Request a merchant cash advance direct lender
At this time, certain states and government agencies seek to loosen regulations in certain companies and facilitate their implementation. However, the financial industry still has many difficult obstacles to overcome if you want to finance for your business.
While banks can make it difficult to obtain a loan, there are other forms of alternative financing for commercial loans. If your company makes the majority of its sales through credit cards, you may want to investigate a cash advance (MCA) from a merchant. Here are some benefits that can convince you to request one today:
1. Very fast financing
One of the benefits that ACMs have is that only bank loans are fast approval decisions and funds in your company’s account. Some MCA providers even give you the funds within one business day. Since it is not a commercial loan and there are no senior loan officers who need to make approval decisions and slowly release the funds after weeks of waiting, you can get your funds quickly.
2. No stellar credit is required
As with the rest of the financing, an MCA still has some controls over its business history that must be done, but its personal and business credit ratings are not such an important factor. The main area that determines your approval for an MCA depends on your monthly sales volume and commercial bank deposits. You will have to have been in business long enough to show consistent income/sales from credit cards, but if you have had problems with your credit or finances in the past, banks are sensitive and are used to deny your loan approval, you probably won’t have to worry about those with an MCA.
3. Fewer restrictions on the use of funds
Many commercial loans or lines of credit are designated for specific purposes for which you can use them. If you are approved for a commercial equipment loan, you may not be able to use any funds to rent a new office space. With an MCA, the funds are yours to use for any purpose you want, whether to stock up on more inventory, hire new employees or buy more real estate. Most ACMs probably won’t be big, but if you qualify for one, you most likely don’t have to worry about explaining what you need it for.
4. No warranty required
Most commercial loans require some type of guarantee for the lender to claim them since they need to be able to recover their money in case things go wrong and the borrower is in default. With an MCA, the only guarantee you present is future sales because it is not a loan but a sale of those. You should be careful to follow the terms set forth in the MCA agreement so that you do not activate a default value.
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