For those who do not know; merchant loans are a quick, easy way for businesses to get working capital without collateral and without the need of a bank loan. You can acquire these funds even if your credit is less than perfect.
Many of you may be wondering "what's the catch". The answer is; there is no catch. The only drawback is the price. They cost considerably more than a business loan from the bank.
That said, There are a number of advantages to receiving a business cash advance.
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While both offer funds for small businesses that are paid back over time; a bank loan really has only one advantage over a merchant loan or business cash advance... and that advantage is price. Here are some of the advantages that a business cash advance has over traditional bank loans;
No collateral required: There is no need to use your personal property to obtain working capital for your business. There are ways that cash advance providers can minimize their risk, but ultimately if your business fails, they cannot go after your property.
Poor credit? No problem: Rather than relying on your credit history to determine your eligibility, they look at your business sales history and the main determining factor in approving your cash advance.
Quick / easy application process: The application process for the typical merchant loan consists of only a simple two page form, some identification and a few months worth of your business's merchant statements.
Get funded fast: While bank loans can take several weeks, it is common for your business to get approved within 24 hours and funded in about 7 days with a cash advance.
Use your money as you see fit: Nobody understands your business the way you do, and merchant loan providers understand that. Unlike most bank loans; there are no restrictions on how you use your cash advance.
No UCC-1 filing: Business cash advance transactions do not show up on your TRW report. This gives you the financial flexibility to take out additional loans if needed.
Adjustable payback: One of the unique features of this type of funding is that because they use a percentage of your daily credit card sales; you pay back less on slow days and more when things pick up. This unique payback method takes the strain off your business and makes it easy to stay on track.
Every business is unique. What works for one business may not work for another. But you owe it to yourself to keep all of your options open. Use the following link to see if merchant loans are right for your business.
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