Today, there are so many business loan choices out there that it’s almost overwhelming. Although there are so many choices, it is widely believed that the MCA or Merchant Cash Advance loan is the most popular and flexible choice out there.  There are many reasons why small business loans have been popular since 2008. At that time, the economy crashed and many people were scrambling to find out why their 401K and other investments were lost. This was a lot of hardship but, with that, a lot of progress came along for the very same people thirsty for some change.

There are people with their own small business today that would have never initiated their business if it wasn’t for the global economic downturn. People who were less than satisfied with their jobs made the decision to become entrepreneurs and branch out on their own. Now, from that entrepreneurial upturn, we have gig economy as well that has branched from all the courageous people who invested in start-up businesses.

These businesses have spawned opportunities for the population to work; and, not just work, but the opportunity to be involved in professions that did not exist before. Some of these startups are ones that are very recognizable in the gig economy sector; UBER and LYFT for example. There is nothing to say that the next person who applies and is approved for a merchant cash advance won’t be the next Uber; however, if the product was not there, it can be assumed correctly that there may be no chance.

The MCA loan is the most popular to date because of its flexibility, ease, and swiftness of application. This loan is not like other loans that have such a broad base that acceptance becomes hit or miss. It is specifically tailored to small businesses and startup entrepreneurs. What does this mean and who falls under this category? Anyone who has a small business already established either in its fledgling stage or in its much more established stage and needs a boost. That’s it, as long as the business is not a large corporation and it meets the minimum requirements, the loan can be used.

Requirements for Merchant Cash Advance Loans:

Here is a brief outline of the minimum requirements and metric ranges most typical for merchant cash advance loans. Please keep in mind what is meant by metric ranges. When the amount of money in credit is scrutinized, the metric they use is the amount they require and it is important to keep in mind that this is only a guide; each company will vary.

  •    $10,000 dollars in credit card revenue per month. {Metrics will vary by company}
  •    A business checking account that is allocated legally by a banking institution for that business only; DBA’s count as well as long as the legal banking paperwork is legitimate.
  •    It helps to have some liquid assets, meaning, assets that can be used as collateral. This can be personal or business assets; however, it is best to avoid personal and go with the business. For example, put up the business equipment and not your house.
  •    And of course filling out the simple application. This is a guideline that should have given a clear picture of why merchant cash advance loans are so popular and how to get started today!