Need a Small Business Cash Advance? Understand the Application Process

Many business owners find themselves struggling with a cash shortage in the current economy. Applying for a small business cash advance is a great alternative to going to the bank and seeking a loan — especially when you have overextended yourself and are not sure that you have the credit you need to qualify for that loan. With a cash advance for your business, you can get access to the money that you need now. Rather than adding payments to a list of those you need to make each month as you would with a small business loan, you’ll simply have payments made automatically as deductions from your batched credit card sales.

If you’re in a position in which you need to get a cash advance, it’s important to know what to look for in a lender, and to understand how to qualify for a small business cash advance.

When you are looking for a lender who can make a small business cash advance:

• Take the time to review the reputation of the lender. Be sure that other merchants who have applied for quick cash advances have had a good experience — that they’ve received their money quickly, and have had an easy time making their payments.
• Ask how long it will take for you to get the financing you need once you apply. If you need cash for your business quickly, shouldn’t you be sure that you can get the money quickly — maybe even a same-day cash advance?
• Compare application processes of different lenders. If a small business cash advance lender asks you to pay high-closing costs when you get the loan, a fee to apply, collateral other than your future credit card sales, or to audit your tax returns from previous years — all things that will lead to additional time before your cash advance is approved — you would be better off turning to another lender.

As you compare sources for a small business cash advance and learn more about the approval process, you’ll also be able to learn more about how to qualify for that advance. Some of the things that you’ll need in order to be eligible for a small business cash advance include:

• Proof that you’ve been in business for a while — usually at least nine months.
• A completed application.
• A merchant account as repayment will be made as your credit card payments are processed and a minimum amount of sales processed each month (often as low as $3000). It’s likely that you will need to provide four months of credit card processing statements as proof of meeting this minimum.
• To make a guarantee against fraud or an intervention against payments being deducted from your credit card sales.

By taking the time to ensure that you are choosing the right lender and that you understand what’s needed when you apply for a small business cash advance, you’ll be in a better position to access the financing that you need to meet your business obligations. If the sales are coming in, there’s no reason why you shouldn’t be able to get financing you need: that’s all it takes to get a small business cash advance. You could have the money that you need in a matter of days.