New Businesses With Bad Credit Get Financing With A Business Cash Advance
As a intelligent CEO, you know that there are incidences when you need cash fast
. Contacting the bank may be your initial thought, but with a business cash advance, your company is more than likely to obtain the cash you want, more rapidly.
When you apply at the bank, you will be obligated to provide more than a few casual documents. A business plan, financial statements, profit and loss spreadsheets, an excellent credit rating, and a formal plan stating the planned use of the funds, are all necessary. If the loan officer is displeased with any of your documents, they can decline or stall the loan, or demand more proof of your need and ability to repay the loan. What a hassle.
A merchant cash advance takes a better approach. They already know that you are a good risk because they have reviewed your credit card sales for the last four months. They know that every business sees natural ebbs and flows and that your overall intake will remain profitable. Based upon your data and a decent credit history, they will enter into a factoring contract with you.
This agreement involves you selling, at a discount, a percentage of your future credit card sales. Before you begin worrying about the working capital provider taking a big chunk of your profits without warning, rest assured that the arrangement calls for a agreed upon, fixed percentage.
If you enter a factoring agreement that gleans 8% of your credit card revenue each month, know that this number never changes. Even if you have a poor month, you won't be paying more than 8% of your credit card receipts, giving you plenty of capital for other bills.
Not only do you need less paperwork, the process is much faster. It isn't uncommon to have an approval in less than 24 hours and the cash in your business bank account in about 1 week. When your company has an emergency, it is good to know that you can notify your merchant cash advance professional to get money fast and safely.
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