There are at least four ways to get cash fast, but if you’re a small business, obtaining a merchant cash advance might be a path you want to consider. That’s for more reasons than one, too. In this article, we will look at four pros of merchant cash advances.
Four Pros of Merchant Cash Advances
- Quick Cash
As mentioned, merchant cash advances let you obtain cash fast. In comparison to conventional bank loans, business cash advances do not take as long to process, with some capital even being delivered to the online or small business within hours of applying. Anyone can benefit from merchant cash advances, but it is very helpful for when businesses are on a time limit.
- Credit Scores Are Not The Most Important Thing
Credit is important. However, when it comes to merchant cash advances, a perfect score is not required. This is a plus for struggling businesses. Companies offering the best merchant cash advances will usually give individuals a lump of cash in exchange for future sales. When they do this, they can approve merchant cash credit cards without taking into consideration bad credit scores.
- No Collateral
Traditional bank loans often require individuals to give collateral, in case they cannot repay the loan on time. Merchant cash advances don’t do this. Instead of requiring collateral, the transaction approvals are based on a business’ past credit card sales. If your business has strong sales, you have a good chance of obtaining a merchant cash advance.
- Paperwork? What Paperwork?
Merchant cash advances are often done online, which means you don’t have to spend hours filling out paperwork. The same goes for scanning, faxing, and mailing paperwork. When these business advances are done online, it decreases your wait time.
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