What Are Merchant Cash Advances Used For?
There are times where, while running a business, you will experience a problem with cash flow. One way that many business owners overcome this hurdle is by applying for merchant cash advances. These technically aren’t a business loan, but should be treated as such anyway.
Why You Need Merchant Cash Advances
Merchant cash advances can be used for a number of different things. In addition to being a temporary solution to cash flow problems, it has other uses. They include paying for unplanned expenses incurred, paying off accumulated debts, and working capital. You can also use it to get a large discount when purchasing inventory for your business.
Reasons To Use Merchant Cash Advances
For a few reasons, a merchant cash advance might be the best choice for your business. Aside from the fact that you can get the cash quickly, you also have a lot of flexibility when it comes to repaying it. No collateral is needed, and the way you use the money from a cash advance is up to you. And last but not least, if your business credit score is less than perfect, you’ll likely still qualify for a merchant cash advance.
Companies To Get Merchant Cash Advances From
You have a few choices of companies to get a merchant cash advance from. National Funding is one company that makes it easy for businesses to obtain money in the form of a cash advance. They offer higher approval odds than many other lending companies.
If your small business is new or your personal credit is not good, you may still be able to get a cash advance from Can Capital. As long as your credit card sales every month are at least $4,500, you will qualify for this loan. The only catch is that your business must have been operating for at least six months before you apply.
Another option is Fora Financial, which also has a six-month requirement. But the company will extend you a cash advance for as much as $500,000.
For more information on merchant cash advances, please contact Summit Commercial Capital.