Do you need working capital for your business and you don’t have time to wait for weeks to get approved? A merchant cash advance (MCA), also known as a business cash advance, can be the right solution to your problem. However, quick access to working capital isn’t the only advantage offered by a merchant cash advance.
Merchant Cash Advances and Business Loans
As you may already know, not all types of businesses can easily get approved for business funding from a traditional bank or other financial institution. There are a number of reasons for this. First, traditional banks are willing to work with established businesses that are reliable and don’t lack cash flow. Second, they stay away from businesses considered high risk. Third, traditional banks refuse to approve businesses that don’t have a good personal and business credit score. These aren’t the only reasons to end up with a business loan rejection.
So, to qualify for a business loan, you should have good credit, and be an established and profitable business. In this case, you can get a large amount of capital and enjoy stable repayment terms. However, if you need quick cash for business, you’d better apply for a merchant cash advance. An MCA can be ideal for those who don’t want a loan on their credit report, run a seasonal business, or are an online merchant.
The advantages provided by a merchant cash advance include:
- Less paperwork
- Higher approval rates
- No collateral
- No use restrictions
- No fixed payback schedules
Merchant Cash Advance from FAM
Merchant cash advances have turned into one of the most popular types of financing for small business owners in recent years. To get easily approved for an MCA, you should turn to a reputable business funding provider like First American Merchant. FAM boasts an A+ rating with the BBB and is also a respectable payment processor that specializes in the high risk industry. So, if you’re a merchant needing quick cash for business, First American Merchant is the best MCA specialist to apply to.
If you think a merchant cash advance is a short term loan, be aware this isn’t a loan: it’s simply a sale. Firstamericanmerchant.com is purchasing your future sales at a discount. You’re selling a portion of your credit/debit card sales to the lender, so you’re actually using your own future capital. An MCA isn’t a loan that gets reported to the credit bureaus nor does the application make a mark on your credit report.
Once you complete the short online application, an associate will be assigned to you to talk over any items that are unclear. Once you have reached an agreement on the amount of money and how it’ll be paid back, the funds will be in your checking account within 72 business hours. The money is free to be disbursed the way you see fit.