Anyone who runs a small business knows that doing so can keep you on your toes. Sudden changes come up all the time when you own an up and coming small business, but the need to adjust with these changes in order to keep your business flowing can sometimes lead you to the path of a lender to help with alleviation or expansion. Unfortunately, large business loans from the bank can be difficult to qualify for in this day in age when banks are raising the hoops you need to jump through in order to qualify.
While to qualify for a small business or bank loan may be your first gut reaction when placed in a situation that requires you to seek out extra funds for your business, keep in mind all of the advantages of utilizing merchant cash loan from a reputable company like Cash Advance Tiger.
Cash Advance Tiger, like many other well-known cash advance companies, has the ability to give small businesses a cash sum in return for a percentage of the business’ credit/debit transactions. It only takes 24-hours to be approved with approximately 90% of Cash Advance Tiger applicants being offered a small business cash advance. This type of lending gives small business owners the best flexibility in paying the amount back as monthly payments are based totally on the sales of the business and are not fixed.
What Types of Expenses Can You Use Cash Advance Money On
So now that you are interested in or have a merchant cash advance what exactly can you spend the money on? The thing is that there are no stipulations in place with this type of cash loan on how it needs to be spent. As a small business owner you know your company better than anybody else, so there is no need for an outsider to dictate what part of your business needs the money the most.
Typically though, small business will use the cash advance to cover working capital, inventory, remodeling, upgrades, and to assist in expansion.
What Expenses Are Not Advisable
The only real expenses that would be considered non-advisable are those that do not affect your small business. This means purchases that do not promote or lead to the advancement of your business in some way are likely ill advised, as the money was obtained via a business cash advance rather than a personal loan; it should be intended for the development of your small company.
What Cash Advance Tiger Can Offer You
Cash Advance Tiger can offer cash advances up to $200,000 with quick approval turn around so you won’t be left waiting. Cash is often received in 3-7 days and there is no payback deadline or fixed payment fees like with most traditional loans. In addition to this, Cash Advance Tiger is invested in wanting to see you and your business succeed, you’re not just an account.
Being a small business sometimes you that extra push to get things where the need to be and/or to keep your footing in today’s competitive business market. Unsecured business loans from a cash advance company can give that oomph that you need to bring you small business to the forefront by lending you the cash you need within days of application and approval. With this capital you will be able to hit the ground running.
But not all cash advance companies are alike, so it is important to look at not only what they offer but what their individual application qualifications are for small businesses and how long the turnover is from initial application to money in hand.
Cash Advance Approval Turnover Time and Rate
Ideally the approval time for a small business cash advance should take approximately 24-hours or less. But if there are specific circumstances such as missing information on the application form or previous credit issues a decision may take slightly longer. Cash Advance Tiger holds true to their 24-hour approval process as they know how important their services are to a variety of small business owners.
Additionally, when reviewing merchant cash advance companies online take note of what their application approval rate is. Some have a higher approval rate which means you would have an increased chance of qualifying.
During the application process at all of the business cash loan companies they will want to see that your business processes credit/debit cards and to know what your grossly monthly process amount is. This is an important factor in the approval decision. Most cash advance companies have imposed credit/debit processing minimums that must be met by prospective small business esin order to qualify for a cash lump sum. These minimums are in place so cash loan companies do not fork over money to small businesses that do not have the incoming revenue to repay over time.
The process minimums vary for each cash advance company, some require a monthly minimum of $1,500 while others $5,000. Cash Advance Tiger stands somewhere in the middle; requiring a minimum amount of $3,000 in monthly credit/debit processing.
Amounts and Interest
Do you have a set amount that you need to borrow? Then when looking over merchant account loan companies you should inquire as to what their maximum loan amount is and how easy it is to re-open your line of credit once you have repaid. If you are in need of a large lump sum of money the maximum lending amounts will more likely be of concern, but if you a looking for a smaller amount you may be more interested in how effortless it is to re-open a line of credit if need be.
Cash Advance Tiger has a maximum cash advance amount of $200,000 and once a line of credit has been established and paid back all that is needed is a simple phone call to re-open it at will and receive another cash advance.
Merchant cash advances can be a like a new lease on life for many small businesses. This type of funding gives business owners the most flexibility and is often the fastest way to get money in whatever type of pinch. Best of all the whole process of the cash advance system is not complicated and riddled with hoops to jump through, it is straight forward and to the point so you can get you small business needs taken care of swiftly.
Application and Approval
A simple information form is typically offered online on as a pre-approval and contact system. Once a small business owner fills this out the merchant cash advance company will contact them and let them know if they meet the minimum qualifications. At this point if pre-qualifications are met a verification of the provided information will need to be viewed prior to offering full approval. The pre-approval and approval is different for each cash advance company, but usually ranges from 24-72 hours. Cash Advance Tiger realizes the urgency some small businesses have in this matter and make it a point to complete most approvals in a 24-hour period.
Once an approval for a business cash advance comes through it will be only a matter of days before the funds are delivered to the small business in question. Disbursement of these funds to the business owner normally takes between 3-7 days and in is often in the form of a check.
Cash Advance Tiger tries to maintain a fast and convenient 3-day money turnover period in order to better assist the small business owner that they are working with in getting started on improving their businesses.
How Payments Are Collected
Once funds have been disbursed to the small business owner the cash advance company will take a set percentage of each month’s credit/debit card processes, this means the amount paid out to the cash advance company changes each month as the payment will ebb and flow with monthly sales and never be a harsh fixed amount.
business cash loans are collected on in one of three ways:
ACH withholding: The cash advance company will receive and review the monthly rundown of a small business credit/debit card processing, tally what their percentage cut of this is, and then directly deduct that determined amount from the business’ account by way of ACH.
Trust bank account withholding: A bank account is opened for the small business’ credit/debit card processing income and is controlled by the cash advance company. Each month after the processing income is deposited in the account the cash advance company reviews the amounts, holds onto their cut, and then sends the small business owner their profits via ACH, EFT, or wire.
Split withholding: The credit card processing company will view the monthly processes and split the amount directly giving the small business owner their portion and the cash advance company their percentage.
Out of the three ways to collect on unsecured business loans, the latter is the most used and well liked way to go about payments.
The reason why a small business may seek out a business cash advance varies widely as no two small businesses are completely alike. Though what all small business owners who pursue a cash advance do have in common is that they want to keep their company on the up and up. Merchant cash advance companies like Cash Advance Tiger offer just this service and do so with a quick funding turnaround so small business owners can hit the ground running.
Typically, a small business will put their cash advance toward one of three categories which include: operations, assets, and cost management.
The covering of operation costs is the most common use for a merchant cash loan by small businesses. This includes using the funding for working capital expenses. If a small business has hit a bit of a bump but anticipates a future increase or expansion in business, they may want to take out a cash advance loan to cover the expenses of payroll, accounts payable, taxes, and other similar company operating costs.
Sometimes a small business owner needs a little boost to grow their business, a small business cash advance does just this by giving the owner the capital to do so. In this instance an owner may use the funding to purchase newer and more up to date technology such as computers, software, or manufacturing equipment to help their business run more efficiently.
Also, a business owner may use the funding to purchase more of their inventory or seasonal stock so that they can expand their selling power, thus creating a revenue boom for their small business.
There are times that small business owners are confronted with a profitable business opportunity that is too good to pass up, but they don’t have the funding to make a go of it. This is where unsecured business loans come in handy as they are easy to be approved for and quick at disbursing the money. Now that small business owner can buy his partner out and become the sole proprietor or they can invest in a larger warehouse so that they can develop and/or hold more products to be sold.
Another cost management use of cash advance funding is for remolding purposes. Many small businesses have a storefront in which they interact with customers, the appearance of a business’s storefront can often make or break them, and this is why remolding is a large part of the cash advance system.
Merchant cash loans are for both small and medium businesses. Cash advance companies do not discriminate by the size of the business as it is the amount of credit/debit card revenue that the business brings in that really matters. All businesses regardless of size could use a little boost every now and then, and a business cash advance is the quickest most flexible way to do so.
Cash Advance Tiger works with small and medium businesses to assist them in growing the economy and their success. They are there to build up the multitude of small and medium businesses that makes up our economy, so the benefits are felt manifold.
How Cash Advance Companies Cater to Small Businesses
Small businesses do have the option of trying to obtain a small business loan from a bank to aid them in keeping their business on track, but this is easier said than done. Small business loans are notorious to procure, especially if you have had some credit issues in the past. But, that’s not the end of it, the process often takes weeks or months and fees or collateral are regularly required to get the ball rolling.
Cash advance companies don’t make small businesses jump through circus funding hoops that are unnecessary, they provide a straight forward approval process. Small businesses can have money in hand within days if they qualify; this swiftness in itself can be a lifesaver for many small business owners. Also, payments with cash advance companies are never fixed, making it affordable for small business owners in a fluctuating economy to always be able to a payment to their cash advance funder.
The Benefits Cash Advance Companies Offer to Medium Sized Businesses
There are scenarios where a medium sized business may need the assistance of a cash advance company more so than a small business, this is because the working capital of medium business is typically much larger. Therefore, a business cash loan for this size business will often be on the larger side in comparison to the funding a small business may receive.
Furthermore, a medium business has the increased chance of receiving the amount they need through a cash advance company as a bank would have more stringent rules regarding qualifying for such a loan amount.
Minimum Business Qualifications for a Cash Advance
While unsecured business loans do have qualifications that a business must pass before being approved for cash funding, cash advance companies do not have the obstacles that bank and small business loans do. Companies like Cash Advance Tiger do not ask for an application fee or a proof of collateral. But, what cash advance companies do look for is the amount of monthly credit/debit card processes a business is bring in. This is important because the companies who are doing the funding need to know that credit card revenue is being made as they get paid a percentage of this.
Usually the required minimum monthly amount of credit/debit card transactions is somewhere in the range of $1,500-$5,000. The minimum amount required varies depending on the merchant cash advance company; Cash Advance Tiger maintains their minimum at $3,000.
Additionally, a cash advance company may want to see that a business has been up and running for a certain period of time and can show records of revenue for the past 3 months or so. Beyond this, cash advance companies also tend to prefer to fund U.S. based businesses
Called by various names, a merchant account loan is a cash advance for your small business based upon your average credit card transactions. Because the business cash loan is based upon established credit card income, no collateral is required. Cash Advance Tiger provides loans to small business owners to help with any type of financial need.
The requirements for qualifying are very simple. Your business should be able to show at least $3,000 per month income from credit card transactions. Cash Advance Tiger has a very high approval rate at around 90%. Other companies that offer business cash advances charge processing fees and closing costs but not Cash Advance Tiger.
In many cases, companies that offer small business cash advances require you to change credit card processors. Cash Advance Tiger allows you to continue using the same processor. Many businesses love our service simply because we go to extremes to make the merchant cash advance as easy as possible.
What can You do with an Extra $10,000?
At Cash Advance Tiger, you can use the funds from your business cash advance for any reason you like. Some small business owners need to expand and grow their business. Some want to pay off high-interest debts. Others need to buy new equipment or purchase inventory. Still others simply need some working capital.
You can receive up to $200,000 from Cash Advance Tiger for your small business to use any way you like. Approval takes under 24 hours in most cases. Funding can take place within 3 days. With banks and credit unions, you may have to wait weeks to get the money you need to buy that new equipment for your small business.
The application process at Cash Advance Tiger has been streamlined to make it simple and convenient for our customers. We know how busy you are as a small business owner. There aren’t enough hours in a day to get everything done on your list. You don’t have time to spend sitting at the bank half a day waiting to speak to a banker who is going to want to see at least three years’ bank statements along with every P & L statement for two years and a long list of other financial documents.
At Cash Advance Tiger, you’ll love the friendly customer service and easy application process. Call us today or fill out the form on our website to get more information about your business cash loan.