5 Reasons Why Merchant Cash Advances are Popular
Merchant Cash Advances are often confused with loans. However, they are advances, not loans. As a business owner, you are given a certain sum of money by a Merchant Cash Advance lender. In exchange for that money, you are supposed to promise your lender a certain percentage of your future sales.
Merchant Cash Advances are quite popular, primarily because they are not loans. Also, it is much easier to attain these as compared to traditional bank loans. Moreover, here are the five reasons why Business Advance Funding(MCA) is Popular among small or new business owners:
1. Get You Quick Payment
You can get your payment in a few days, usually within a week through Merchant Cash Advance. This is one of the best features which makes MCAs so accessible. They can help you with immediate hefty payments. If you want to take a massive asset at a discount, you can obtain MCA. The application is short and quick and requires little to no documents.
2. No Obligation of a Great Credit
This feature is especially popular with small businesses. With most loans or advances, your credit score is checked before you get any sum of money. However, with Merchant Cash Advance, you do not have to worry about your credit score at all. You can get the funding despite a perfect credit score. This is because MCA aims at assisting small businesses.
3. No Need for a Collateral
This again is a fantastic feature that makes MCA stand out. Small businesses opt for it rather than other loans or advances. Neither does it need good credit, nor does it need collateral. So, you do not risk any of your assets this way. So, all an MCA lender looks for is a promising future.
4. Freedom to Use the Money
Small businesses usually have a lot of restrictions on how they can spend the money acquired through loans. However, Merchant Cash Advance does not put any such restrictions. This way, you are free to use the sum of money. However, it would be best if you had it. You can use this loan for various little things your business needs to truly blossom.
5. Flexible Ways to Pay Back
The process of paying back these advances is straightforward and flexible. Depending from lender to lender, you could pay back weekly, monthly, or yearly. You can spend all at once if you can, or you can make small regular payments. Also, since the payback is based on your future sales, so you pay according to what you earn based on your transactions.
6. The Final Word
However, despite the significant reasons that might compel you to take MCA for your business, it can be bad for specific business models. So, it is essential to know if MCA is right for your business. Also, going through the complete guide to MCA would be an excellent start to understanding how good Merchant Cash Advance will operate for your business.
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