Guest Post by Brian Thomas
Do you want some financial help to expand your business? Are you in need of some capital to sustain your business on a temporary basis? Then instead of applying for a traditional business loan you can take advantage of business cash advance. This loan has a lot more flexible and easier terms than a traditional loan. The loan does not have any impact on your personal credit and also does not pose any risk to your business or personal assets. The loan gives you the financial opportunity required to take your business to a greater height.
You can take advantage of cash advance loan for your trade, which is completely unsecured for an amount up to $250,000. This loan is a great alternative for your small business. Even if you do not have a good credit history, you can take advantage of this loan and make potential plans for your business.
The cash advance loan can be taken for any kind of business, including –
- Repair of any equipment
- Purchase of any equipment
- Purchasing inventory or seasonal merchandise
- Expansion of current business
- Paying off taxes or debt
- Emergency funding
Benefits of cash advance for small business The major benefits of this cash advance for small business are as follows:
- The loan approval process is very fast, is approved within 24 hours
- The loan does not require any up front fees
- There is no hassle regarding any paperwork
- The formalities for loan application is not stringent
- The loan does not require any security or collateral
- The business does not have to be for a long tenure
- Small term business owners can also take advantage of this loan
Requirements for business cash advance The requirements for business cash advance are as follows:
- The business needs to be registered in the US
- The business owner needs to submit proof of monthly revenue (gross)
- The business needs to be an established one
- Loan is not granted to start ups
Advantages of business cash advance against small business loan
1. Unlike a traditional loan for small business a cash advance loan does not require any fixed payment schedule. The lending organizations generally adjust as per the flow of the business. If the loan repayment period is slow, the repayment amount is kept smaller.
2. In a traditional business loan, you need to keep a security or collateral against the loan. The security can be a fixed asset like house or business property. In case, the loaner is unable to repay the loan amount, the collateral is taken possession by the lending institute. However, in case of cash advance, the loaner does not have to keep any collateral against the loan. It does not require any personal guarantee or a co-guarantor as well.
3. In traditional loans, you need to provide the tax returns for a minimum of last 3 years. However, in cash advance you do not require to provide any such tax returns.