Chrystal King writes articles about Business Cash Advance Loans , the alternative method of business funding, for Merchant Resources International.
Q: How Do I Qualify?
A: The general requirements for business cash advance loan eligibility are as follows:
- Must have owned business for at least six months
- Business processes at least $3,500 in monthly credit card sales
- Owner has no unresolved bankruptcies
- At least one year remains on business lease
Q: How Long Does it Take?
A: The application is only two pages long and takes about three minutes to complete. Once you submit your application along with your last four months of merchant statements, a copy of your business lease, a voided business check and a copy of your driver’s license, your provider can approve the application in 48 hours. After approval, most business cash advance loan providers can fund merchant accounts in as little as five business days.
Q: How Do I Repay it?
A: Your business cash advance is repaid only when your business processes credit card sales. A small percentage of your business’s daily credit card sales will be automatically deducted until your business cash advance loan is completely repaid. It usually takes about six to eight months for a business cash advance loan to be repaid.
Q: How Much Does it Cost?
A: Business cash advance providers are not banks. They take more risks than banks, offering unsecured funds to small business owners with less-than-perfect credit scores. Therefore, business cash advances are expensive when compared to bank loans.
Providers charge a flat rate, which is also repaid through the business’s daily credit card sales.
Q: How Can I Use it?
A: There are no restrictions on how you can use your business cash advance. You can choose to use it for inventory, advertising, to renovate, or even for expansion.
Q: How Much Money Can I Get?
A: Depending on how much your business processes in credit card sales each month, you could receive up to $500,000 in business funds.
Get a free online quote today to find out how much you qualify for.
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