Many businesses have discovered that conventional banking isn’t the only way to fund business growth. In fact, it is now no hidden secret that conventional loans aren’t the best option when funding ACH (Automated Clearing House) businesses. This article looks at the benefits of ACH business loans.
ACH loans allow business owner to use projected cash/check earnings as loan security, instead of using collateral. This has proved not only more convenient, but also cheaper than Merchant Cash Advance. In order to get an ACH loan, all you need to do is convince the lender that your business has a solid sale history. Just that and you’ll get a sizeable loan to fund whatever plans or transaction you wish – how you use the loan is completely up to you.
So, what are some of the benefits of ACH business loans?
- Simple application process – when you need money quickly, ACH business loans are your best option. The application process is simple (mostly just one page to fill).
- Get cash quickly – once you’ve submitted an application, you only have to wait a maximum 24 for an approval. Within 72 hours, the money will be in your account.
- When you have low credit – if your business has low credit processing but high sales volumes, conventional lending institutions might still fear lending you money. ACH lender will not hesitate to extend you a worthwhile loan.
- No late fees – this makes perfect sense for any lender. In high risk businesses for instance, sometimes payments don’t flow in as expected which can often lead to late payment penalties for conventional loans. ACH loans don’t have such penalties.
- You decide what to spend the money on – ACH lenders won’t tell you that you have to spend the loan on specific transactions or investments. The money is yours; you decide what to buy with it.
The only thing you need to know is that ACH business loans are structured with fixed repayment, based on the cash or sales volume of the borrower. Loans are typically processed on all workdays (Monday to Friday). Moreover, there are a variety of loan to choose from depending on your situation. First American Merchant will always help you make the right choice. So, why not get ACH business loan today to take your business the next level!