Get access to business working capital regardless of personal credit. Call Today!
Get access to business working capital regardless of personal credit. Call Today!
Cash advances are an easy way for small businesses to access working capital without having to put up collateral. They're also a good option for people who need money fast, but don't have the credit history to qualify for traditional financing.
Merchant Cash Advance is also known as cash flowing funding!
It is easier to explain what merchant cash is not, a merchant cash advance is not a loan. It is a lump sum payment provided by a lender based on the cash deposits of a business. The cash deposits are the collateral or asset used to secure the funding. The merchant cash advance is typically repaid using daily or weekly bank ACH debits or by the credit card processing from the business.
This form of business funding is designed for businesses that have been in business for at least six months, have monthly deposits of at least $15,000, and need to rebuild or establish business credit. Typically this type of funding can be provided even with a challenged credit history. As a local partner for business loans in Colorado Springs, Pueblo, and Denver, Colorado. SpotOn Financial brings an ever-expanding network of lenders and over twenty-three years of experience as a business funding partner helping hundreds of local business owners apply and get approved quickly for a merchant cash advance.
The cost to a borrower for a merchant cash advance could be significant based on a few factors.
The first is the stability of the cash flow to the business. If the business struggles with collection or unstable deposits. The business could miss payments to the lender resulting in additional costly bank fees, and even default. Merchant Cash Advance funding is ideal for short-term financing and should never be considered a long-term debt strategy. In addition, the merchant cash advance lenders typically will fund a business owner with less than perfect credit. This added perk is actually a hidden cost. The better your business and personal credit the lower the rate.
The process for a merchant cash advance is simple, fast, and easy. With that being said there is nothing guaranteed but death and taxes. SpotOn Financial will meet with you to discuss your short term funding needs. We will underwrite your business financials to determine what funds you can get, the term available, and the cost for you. Once we identify these options for you, you will decide to engage SpotOn Financial to secure those funds on your behalf. Our job then becomes the initial review of our business financial documents for accuracy. Upon review, we will offer our expertise regarding potential hurdles to funding, and then finally using our relationships with the prospective lender we offer your package for review and final funding due diligence. Because we are paid a success fee from our clients, we do not take compensation from the lender. Thereby ensuring the borrower gets the most favorable terms.
Are you ready to consider your options? The financing process no matter what it is can be daunting to say the least. Hiring a financial services broker can eliminate most of the headache, prevent delay, and if leveraged correctly will enable you to access lenders or partners you may not otherwise get on your own. Lenders can be tricky when it comes to reviewing a borrower and establishing risk. SpotOn Financial has direct relationships with over forty major and small merchant cash advance lenders. Call us today to discuss your funding needs and if we can help you, we will get you the most funds at the lowest cost to you.
If you've ever applied for a loan, you probably understand how difficult it can be to get approved. It's even harder if you don't have any credit history. That's why merchant cash advances are such a popular choice among small businesses. Call Us Today To Get Funding Tomorrow!
SpotOn Financial is a financial services brokerage that can provide a business access to financing, business protection products, and expert advice. Let's Plan Your Brighter Future, Together.
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