Have a hard time getting approved for a loan because of your credit score? We have a program to tell you about that may change that for you. A cash advance or revenue based financing is a type of business loan that can be obtained quickly and without a conventional credit check. Many individuals choose a cash advance because of the ease with which it can be obtained, as the approval process is often much simpler than traditional loans. And the best part? You can be approved with a credit score as low as 450!
When it comes to getting approved for a merchant cash advance, the qualifications are often easier to meet than for traditional loans. Most lenders only require proof of revenue, a valid drivers license/ID, a voided check for the business, and a valid business bank account. These requirements are often easier to provide than the sorts of documents needed when applying for a traditional loan. Applications for traditional loans can take anywhere from a few weeks to months to process. By comparison, a cash advance can be approved and have the funds in your account in the same day.
The availability of cash advances has made getting money for your business much easier. They can be a lifeline to those who need fast access to funds very quickly as other options can take weeks to finalize. A cash advance is a great short-term solution for managing finances. Merchant cash advances are often used when a consumer cannot qualify or wait for a conventional loan.
In comparison to other types of financing, a cash advance is usually a less expensive option. They don’t typically require detailed background records, as lenders generally focus on the revenue and cash flow of the business. Your credit does not weigh in heavily on your approval but it may impact your rate if approved.
That being said, a merchant cash advance is one of the easiest loans to get approved for with bad credit. The paperwork is minimal (normally done online) and you only need to present a few documents to receive your money. Trust Capital is a direct lender and we can give you an an instant preapproval online! Working with a direct lender means that you will receive the best rates and service possible, also no broker fees. Get started today by filling out our online application.