Are you tired of waiting for banks to process your loan application? Is all the necessary paper work for your loan application making you jittery? Are you annoyed by all the intrusive questions you need to answer to procure a bank loan? Are you concerned that the fall of bank lending post the global credit crisis will leave your business short of funds? Are you looking for a fast, effective and efficient substitute for traditional bank loans? If yes, then a merchant cash advance is the answer to your problems.
Merchant cash advance (MCA) provides you with a great way to procure funding for your business without the hassles of traditional bank loans. Read on to find out why you should choose an MCA over slow and expensive conventional loans.
Fast Processing and Turnaround
Unlike conventional loan applications that take weeks and even months to get processed, your merchant cash advance application is processed within 2 to 3 days. If sanctioned, your merchant cash advance funding will be released within a week, sometimes even within 48 hours.
While conventional bank loans ask you for all kinds of financial documentation, you don’t have to provide your financial statements, tax returns or other asset documentation to merchant cash advance providers. You also avoid unnecessary and intrusive questioning that is an integral part of the traditional bank lending industry.
No Upfront Charges
Unlike conventional bank loans, you don’t have to pay any upfront costs including application fees and closing costs for merchant cash advance.
High Approval Rate
Unlike banks, merchant cash advance providers are not fussy about approving applications. Funding requirements do not include low FICO and earlier bankruptcies as criteria for denial. Your application is judged only on two factors alone, number of months in business and monthly credit card sales. A poor credit history holds little value.