The potential of a business should not be curbed due to insufficient funds. Most lenders require businesses to have a great credit score to process business loans. However, a merchant cash advance loan does not require a great credit score. All it requires is that you have great confidence in your business. Let’s see what a merchant cash advance is and what is required to process these loans.
It is a cash advance that is offered to businesses, mostly small businesses on their future sales. The repayment isn’t done in fixed installments but rather in the percentage of sales that the business does.
A certain percentage is fixed on the sales of the business for loan repayment. Merchant cash advance is a great financing option for businesses that are unsure about their sales.
MCA loans do not require you to have a perfect credit score. In fact, these are offered without any hard credit checks. These are offered by trusted direct lenders who do not hold a credit score as the primary factory for offering loans. These lenders consider business revenue as the primary factory for checking creditworthiness.
To get a merchant cash advance for your business, you will need to fulfill the following eligibility criteria:
Businesses can apply for merchant cash advance loans through an online application process. Follow the listed steps to apply for a cash advance:
An MCA is surely a great choice, especially for businesses that aren’t sure of the amount of profit in the future. However, if you are seeking an alternative to a merchant cash advance, you can go through the following options:
SBA Loans: These are great for small businesses with lower rates of interest and optimum loan amounts. However, these will require you to have a very good credit score. If you can manage a healthy credit score, then you can go for these loans.
Traditional Bank Loans: Again, these too might have a lower rate of interest than MCA but will require a good credit score.
The above given are great alternatives and can be opted for if you have all their eligibility requirements. If not, then try for an MCA, you will most probably get through it.
Traditional lenders do not offer such loans as these are offered against future revenue and do not require credit checks. These loans are offered by trusted direct lenders. Also, These lenders operate online and offer instant loans. BusinessAdvanceFunding is also a trusted direct lender offering merchant cash advance loans.
We at BusinessAdvanceFunding do not require you to have a very good credit score or pledge collateral. We offer instant loans to businesses to manage their operations or to buy different equipment related to their businesses. Apply through us for a loan today and get funded instantly.
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