There are many forms of business loans available to businesses today, and while some of them are difficult to obtain others such as a merchant cash advance loans are not.
Many businesses visit the bank when they are looking for a loan, only to find out that banks are almost not giving loans to small businesses. Almost all merchant cash advance loans applications to banks by small businesses are rejected, about 90% of them. The reason for this is banks do not want to take any risks when they lend out money.
The option small business have is private lenders who do provide merchant cash advance companies to businesses. These are very easy to apply for, the qualification and approval criteria are not difficult to meet for most small businesses and these are processed quickly. The quickest a merchant cash advance loans for a merchant cash advance bad credit for small business can be processed is within 48 to 72 hours from the time of application.
Private lenders understand how things work, they understand the ground realities of small businesses and the domestic economy. As a result they do not impose strict criteria for small and medium sized merchants to meet when they apply for a merchant cash advance companies direct lenders.
Generally banks require excellent bad credit scores, 700+ and they also require excellent deposits and closing balances on bank statements. In addition to this banks may also require merchant cash advance companies of the business owner, tax returns, profit and loss statements etc. All this is to check the stability of the business by the banks. However with the volatile business market, economy, weather and natural disasters etc, it is difficult for small and medium businesses to maintain a perfect track record month after month.
Private lenders require the applicants business to be over 12 months old, and they need to have a minimum gross business income of $15 thousand a month. In addition to this the business owner should not be in bankruptcy currently at the time of the application.
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