What is a merchant cash advance is a common question many business owners ask these days. A merchant cash advance is one of the fastest and easiest ways to get capital for your business. These days it is harder and harder for small businesses to make ends meet and banks are no longer any help. This is where a merchant cash advance funder like Your Fast Advance comes in.
A merchant cash advance is based on monthly revenues. Most funders are looking to fund businesses with at least $15,000 in monthly sales. This is just $500 a day. Most of the businesses being funded are truckers, contractors and restaurants.
An application for funding takes just seconds and approvals happen with 24 hours. Money can be in your account in a matter of days via ACH. This makes things much easier. Also, payments can be deducted automatically each day via ACH. This makes paying down the merchant cash advance easier and faster.
What documentation is required?
Documentation needed during the application may include:2
- proof of your identity (such as a state-issued ID)
- bank and credit card processing statements
- business tax returns
- bank statements
Knowing your credit scores is smart, as well; the lender may run a soft credit check on the owner’s personal credit.
What if I have been turned down in the past?
Merchant cash advance is based on monthly sales and your ability to pay. Also, if your business has been turned down in the past, Your Fast Advance can still provide funding. Your Fast Advance is focused on funding business that need working capital. So as long as your business is operating, Your Fast Advance can make it happen.
What are the negatives of a merchant cash advance?
A merchant cash advance is going to be more expensive than a traditional bank loan. The funder uses factor rates in determining repayment. Here’s an example, if you get $25,000 at a factor rate of 1.25, you’ll be obligated to repay a total of $31,250, which includes $6,250 in factor fees (25% of the amount borrowed.)
What are the positives of a merchant cash advance?
- Fast funding
- Easy to qualify
- No collateral
- Flexible credit score
- Flexible payments
- No restrictions on what the funds can be used for
What are you waiting for?
Whether you need funding to pay off debt or cover payroll, or are seeking working capital to buy new equipment or expand your business, Your Fast Advance can provide you with funds when your bank says no. Fill out the Your Fast Advance application and get started now!
