4 Merits of Merchant Cash Advances
Many business owners face an uphill task of securing finances, especially from traditional banks. This is mainly attributable to the need to prove trustworthiness and good credit score. If faced with such a challenge then look no further than merchant cash advances to access funding for your small business. In this article, you get to learn more about the merits of merchant cash advances.
If you intend on securing instant funding for your business feel free to secure a merchant cash advance. With this type of loan, you are required to correctly fill in the required information after which you await between 24 and 48 hours to have the money.
Doesn’t Require Collateral
As a business owner, you may dread the idea of having legal liability such as possession of assets by lenders. With merchant cash advances, you are saved the burden of risking your assets to guarantee a loan. It is worth noting that merchant cash advances are based on future sales revenue and are not based on collateral like in traditional loans.
Flexible Repayment Plans
Merchant cash advances option is often preferred due to ease of payment. Unlike conventional loans, this type of funding can be repaid weekly or monthly depending on your sales revenue. Additionally, you get to determine the amount of money to pay the lender. For instance, you may opt to increase your monthly contribution due to an increase in sales revenue.
No Limitation on Use
The other beauty of using merchant cash advances is that you have the freedom to fund any business activity. Remember, this is not the case with some financing options as they dictate the areas where you can use the money which can distort your plans. Merchant cash advances can be used for technological advancement, increasing inventory, and expanding your workforce among other obligations.
Are you in need of a merchant cash advance? If so, contact the team at Brightview Commercial Capital today!