A merchant cash advance is a large sum of cash given within a 24-hour to 48-hour period.
Document For Merchant Cash Advance
The documentation needed for a merchant cash advance is to have a credit score of at least 500 points. However, a credit score is not a significant factor in receiving a merchant cash advance. Next, have bank statements of at least 3 to 6 months. Other documentation might be required to obtain a merchant cash advance.
Once documentation is completed, then the business can receive the needed cash. The benefit of choosing a merchant cash advance is there is no reporting to credit card agencies.
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Merchant Cash Advance Why Is It Importantant?
A merchant cash advance is a fast and easy way to receive critical funding. A merchant cash advance takes 24 to 48 hours to receive cash compared to a business loan. A business loan takes 1 to 2 weeks to receive funding. Also, a merchant cash advance doesn’t require a high credit score compared to a business loan.
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What Is The Average Merchant Cash Advance?
The average merchant cash advance is between $10,000 to $250,000, depending on companies need. A merchant cash advance is paid back using credit or debit card sales. However, there are different options for repaying a merchant cash advance.
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Why A Merchant Cash Advance?
A merchant’s cash advances are more accessible than a small business loan. The requirements to be granted access to a merchant cash advance are not as strict compared to a business loan. Merchant cash is a faster way to access funding and is paid back differently from a small business loan.
