A merchant cash advance (MCA) is a type of business funding in which the funder is paid by taking a percentage of the businesses' revenues or sale proceeds. The term Merchant Cash Advance is commonly used to describe a variety of small business financing options characterized by purchasing future sales revenue in exchange for 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.
In finance, unsecured debt refers to any type of debt or general obligation that is not protected by a guarantor or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy, liquidation, or failure to meet the terms for repayment. Unsecured debts are sometimes called signature debt or personal loans. These differ from secured debt such as a mortgage, which is backed by a piece of real estate.
Merchant cash advance companies provide funds to businesses in exchange for a percentage of the businesses' daily credit card income, directly from the processor that clears and settles the credit card payments. A company’s remittances are drawn from customers' debit and credit-card purchases daily until the obligation is met. Most providers partner with payment processors and take a fixed or variable percentage of a merchant’s future credit card sales.
Learn MoreAn SBA loan is a business loan partially guaranteed by the U.S. Small Business Administration (SBA) and issued by participating lenders such as banks, credit unions, and online lenders. The SBA doesn't directly provide the money; it reduces the lender’s risk, encouraging them to lend to small businesses. If a borrower defaults, the SBA guarantees a portion of the outstanding loan amount to the lender.
Learn MoreA line of credit is a flexible type of loan allowing you to borrow up to a set limit. You can draw and repay as needed, with credit becoming available again after repayment. You only pay interest on the amount borrowed. Understanding how your borrowing limit is determined and maintained is key to responsible financial management.
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Our initial application process uses a soft credit pull that won't affect your credit score. A hard credit check only happens when you decide to move forward with a specific lender's offer.
For our initial application, you'll just need basic business information. If you proceed with a loan offer, you may need to provide bank statements, and other financial documents depending on the loan type.
Many of our lenders offer funding the same day and others as soon as the next business day after approval. SBA loans and some larger financing options may take longer to process.
We work with lenders who consider factors beyond just credit scores. Your business revenue, time in business, and industry can all play important roles in loan approval.