The Merchant Cash Advance world is booming! It is no secret that banks are taking the time to look over your loan applications to simply deny them. After lengthy applications process you will come to find that your business, that you thought would qualify for a loan, can’t get nothing!
Many business owners today are feeling the overwhelming pressure to shut down their business and cutting their losses. The really sad thing about that is after all the hard work and effort that you have put into your business it can easily be wiped away due to lack of funds.
Here is why you should consider a merchant cash advance. If you find yourself tossing and turning at night wondering where you can scrape up funds for your next rent check, stop. Banks are not the only option, and to be frank statistics show that banks will not be lending anytime soon.
You have the answer in front of you. Your business is a hidden asset that can provide you with the money that you need. What does that mean?
By getting a merchant cash advance you are purchasing into your future sales. Because of this, there is no fixed payback schedule. You repay the c ash advance according to your sales. If business is down, your repayment slows. No more worrying making that large monthly payment when it was a particularly slow month.
Merchant cash advances differ from bank loans in the sense that there is a lot less paperwork. A LOT LESS. The process of getting an advance is quicker and far less burdensome than a bank loan. Typically you can get cash in less than a week, but we’ve done same funding more times than we can count!
The approval rate is a lot higher. Many businesses that can’t qualify for a commercial loan can easily qualify for a merchant cash advance.
Two words… “No collateral”. You do not have to put your assets, such as your home, on the line. Also there are no restrictions on use. Which means, you can use the money however you choose to. Need to catch on bills? Great! Want to remodel the kitchen? Fantastic!
While many critics are quick to say that a merchant cash advance is more expensive than a bank loan, in can actually save you thousands upon thousands of dollars. While your traditional bank loan can give you that low rate, in the end you will end up paying double the amount you asked for. While with Sprout Lending, we have no interest rates and instead a onetime flat fee is incorporated into your daily payment. So while your regular bank loan may put $20 of your $350 payment into the actual balance that won’t be the case with a cash advance.
Call one of our representatives today, mention this article, and they will explain in detail what you need to know! There is no fine print, there are no hidden fees, it is how it is, we want to see your business thrive, and we are here to help you get the money you need. So what are you waiting for? Pick up the phone 844-325-7827!