How do business cash advances differ from business loans?
Business cash advances are based on merchants' future credit card transactions. Unlike traditional loan programs, a cash advance is totally unsecured (does not require collateral or a personal guarantee). The program
is available to business with good or bad credit. Because the merchant cash advance is based on future credit card receivables, a good credit score is not required to be approved. Unlike loans, applying for a business cash advance takes literally minutes and approval is typically done within 24 hours.
What can business cash advances be used for?
Merchants are free to use funding from their cash advances for anything they desire. Unlike other financing options available to businesses through banks and private lenders, we do not require a plan for the funding advance and we don't require that it be used for any specific purposes. A cash advance can be used for expansion, renovations, payroll, equipment, general business cash flow, or anything that you decide.
What types of businesses / merchants are eligible for the cash advance program?
Any business that processes a minimum of £3500 per month in credit card transactions and is not a home based business can be approved for a merchant cash advance.Start-ups and home-based businesses are currently not eligible, and businesses must currently be processing credit cards with a physical terminal (paypal and other online payment gateways do not qualify).
How is a business cash advance repaid?
Repayment on business cash advances are simple and easy to manage! The best features of a business advance are: automated and flexible payments. Because advances are based on future credit card sales, your business pays back its advance based on sales volume – making repayment amounts suited to your business ability to make those payments. When receivables are slow, payment amounts are less, meaning we work within your business's cash flow situation.
How easy is it to get approved? How do I qualify? How does it work? How do I pay it back?
Read on the questions to these answers are here!
Do I qualify for a cash advance?
-If you accept credit cards you qualify for our unsecured cash advance program you could qualify subject to certain conditions.
How does a cash advance work?
-We advance your business up to £100,000
-depending on your needs and your current monthly volume of credit card sales.
What if I have bad credit?
-Unsecured cash advances are credit scored.
-Bad credit is usually not a problem.
How do I pay it back?
- This is a total facility that can be drawn down by the client and is reclaimed depending on the term of borrowing starting at a rate of 20% per month
How long is the application process?
-The application only takes a few minutes and or less and in some cases approvals can be within 48 hous.
The advantages of the facility are:
- No valuation costs
- No lender’s solicitor cost
- No borrowers solicitor cost
- No broker’s fee
- Flexible payback time - extending the payment period does not cost more
- No APR % so it has significant advantages over a bridge
- Fast decision
- Fast payout
- LTV irrelevant
- Perfect for leasehold
The ideal funding solution for:
For more information call 08444 123 172 or email [email protected]
- Pubs & Guest houses
- Wine bars
- Off licenses
- Pet shops/care
- Anywhere that uses a card terminal.