Budget gaps can be devastating especially for new businesses. Thankfully, there are financing options such as a merchant cash advance (MCA) that can help you overcome financial challenges with ease.
The approval rate of MCAs made up 84% in 2020, according to the latest study by Federal Reserve. Let’s see how an MCA can help you and who can provide you with a reliable and cheap business loan in the U.S.
Merchant Cash Advance from a Reputable Business Loan Provider
Be aware that an MCA isn’t a loan: it’s just a sale of your future credit card sales. Specifically, the MCA provider advances you funds based on credit card sales of your business. You can apply for a merchant cash advance without challenges and get your funds deposited into your account quickly.
When applying make sure the provider is a reputable company. Consider working with a respectful MCA provider in the U.S. that guarantees the most secure and cheapest possible merchant cash advance.
A true MCA expert will look at whether you can pay back the funds on time instead of focusing on your credit score. So, if you need a business loan, an MCA can be the best solution for your quick financial needs.
How an MCA Can Help You Fill Budget Gaps
When you apply for a merchant cash advance, the provider and you should agree on advance and payback amounts, holdback, and the advance’s term. The holdback percentage is based on the amount of funds you receive, the period required for paying back the money, and the amount of your monthly credit card sales.
Here’re the advantages of an MCA:
- There’s no need to provide collateral. Since you need to make your MCA repayment based on a percentage of the daily balance in your merchant account, the more credit card sales you have, the faster you can pay back the advance.
- The biggest benefit that you can enjoy is the quick access to the necessary funds that can help you solve your problem.
- There’s no need to worry about your credit score. The ability to pay back the advance is more important.
- The terms are flexible as they’re based on your credit card sales. If you have a slow month, the repayment won’t be large.
How Merchant Cash Advance Can Help You Solve Your Financial Issue
An MCA isn’t a loan: the provider is purchasing your future sales transactions. A merchant cash advance offers more than one benefit that can help you with your small business cash flow challenges.
Author Bio: Michael Hollis is a Detroit native who has helped hundreds of business owners with their business loan solutions. He’s experimented with various occupations: computer programming, dog training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.