Are you curious about what merchant loans mean for your start up? Do you have questions about what it all means for you? Below you will find answer to some of the most frequently asked questions concerning what is involved in receiving a merchant loan.
How fast can I receive funding?
The only requirement of 1st American Merchant Funding is that your business has a monthly minimum amount of $5,000 in credit card sales. Receiving funding is as simple as submitting a form, getting a quote and receiving your funds. If your business is trying to get off the ground, it can expect to receive up to $500,000 in less than 5 days.
Can I qualify for funding if I have bad credit?
1st American Merchant Funding does not base approvals on personal credit or business financials. Instead, when you apply, all that is needed is 2-3 months of sales and revenue history from your business. Since a merchant cash advance is a sales transaction, there is not the same reliance on credit bureau ratings like you see with a loan.
How much funding can I obtain?
When you begin the process for startup business funding, you can expect to receive up to $500,000 in less than 5 days. It is not an issue if you have been in business for less than 3 months and your credit score is less than 500.
What is a merchant cash advance?
A merchant cash advance is a sale. Essentially, 1st American Merchant Advance is purchasing your business’ future sales at a discount. Before the transaction is made, you and 1st American agree upon the amount of sales that are to be purchased and at what discounted cost.
How does a merchant cash advance differ from a traditional business loan?
It is a common belief that a merchant cash advance is the same as a small business loan. However, this is false. Small business loans are accompanied with strict credit requirements, complicated contracts and long, drawn-out documentation.
A merchant cash advance, on the other hand, is given even if a credit score is lower than 500. In addition, funds can be received within 72 hours of submitting an application. Programs are not only simple, but they are also flexible. Extensive documentation is not required.
Don’t let funding issues slow down your business! 1st American Merchant Funding can help your startup regardless of your credit and/or financial situation.
Contact us today!