As a dynamic business owner, you need to have in mind that at the early stage in your business’s life, you must concentrate on generating income. On that note, your key objective should be increasing capacity so that you can give your business a chance to succeed for many years to come. In the context of your capacity increasing vision, you might need to explore different sources of business funding such as merchant cash advance companies that provide business cash advance loans.
Business cash advance loans
This is one of the easiest and straightforward forms of alternative lending that is readily available to business that conduct their transactions using credit and debit cards. Once you obtain a conventional bank loan, you will be required to pay the debt in a fixed amount, but when it comes to business cash advance loans, the debt is automatically repaid through small increments every day. The actual amount depends on the every day’s credit and debit card receivables.
The merchant cash advance lenders offer a flexible repayment method that is a defining and beneficial feature to the business owner. It is because this implies that on the days where you have good sales, you will pay more towards your outstanding debt, helping you to move closer to full repayment.
On the days where the sales are not good, you will be required to pay less towards your debt repayment. Thus, you will have more working capital to cover the daily expenses or make more purchases to boost your business.
What’s more, the repayment is automatically deducted at the end of every day. With this, you will not have to stress yourself over missing a payment that can occur when things get tight. On top of that, you will just log into your account to know how much you have repaid and how much debt is left.
How to apply for Business cash advance loans
Since you now know what merchant cash advance entails, here is a simple procedure on how to get that financial help:
- Fill-in the one-page online application- This will take you not more than ten minutes to complete, where you will be asked questions of common sense variety. You don’t have to submit documentations that traditional banks ask for during the loan application process.
- In less than two days, you designated financing specialist will call to brief you on the application. Since you don’t need collateral or perfect credit to get a business cash advance loans, the rate of approval is higher than that of conventional bank loans.
- Once your application is approved, your financial specialist will give you a clear and precise overview of the terms and conditions. You will know the amount the company can give you, their rates of interest and how you will be paying the loan.
- Upon accepting the loan proposal, the merchant cash advance lender will transfer the cash to your business account within a couple of days.
- Your financing specialist will give you an information package together with your login details to access your loan information anytime and from any location via their website.