A credit card advance has helped thousands of small business owners across the United States get funded once the banks that we helped save with the tax dollars refused to help all of them in their time of need.
If I audio a little upset about this, I apologize. We are approached every single day by struggling business owners who are worried that without funding, their business might fail too. These business owners are not wealthy. These are hard working business people that have purchased into the American dream. They are supposed to be the “back-bone of our economy”.
We digress. What I would like to talk about is definitely an alternative the traditional bank loan called a credit card advance (or merchant cash advance). Unlike bank loans; they are fast, simple, and do not require collateral or great credit.
Rather than using your credit history or personal assets as the basis to approve or decline your mortgage; a cash advance provider relies on your own businesses sales records as the base for the merchant loan. If you have an established track record of credit card transactions; chances are that you may be eligible for a merchant cash advance.
As a general rule, they will offer you 2 . 5 periods the amount of your monthly Visa/MasterCard product sales. As an example, if your business does $10 thousand in credit cards sales within an average month; you would be eligible for $25 thousand.
There are many benefits to receiving a merchant loan. Not least of which is the simple fact that you can get funded even when the banks have switched you down. Some of the other benefits include;
Get approved in twenty-four to 48 hours in most cases
Get a money in about 7 days – occasionally less
Good credit is not a requirement
No collateral needed
Easy application process
No restrictions on the way you spend your money
No UCC-1 submitting
Flexible payback structure
No fees for late payment
There will regularly be a need for banks, but basically it great to have an alternative.
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We don’t think that merchant loans will require the place of banks, but it is definitely my desire that if their clients are given an alternative; they may start treating small businesses proprietors the way they deserve to be treated.