Small businesses generally require instant small business loans for a variety of reasons. In most cases, they approach banks for the funding but are rejected. Banks reject applications for best small business loans because they want to ensure their investment is secure.
Private funding options such as Funding Easily can provide instant business loans that businesses need it. The applications from Funding Easily are easy to complete with the entire process being quick and uncomplicated. This is the quickest way of obtaining instant small business loans where the funds are transferred to the business account of the applicant within 48 to 72 hours. How Private Funders Approve Fast Business Funding? Private funders are not looking for high credit scores from businesses and are willing to accept credit scores in the mid-500s. Banks, on the other hand, need credit scores of 700+ which is generally unavailable with small businesses. Moreover, banks need other forms of security along with healthy deposits every month. Banks want to be sure the business requesting for instant business loans is profitable. Therefore the request for profit and loss statements of the business along with personal financials of the owner. The business owner is not confident of getting the application approved despite providing all the necessary information. Private funders, on the other hand, do not require any of the above. They just need the business to adhere to the minimum criteria which they have set. The business requesting for instant business loans should be functioning for at least 12 months. It needs to have a minimum income of at least $15,000. The business owner should not have any active bankruptcy against him or her. These are the basic parameters businesses need to fulfill to receive instant small business loans from private funders. What Kind of Instant Business Loans Can Small Businesses Obtain? Small businesses of all types are eligible to apply for fast business funding with private funders. As long as they are able to satisfy the criteria mentioned above they can rest assured they will receive the funding they need within the timeframe mentioned. They even have the advantage of choosing from a variety of funding options which are offered by private funders. Owners of small businesses are recommended to contact private funders such as Funding Easily to obtain the funding they need. Wasting time with banks should be avoided because of the difficulties small businesses can encounter when making an application for instant small business loans.
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For small businesses who are looking for instant small business loans we provide them with funding, and we provide them with the funding easily as well as quickly. The entire process is simple and hassle free for the small businesses, however we do ask small business owners to be ‘decided’ before they apply for the funding.
It’s not easy to get a loan from the bank for small businesses, and the reason for this is because banks consider small businesses to be ‘high risk investments’. Typically, small businesses comprise 99.7% of all business in the United States and comprise the spine of the economy, however over 90% of all small business loan applications are rejected by the banks. We provide small businesses with the instant business loan that they require, and our qualification criteria are completely different from those of the banks. Our qualification criteria enables small business owners to determine for themselves whether they qualify for the funding or not themselves. Mentioned below here are the qualification criteria that we have;
These are the criteria that we have and these are very reasonable, enabling almost every small business owner to qualify for the funding. In addition to this there are other features that are also associated with our funding which ensure that the entire process is simple. Our processing time frames are very quick, and we can provide small businesses with the funding they require within 48 to 72 hours at the earliest. At the latest we will take a week to ten days to do the same, and usually not over that. Banks on the other hand will take a minimum of a couple of months to accomplish this, and they do require a lot of time to sift through the paper work that they require. Collateral is something we don’t require as our best small business loans is unsecured and uncollateralized. This is a very beneficial feature for small businesses, many of whom do not have the necessary collateral to provide the banks and other financial institutions. Credit scores also do not matter to us much as the funding that we provide is not based on credit scores. Typically we do work with credit scores that are in the low to mid-500s, and we do provide them with the fast business loans that they require. For more information related to the small business loans that we provide, contact us. You can fill in our online application by clicking on the ‘apply now’ tab, or you can give us a call and our funding team will provide you with the information you require. For small businesses that require a merchant cash advance we provide them with that easily and quickly. Small businesses can easily obtain the funding that they require, and they can get it without any hassle and with minimum formalities. Small businesses make up approximately 99.7% of all businesses in the United States, and the entire economy of the US depends on the health of small businesses. As a result we encourage small businesses to be ‘decided’ about their future course of actions as well.
Banks are not interested in funding small businesses, and the reason for this is they are considered to be ‘high risk investments’ for the banks. As a result they have very stringent qualification criteria, and over 90% of all small businesses do not make the cut. We do provide small businesses with the funding that they require, because our qualification criteria are completely different from those of the banks. Mentioned here are our qualification criteria, and looking at these any small business owner will be able to determine for themselves whether they qualify for the merchant cash advance bad credit or not.
And these are the simple qualification criteria that we have, which enable most small businesses to qualify due to their simplicity. Also mentioned below here are the other features that go on to make this into a very hassle free and easy experience for the business owner. We do not ask small businesses to provide us with collateral to qualify for the funding. A reason for this is due to the fact that collateral is not mentioned in our qualification criteria also mentioned above here. This is a very beneficial feature for small businesses as many of them do not have the collateral required by the banks, and this complicates and delays the entire process. The processing time frames that we have are also very quick, and we typically can provide small businesses with the merchant cash advance loans they require within 48 to 72 hours from the time we receive the application. At the most we would take about a week to do the same, not longer than that. Credit scores are also not a problem with us, and we often fund businesses whose credit scores are in the low to mid-500s. Banks on the other hand will not accept loan applications where the credit scores are not in the 700s, and this makes life difficult for small business owners. Generally, most small businesses do not have high credit scores, and banks require credit scores that are in the 700s to proceed beyond the initial steps of the application. Collateral is another feature we don’t require. We provide unsecured funding, and the funding which is an excellent feature for most small businesses, as many small businesses are not able to meet the collateral requirements to obtain a loan from the banks, as required by the banks. For more information related to merchant cash advance companies and loans, contact us. Our funding team will provide you with the information you require, and also with the filling up of the application form. On the other hand you can also click on the ‘apply now’ tab and fill in your details there by yourself. There are many differences between a merchant cash advance and a traditional bank loan, and technically a merchant cash advance bad credit is not a loan at all. It’s a cash advance against the future sales of the business it’s lending to. Taking this into account, what are the merchant cash advance interest rates?
Like any typical loan, the information we require to tell you the interest rates are as follows;
Once we have this basic information, we will be in a position to tell you the interest rates accurately. However, if you’re looking for interest rates as in a ball park figure, the only thing that we can tell you is they are higher than bank loans, and generally in the double digits. However, these double digits also depend on the various factors that are associated with the circumstances of the business at the time of the application. We do speak with business owners who want to know the interest rates before they have shared information related to their business with us. This is not possible for any financial institution to do, let alone private lenders. Merchant cash advances are small business cash advance loans. These loans are for many businesses a last resort, and a pretty sure option of funding. The processing time frames are extremely short and in most cases a few days, or even the next day funding. So yes under the right circumstances it does make all the sense to take it. Who should not apply for a merchant cash advance; Merchant Cash Advance loans are not meant for every small business, and these are generally easiest business loans to get. When business owners are shopping around for business funding, they need to understand how to do this to best accomplish their requirements. Typically there are businesses that are simply shopping around for the best deals available, based on interest rates and there are business who require funding regardless of interest rates. An MCA with its higher interest rates (as compared to banks) is designed more for the latter, business that require immediate funding regardless of interest rates. As we have mentioned these are not business loans, these are business cash advances bad credit designed to suit specific business purposes. Sometimes we come across those who are looking for the ease of funding provided by private lenders such as ourselves, with a combination of term loan features and benefits. Ideal circumstances to take an MCA The ideal circumstances to take an MCA are as follows; a business that requires cash for a short period of time. This is because the MCA is only for a period of 12 months. If the requirement of the loan is for a shorter duration of time than 12 months and for a very specific purpose, then a cash advance suits your requirements very well.
For those who are shopping around for a loan with the lowest interest rates and the longest duration, and are not in immediate requirement, an MCA is not the best option. For business owners who can wait and as a result shop around for the right kind of loan, a term loan with the bank is the best option. The requirements of banks is different and best explained by the bank. Why take a merchant cash advance for your business; The primary reasons related to under what circumstances to take a merchant cash advance is mentioned above, however what we’re touching upon here is not the reasons but the decision to take an MCA. MCA funding is far easier to obtain as compared to bank loans. It’s almost sure funding, provided a business owners application has been rejected by the bank. Under these circumstances a business owner knows that if they really require the funding then this is the best option for him or her. The correct mindset to take a merchant cash advance is ‘I need the funding, and need it now’. If this is the way you’re thinking then yes, this is the best option for you. An MCA is easy business loans and that makes it one of the best options for small business owners. One of the biggest advantages of taking a merchant cash advance is because, most that apply qualify for the funding. The big feature here is qualifying, with an MCA most qualify. With a bank loan most small businesses do not qualify.
Criteria for a merchant cash advance funding; The criteria for a merchant cash advance is as follows and these are completely different from the criteria of banks.
These criteria are simple and most small business are easily able to meet these. There are certain business types that are well suited for this form of capital business funding. Factors that affect the MCA interest rates The credit score does affect the interest rates of the fast business funding and this is due to many circumstances. Typically, the worse the credit score the higher the interest rates, we do not deny funding based on poor credit scores likes banks do. Other factors that affect the interest rates in a positive way are as follows;
With these features working in favor of the business owner, he or she will get better interest rates, as compared to those who have poor deposits, revenue and erratic deposits. When applying for an MCA a small business owner should have no illusions about what they are applying for. While this form of funding is very beneficial to some business owners, it is not compared to bank loans of any kind, and is very different from any form of bank loan. There are many businesses that are ideal for merchant cash advances, and if you feel that your circumstances and situation is perfect for an MCA then contact us. Our funding team will provide you with the information you require and assist you with the application process. Alternatively you can fill in your basic information by clicking on the ‘apply now’ tab. |
AuthorThis article was written by John Smith for Funding Easily Archives
October 2018
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