Why a Business Cash Advance Might be Right for your Business

Regardless of the type or size of business that is being operated, virtually all business owners will find themselves short of cash at some time or other. While many of them may resort to applying for bank loans to help them get through the lean times, others prefer to make use of business cash advance services. Using a business cash advance has numerous benefits when compared to taking out a regular loan.

Zero Interest or Admin Fees

When applying for business loans, most people are disappointed when they find out that there are usually various administration-related costs as well as prohibitively high interest rates that need to be considered. By the time the final instalment of the loan has been repaid, the business owner would have repaid as much as three times what he initially borrowed. However, when it comes to a business cash advance, only the amount borrowed has to be repaid. There are no additional forms of interest, initiation or administration fees that are added to the loan amount. This enables the amount borrowed to be repaid a lot faster.

Convenient Repayment Terms

Regular loans will require that a specified amount be repaid each month over a predetermined period of months or even years, depending on the size of the loan. Failure to adhere to the specified terms will result in a business owner being blacklisted, which will have a long-term negative effect on his or her credit score. In a worst-case scenario, a business owner could find his or her assets being attached and sold to repay a loan as well. A business cash advance is completely different in that a business owner can either choose to repay a specified monthly amount until the advance is paid up in full or varying amounts can be repaid as they can be afforded by the business.

Easier to Qualify for a Business Cash Advance

Any business owner who has ever applied for a loan can attest to how tedious the process can be. In most cases, a high credit score is required before a bank will consider granting a loan. However, with a business cash advance, most applications are processed within 24 to 48 hours at most. There are usually very few terms and conditions associated with these advances, which include the fact that a business has to have been operating at a physical

location for 12 months or more and there have to have been no recent bad judgments against the business owner’s finances. Business owners normally stand a far higher chance of being granted a business cash advance than a loan.

Being able to repay a business cash advance on terms that are most convenient to a business owner could make all the difference between him or her being able to continue operating during quiet periods or having to close up shop. Business owners who would like to find out more about how they can benefit from cash advances should contact us today.

About Author:

The Merchant Access Group comprises of loan brokers who specialize in the provision of business cash advance services to qualifying businesses. Only the most knowledgeable and expert staff within the industry are hired to ensure that you as a business owner are able to access funds when they are needed most. Numerous different industries are able to benefit from the cash advance services that they offer.