Finding An Unsecured Business Cash Advance Approval and Industry Reviews
As a smart business owner, you understand that there are moments when you have to access some money and you need it quick
. Heading to the bank could be your immediate instinct, however, with a merchant cash advance, you are more likely to obtain the cash you need, faster.When you submit your application to the bank, you are obligated to provide more than a few casual documents. A business plan, financial statements, profit and loss spreadsheets, an excellent credit report, and a formal plan illustrating the intended use of the money, are all . If the loan officer is displeased with any of your information, they can say no, delay the process, or demand more evidence that you are able to repay the loan. What a struggle.
A Business cash advance specialist takes an alternate approach. They already understand that you are a small risk for them because they advance you money based on your monthly credit card sales, typically over the last several months. They believe that every business owner sees natural ups and downs and that your overall intake always remains profitable. Based upon those numbers and an OK credit score, they will enter into a factoring agreement with your business.
This agreement involves {the cash advance company buying your future credit card sales at a discount for cash in your hand today|you selling, at a discount, a percentage of your future credit card sales. Before you begin stressing about the cash advance provider taking a huge chunk of your profits without caution, rest assured that the contract calls for a fixed percentage.
If you enter a factoring contract that takes 8% of your credit card sales each month, understand that this number never changes. Even if you have a low month, you won't be laying out more than 8% of your credit card receipts, giving you plenty of capital for other items.
Not only do you need less documentation, the process is much quicker. It is not uncommon to have an approval in twenty four hours and the funds in your hand in about 5 business days. When your company has the desire, it is satisfying to know that you can call your merchant cash advance professional to obtain cash quickly and securely.
Any new corporation who takes credit cards as a form of payment can turn those sales into working capital in hand today. One of the many advantages is that once your balance is reduced by 70 percent you can request more financing. If you pay back the advance in the estimated time frame you will easily qualify for more capital. This allows you to use the advance as a line of credit. If you pay back the advance ahead of the estimated timeframe then it is likely you can qualify for an even larger amount the second time.
For years companies have considered Rodney Rabah to be a dependable source for information regarding the Merchant Cash Advance industry. For honest answers and advice on a Business Cash Advance contact him at Nations Advance.
Finding An Unsecured Business Cash Advance Approval and Industry Reviews
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