Due to the uncertain, unstable economy, small business owners from many different industries are being denied loans from banks and other financial lending institutions. The lending crisis creates a problematic cycle in which businesses who need money don’t qualify to borrow money, which ultimately hurts their credit score and makes it even more difficult to receive funding later on.
However, what many business owners do not realize is that alternative methods of financing their business are available, although they are often lesser known. Among these are merchant cash advances, which have many benefits that loans do not. Here are some of those benefits:You can still be approved for a merchant cash advance even if you have bad credit!
One of the most appealing aspects of business cash advances is that your credit score is not a determining factor in the merchant cash advance provider’s decision to extend you additional working capital. Many businesses with credit scores below 650 have still been approved for additional funding for their business.Quick and easy application
As a business owner, you already have enough on your plate; spending the time and energy applying for loans from a bank can take away from time spent dedicated to other needs. Applying for a merchant cash advance is quick, free, and can easily be done online – apply now.No collateral or personal guarantee required
Because merchant cash advances are not traditional loans, you do not need to present collateral or a personal guarantee at the time of application. All that is needed are a filled out application as well as a few months of your recent bank and credit card statements.