Faq
Frequently Asked Questions
How quickly will I be funded?
In most cases, we can fund 24-48 hours after a complete application is submitted.
Will this affect my credit?
We provide you with an approval based on a "soft pull", which means your FICO score will be unaffected. Once you choose a program from various approvals and you decide to proceed, your lender may do a hard pull.
What are general rates of a merchant cash advance?
While rates vary depending on the perceived risk of your business, the size of the advance, and the payback term, typically a business will pay back between 20% and 40% of the amount borrowed.
Is a merchant cash advance a loan?
A merchant cash advance is not considered a loan. An MCA is the sale of a portion of future receivables.
Will I have to switch credit card process for a merchant cash advance?
Not always; however, you may need to switch your credit card processor and point of sales system to get a business cash advance. Most merchant cash advance companies will measure and track revenue through their own proprietary equipment.
Will a merchant cash advance help my business credit?
A merchant cash advance may help you negotiate better rates and terms of future merchant cash advances. Merchant cash advances are generally not reported to the credit bureaus.
What if my business does not accept credit card payments?
You can still obtain a merchant cash advance based on your sales. You can also choose a short-term loan.
What can my merchant cash advance be used for?
Because there are no restrictions on how you can spend your advance, you can use the money on virtually anything that is business-related.
How is the merchant cash advance paid back?
Your business bank account will be debited via ACH daily or weekly. If most of your sales are made via credit cards, the credit card system will automatically forward the agreed upon percentage of each credit card and debit card transaction until the entire amount due is collected.
I'm trying to get approved for a bank loan, is that something you can help with?
We work with our clients to help them qualify for and get approved for a loan. Although there is no guaranty, we have found that if you follow the process, your chances of getting approved for a bank loan increase substantially. Short-term capital is designed to provide you with the capital you and and often serves as bridge funding. Once you get approved for the bank loan, you can just pay back the bridge funding.
***IF YOU HAVE QUESTIONS THAT ARE NOT ANSWERED ABOVE, PLEASE CONTACT US RIGHT AWAY***