Merchants cash advance is a business funding program for business owners whose credit score is not the best, and also they do not have a collateral to secure business loans. It simply works by giving entrepreneurs more leverage to perform business by accessing them to funds against the business credit card. The best merchant cash advance has easy application process and approval. In fact, the only options are usually approved within a day, and you do not need to visit the institution. Some of the benefits of this option include;
Top benefits of merchants cash advance to business
No collateral required
Lack of collateral is one of the greatest challenges most businesses face. Most are locked from accessing normal business loans from commercial banks and other lending institutions due to lack of security for the loan. However merchant advance will never require this. The option involves accessing the business some limited amount on a short term basis to cater for various operations needs where the lender will recover the money from the business credit cards.
Credit score does not matter
It is common for businesses to mess their credit scores. This means they will not get loans from lenders who use the credit score ratings as qualification requirements. However, most merchant advance companies do not use the credit score as a qualification requirement. Therefore, this option is very convenient for businesses that have poor credit scores from the previous credit history.
Easy and straightforward process
Merchant loan application is one of the easiest application ones can go through. According to most beneficiaries, the process is straightforward from beginning to the end – which is a few steps anyway. While approving the application, these lenders only consider the credit card returns and how long a business has been in operations. Typically, the minimum credit card returns is a figure that is achievable by most small and medium size businesses.
Quick access to services
Most merchant lenders encourage people to apply online. With just a few clicks and steps, you will be waiting only for a day to get approval. The process is as simple as applying, approvals, and access the money. If not online, the procedure is also simple when done manually to the lender’s institution. Therefore, any business can benefit from this option as long as they have a credit card payment option.
As a business person, it is good to identify a merchant cash advance lender to call upon when the business is in need of money in the course of the month.