Merchant Cash Advance Lenders Can Save The Day For Small Business Owners
90% of United States businesses are small independent businesses
. These are the backbone of American society, and yet getting a small business loan is virtually impossible. How sad that is! There are many requirements, and credit history has to be excellent for a traditional business loan, and even then, more often than not, you will be denied the loan. For some reason traditional banks just do not believe in the tried and true small business person. So, a few years ago, a lender found a solution to the problem, and came out with a product called the small business cash advance. Now, there are several merchant cash advance lenders who offer small business loans that can be authorized in a matter of a week.What requirements do merchant cash advance lenders have? Well, there are not many and these are very easy to meet by most small businesses. You don't even have to have excellent or even a good credit rating to qualify for this type of loan. All you have to have is the ability to accept credit cards, and have credit card sales of about $5,000 a month. The loan is authorized within the week and the money you need for operational costs is deposited in your account at that time. There is no need for business documentation, collateral or any other type of document that a bank requires.
How does the process work? Up until these merchant cash advance lenders came into existence, a traditional bank did not like (and still doesn't) to offer small business loans, because there was no real way of knowing whether the money would be paid back. But the advance cash concept works because the lender can be sure to get the money returned. When you have credit card sales that exceed $5000 a month, the lender can offer you a substantial loan and take the monthly payments from your monthly credit card sales.
There are actually two advantages in this for you. First you get the money you need to expand, for operational costs, or for whatever your business needs, and that money is authorized within the week. Secondly, because you never have to remember when to make your loan payment, nor do you have to drive anywhere to make it, as the loan payment is deducted monthly from your credit card sales. What better small business loan could there be than the ones offered by merchant cash advance lenders.
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