I’ve seen it a thousand times; a good, solid business being turned down for a business loan because they have made a few mistakes in the past. Let’s face it; bad credit happens sometimes…especially in this economy. So if you are a business owner who has less than perfect credit, and you need money to either expand your business or to even save it; you are going to need to figure out another way to get financed.
A growing trend among business owners in need of financing is a merchant cash advance. For those that don’t know; a merchant cash advance (or merchant loan) is a funding alternative that doesn’t require good credit or collateral. To qualify for a merchant loan, you just need to own your business for at least 6 months, and process at least $2,500 in credit card sales each month.
Another key benefit to this type of funding is that you get your money in a fraction of the time it takes for a bank to process your loan. A typical provider can get you funded in less than a week from start to finish. This is extremely beneficial for any business that needs money in a hurry.
What makes this type of funding possible is that they base the advance amount on your businesses credit card sales and use your credit card processor to pay it back. This helps to illuminate some of the roadblocks between you and your money.
If your business needs working capital and you’ve been turned down by the banks; you might consider leaning more about this business loan alternative.
Author: Chris Ronk writes articles about business loans and merchant cash advances for http://www.merchantcashadvanced.com
