When your forecast is for heavy profits in the near future, but you need fast money to hold you over in the meantime, a merchant cash advance can be your saving grace.
How does that work? What do you mean?
You’re a business owner, right?
Then surely you know that no matter how diligently you plan, or how strong your business model is, there are times when your belt gets significantly tighter than you planned. It’s a bummer, but it’s also a reality that most business owners have to deal with at one point or another.
You’re bringing back traumatic memories.
Trust us, we understand. We’ve been through our own growing pains. But fear not. A merchant cash advance is basically a loan on your future earnings. Not only is it a relatively easy loan to qualify for, but it’s also one of the fastest ways to get funding when you really need it.
Fast and easy? Sign me up.
Timeout, Speed Racer. As with all loans, there are things to consider before signing on the dotted line. Here’s a few pros and cons of merchant cash advances:
- Simple and painless qualification process
- Preserves equity
- Doesn’t require collateral
The bad and the ugly:
- Interest rates can be much higher than other kinds of loans
- Advances often come with additional fees
Oh, I see. So it’s fast and easy, but it’s expensive.
You’re a quick one, aren’t you? That’s basically the gist. Additionally, you can borrow anywhere between $5,000-200,000, the term will range between 3-24 months, and your repayment can be daily, weekly, or monthly depending on the terms you’re offered. You should also note that you can receive your funds in as little as 24 hours with a merchant cash advance, so while it can be more expensive, it truly is fast.
As fast as Speed Racer?