As a small business you need access to quick business loans right? There are many of different types of commercial finance available in a very noisy online space so where do you begin? Well a merchant cash advance ticks many of the boxes you need.
Quick business loans can fund the same day
A cash advance is indeed a quick way to fund your business. But it’s not just the fact that is a fast method of finding cashflow funds for your business. There are many more unique plus points to this type of commercial loan product that I will list out below:
1. A cash advance is unsecured which means you don’t have to use a personal or business asset to secure against the loan value.
2. It works in line with your cashflow. What does this mean? You agree a fixed percentage of each future credit card sale to be repaid to the lender as and when you make a sale. If you make less sales in a month then you’d of paid back less and if you have a bigger month on sales then you’d of paid back the loan amount quicker. Unlike bank loans or other forms of commercial lending there isn’t a fixed expected amount to pay at the end of the month.
3. There are no penalty fees. That’s right no penalty fees for late payments and no penalty fees for paying back early. Of course all lenders encourage you to show consistent merchant sales but at the end of the day there are a whole number of reasons for spikes and dips in sales which is why this loan product is ideal for your business.
4. Your cash sales are safe. Yes, we don’t take into account your cash sales. They are not a factor in the process at all.
5. There is no APR. Unlike a standard business loan which is calculated with an APR a business cash advance is different and is calculated on a set percentage repayment.
6. Poor credit history? This can separate this type of product from other lending products. We look at every application individually and we always act responsibly with the customer’s business expectations in mind. We have funded many businesses with less than perfect credit history so talk to us today about how we can help you.
7. You don’t need to switch card provider. In most cases anyway. If there a card provider who we don’t work with we can help find a solution that works for you. These type of quick business loans do need you to operate a PDQ merchant card terminal however!
8. It funds quickly. Our quick business loans are just that. You can expect funds in some cases on the same day once your application has been approved by our underwriting team. The process from start to finish is quick. No long paperwork, no long conversations, no need for a business plan just quick access to the cashflow you need.