In any business, there comes a time when there is an urgent need for funding. The reasons for this situation could be; your sales being down, you need cash to expand, you need to stock for a looming boom, or maybe your business needs some repairs. Traditional lenders may be reluctant to give these funds, especially if you have a low or bad credit score. Business cash advance becomes a more reliable source of fast cash advance loans as it uses your future sales as collateral in a faster, easier and cheaper process.
Qualifications for Business Cash Advance
As earlier stated, the process of acquiring funds through this financial instrument is way cheaper as compared to other instruments. A business owner does not need a business plan, high credit scores and collateral that has to be valued, like required by other lenders. To qualify, here are things that you need;
- To have been in business for not less than six months. This becomes an ideal option for newer business
- You need a cashflow. Repayment of a merchant cash advance is done, through your future sales, thus it is important to show proof that your business is generating enough money to settle the advance within a reasonable duration.
Who Best Needs these Loans?
This type of loan best serves the following businesses;
- Businesses whose working capital is low and whose assets are not valuable enough to act as collateral. The loan enables the business to acquire required material to boost sales that in turn generates a good cashflow.
- Businesses in need of immediate cash advance loans but whose owner has a low credit score and has been in the business for a short time.
The Best Merchant Cash Advance providers
Though many people offer the services, it is important to approach a provider whose services, are tailored for your needs. At MoneyGiant we guarantee the provision of the best merchant cash advance loans in as little as 48 hours. With our expertise, we approach lenders on your behalf, do the bidding and look for the best terms like low rates for you. All you need is to show that your company can pay back and agree to the daily or weekly cuts from your credit card or sales account.