Why a cash advance is a better idea?
Usually being able to raise funds for your business is neither simple nor quick. Currently there are two ways in which you can get yourself a loan amount. This can be a small loan from a bank or a business credit, which will mean you extend your business’s line of credit. There are a few situations in which these are workable solutions, however there are several business owners out there who do have a great financial background to speak of. Also the time take by most financial institutions is quite long, sometimes extending into months. If you would rather make use of a simpler and quicker means of getting a loan, then you should consider the merchant cash advance.
There are several ways in which a merchant cash advance is a much better proposition than any other means of raising funds. An important one is that your credit history is not something that is taken into consideration. A business loan will require that you have a solid credit history on which to fall back on. This will have to be personally as well as from the point of view of a business. But in the case of a cash advance being bankrupt, facing a foreclosure or even having a tax lien on your credit history will not stop you from qualifying for it.
With a merchant loan you will be able to get through the process much faster and will have your cash deposited into your account faster. Approvals can happen within 72 hours and the deposits take place in a week’s time. In the case of a small business loan you will have to wait for at least a month in order for the whole process to be complete.
Most small business loans that come from a bank make it necessary for you to have been in business for anywhere between 2 to 3 years in order to qualify for a loan. In the case of a cash advance, this does not matter at all. There are also no restrictions placed on how you would like to use this loan. In the case of a bank loan there are sometimes stipulations that prevent you from using it in a way you deem fit.
If you have been paying advance in time and without hitch you automatically qualify for a hike in the loan amount. This can be taken in the middle of repayment and is something that a regular bank will not be able to provide you with. In the case of these loans a major advantage is that you don’t need to put up collateral. If you happen to delay a payment, it will not be go on your credit history and you will not end up losing your collateral.
Mathias Scott - About Author:
Welcome to Next Level Funding, We are the Small Business Loan providers. NLF specializes in providing unsecured business cash advances to small business owners. The cash will be directly deposit into your bank account with in 24 hours. Our funding ranges from $5,000 to $250,000. We believe in your future. And we invest in it.
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