They say quarterbacks must have short memories: throw an interception and bounce back. The same is true of entrepreneurs; the ability to move on from a failed venture is actually crucial to future success. This is why bad credit can be like a dark cloud over some business owners, casting an undesirable shadow from the past. Fortunately, a cash advance offers any business owner a fantastic opportunity to grow their business without a loan. Here, from First American Merchant Funding, are six amazing benefits to cash advances:
1) Credit Doesn’t Matter!
Your credit score is neither required nor necessary to get approved for a cash advance. Why? Because a cash advance is simply the purchase of future sales, not a debt or collateral-strapped loan.
2) Fast Funding
Securing a small business loan can take weeks and even months. This leaves the merchant in a pinch if they need capital fast to address a time-sensitive issue. Merchant cash advances are simple programs that can be processed in as fast as 72 hours, allowing you to get on top of your problems before they get on top of you.
3) Simplicity and Flexibility
Merchant cash advance programs are fairly straightforward while offering impressive flexibility. Since a cash advance is simply the purchase of future sales, there are no complex, bad-credit based issues that can cloud the process.
4) Hassle-Free Documentation
For small businesses without a lot of history, or those that don’t keep meticulous, detail-oriented records, a small business loan can become problematic without full tax returns or financial histories provided. Not to mention, no credit checks. Cash advances mean a simple presentation of basic documents for approval.
5) No Collateral
If your credit is poor, meaning a giant interest rate, or if you lack collateral, a cash advance will be a boon for you. The advance is revenue-based, meaning you’re only selling a portion of your future sales. In this way, you are not risking another credit hit or incredible interest rates. You are simply cashing in on your business’ bright future.
6) No Monthly Payments
You don’t need to worry about forgetting to make a monthly payment. Each credit card transaction your business processes makes a micro-payment to your cash advance. It’s effortless. As you do more business, your cash advance pays itself off without a second thought.
Cash advances are one of the best solutions to bad credit. You do not need to mortgage your business’ future because of bad credit, not when there’s a superb revenue-based option available to your small business.
Contact FAM today!