Your Merchant Cash Advance Loan Guide
A Merchant Cash Advance helps you exchange a percentage of your business’ future revenue or customer card payments for an immediate loan. Merchant cash advance loans provide capital for businesses to fund their operations. Unlike other traditional loans, merchant cash advance loans are much easier to access.
Contrary to the monthly payment of traditional loans, MCAs are repaid through automatic deduction from credit card sales. This type of funding favours a variety of businesses. It’s a great boost for people looking to grow their businesses.
Is my Business Eligible for an MCA?
A Merchant Cash Advance loan has more friendly requirements as compared to traditional loans. Lending companies are not keen on good credit as a requirement as opposed to banks. These companies work with your card terminal provider to determine your credit card sales. A stable credit card sale gives you a better chance to be approved for a large cash advance loan. Different lender companies have specific requirements. Generally, all businesses that charge their services through a card terminal can qualify for an advance.
What are the Ins and Outs of a Merchant Cash Advance?
Lender companies consider business cash advance loans to be paid for future sales as opposed to a loan. The total funding your business qualifies for is ascertained by reviewing your credit card sales or commercial sales. Through this information, they can determine your possible future sales.
Your funding limit is calculated by a sum of your sales and your accounts perceived risks. The funds are usually deposited to your business account on completion of the paperwork. It’s advisable to seek out the best deal for your business needs. For a free, non- obligatory service with a fast and live online response of fewer than 48 hours, Money Giant is a perfect option for your cash advance online UK. These services have no impact whatsoever on your credit score while giving you the best business cash advance loans options.
Advantages of Merchant Cash Advance Loan
- Offers a simple approval process. The requirements for qualifying are friendly to most businesses. Your credit score has little or no influence on your chances of approval.
- Provides quick access to funds. It’s one of the quickest if not the quickest way to get funding for your business. Apply for an MCA with Money Giant and get your business funding in as little as 48 hours
- MCA repayment varies according to your business sell. This makes for a more affordable payment process.
Other funding options available for businesses include:
- Short-Term Loans – Similar to MCAs, these types of loans are more flexible than a bank loan. The application process is simple and straightforward. The funding takes the shortest time possible as well. Nevertheless, short – term loans have a similar structure to traditional loans.
- Business Lines of Credit – this type of business cash advance is perfect for startups. They have no limit to the purpose of use. Business lines of credit allow you to pay interest on the funds you draw rather than the sum of your credit line.