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A business cash advance allows you to borrow against your small business’s future income and access that capital today. Cash advances are funded much more quickly than other forms of financing, making it a lifesaver for businesses in need of fast access to financing.
There are some situations where a cash advance might be the best funding option, like:
The repayment process for a cash advance differs from that of a normal loan or even a credit card. Instead of making monthly set payments, your lender will withdrawal a “fixed daily percentage” — a preset amount — from your account daily. The daily payments are used to repay the amount of the advance plus the factor rate of the funding. For a cash advance, the lowest you’ll likely find is a factor rate of about 1.2.
Qualifying for a cash advance, like the funding itself, is often fast and easy. Due to the nature and terms of the loan, the requirements for a business cash advance are typically pretty lenient.
Sure, you can go the bank route with a long application process and 75% rejection rate. But if you’re looking for financing in this lifetime, Lendio offers a faster, easier application process.
It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.
We pair you with loan options from our network of 75+ lenders. Our dedicated funding managers can help you weigh the pros and cons of each option.
Once you’re approved, you’ll be able to access your capital in as little as 24 hours.
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Sterling HannemannCo-Owner of Seven Brothers
Chloria ChandlerOwner of Bobbee O’s BBQ
A cash advance is a form of funding that offers businesses quick access to funds by borrowing against the money they will make. That borrowed money is then repaid through a fixed daily percentage. This type of funding may also be easier for some new businesses to obtain than traditional small business loans might be.
A business cash advance allows a business to borrow against its future income. Businesses can get $5,000 to $200,000 in funding with a cash advance, which is then repaid through daily withdrawals (called “fixed daily percentage”). Plus, funds may be available in as little as 24 hours after approval.
A business cash advance is an option for startup businesses that may not yet qualify for other types of business financing. Because a business cash advance is repaid based on your business’s income, time in business and other factors that can make securing financing difficult for startups don’t apply. If your startup has strong income, a business cash advance could be an excellent solution for your fast-capital needs.
Startup loans and business credit cards can also offer accessible financing for startups and may be able to round out your financing plans.
The benefits of a cash advance are what make it such a convenient form of funding. Because eligibility is based on the ability to repay the advance, usually the requirements for this type of funding aren’t too strict, making it ideal funding for businesses that are new, have bad credit, or lack collateral. Plus, you can get funding quickly with a cash advance. And, if you have low sales, your payments will stay low too.
The disadvantages of a cash advance though can sometimes outweigh the pros. It can end up costing you quite a bit depending on the factor rate of the cash advance. Plus, there’s no benefit to repaying early like there might be on other funding options.
Securing an affordable factor rate will reduce the cost of capital on your cash advance. The first step toward securing the optimum cost of capital on your cash advance is to determine how much capital you need.
Borrowing too much can increase the cost of repayment and borrowing too little can leave you in the financial pickle you’re trying to get out of. To avoid both of those scenarios, our dedicated funding managers will walk you through your options and compare your offers to help you choose a business cash advance deal that fits your needs and budget.
Fill out our application to be matched with the best options for you and your business.
A cash advance is used when businesses need cash quickly and maybe don’t have the time or the qualifications for other types of funding.
The major differences between a loan and a business cash advance come with the qualifications necessary for each. Because they’re entirely different products, they each have different financing terms, application qualifications, and repayment terms.
A credit check may not be necessary with a cash advance. Plus, completing the online application at Lendio won’t impact your credit. However, if you take a cash advance, it will be added to your debt and your timely repayment can help build your credit just as paying late or defaulting can hurt your credit score.
Applying is free and won’t impact your credit
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