Financing doesn’t need to be problem when you run a startup or a small business. Forget about traditional loans and instead get a merchant cash advance without a business history or collateral.
Whether you need to make an emergency purchase or you need to add some money to your marketing strategy, a merchant cash advance can supply you with the funds you need right away. Since a merchant cash advance is repaid with your future credit card sales, you don’t need to have any assets to put down as collateral. Also, those with less than stellar credit can still qualify for an advance. Those with poor credit and limited business history often still can get approved because the eligibility standards are as stringent.
If you are looking quick access to funds without a lot of hassles, then get a merchant cash advance. You can use it for whatever you want, and you can start the application process as soon as now. Get a merchant cash advance with the best terms by following these tips:
1. Cleaning up your banking
Lenders don’t want to look at your current and past transaction history and find a bunch bounced checks or too many incidents of insufficient funds. These are serious red flags for potential borrowers. A merchant cash advance is often taken from your credit card sales on a daily or weekly routine. Therefore, a lender doesn’t want to see you have difficulty keeping up with payments.
2. Improve Your Credit Score
Though merchant cash advances are the ideal financing option for merchants with no collateral and no to poor credit, it doesn’t mean that improving your score won’t have an advantage. Lenders help determine how risky it is to allow you to borrow money by looking at your credit score. Therefore, the better your score, the better factor rate you likely will get, which means you will pay less in fees.
3. Clean Up Delinquencies
It’s pretty simple. When a merchant cash advance company qualifies you for funds, they are doing so because they are pretty sure they are getting what they lent you plus. Therefore, they don’t want to find out you have stiffed creditors or are always late paying. It’s not a good sign. With this being said, be sure you are prompt with all payments. Not only does this likely get you better terms with this merchant cash advance, but it is making you more attractive to lenders in the future.
4. Shop Around
Just because you can’t secure a more traditional loan doesn’t mean you should go after the first merchant cash advance that catches your eye. Look around, see what’s out there, and find out what lenders are offering. Not all lenders are creating equally. Each lender has its own terms, rates, and fees, so it is important that you compare and contract. Doing so will ensure you get what is best for you and your business.
The Last Word
When you need quick cash to explore a new product, unveil a new service, or buy some extra inventory to prepare for a busy period, a merchant cash advance is a good short-term financing option. If you follow these tips, you are sure to put your business in better shape to get a merchant cash advance. The merchant account advance process is simple and quick, making it a great option for smaller businesses and startups who don’t have the collateral needed for more traditional loans.
If you need money now to get a project going, get a merchant cash advance. When you are ready, consider applying online for an advance from First American Merchant (FAM). It offers financing solutions to all types of businesses, and most are approved quickly.