What is Merchant Cash Advance loan?
With a merchant cash advance loan , a financing company advances you capital in exchange for a percentage of your daily credit card sales, plus a fee. Merchant cash advances can be quick, easy ways to get a business cash advance loan with no need for collateral—even if you don’t have a great credit score.
Who Qualifies for Merchant Cash Advance loan?
Would your business be eligible for a merchant cash advance loan? If you have little or no collateral, limited business history, or a low credit rating, merchant cash advances could be a solution to your financing problems. Merchant cash advance providers tend to have easy eligibility standards, so most small businesses shouldn’t have a problem qualifying.
For businesses that make a big portion of their revenue through credit card payments—if you own a restaurant or a retail store, for example—then you can use a merchant cash advance as a short-term financing tool. It can help with working capital, inventory purchases, debt payments, unexpected payments, and more loan option .
How to Apply for merchant cash advance loan?
Applying to a merchant cash advance loan is a fast and easy process. Because merchant cash advances are paid back with your daily credit card sales, MCA companies will look at your credit card processing statements to make sure you have enough volume coming into the business. Some merchant cash advance companies will ask for your credit score and bank statements, too. Merchant cash advance applications are almost always online, and applications can be approved the same day you apply. Remember: fast cash is expensive cash, and an MCA is no exception. A merchant cash advance application is fast and easy, but MCAs come with the highest cost of capital on the market.
Documents you need:
- Driver’s License
- Voided Business Check
- Bank Statements
- Credit Score
- Business Tax Returns
- Credit Card Processing Statements