Merchant Cash Advances

 The good news is that a merchant cash advance is much easier to qualify for compared to other traditional loans and lines of credit. But there are still qualifications for this type of funding – for example, an applying business must have credit card sales and regularly accept credit cards from customers.  

 Merchant cash advances are a perfect option for small businesses relying primarily on high credit card sales and debit card sales. Merchant cash advance funders also prefer small businesses with these qualities because it reduces their risk with funding. Additionally, a Merchant cash advance funder may decide to cash advance merchant money if the merchant feels it will not negatively impact the cash flow.  

MCAs are far easier to qualify for than traditional bank business loans. Even though it’s easier to get a business advance, there may still be restrictions on this type of cash advance. This type of advance is another business financing option perfect for a business owner who doesn’t rely on credit cards or debit card sales for their sales deposits and may have bad credit. Anyone can qualify for a business cash advance even if they have low or bad credit. 

• Allows bad credit. The business credit profile is not a big factor. All credit is considered but Substandard, Mid-Prime to Subprime Credit are all acceptable. Other products, like term loans, require much higher credit standards than MCA.
• Much higher approval rates than traditional financing
• May not require hardly any business credit
• No personal collateral is required.
• Flexible payment options attached to a percentage of sales in the future with no term limit to repayment terms.

For swift approval of a Merchant Cash Advance (MCA), you’re in luck as the necessary paperwork is minimal. You will primarily need:

• One page application
• Your Business Bank Account Statements

• Approval may be given even if you have a low monthly or annual revenue.
• No financial complicated statements are required (Tax Returns, Balance Sheets, or Profit & Loss)
• Concerns about business bank statement issues, such as low daily balances and/or Overdrafts or NSFs, can still be approved.
• Only a minimum of 6 months in business is required. You don’t need to wait for 3 years in operation.