The Merchant Cash Advance is an effective way to get money to cope up with any economic difficulties in business. It is also considered as a help in hand option for business seeking out help in terms of money. It is a novel as well as another way of getting business loan.
It is totally different from the traditional business loan or funding programs. Now a day more and more people are opting towards it and preferring it on traditional business loans. Let’s find out the reason why people are approaching this instead of traditional loans.
While opting for any kind of load whether a personal loan or a business loan mostly people opt for the one that has quicker processing. This is the main reason of people’s approach towards Merchant Cash Advance. It takes only few days in processing whereas other business loans takes weeks or month for the same. You can also find providers giving approval within 24hours and transfer funds within a week.
No interference in the use of funds
Another reason that attracts people towards MCA (Merchant Cash Advance) is zero interference in the se of funds. The providers don’t have any interference in the use or development of MCA. This is a right of the business owner how he wants to utilise it or in what way he is going to use this fund. The business owner can use it in any way as per their desire they can use it for paying rents, bills, expenses, tax payment, etc. On the same side they can use this fund for paying off their personal obligations.
Simple application process
The proverb “NO PAINS, NO GAINS” is not applicable in case of Merchant Cash Advance. On the other hand banks ask investigative questions and insist on detailed business proposals. The MCA providers only need months in business and monthly credit card receipts. The MCA application criteria’s are very simple a person has to be in business for at least nine months as well as monthly credit card receipts of average $ 5,000. They don’t require any document evidences like financial statement or tax return form and don’t include any incidental charges or application charges. In this case online approval is also achievable.
Higher approval rate
Poor credit history, bankruptcies and low FICO is not considered as the factor for disqualifying a person for getting MCAs. There are a numerous providers available that calculate business performance for funding.
No security required
The most positive aspect of Merchant Cash Advance is that it does not require any kind of security in case a business is not doing well. It is considered as a great aspect for small businesses. In simple terms we can say that it is a fortunate thing for small business.
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