Trying to get cash for your business when you have poor credit isn't as difficult as it used to be. It used to be that if the bank turned you down for a loan, there weren't many options available. That has changed in the past few years since the business cash advance was introduced.
The idea is pretty simple; eliminate a lot of the risk associated with loans and you are able to fund a greater number of people. In fact; some cash advance providers can approve nearly 95% of all businesses who apply. That is a pretty staggering number when you consider that banks only fund about 10%.
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How does a business cash advance work?
Rather than relying on your credit history, they look at your sales history as the basis of the advance. More specifically your businesses credit card sales. Once they determine a monthly sales average; they advance you money based on that monthly average. Once you are funded; your credit card processor is set up to automatically use a percentage of your credit card sales to pay them back.
It is important to note that they do not touch your cash sales. It is also important to know that they are careful not to offer you any more money than your business can comfortably pay back. Your businesses success is important for all interested parties.
A business cash advance is considered an unsecured loan.
That means that they do not require collateral to fund your business. This is important for two reasons;
The lack of personal assets required for collateral prevents many business owners from qualifying for a loan. If for some reason you are not able to pay back the advance; they are unable to go after your personal assets.
There are many advantages to this type of funding. I invite you to use the following link to discover what a business cash advance can do for your business.
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