For speedy cash infusions
For a business sometimes speed is of essence. You may need a quick infusion of money to pay out bonuses for the year. Or you may need it for some expansion that you have in mind to beat the competition. Or it may simply be that you need to expand into a bigger space in order to get more out of your business. No matter what the reason, you have two ways in which you can go about things – you could opt to go to a commercial lender or you could go to a merchant cash advance lender.
The fundamental difference between the two is the speed of approval and of getting the money into your account. With a commercial lender the application process along is a rather long one. You need to supply them with several rounds of documentation related to your business – this can be bank statements, sales figures, the collateral you have etc. All of this will have to be verified and the process can be an extremely long one. Commercial lenders are answerable to a governing authority and therefore are very stringent in the set of rules that they put forward. You have to meet each of their criteria. The period for approval can range anywhere between one month and three, following which you have an additional waiting period for the money to actually come to your account.
In the case of a merchant loan advance, the paperwork is rather basic. The criteria to qualify is rather negligible and requires you to accept credit card as a form of payment. You will also need to have been in business for a minimum of three months and you need to make sales of around $5000 per month. With these basics in place, you can find a lender online and apply for a loan amount. Once a lender confirms that he will be able to give you the loan – which is based on minimal paperwork and subject to a maximum of 72 hours for approval, you will then discuss the rate of interest and the percentage of payment made each month.
The rates of interest are higher, but then this is something that you will get into with complete knowledge. After the approval of the loan, you will find the money in your account in less than one week.
This quick infusion of cash can help you solve any business related problem that you may be having in a jiffy. You will also not have to worry about losing your collateral. s
Joseph Richard - About Author:
Since 2005, Merchant Cash and Capital, LLC has been one of the nation’s small business cash advance funding leaders. MCC has helped business owners who need funding and can’t wait for a business loan. Bad credit business loan options with merchant cash advances made simple. For more information please visit MCC on the web atwww.merchantcashandcapital.com.
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