A merchant cash advance is a type of loan that allows a company to borrow money against its future earnings. Unlike other types of small business loans, a merchant cash advance often does not demand collateral, which means you might have money in as soon as 24 hours.
Can a startup get a merchant cash advance?
A merchant cash advance is a viable solution for new firms that may not yet be eligible for traditional business loans. Because a merchant cash advance is backed by your business’ daily sales, time in business and other considerations that make startup financing difficult do not apply. A merchant cash advance could be a fantastic answer for your fast-capital needs if your firm has high daily sales.
Startup loans and business credit cards can provide accessible finance for companies and may be able to flesh out your financing plans if you have time to plan ahead.
How is a merchant cash advance repaid?
Your cash advance is reimbursed based on the daily sales of your company. Your lender will either take a daily proportion of credit card sales or a percentage of overall daily business sales, depending on how your cash advance is financed. The terms differ each lender. To guarantee you are getting the greatest possible financing offer, your funding manager may guide you through all of the conditions and explain the nitty-gritty of your cash advance.
Qualifying for a merchant cash advance
Qualifying for a cash advance, like the funding itself, is frequently quick and simple. The requirements for a business cash advance are typically quite lenient due to the nature and terms of the loan.
How to get the best interest rate?
Obtaining a low-cost factor rate will lower the cost of capital on your merchant cash advance. The first step in securing the lowest possible cost of capital on your merchant cash advance is determining how much capital you require.
Borrowing too much can raise the cost of repayment, while borrowing too little can trap you in the financial quagmire you are attempting to escape. To avoid either of these scenarios, our dedicated funding managers will walk you through your options and compare your offers to assist you in selecting a business cash advance deal that meets your needs and budget.
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Contact:
Sky Small Business Loans
630 5th Avenue #8
New York, NY 10111
Tel.: 212-457-1581
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Sky Small Business Loans
75-25 141st Place #757
Flushing, NY 11367
Tel.: 646-885-133
