Frequently Asked Questions
COMMON BUSINESS LOAN QUESTIONS
Many small business owners are unable to obtain traditional bank loans because they have insufficient credit or collateral. As a result, more and more businesses have been turning to Merchant Cash Advances for infusions of working capital or other immediate cash needs. Being able to obtain financing is the driving force behind the US small business economy.
It advances cash to merchants based on anticipated future sales, offering an alternative to the traditional bank loan. With a Merchant Cash Advance – which is not a loan – businesses receive a lump sum in return for a percentage of their future revenue.
An agreed upon percentage of your credit card processing is sent directly from your processor to us or an agreed upon daily ACH is taken out of your bank account until the Cash Advance is paid in full.
Qualifying for a Merchant Cash Advance is far easier than a bank loan. No checks are ever written, no late fees or hidden fees. In addition, there are no personal guarantees, no loss in equity or need to post collateral to secure the cash advance. Also the documentation is minimal compared to the extensive “hoops” that a traditional lender makes business owners jump through. And the best part is that the approval comes within 48 hours!!.
Pre-approval is usually done the same business day. Funding takes two to three business days depending on the amount of the transaction. All in all, we can fund your business in less than a week!.
Over 85% of our applicants get approved and funded in less than 5-7 business days. Our review standards are streamlined to provide an expedited approval process that requires minimal documentation. Qualification is fast, simple and easy. Not only that, but the overwhelming majority of our funded businesses choose to do business with us again..
You will need:
1 page completed/signed application
3-4 most recent months of business bank statements
3 most recent months of credit card processing statements (if applicable)
We offer a wide variety of programs for different situations:
Traditional Cash Advance
Line of Credit
Starter Cash Advance
Bank only ACH programs
Once the agreement is signed it usually takes 2-3 days until the money is sent directly into the business account of your choice and is received as early as the next business day.
The average size of our cash advance is about $25,000, although cash advances range from $5,000 to $100,000
Our Merchant Cash Advance product is an advance, not a loan. As long as you meet our requirements, we can still provide you with immediate cash, without affecting your other obligations. We do offer many business loan type products through various lenders so some restrictions may apply.
Business lease/Mortgage statement
Proof of Ownership
Additional Statements (as per underwriting request)
Contact us to find out specifically how much we can offer you. We often offer larger advances than our competitors and will pay off your existing advance if it is in your best interest. Call us today to find out how much you are qualified to receive and what options are available to you.
You are free to use the money in any way you feel is best for your business. Many of our customers use it for expansion, improvements, advertising, new equipment or increased (or seasonal) inventory. It is also frequently used for unforeseen emergencies, to buy out a partner, acquire a new location, or pay off and consolidate existing debt.
Absolutely. Once you have repaid 50% of your Cash Advance you are eligible to apply for additional capital from us.