GadCapital explains how to keep your business alive
Are you a business owner who simply doesn’t have time or resources for the going the traditional route of a bank when it comes to financing? The good news is that there is another way! At GAD Capital we offer unsecured, revenue based loans that are sometimes known as merchant cash advances.
These types of business loans from merchant cash advance companies are the most common form of business financing. They are also the easiest to qualify for and have some of the fastest turnaround times of any loan out there. In most cases you can be approved for the loan you need within 24 hours and see the cash hit your account in as little as three business days. Here are 10 more things you need to know about merchant cash advances
How Does a Merchant Cash Advance Work?
The basics are here but typically, business cash advance lenders need to know a few things up front to ensure that someone qualifies for a merchant cash advance. First, they will want to know a few specifics about your business such as industry, the business name, how long has the business existed, an estimate of the monthly revenue, working capital, and a number of employees.
Usually, business cash advance lenders would like for the potentially borrower’s business to be at least 3 months old and generating a monthly revenue of greater than $5,000. You may also be asked to provide some documentation for verification purposes depending on the nature of your business.
This documentation could include things like bank statements for your business account, corporate tax returns, personal tax returns, and/or profit and loss statements. No collateral is required and challenging questionable credit is not an obstacle to funding. Once your application is approved you can see the funds hit your account in as little as 72 hours.
What Can I Use My Merchant Cash Advance For?
Unlike traditional small business loans from banks, merchant cash advances don’t require you to use the funds for exclusively approved business reasons. The funds are yours to do what you want with. At gadcapital.com we have seen business owners use their cash advance for a range of things such as purchasing inventory, hiring employees, launching marketing campaigns, opening a new location, or even remodeling/renovation their current location.
What are the Repayment Terms for Merchant Cash Advances?
Standard business cash advances offer loans that range anywhere from $5,000 – $500,000. As you well know, everyone’s business is different and the specifics of your situation will determine how much you believe that you need.
The amount of the loan you are requesting will directly impact the amount of time you have to pay it back, but in general, the repayment terms of merchant cash advance loans can range from 3-36 months.
If you know the specifics of what you are looking for and would like to speak with someone about further details please feel free to call our toll free number to speak with a knowledgeable representative.
Merchant Cash Advance vs. Short Term Business Loans
There are many advantages of choosing to obtain a merchant cash advance rather than small business lending. Here are just a few:
- Application – With traditional business loans you typically encounter a long and arduous application process, but with GAD Capital the application is a simple and short online form.
- Payback Period – When you apply for a traditional business loan from a bank you should expect very strict repayment periods and monthly installments, but with a merchant cash advance your repayment terms are generous and flexible.
- Approvals – Just like the application process for a small business loan from a bank, the approvals can sometimes take weeks, but with merchant cash advances you can expect an approval within 24 hours.
If you haven’t already noticed, GAD Capital wants to make obtaining a business cash advance a stress and hassle free process for you. As a business owner you already have enough on your plate, and the last thing you need to be concerned about is how long it will take to get approval and funding for a loan.
If you think that a merchant cash advance would benefit you and your business then don’t hesitate – fill out an online application or call our toll free number here at GAD Capital today! We also offer personal loans or online installment loans which might be an option if you’re looking for a smaller loan from a direct loan lender.