Business Cash Advances For Bad Credit
As a smart CEO, you know that there are times when you require capital quickly
. Contacting the bank may be your immediate thought, but with Merchant Cash Advances, you are more likely to obtain the funds you need, more rapidly.When you apply at the bank, you will be required to provide more than a little paperwork. A business plan, financial statements, profit and loss spreadsheets, a perfect credit report, and a formal plan citing the intended use of the funds, are all necessary. If the loan officer is displeased with any of your documents, they can deny, hold up the loan, or demand more proof of your need and ability to repay. What a hassle.
Business Cash Advances take a better approach. They already believe that you are a great risk because they have viewed your credit card receipts for the last several months. They believe that every business owner sees natural ups and downs and that your overall intake remains acceptable. Based upon those numbers and a decent credit history, they will enter into a factoring agreement with your business.
This contract involves you selling, at a discount, a percentage of your future credit card sales. Before you begin tormenting about the working capital provider taking a large chunk of your revenues without warning, rest assured that the agreement calls for a agreed upon, fixed percentage.
If you enter a factoring contract that takes 8% of your credit card sales each month, know that this number never changes. Even if you have a slow month, you won't be giving more than 8% of your credit card receipts, providing plenty of money for other bills.
Not only do you need less documentation, the process is much quicker. It is not uncommon to have a commitment approval in twenty four hours and the funds in your business bank account in about 5 business days. When your company has a desire, it is great to know that you can notify your merchant cash advance professional to obtain cash fast and steadily.
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