Your business may have been a working success because you are already contemplating on expansion. This is a good sign, and as such, you may need all the necessary resources in order to go about of your plan for growth. Well you could apply for a loan, if you do get approved and chances are very slim. On the other hand, go for for a better alternative for small business owners wanting for additional money for the business and that is a merchant cash advance.
This differs from a traditional loan, and to give you a better understanding here are some of the many comparisons:
– A merchant cash advance does not require any collateral compared to when you apply for a loan.
– A traditional loan will take weeks even month before you get approved and the money is given to you, but with a business advance, expect only a maximum of ten working days before have the money in your hands.
– A cash advance does not expect for your credit score to be perfect, rather what is just requires for your business are simple requirements like 3-6 months Visa, MasterCard, American Express and Discover Processing Statements. With a business loan, loads and loads of documents and paperwork is required from you.
– With a loan, you need to keep track for your monthly fixed rate or else face a higher interest charge every month. With a merchant cash advance, your provider will only be paid when you get paid through credit card transaction so it is less riskier on your part.
With these comparisons, you can definitely grow your business without the bigger risk when you choose to apply for a cash advance than when you apply for a business loan. No need to worry about any fixed monthly payable, hundreds of documents to submit or a collateral to present to the bank because with a merchant cash advance, it is less complication for your part. All you have to think about now will be the expansion of your business and how to go about it, that’s all.
At 1st Working Capital Group, we strive to meet the demands and needs of businesses Nationwide. We assist in the underwriting process, presentation and fulfillment of your Merchant Cash Advance, ultimately achieving the maximum funding of your capital needs.