What Size Businesses Use Cash Advance Loans
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