Many business owners opt to avail merchant cash loan instead of bank loan. They find bank loans not suitable in times of emergency financial difficulties because of many documentation, guarantees, proofs and waste of time. In addressing business financial hurdle, time is of great importance in order to cope up in the competitive environment. That is why if you feel that your business needs financial help, do not wait long to seek lending company that could grant you instant cash.
Merchant cash loan works quickly because lenders do not require documentation and you can have the money in a week. However, if it is your second time to avail instant cash in the same lender, the processing of your application loan is expedited and the cash could be released within 72 hours. In this sense, you can pay your debts immediately and invest to make your business grow. If it is your first time to avail merchant cash loan, you need to know three important steps:
Step 1: Set up an account
In setting up an account make sure to avail the service of credit card processor that is accredited by the lending company you chose. Most lending companies have contracts with this facility and most likely the lender would require you to apply for it. So, before you start to fill out your loan application it is better to secure first setting an account.
Step 2: Approval of Application
After you had opened an account, you can submit the loan application. In your application, you should indicate the monthly credit card receipts of your business. After which, the lending company will verify about the authenticity of the given information such as the monthly income, the financial standing and the length of business operation. Make sure to provide the true information in order to avoid denial or disapproval of your loan request.
Step 3: Signing of contract
Once your loan application is approved, you will receive a contract indicating the amount of your cash loan as well as the repayment amount. As soon as the contract is signed, the cash will be release immediately. It is important that you scrutinize the contract of merchant cash loan before signing it. Have a keen perusal of the terms and conditions involve in the agreement. This way would avoid you from getting into trouble along the way.