Funding Amounts – $2.5K to $1.5MM
Loan Terms – 2 months to 2 years
Factor Rate – 1.14 to 1.46
Minimum FICO Score – 470
Payback – Daily/Weekly
Funding Time – As fast as 5 Hours
A merchant cash advance was originally structured as a lump-sum payment to a business in exchange for an agreed-upon percentage of future credit card and/or debit card sales. The term is now commonly used to describe a variety of small business financing options characterized by short payment terms (generally under 24 months) and small regular payments (typically paid each business day) as opposed to the larger monthly payments and longer payment terms associated with traditional bank loans. The term “merchant cash advance” may be used to describe purchases of future credit card sales receivables, or short-term business loans.
This type of financing is the most popular of all our products. The quick streamlined process, fast funding times, and flexible payback options are what attracts most. Generally we can have an approval ready within a few hours, with money available to you shortly. .thereafter.
What is a Merchant Cash Advance?
ACH Advance: This financing option is done by supplying the 4 most recent bank statements to determine the cash flow of the business and advance the money as soon as the next day. Payments are then made electronically by giving the lender authorization to debit directly from the business’s bank account on a daily/weekly basis.
MCA Advance: Is qualified by providing us both your business checking statements as well as your merchant processing statements. The payback on this funding will be made via a daily withholding a percentage of the credit card deposits. The payback is completely tied to the strength of your Visa/MC sales with no fixed amount or time frame. When your sales increase the lender gets more. If your sales decrease they get less. It is the most attractive payback schedule we offer.
Which Businesses Are A Good Fit?
A cash advance allows a business to borrow against future earnings. Requirements for this type of financing are extremely lenient due to the nature and terms of the loan. Generally, any business that needs access to fast working capital can qualify. Some industries are tougher than others, however, we can find a lender for almost any industry in existence.
What are the Minimum Requirements?
Normally, a credit check is performed for a general inquiry. Popular loans are granted after the lender is able to look at the last 4 – 6 months of bank statements to determine the cash flow of the business. These funding’s are focused on business cash flow strength, not the personal or business credit.
Why Use VentureLynk?
VL’s mission is to empower your business by making small business loans simple through options, speed, and trust. No matter the financing structure you may need, VL offers countless different loan products from a variety of lenders. Finding out which business loan is best for you is why we’re here.