With merchant cash advances, no need to wait for the bank approvals, you can get a loan in less than a week’s time. All you need to do is fill out an online form or you can fill out the details over the phone as well...
San Francisco, CA (PRWEB) July 05, 2011
To meet even the smallest of business needs, in 2011 businesses turn to merchant cash advances for immediate working capital. Much like unsecured business loans, merchant cash advances require no collateral; interestingly enough however, there is no interest on merchant cash advances either.
According to MerchantCashinAdvance.com, businesses in need of fast capital have turned to merchant cash advances in huge numbers for 2011.
These merchant cash advances are similar to unsecured loans. However, many unsecured loans provided by the finance companies attract high interest rates. But, these merchant cash advances are absolutely interest free. There is absolutely no need of the collateral and there are no monthly installments to be repaid.
The system is very close to credit card processing. The merchant cash advance providers work by buying future credit. For instance, with a merchant cash advance of $10,000, the provider will automatically take out the amount every month till the merchant cash advance is completely repaid, from the credit card payments made by customers.
Businesses do not need to set aside any amount for monthly payment and day to day operations remain unaffected. Depending on the volume of credit card processing, these providers get their loans repaid through the credit card transactions.
Well, before extending the credit, merchant cash advance providers, check your credit card transactions every month. For instance, if businesses have a huge number of customers making the payment through their credit cards, then the amount of an advance may be comparatively higher than anyone who has lower volume of credit card transactions.
With merchant cash advances, no need to wait for the bank approvals, businesses can get a loan in less than a week’s time. All businesses need to do is fill out an online form or they can fill out the details over the phone as well. Once, the loan or merchant cash advance is approved, the business gets notification within 24 hours. Businesses can get as much as $500,000 depending on credit card processing transactions.
No credit history is taken into consideration, while advancing cash. So, if a businesses has a bad credit score, they can still get the merchant cash advance to keep their business operating. All kinds of business that accept the credit card payments from the customers can avail the benefits of merchant cash advances.
Merchant cash advance providers are not only helping businesses in meeting their working capital needs, but they are also you with credit card processing. Businesses do not need to waste time and efforts in keeping aside the monthly payments, because the repayment is automatically done through credit card processing done by the loan provider.