4 Ways A Merchant Cash Advance Can Propel Your Business
If you’re starting a small business or if your small business is experiencing some struggles and growing pains, it’s essential to get a helping hand in the financial department. No business can flourish without capital and without a sufficient amount of money to make necessary purchases, pay employees and vendors, and in all other ways take your efforts to the next level. Many business owners seek small business loans. This is definitely an option for you; however, another possibility to consider is a merchant cash advance. This method of financing is a cash advance that can help get your business on track. Here are four ways this can happen.
The Process is Painless and Swift
Chances are, if you’re seeking financial assistance to improve your company’s standing, you need cash and you need it fast. A multi-step process complete with endless paperwork and required information will only bog things down unnecessarily. With this financial help, you can complete the process without hassle and in a matter of days.
You Don’t Need to be the Ideal Credit Customer
If you were to apply for a secured business loan, your approval and the probability of getting a favorable rate depend largely on your credit score. If you have poor credit, your chances of being approved are severely diminished. However, with a merchant cash advance, you stand an excellent chance of approval. That’s because this type of financial help has a high approval rate and will accept people who don’t have the best credit history.
Pay According as You’re Able
In some cases, a fixed monthly payment can be welcome and preferred, but if you’re struggling in the money department and your business isn’t generating the profits you need, a fixed monthly payment can be stifling. With a merchant cash advance, you will pay depending on how your business is doing. What does this mean for you? When your business is thriving, you will pay more toward your cash advance; however, if you’re business isn’t making money or is making very little, only small amounts will be expected from you.
Don’t Worry About Collateral
Like an unsecured loan, you aren’t required to put up any property or anything you own as collateral for your advance. Being approved is completely attached to your company’s sales record.
Most small-business owners have some money troubles from time to time. If you fall into this category, consider this type of cash advance to give you the funds you need.