If you own a business, you’re likely to come across a time when you need to gather money quickly to improve your operations in some way. You may have to purchase new equipment for your staff. You might have an emergency where you have to cover payroll. Maybe you need to revamp your building to increase your visitors. The process of obtaining a traditional loan is usually a lengthy one. A special advance exists, and you might want to think about applying for it. It’s a cash advance for merchants, and it’s an alternative way to get the funds that your company needs. These are three of the main ways that you can benefit from getting approved for such funds.
1. No Credit Score Worries
A lot of traditional lenders focus on an applicant’s credit score as the main criteria for approval or denial. Merchant money advances don’t work that way. The lenders of these products are more concerned with your sales performance and whether you’ll have the inbound cash flow to cover the advance that they give to you. Instead of focusing on a credit score, they look at your sales receipts to see how much your business is capable of earning in the future. If it looks like you’re highly capable of repaying the advance, you’ll gain approval. Furthermore, you can pay back the proceeds with the income that you get from your sales on future dates. Merchant advance lenders often have a variety of repayment options to offer, as well. You may be able to pay your payments back daily, weekly, or monthly.
2. Fast Funding
Another benefit of a merchant cash advance is that you won’t have to wait for the typical two to three weeks that a traditional lender might make you wait. You can get funded quickly if your paperwork and information is correct. In some cases, you can receive the funding you desire the same day you apply. Quick delivery of loan proceeds will help your business to get the products it needs to be successful and increase profits. There’s no need for you to submit mounds of paperwork and then wait for weeks while your opportunities slip through your fingers. A merchant lender can move quickly to see that your business’s needs are a priority.
3. Funding in a Variety of Industries
Some industries struggle more than others when it comes to getting help from traditional lenders. Such lenders often deny funding to new restaurants for fear that they might go under, for example. Merchant advance lenders have a lot more faith in young businesses. They’ll review your performance carefully as it is and base their decisions on what they see now. These lenders approve funding to a broad range of business types and entrepreneurs. Therefore, the outlook is good for you.
How to Get a Merchant Money Advance
Loan request processes are becoming easier and more convenient by the day. Lenders want business owners to have hassle-free processes, and they use innovative technology to provide it. You can apply for a cash advance by using a computer or a mobile app to submit your request. To get started, you need to know your desired loan amount, your monthly business revenue, and your funding purpose. Funds are available for expansions, payroll expenses, consolidations, debt settlements, and more. You’ll have to provide a few details about your business’s inception date, business type, and ownership percentage to advance through the application. When you’re done, you’ll know if you stand to receive the cash you desire.
Apply for Business Funding Today
You should now have a clear idea of the merchant money advance and how it works. You should also know that a decision is likely to go in your favor if you complete an application for funds. You don’t have to wait for weeks or months to find out if you can get approved. You can apply for such an advance now and get money into your account quickly if you receive approval. Lenders are waiting for you to reach out so that they can serve you with an amazing advance for your operations. You owe it to your business to reach out and grab the opportunity.