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With the kind of financial conditions the country is going through, banks have practically closed the doors for providing any sort of business cash advances to small business. Before anything else you would need to have a long standing excellent credit record. This is indeed not feasible for most of us. Further, the bank would ask for collateral security in form of assets, for example your home or any other real estate whose equity value is more than the loan you need. But there is a bank loan alternative where you need not provide any sort of collateral security.
If you have a business and you are having good sales record and if the sales are made through credit card transactions, you are already eligible for bank loan alternative. Lenders are keen to lend money for business purposes if you have a good credit card transaction record. All that the lenders want to see that you have ongoing credit card sales. However, the average volume of your sales will determine the business loan amount. This is called business cash advance.
As for the repayment of bank loan alternative, the lender would first ask you to switch over to a vendor or vendors who are approved by the lender. A percentage of your daily credit card sales would go into repayment of your loan, and this could be 15% or above. The repayment period would be typically 4 to 6 months. Though the lender would be satisfied with your average credit card sales record, he would want to protect the risk in letting you have the business cash advance. The interest on the loan given will be a bit higher than the usual for this type of loan.
The funds borrowed as business cash advance may only be used for business purposes, and it does not matter what you spend this amount on. It would not matter if you have bad credit scores. You will not be asked for collateral security, and your application would be processed much faster than the banks or other financial institutions. The success of your application would be completely on your recent credit card processing statements. You would need to submit your business documentations along with your application. This is a typical bank loan alternative which is very popular amongst people owning businesses.
Go for bank loan alternative by trying a merchant cash advance loan against your credit card sales and total sales of the business. Here is the our application and get a free quote.
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