similar to a loan. Repayment of the cash advance is linked to the sales. A specific portion of the revenue is automatically debited from your account until the cash advance availed is repaid in full.
What are the Requirements of Obtaining Merchant Cash Advance?
The requirements of obtaining the cash advance are less strict as compared to obtaining loans. You do not need to have a high credit score, and no collateral is required to obtain the cash advance.
The qualification requirements of the merchant cash advance differ from lender to lender. Most lenders require that you have a fixed physical location of the business. Moreover, the business must be operating for a certain period of time. Also, the business must process a minimum amount per month in debit and credit sales.
Merchant cash advance providers don’t require you to have any specific debit or credit card processor. The automated credit card processing system is designed to work with major processing companies. In most cases, you do not have to switch over from your current processing company.
Applying for a merchant cash advance program is much cheaper as compared to applying for conventional loans. Applying for a merchant cash advance does not require you to pay any upfront fees. Moreover, unlike traditional loans, there are no penalties for early or late repayment of the cash advance. The cash advance is repaid when you earn revenues from your business. There is no chance of default with this loan.
In case you want further information about qualification requirements of merchant cash advance, you can call us at 888-745-1114 or fill your contact details here. One of our team of financial experts will contact you and provide complete details about the business financing option.