Fast Cash for Emergencies
Rates are high but if you are facing an imminent crisis and need funds super fast, then a Merchant Cash Advance could be your answer.
AT A GLANCE-
Merchant Cash Advance Programs
Rates are high but if you are facing an imminent crisis and need funds super fast, then a Merchant Cash Advance could be your answer.
What is this program, and how does it work?
• Approval is quick and simple. Can be approved and funded within 24 hours. Very easy to qualify for so long as business meets revenue and credit qualifications
• No minimum revenue but realistic minimum is $10k/mo, although there are “micro MCAs” for monthly revenue of $2k-10k. Revenue will determine the amount advanced.
• Little documentation needed
What kinds of business is this program best for?
• Businesses with consistent sales and bank deposits
• Businesses that need financing right away for a sudden emergency, such as a restaurant with a freezer that suddenly stopped working
The Pro’s
• Amounts vary by program but generally are 75-125% of the business’s gross monthly sales
• Repayment term can be 4-5 months payable daily, weekly, or bi-weekly
• Not technically debt, merely an advance on future sales
• No collateral needed
• No upfront fees
• All quotes are free
• Speak to a human! US-based customer service
The Con’s
• Cost of borrowing is higher than with other loan programs.
Typical requirements to get started
• Business must have revenue for at least 4 months (ideally 1-2 years)
• Copies of last 4 months business bank statements
• Loan application.