Lending has evolved from the time when traditional lenders were the only option, to the current times which have witnessed a growth in non-bank lending options. Non-bank lending can also be referred to as alternative lending and there are many options that one can consider. In this article, we will focus on merchant cash advance providers. These offer a convenient and prompt package to their clients although they are considered to be relatively expensive compared to other sources.

A merchant cash advance refers to a lump sum that MCA companies will provide upon approval of your loan application. The lump sum obtained from this lending option will be repaid based on a fixed rate that is applied to the businesses daily credit card sales transactions. The range of interest that is charged could vary from 10% to as much as 100% which could explain why it is considered to be an expensive non-bank lending option.

The loan application process could take as little as a day, and the requirements are less than what a traditional lender would demand. You will need to provide the financial statement of your respective business, a copy of your past credit card sales along with the projected future credit card sales. What will amaze you is that you don’t need any form of collateral to qualify for a loan from the providers of this non-bank lending option.

A merchant cash advance is not considered to be a loan in strict terms. It is simply an investment on a business owner’s future credit sales. Again, The charges are based on a fixed rate which is deducted from the daily credit transactions. This implies that days with the most sales will be the days where you will remit high amounts, which in the long run would mean that you part with relatively more cash. The good thing about this is that you will be left with enough cash to keep your business running on days with low credit card sales.

If you are looking for a faster way of getting funds when relying on non-bank lending options, settle on a MCA provider. The loan application can be undertaken online and this means that you can do it from any location. Your application will be reviewed in a day and at most three days before your cash is disbursed to you. This is quite convenient for those who urgently need cash to keep their business running, expand it, or even capitalize on an opportunity that has risen.

MCA companies unlike other bank and non-bank lending options, don’t follow up on how you will utilize the loan. You can use it for other needs that you deem urgent or more important. This has made many business owners to prefer them since we all have different cash needs.

If you are looking for a responsive non-bank lending option, approaching a merchant cash advance provider could be a prudent decision. You will enjoy high approval rates and get your cash at the time that you desire to have it the most.