A typical bank loan and capital loan usually take three weeks to 3 months to get approved and sometimes to even get processed. The success rate for a traditional bank loan for businesses is only 10-18% as far as approval rate is concerned. The major reason behind slow processing is the amount of documentation required to secure the loan. Traditional business loans require many documents to apply which include a business plan, collateral documents, bank statements, profit and loss statement, and resume of the business owner. It is not possible for any merchant to wait for long time for the approval of the business loans when a growth or expanding opportunity arises. There are various finance sources to avail merchant cash and capital loans, and one of the best sources is merchant cash advance. Availing funds for working capital and business growth plans is quick and easy with merchant cash advance. With MCA merchants can focus more of business growth while spending less time in application and documentation procedure of the loan.

Benefits

There are several benefits of merchant cash advance apart from less documentation. The cash advance can be applied for online and can get approved within 24 hours and funding in less than 72 hours. The loan is free from hidden costs and fees for applying. The merchant cash and capital availed can be used for expansion, inventory, taxes, working capital and any other business purpose for that matter. The cash advance can be availed for various businesses including medical, restaurants, medical, hospitality and others.

Merchant cash advance aims at helping small businesses that need some quick funds. The cash advance can give you access up to $500,000 cash within few days without any hidden costs or hidden fees. The process is simple and gets approved quickly when approved to other business loans. This type of merchant cash and capital loan does not consider credit history for approval and hence is ideal for those businesses with low or bad credit.

If you are wondering what exactly merchant cash advance is and what are the pros and cons of availing the cash advance then here are details. The cash advance is not a loan but advances offered against future card sales of the company that is discounted with the lender to avail immediate cash. The cash advance availed by the business is repaid by holding a portion of daily card sales of the business till the entire amount is received. This merchant cash and the capital loan is free from hidden fees and hidden costs and is not approved based on the credit history of the business owner.

One major advantage of merchant cash advance fast approval and quick funding. The loan can be applied online and requires less documentation when compared to other business loans. The funding can be received by the business owner in as less as 72 hours from approval. However, merchants may not use funds from cash advance for long term business financing such as purchasing real estate or business acquisitions but works ideal for obtaining quick funds to meet unexpected expenditure or increase cash flow with quick funds. Consider acquiring a merchant cash advance loan today!