Why Many Small Business Owners Are Applying for Business Cash Advance Loans
A business cash advance loan works by allowing you to borrow against the future earnings of your business, rather than using your personal credit or collateral. All revenue earned for your business through cash, check, or other types of credit cards is untouched by the lender. You simply pay back the cash advance as you watch your business expand. What Kind of Credit Score Is Required In Order To Get Approved For A Business Cash Advance Loan? You don’t need to have good credit to apply for this type of loan. Even if you have previously filed for bankruptcy you can still qualify. Why Business Owners Apply For A Business Cash Advance. Many business owners become frustrated when applying for a regular bank loan. They are at the bank to BORROW money to help their business grow. But the bank only wants to lend them the money if they have great credit or with a large security deposit. Many business owners call us at Leasefunders.com frustrated with their treatment from their bank. If they had the amount of money they want to see in their business bank accounts, well they wouldn’t need a loan! Why Are Business Cash Advance Loans So Easy To Get Approved For? A business cash advance works by allowing you to borrow against the future earnings of your business, rather than using your personal credit or collateral. The bank looks at your businesses monthly deposit as a whole. Not just what you take in via your merchant account. But all the different deposit you business makes and will lend up to 150% of the average. What Banks Are Looking For When Evaluating Your Business For This Working Capital Program When evaluating a prospective borrower. We like to see how much income their business is generating. We look at their cash, check and credit card deposits. We like to see the business depositing at least $10,000 a month. We understand that a business may be generating $10,000 a month but spending most of that. And that’s not a problem. Most of our clients use these funds to take on bigger orders which will lead to more revenue. How Can You Use A Business Cash Advance Loan You can use the funds you get from your business cash advance for any purpose. But the best use is to expand your business. Some people use it as a “bridge loan”, as they wait for bigger loans to get approved. Or even to provide the security deposit needed to obtain larger loans. Now, you might be at a point that you feel your business needs to expand, or you might have a great marketing idea that can take your small business to the next level, or you may just need some new office equipment. You just don't want to have another business loan to worry about, making high
interest payments, and putting your credit rating at risk. There is a possible solution for you; get a business cash advance!