Business Cash Advances

Business Cash Advances

If you have a small business you may need a loan to either help you get started or help you keep going.  Traditional business loans are offered by banks and can be hard to get.  These loans often take a long time to complete since there are many requirements for getting them.  Often a business may go through the process only to find that their loan won’t be approved.  The solution?  Business cash advances.

Business cash advances work very similarly to personal cash advances.  The thought behind the business cash advance is that it uses future sales as repayment towards the loan.  There are typically just a few requirements needed to get this type of loan.  First, your business must be registered, next it must take credit cards and finally your business needs to process a specific amount of credit card sales, typically $2500.

Similar to personal cash advance loans the repayment on business cash advances is done automatically.  The payments are processed based on your sales and are usually prorated accordingly.  That way if you have a excellent month you’ll be able to pay more while if you have a poor month you will pay less.  This is a unique type of loan that is available for many businesses.

The amount of money you can get with business cash advances varies and is based on the type of business and the monthly sales.  Some businesses have been able to get loans up to as much as $250,000.  The amount of your loan will depend on your anticipated sales as well as the history of sales results in the past.

Business cash advances are considered small-term loans and are usually not secured.  This means that they are not tied to any assets as some traditional loans may be.  This makes these loans accessible to many more businesses than other types of loans.  The loans are based on the sales that will come from credit cards in the future.

Business cash advances are very simple to obtain.  The process starts with an application that can often be filled out online.  The approval process is very quick as compared with traditional loans with most businesses getting approval within a day of application submission.  Businesses may get a small part of their requested cash advance within a day or two with the remainder of money being deposited in about a week.