Choosing the Best Merchant Cash Advance Company to help you Get Ahead
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.