The finance industry has transformed with the growth of the internet revolution, exponentially increasing online money-lending businesses’ reach. Today, a business owner can search for a loan and find a lender pool from which to choose. How does one begin to seek and find the best business cash advance companies when you need a quick decision. Here is a list of the 7 best.
As a business owner, it’s essential to know your business’s financial health during various events. There are times when a rapid injection of cash is a critical need until sales pick up or receivables are flowing again. The thing about a short-term loan from a cash advance company is to remember is that you’ll use your assets to cover the lien or offer the lender collateral.
What is a business cash advance?
A business cash advance is funding awarded to a company in return for a portion of its future sales. It is this principle that makes a cash advance different from an overdraft or loan. However, you must meet revenue standards to be eligible before a lender can consider your cash advance request.
A cash advance differs from business loans in that there’s no interest rate, a term of payment, and an outstanding loan.
As part of the loan terms, you pass your future sales to the lender for a business cash advance until you clear the loan. Usually, the fixed amount is repayable is set since it’s agreed upon during the lending stage.
For instance, if you’re looking for $15,000 in cash advance, you might agree to pay the lender $17,500.
Businesses use cash advances for various reasons, including buying inventory and essential equipment necessary for operation. Also, some companies use the cash advance for repairs or refurbishments.
As a lending business, the business cash advance is dependent on future revenue. It is available in varying forms based on the terms and conditions. These cash advance forms include:
- Merchant cash advance
- Revenue loan
- Turnover loan
- Revenue-based financing
When analyzing what a business cash advance is, consider what the lender will take a lien on or as collateral.
Best business cash advance companies
When looking to borrow money to improve cash flow, review the best available business cash advance loans for your situation. The sources below will bring insight into the cheapest rates and friendliest terms. You don’t want to end up with debt while trying to resolve your financial issues.
A regular business loan involves giving a lump sum and an interest rate paid until the repayment period is over. This traditional principle is the most typical type of financing. In this scenario, the interest amount continues to accrue for as long as you owe the loan.
Contrary to this principle, cash advance conditions are agreed on upfront during the lending stage. As you receive the cash advance, you won’t need to keep monthly calculations. The business and lender agree up-front on the fixed amount repayable.
Super Fast Capital
Has your traditional loan application been declined, and you need a dose of quick capital? Would you rather borrow money with set payments instead of percentage-based payments?
Then business a cash advance is a useful method of short-term cash flow. The main benefit of opting for this financing option is that it’s fast. While the traditional loans may take days, weeks, and sometimes months to be processed, cash advances are immediate.
A merchant cash advance can be approved within a day, and its turnaround is one to two days. The application process for this financial assistance is straightforward.
Cashadvance.com
Cashadvance.com offers you unlimited access to a network of lenders. Lenders also benefit from the community of borrowers visiting their sites for assistance.
Different from the standard cash advance brokers, this company doesn’t deal with lending directly. As such, the borrower will not receive or pay money to Cashadvance.com.
With this cash advance site, you can access short-term loans of $100 to $1,000. Even if you have a bad credit history, they have you covered. It is a well-known brand and caters to all credit types with an extensive network of lenders who have financial solutions.
Making a loan decision is fast for lenders, as Cashadvance.com is a trusted source of funding. Your company can have access to the requested funding in one to two business days.
For a business to qualify as a borrower with a Cash Advance Company, it must have operated for at least 90 days. Also, the monthly income must exceed $1,000.
Merchant Cash Advance Brokers
Does your business need a lump sum amount of cash, and a merchant cash advance is your preference? Then you have a lot of factors to take into account. There’re multiple merchant cash advance brokers available to help.
Below are some of the most popular cash advance brokers and what differentiates their services.
Lendio
Lendio is the best overall merchant cash advance brokers since it offers various lenders and loan forms. The application process is fast and easy.
Fundbox
Have a bad credit that’s threatening conventional financial lenders? Fundbox offers merchant cash regardless of your poor credit.
CAN Capital
Businesses have varying needs, sometimes requiring additional funds to run operations. Perhaps due to different borrowing methods in the past. Some lenders require you to wait a certain period before two loans.
CAN Capital eliminates the dilemma associated with repeat borrowing. They will support businesses with working capital as a short-term loan.
National Business Capital
Business cash advances are risky because lenders grant a lump sum and wait for future sales revenue. As such, some brokers are hesitant when offering small to medium companies larger loans.
National Business Capital, however, recognizes this need and offers cash advances at friendly terms.
Kabbage
Are you looking for convenience? Kabbage has an automated cash advance application system. The broker allows qualified businesses the ability to create a credit line to access capital when needed. This company will ensure you have cash flow when it suits you.
PayPal Working Capital
This cash advance option is only available to PayPal users. It would help if you had a PayPal Business or Premier account for about three months. Also, your annual PayPal sales should be $15,000 and above.
PayPal doesn’t, however, call its financial product a cash advance. Regardless, its system relies upon a similar principle.
Take Charge of Your Business Cash Advance Needs
Whether you have a small, medium, or large business, there’s a lender out there willing to offer financial assistance. Despite your circumstances, there is a loan product available to you. Companies are here to help you get fair and reasonable funding to assist you in various business situations to keep the company afloat.
Cashadvance.com makes the application for a cash advance easier and faster by creating an extensive network of borrowers and lenders. The simple terms and conditions favor your business while ensuring you meet the terms of payment.
Your credit history does not matter. What counts is your ability to repay the fixed amount agreed. Give it a try!