Do you think your favorite merchant cash advance (MCA) is a loan? Well, that’s not true… Do you think an MCA isn’t for those with bad credit or with the lack of it? Well, it is. This article will shed light on these common misconceptions. Also, it’ll help you discover an exceptional bad credit merchant cash advance.
The Most Important About an MCA
First of all, if you think of an MCA as a loan, it’s high time you stopped doing this. An MCA is just a sale: you get money based on the sales you’re going to have. Getting a merchant cash advance means getting funding based on your credit card transactions. MCA providers will take into account whether you’ll be able to pay them back or not.
An MCA differs from a traditional loan in more than one way. E.g., MCA providers won’t judge you based on your poor credit since they’re more interested in your future transactions that’ll allow you to pay back the borrowed money. Only, you should shop around to find a reliable and experienced lender that can provide you with secure and low cost bad credit MCA.
Now, let’s look at small business loans vs merchant cash advances:
Small Business Loans:
- Stringent credit requirements
- Have to wait longer to get approved for the funds
- Complicated contracts
- A lot of paperwork
Merchant Cash Advances:
- Merchants even with less than 500 scores can be eligible
- Money can be available in 72 hours from application
- Simple programs featuring flexibility
- No requirements for tax returns or financials
MCA Benefits:
- Higher rates of approval
- Fast access to working capital
- Easy renewals
- Hassle-free payback
- Collections based on your revenue
- No requirement for excellent credit
- Zero credit approval
- No requirement for collateral
Exceptional Bad Credit Merchant Cash Advance
Are you struggling because of poor credit? You think it’s impossible to get a merchant cash advance, right? Well, bad credit isn’t dead end: it just means something has occurred with your business, which has lowered your credit score. It doesn’t mean your business isn’t bringing and will never bring you profit. So, based on your earnings, you can well qualify for an MCA.
Thankfully, you can take steps to improve your credit score. The most important thing is to pay the borrowed money fully and on time. This will take your credit score higher. Consider turning to First American Merchant for its popular bad credit merchant cash advance.
FirstAmericanMerchant.com is a BBB-accredited alternative online lender and processor that knows your bad credit situation best of all since FAM specializes in the high risk field. FAM offers the most secure and cheapest business funding solutions to merchants of any type and size.
First American Merchant doesn’t rely on your credit or the riskiness of your industry to approve you for merchant funding. FAM understand the unique needs of your high risk business and doesn’t consider “no credit” something to stay away from.
The application is easy and fast. FAM guarantees excellent customer service, so you can ask for advice and expect to get the best piece. FAM is 100% honest with clients and customizes each loan to your own specific financial needs.