Businesses with Bad Credit That Need Funding are Finding Relief with a Credit Card Advance
Most of us are well aware that in the current economic climate, trying to get a loan has become increasingly difficult. If you’re a business owner with bad credit, it has become nearly impossible. What do you do if you’re one of these businesses owners that has bad credit and you find yourself in a position of trying to get funding or risk losing your business? Unless you have built up enough equity to offer substantial collateral; your options are very limited. There is one option available that many businesses have never considered. Most are unaware that they can tap into one of their greatest assets; their future unprocessed credit card sales. With a credit card advance (or merchant cash advance) you can use the unprocessed credit card sales to obtain much needed working capital and pay it back over time using a small percentage of your daily credit card sales. This has opened the doors for many small businesses that in the past had no other options. A credit card advance is easy to get and easy to pay back. The application process for a merchant cash advance is much easier than a bank loan. It generally consists of a two page form and about 6 months of your business’s merchant statements. And because approval does not depend primarily on your credit score; the approval rate is much higher. Some providers boast a 95% approval rate. Paying back a credit card advance is easy too. It is done automatically through your credit card processor. This creates a flexible payback schedule that has no fixed monthly payments and no penalties for late payment. Before you are funded; they set up your processing machine to deduct a small percentage of your daily Visa/Master sales to pay back the advance. Because they use a percentage; you pay back less on slower days and more when sales pick up. It goes with the natural flow of your business cycle to insure a successful payback. There are many advantages to merchant cash advances compared to business loans from the bank. Some of these advantages include; Approval is not dependant on good credit No collateral is required Approval takes 24 to 48 hours in most cases Most businesses are funded within 7 days Many providers have a 95% approval rate
No Application fees Streamlined application process No restrictions on how you spend your money
I’m sure that for many of you, this may seem too good to be true. I assure you that that these funds are available for any small business that qualifies. And with a 95% approval rate; there are many businesses that do qualify. For more information about merchant loans, go to http://smartmerchantloans.com