How to Get a Merchant Cash Advance
How many of you have applied for a business loan at the bank? If you have, you will probably understand when I say the whole process kind of stinks. Why does it have to take so long?
Without going into too much detail; it took me several days to get the information I needed together and several weeks to deny my request for a loan… and I have decent credit.
That was a long time ago, but things haven’t really changed all that much. If anything; it has gotten worse because of this economy.
Now there is an alternative to business loans.
A few years ago a small group of investors got together a completely changed the game when it comes to business financing. They have created a way for businesses to get funded without the need for collateral or even good credit. They also found a way to make it much, much faster than bank loans. In fact, it only takes about a week from the time you fill out the application to when they give you the cash.
What does a business need to qualify?
To qualify for a merchant cash advance you don’t need good credit or collateral. What you do need is;
- You must be the registered business owner.
- You need to have been in business for at least 6 months.
- You must accept Visa and MasterCard.
- You need to process a minimum amount of credit card sales each month. (Usually about $2,500 each month)
That’s it. The approval rate for a merchant loan is about 90%, so chances are you will qualify for a cash advance if you meet these requirements.
How much will you qualify for?
Each set of business circumstances is different and every provider adheres to a slightly different guideline. A general rule is that they will advance your business twice your monthly credit card sales. So if you process $5,000 a month; they will advance you $10,000. Please understand that this is just a very rough estimate. If you would like to get a custom estimate with exact figures click here.
Chris Ronk writes articles about business loans and merchant cash advances for http://merchantcashadvanced.com Article Source:http://www.articlesbase.com/loans-articles/how-to-get-a-merchant-cash-advance-1263517.html
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