March 5, 2020
Your business may require money within a short time. Maybe a large order has just arrived and you do not have enough money to provide the supplies. Or your customers have missed their payment of the last month, the tax deadline is knocking the door or one of your expensive equipment is out of order and you require repairs. Or else you might be thinking to launch a product or want to promote a new service or there is an opportunity to expand your business and you need money.
Whatever is the reason you are facing a cash crisis currently, and you need immediate cash flow. Will you go for the traditional bank loan or you want to opt for easy loans for bad credit?
The short-term loans (loans for bad credit) are also called merchant cash advances which is the best alternative to conventional bank loans. You can avail these loans even if you have poor credit. Before you start browsing about the business loan providers near you, first understand how the merchant cash advance works and how it will be beneficial for you.
What Is The Merchant Cash Advance?
Merchant cash advance is the structured lump sum cash given to the business in exchange for a certain percentage of future credit/debit card sales. By availing a short-term business loan, you can make daily payments with fees until the advance gets paid in full.
How The Merchant Cash Advance Loan Is Repaid?
The repayment of the cash advance is quite similar to the short-term loan. After you apply for this loan, you will get the cash within a few days. You can then make daily or weekly payments until the entire balance is paid. If you take cash advances based on credit card sales, you can repay the amount by sharing your future daily revenues. The interest in the case of merchant cash advance is called the retrieval rate which ranges from 8% to 13%.
There are various benefits of availing merchant cash advance over the traditional bank loans. If you are a start-up, here are some of the reasons why you should choose business cash advance rather than bank loans-
One of the major challenges that small businesses face generally is to get the fund at the right time. If you do not have a good credit score or no credit history; getting the business loan from a bank is quite difficult. In these cases, the short-term business loan is beneficial.
Applying for the merchant cash advance is quite easy. The lender will ask for two things- for how long you are doing the business and the average monthly debit/credit sales.
In the case of conventional bank loans, you require to fill up complicated paperwork and legal documents to pass the loan. But, in the case of the merchant cash advance, you will not require such paperwork submission.
Get Fast Cash from ‘I Got Funded Online’ In Just 3 Steps
This company aims to provide small business owners enough capital to achieve the expected financial strength that will benefit the business. Some of the business loan programs offered by this funding company are personal loans, lines of credit, merchant cash advances, business loans, personal credit repair and so on.
To Apply For the Loan,
If you are looking for advance cash for your business growth, you can surely apply for easy loans for bad credit now!