Harsh financial times in the business world are not uncommon. This is a fact that many people appreciate and there are ways you can cushion your business from the impact of financial challenges as a business owner. There are many sources of external funding that you could try based on their suitability and responsive nature. We have traditional lenders and the new and more preferred alternative lenders who offer the best business loan funding options.

One form of alternative lending that seems to be every small business owner’s favorite in the recent past has been the merchant cash advance provision. These alternative lenders enjoy quite an audience in the business world despite being considered to be the most expensive form of lending. Their popularity seems to stem from their prompt services, simple loan application procedures and a repayment schedule that is sustainable for most of the small business owners. So what makes, MCA providers to be considered by most of the business owners who seek the best business loan funding option?

Well, as has been mentioned, the loan application process for most MCA companies is pretty simple and straightforward. It will be an added advantage to be an established business which accepts credit or debit cards to settle payments with your clients. You can then search for a suitable merchant cash advance company using online resources.

Though most of them outline their requirements in their websites, the most basic requirements to qualify for a loan from this form of business loan funding includes a financial statement of your business, a copy of the credit sale transactions and the estimated credit sales in the future. You don’t need to provide any form of collateral and you can still apply for a loan if you have a history of bad debts.

Their response time is remarkable and most of the loan applications are even approved and disbursed in a just a day. This makes them have an edge over the other sources of the best business loan funding such as banks who take ages to respond to loan applications. Rather than wait for weeks or months for a loan that you urgently needed, you have the alternative of approaching merchant cash advance providers who will address your needs more promptly.

The interest charged on the lump sum that is provided to business owners is higher compared to what other business loan alternatives charge. Despite this, there is an elaborate and sustainable repayment schedule that could take as little as 4 months to as long as 18 months. A fixed percentage of the daily credit transactions will be deducted from your credit earnings to repay the loan. This implies that you will pay more cash on productive days but you will be left with sufficient funds to carry on as a business on days with a low sales volume.

Merchant cash advance companies are the run to business loan providers in case you are in need of an urgent financial boost. They have simple and straightforward loan application procedures, a sustainable repayment schedule besides being prompt in responding to the loan applications.