How Does the Merchant Cash Loan Process Work?
The Merchant Cash Advance process at Cash Advance Tiger is simple and fast. You won’t need to produce mountains of paperwork and documentation about your personal and business finances. With traditional lending agents, you must show tax returns for several years. You’ll need a recent credit report. You must produce the books for your small business and prove that it is solvent and that you are capable of repaying the loan.
The loan process has even gotten more stringent in the past few years with traditional banks and lending agents failing and bank foreclosures way up. With Cash Advance Tiger, you won’t need that mountain of paperwork. The merchant account loan is fast and easy to process.
The loan application process at Cash Advance Tiger begins with filling out a simple form on our website. You can also call and speak to a company representative who will be able to answer all your questions.
The amount of money you qualify for mostly depends upon how much your business takes in every day in credit card transactions. By filling out the short form on the Cash Advance Tiger website, you can quickly see how much you will most likely qualify for. Once we obtain some basic information about you and your business, we go to work processing your loan application.
Normally, you can find out within 24 hours how much you qualify for and if you are approved. Once you agree to the terms, the loan can be funded within 3 business days. At Cash Advance Tiger, there are no closing fees, no application fees and no collateral required. We base your ability to obtain and repay the merchant cash loan on the daily total of your credit card receipts.
At Cash Advance Tiger, we don’t utilize the traditional loan agreement where you are charged a fixed interest rate and equal monthly payments. Instead, you repay the loan based on the total amount of each day’s credit card transactions. Let’s say you borrow $10,000 in order to remodel your restaurant.
You might agree to repay the loan at 20% of your daily credit card receipts. If your business generates $1200 per day in credit card transactions, then your repayment loan amount would be $240 per day. You continue paying that amount until the entire loan is repaid. There is no set time limit.
The great thing about taking out a loan at Cash Advance Tiger is that if your business falls off and you are only taking in approximately $400 to $500 per day, your repayment loan amount is reduced. It stays at 20% of the total of daily credit card receipts. That’s why it’s a smart idea for many small business owners.
There’s no cost or obligation so why not fill out the handy, convenient form on our website to see how much you qualify for? Cash Advance Tiger will hold your hand throughout the entire small business loan process. If you ever have problems or questions, we’re there to help. Once you become a customer, subsequent loans are even easier to get.