When it comes to business funding, there are many different options on the market. Many businesses will turn to a loan to help with an immediate influx of capital. However, this is not always recommended. There are much more efficient ways to get access to money in a short period. Learn about merchant cash advances, and how they can help you keep your business afloat.
Explaining Merchant Cash Advances
The first thing to realize about cash advances is that they are not the same as a loan. When you sign up for a merchant cash advance, you are agreeing to turn over a portion of your sales for an upfront payment. This differs from a traditional loan in that the collateral does not consist of real property. Furthermore, these advances may not be solely based on an applicant’s credit rating, as is the case with loans. In this sense, merchant cash advances are a great fit for many small businesses.
Consider the Versatility
Another benefit to obtaining a merchant cash advance is that the money can be used for many purposes. With certain small business funding options, you have to use the funds for a specific purpose. Merchant advances differ in that they can be used for almost any need. This comes as a huge relief to those that need money for miscellaneous business expenses. Therefore, if you don’t want to get saddled down with requirements, a merchant cash advance is a good choice.
Taking Action
Fortunately, there is a lot less to applying for a merchant cash advance than is the case with a loan. This form of small business funding involves a lot less paperwork. Yet, the first step to getting money is to gather all of your business documents. This will make it a lot easier to get approved as soon as possible.
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