A Merchant Loan Is How Business Lenders Say Yes!
A merchant loan is a very unique type of loan. Only business professionals can get this sort of loan. Another name for a merchant loan is a merchant cash advance. These are very innovative ways for business owners and entrepreneurs to gain some quick money to make improvements or expand their business interests.
One of the main benefits of a merchant advance is that you can get your loan in as little as 7 days. The money will be deposited directly into your bank account. It is that hassle free. This is one of the main draws that many business people experience, but there is truly much more to it.
You can get tons and tons of money with these types of merchant advances. Depending on the size of your business, you can get paid up to $500,000 for just one loan. Money like this can really make a difference for so many businesses. If you are running a small business though, you shouldn't expect to qualify for that much money.
With a merchant advance there will often be 24 hour approval. Even though it may take several days to receive the payment that you are owed, at least you will find out within 24 hours whether or not you have been approved. This takes the guess work out of finding money for business expansion.
Just make sure you are dealing with a real company, and not a loan matching service. A lot of companies online are not real lenders. Some of them are just matching services, and information pages. They capture your information and then they hassle you with different promotional offers. Don't fall into this trap.
You can get a merchant advance when banks say no. Even if your local bank says no to your business, when you apply for a non-secured loan, merchant advance brokers will often say yes. They base their loan to you on different terms. They do not base everything on your credit score - personal or business. They look at your sales and income first and foremost.
Keep in mind that your business should have been active for at least 12 months, and must do at least $5000 in credit card sales each month. Different companies have different requirements, but many say that you need at least $5000 minimum in Credit card sales. Some companies will require that you have been in business for at least 5 years.
No collateral is required for merchant advances. This is one of the most exciting benefits of these loans as well. You don't need collateral and you don't need good credit. If your business is pulling in regular credit card sales, then you are all set to get a merchant loan. As you can see, a Merchant advance can provide you with exactly what you need very fast. They are the perfect solution for both small and large businesses. As a solution this type of loan is increasing in popularity, and has been used to make incredible changes in large corporations, right alongside mom and pop companies as well.