A small scale business owner who operates a restaurant might need a loan for a number of reasons. You might be in need of a restaurant loan to meet your working capital needs; pay up your employees in good time, restock your business and clear your existing debts just to mention a few of these. A restaurant owner could also be thinking of undertaking a business expansion or refurbishing the enterprise.

In order to get a restaurant loan, you may decide to approach the traditional lenders or the new kids on the block, the alternative lenders. Traditional lenders such banks have excessive and tiringly long application procedures, and chances of your loan application being declined are pretty high. For these reasons, you need a restaurant loan provider who is simple and quite reliable. Merchant cash advance providers are prompt as well as reliable in nature and you can rely on them to meet your urgent cash advance needs.

If you are a restaurant owner who is seeking for a responsive restaurant loan provider you can try out MCA providers. Their requirements are pretty basic and most of the small-scale business owners are eligible for the cash advances they offer. You will need to provide your restaurant’s business financial statements, your credit sales as well as a projection of your future credit sales as a company. The turn-around time for a loan application will be for about a day or at most three days. This quick response could rescue you from financial burdens and keep your business running smoothly.

Contrary to traditional lenders who might ask for a form of collateral for the loan being offered, these alternative lenders will provide you with a restaurant loan without asking for collateral. Looking at them keenly, it becomes clear that MCA providers simply buy your future credit sales by offering you a cash advance. The repayment schedule is sustainable for unstable businesses such as restaurants. It is undertaken by you making daily remittances of a fixed percentage of your credit sales. This implies that you will repay more on days with high sales volumes while you will remain with enough cash to run your restaurant in days with low credit sales.

In case you want to cash in on a new business opportunity and you have run short of funds, you can approach a MCA provider for a restaurant loan. This will be prudent since you will receive the cash in good time to benefit from the opportunity. In comparison to the time taken while applying for a loan from the traditional lenders, you will use a short time during the application process and a strikingly shorter time will be consumed in the processing of your restaurant loan.

It is inarguable that taking a cash advance from MCA providers is relatively expensive compared to the other options that you might have. The rates charged on the cash advance offered could be in the range of 10% to 100%. This implies that the repayment amount for a restaurant loan taken from these lenders will be higher. But the good thing about MCA providers is that they will act promptly to a restaurant loan request and the repayment made is sustainable for a small scale business owner.