You asked! We Answered!
Q: What is a Merchant Cash Advance?
A: It’s a type of business funding program in which a lender (Sprout) will give you money upfront in exchange for repayment based on a percentage of your sales. A Sprout Lending Cash Advance is not a business loan. Approval is based on your business history, and there are no fixed payment schedules.
Q: How much money can I get for my business?
A: We can provide up to $500,000, the minimum that we offer is typically $5000.
Q: How do you determine how much cash I can get in advance?
A: You can receive up to 200% of your average monthly credit card sales and up to 100% of your bank deposits. Meaning if you make at least $15000 in sales per month, you can easily qualify for $30000.
Q: How fast is the process?
A: Unlike with a regular bank loan, here at Sprout Lending we can get you an approval within 24-48 hours and the funds can be in your hands in 7 business days, the latest! YES, it’s that quick!
Q: What is needed to be approved?
A: Our process is very simple. We require:
1. A short, one page application.
2. Four to six most recent bank statements.
3. Four to six most recent credit card processing statements (if applicable)
Q: How high is the interest rate?
A: Ready for great news? There is no interest rate! Since it’s an advance and not a loan you won’t have to worry about high interest rates. Instead there is a onetime flat fee for the advance. The advance will get paid back as a percentage of your sales each time you batch out until the entire amount is satisfied.
Q: Are there any application fees?
Q:What if my credit is not all that great?
A: Good news, since this isn’t a bank loan there is no specific credit score required. In fact if you have bad credit it won’t be a problem. In order to be eligible though, it’s important that you have no open bankruptcies.
Q: How do I pay back the advance?
A: Paying back your advance is easy and hassle free. There will be an automated deduction based on an agreed upon percentage from your credit card sales or business bank account.