Tag: Advance

Easy Online Payday Loan #cash #advance,faxless #payday #loan,instant #payday #loan,internet #payday #loans,loan #payday,no #fax

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Get Payday Loans Online Fast

Easy Online Payday Loan is the #1 site for all your no fax payday loan needs. When you need a fast payday loan, Easy Online Payday Loan is here to assist you!

What is a Payday Loan?

A payday loan is a short-term loan to cover your spending needs. It is secured against your future paycheck. Cash advance payday loans have grown in popularity over the years and are used by millions of people just like you to pay for unexpected expenses that arise. If there is an emergency and you need money quickly, a cheap personal loan can help. Just be sure to only borrow what you can afford to pay back when you receive your next paycheck.

Payday Loan Cash Advance Requirements

The payday lenders in our network require that you are at least 18 years of age, maintain a regular source of income, and have a direct deposit system set up with your local bank. If you meet the loan qualifications of the lender, you may be on your way to getting the cash you need – get started with us today!!

Get information about
payday loans in your state.

Why Payday Loans Online Beat the Alternatives

Our remarkably fast and easy-to-use form is what sets us apart from the other faxless payday loan sites on the Web. Shopping online for your payday loan is much easier than going to a physical location, making it a faster and more convenient way to get the cash you need all from the comfort of your own home. Our trusted lenders offer superior service to a wide variety of consumers, so your financial history will likely not prevent you from being approved for a loan. You can get up to $1000 deposited in your account as soon as tomorrow. Avoid the bounced checks, overdraft and NSF fees by getting a cash advance loan to hold you over until your next paycheck arrives.

Using our online loan service is more discrete than going to a payday loan store and you don’t have to worry about forgetting the necessary documents. Your transaction information is completely private and what you provide to us stays with us! No one will ever know you got a faxless payday loan. We have all been in your position at some point, so relax and let us help you get back on track quickly and easily with an Easy Online Payday Loan! Fill out the form above or give us a call at 866-634-4358 to get started!

Consumer Notice: Payday loans are intended for short-term financial needs only, and should not be used excessively. If you have mounting debt or credit troubles, Easy Online Payday Loan suggests you seek the advice of a credit professional.

*Most lenders fund the next business day. Cash tranfser times vary betweeen lenders. Easy Online Payday Loan has no control over the time it takes to receive your funds.

**Additional loan requirements may exist. Not all third party lenders have the same qualification requirements; loan services vary from state to state. For more information, please review our Terms of Service.

Actual loan amounts provided by our affiliates vary based on residency and assessed financial eligibility.

IMPORTANT: The information you provide is used to match you with a third party payday loan lender in our network. Easy Online Payday Loan and its affiliate lenders may verify personal information and past loan transactions during the loan approval process. Not all applicants will qualify for the faxless loan approval process or the loan amount requested. Refer to our Privacy Policy for additional information. Source: http://www.nofaxquickcashadvance.com .





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Business Loans #business #loans, #business #loan, #small #business #loans, #small #business #loan, #personal #loans,

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Apply Now

Business Loans

Fast Business Lending Solutions Merchant Advisors offers small businesses a platform for business financing. Whether you need funding for expansion or working capital, Merchant Advisors gets you the business financing you need when you need it at minimal costs.

We understand that every business has its unique borrowing needs. Some may want to make new purchases to boost productivity and sales; some need working capital to support operating costs. That’s why we offer the use of innovative technology to offer simple, fast and unsecured business loans. As a non-bank lender, Merchant Advisors offers low longer terms and low rates for more effective business financing. We realize that if a loan costs too much – we may not get paid back! We prevent this by offering affordable business financing.

Unlike bank lending, our financial experts walk you through the loan process to make sure you have a full understanding of our loan process. We strive to make the loan application process as easy as possible; and this is what sets us apart from other lenders.

A Smarter Way to Shop for Business Loans, Compare & Save! Our goal is to serve our clients’ immediate and long term financial needs from basic business loans and credit lines to the most intricate financial situations. In today’s fast paced market time is money and we make sure you waste neither. Our experienced financial advisors keep their finger on the pulse of your business, and stay on top of your industries trends which can affect your entrepreneurial goals or existing enterprise.

If this sounds like something that interests you & benefits you, we highly recommend you APPLY NOW to get started with no upfront fees and no commitment to find out how much you’re eligible for.

What Sets Us Apart from Other Lenders?

  • We deal with the industry’s most trusted brand name providers
  • Increases your chance of approval by constantly adding new private lenders to our portfolio
  • You get the same (if not better) rate going through us to due to our portfolio track record with our lenders
  • Get a loan for your company without any collateral
  • Receive funding within a few business days!
  • Easiest lending platform with minimal information required for approvals
  • Best rates, save time, and save money!
  • Equipment financing, minority loans, startup funding, working capital many others options.




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Title Loans Tucson, AZ 85714 #payday #loans, #online #payday #loans, #cash #advance, #payday #advance,

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Check Into Cash Tucson

The Annual Percentage Rate (APR) for payday loans varies in each state and depends on the advance amount, fees, and terms of the transaction. The APR for a $100 single-payment payday loan may range from 260.71% to 782.14% on 14 day terms. As a member of CFSA, Check Into Cash abides by the spirit of the Fair Debt Collection Practices Act (FDCPA) as applicable to collect past due accounts. Delinquent accounts may be turned over to a third party collection agency which may adversely affect your credit score. Non-sufficient funds and late fees may apply. Automatic renewals are not available. Renewing a loan will result in additional finance charges and fees.

Customer Notice: A single payday loan or cash advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday loans and cash advances are not recommended as long-term financial solutions. To view a list of the states we service online, please visit our Rates and Terms page. For our privacy policy, please visit our privacy policy page. Notice to CA customers: Check Into Cash is licensed by the Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law. Notice to OH customers: In Ohio, Check Into Cash operates as a registered credit services organization (CSO). The actual lender is an unaffiliated third party. CS.900185.000. In Ohio, Loan By Phone operates as a registered Credit Services Organization (CSO). The actual lender is an unaffiliated third party. CS 900138.000.Ohio in-store license. Notice to UT customers: For questions or complaints please call the Utah Department of Financial Institutions at 801-538-8830 (UT customers only). Notice to LA customers: If you cannot make payment when due, you can ask to enter into an extended payment plan once in a twelve-month period, but the request must be made before payment is due. Should your lender (Check Into Cash) refuse to enter into an extended payment plan upon your request before the due date, contact the Office of Financial Institutions at 1-888-525-9414 (LA customers only). TX customers: In Texas, Check Into Cash operates as a Licensed Credit Access Business (CAB). The actual Lender is an unaffiliated third party. Notice: An advance of money obtained through a Small Loan or Auto Loan is not intended to meet long-term financial needs. A Small Loan or Auto Title Loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges. VA customers: CREDITCORP OF VIRGINIA IS LICENSED BY THE STATE CORPORATION COMMISSION. VA LICENSE # VTL-10.

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Payday Loans Online & Payday Advance Loans from Check City #pay #day #loans #online,payday

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Too Many Days Till Payday? Get Fast
Payday Loans Online & In Store.

Check City realizes that payday may not always come on the day that you need it to. With a fast, convenient payday loan from Check City you won’t have to worry. A payday loan is surprisingly easy to qualify for and affordable.* When used effectively, a payday loan is a superior alternative to late, over draft, over the limit, and reconnection fees as well as the long term affects that such fees can have over time due to changes in your credit score. A payday loan also gives you access to money you need to take advantage of great sales or limited time offers that you would otherwise miss out on if you waited till payday.

Getting a Payday Loan is easy, you can Apply Online or visit a Check City Location near you. Either way, the process only takes a few minutes. It s so easy!

Here s How Online Payday Loans Work:

  1. Visit www.CheckCity.com and fill out the application online.
  2. We will review your application.
  3. Within 24 Hours your funds will be Direct Deposited into your account upon approval.

Here s how a Payday Loan works in Stores:

  1. Walk in to a convenient Check City Location and fill out an application.
  2. Write a personal check† for the amount you need (plus our standard fee) .
  3. Walk away with CASH upon approval!

To Qualify for a Payday Loan you must:

  1. Have a steady source of income
  2. Photo ID
  3. A checking account

Apply Online or come by a Check City Location today and get the cash you need now!

DON’T HAVE A CHECKING ACCOUNT? Check City offers Signature Loans. Stop by any of our Utah Locations for more details.

*Payday Loans should be used for short-term financial needs only, not as a long-term financial solution. If you are experiencing credit difficulties, we encourage you to seek credit counseling. Although we strive to assist every applicant, not all loan applications will be approved.

†Check City holds the check until your next payday or some other date you specify and then cashes the check to repay the loan.

NEED QUICK CASH?

Payday Loans are also commonly referred to as Cash Advance, Payday Advances, Payday Advance Loans and Fast Cash Loans.

Check City does not usually utilize traditional credit checks as part of the payday loan approval process. However, Check City may, at its discretion, verify application information by using national consumer loan underwriting databases that may include information relating to previous cash advance transactions that Check City may take into consideration in the approval process.

Actual loan amounts vary. See Rates and Fees for specific information and requirements.

Products or services offered to customers may vary based on customer eligibility and applicable state or federal law.

Some customers applying for payday loans or installment loans may be required to submit additional documentation due to state law and qualification criteria.

Check City provides loan services in: Alabama, Alaska, California, Hawaii, Idaho, Illinois, Kansas, Missouri, Nevada, New Mexico, North Dakota, Texas, Utah, Washington, Wisconsin, and Wyoming.

Customer Notice: A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions.

Loan proceeds issued through our website are generally deposited via ACH for delivery next business day if approved by 8pm CT Mon. – Fri.

Check City acts as a credit services organization/credit access business (CSO/CAB) in Texas and is not the lender – loans there are made by a third-party lender.

This is an invitation to send a loan application, not an offer to make a short term loan.

This service does not constitute an offer or solicitation for payday loans in Arizona, Arkansas, Colorado, Georgia, Maryland, Massachusetts, New York, Pennsylvania, or West Virginia.

VCC Credit Services Inc. dba Check City Title Loans, a motor vehicle title lender, is licensed by the Virginia State Corporation Commission. License #VTL-28. Tosh of Utah, Inc. dba Check City Check Cashing, a payday lender, is licensed by the Virginia State Corporation Commission. License #PL-57 Anykind Check Cashing, LC. dba Check City, a payday lender, is licensed by the Virginia State Corporation Commission. License #PL-21

Maximum funded amount for payday loans or installment loans depends on qualification criteria and state law. See Rates and Terms for details.

Utah Customers: For consumer questions or complaints regarding payday loans and/or title loans you may contact our Customer Service Department toll-free at (866) 258-4672. You may also contact our regulator The Utah Department of Financial Institutions at (801) 538-8830.

Please see Rates and Terms to check the availability of online loans in your state. Check City does not provide loan services in all states.

This is an invitation to send a loan application, not an offer to make a short term loan. This service does not constitute an offer or solicitation for payday loans in Arizona, Arkansas, Georgia, Maryland, Massachusetts, New York, Pennsylvania, or West Virginia.

Customer Notice: A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions.





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Title Loans Phoenix, AZ 85015 #payday #loans, #online #payday #loans, #cash #advance, #payday #advance,

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WE’RE SORRY, THIS STORE IS CLOSED

The Annual Percentage Rate (APR) for payday loans varies in each state and depends on the advance amount, fees, and terms of the transaction. The APR for a $100 single-payment payday loan may range from 260.71% to 782.14% on 14 day terms. As a member of CFSA, Check Into Cash abides by the spirit of the Fair Debt Collection Practices Act (FDCPA) as applicable to collect past due accounts. Delinquent accounts may be turned over to a third party collection agency which may adversely affect your credit score. Non-sufficient funds and late fees may apply. Automatic renewals are not available. Renewing a loan will result in additional finance charges and fees.

Customer Notice: A single payday loan or cash advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday loans and cash advances are not recommended as long-term financial solutions. To view a list of the states we service online, please visit our Rates and Terms page. For our privacy policy, please visit our privacy policy page. Notice to CA customers: Check Into Cash is licensed by the Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law. Notice to OH customers: In Ohio, Check Into Cash operates as a registered credit services organization (CSO). The actual lender is an unaffiliated third party. CS.900185.000. In Ohio, Loan By Phone operates as a registered Credit Services Organization (CSO). The actual lender is an unaffiliated third party. CS 900138.000.Ohio in-store license. Notice to UT customers: For questions or complaints please call the Utah Department of Financial Institutions at 801-538-8830 (UT customers only). Notice to LA customers: If you cannot make payment when due, you can ask to enter into an extended payment plan once in a twelve-month period, but the request must be made before payment is due. Should your lender (Check Into Cash) refuse to enter into an extended payment plan upon your request before the due date, contact the Office of Financial Institutions at 1-888-525-9414 (LA customers only). TX customers: In Texas, Check Into Cash operates as a Licensed Credit Access Business (CAB). The actual Lender is an unaffiliated third party. Notice: An advance of money obtained through a Small Loan or Auto Loan is not intended to meet long-term financial needs. A Small Loan or Auto Title Loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges. VA customers: CREDITCORP OF VIRGINIA IS LICENSED BY THE STATE CORPORATION COMMISSION. VA LICENSE # VTL-10.

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Online Merchant Cash Advance #entrepreneur #ideas

#business cash advance

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Merchant Cash Advances

What is a merchant cash advance?

When you receive a merchant cash advance, your business gains upfront working capital in exchange for a percentage of future credit card sales. Merchant cash advance companies frequently partner with card processing companies to hold back a percentage of sales revenue. A merchant cash advance is also sometimes referred to as a business cash advance.

How are merchant cash advances different from a business loan?

Merchant cash advances are not small business loans. You are selling future income in exchange for immediate access to working capital. Instead of collecting payments to cover the advance, the merchant will automatically deduct a set percentage of your credit card sales until they recover the advance. In contrast, other small business loans can be paid back using funds from other accounts, rather than being automatically withdrawn from your sales.

Because merchant cash advances are not loans, these agreements are not held to the same laws that regulate lenders, so interest rates can be upwards of 38%.

Is a merchant cash advance a good fit for my business?

Merchant cash advances offer benefits to small businesses, including payment schedule – you only pay back your advance when your business makes sales. If you have had strong sales but struggle with little or bad credit, a merchant cash advance may be a good option for your business.

Your business typically will not qualify for a merchant service cash advance if you have a prior bankruptcy on file, if your business has been in existence for less than one year or if you do not already have the ability to process credit card payments for your customers. This segment of the lending industry is not regulated, so it’s important to understand the costs up front.

While some small businesses may have turned to merchant cash advances in the past because they had few options to get the working capital they need, platform lenders like Kabbage are now a great option for small businesses.

Unlike merchant cash advances, an online loan from Kabbage provides ongoing access to funding. Take what you need, when you need, and only pay fees on the amount you use.

The biggest difference between Kabbage and merchant cash advance companies is the amount business owners pay and how rates are determined. Merchant cash advance companies typically base interest rate charges on the borrower’s credit rating – often with an APR equivalent of more than 38%.

Kabbage, however, looks at a variety of real-time business data – not just a credit score – to determine the financial health of each business. Based on this review, monthly loans fees between 1.5 and 12% are assessed. Kabbage customers can pay off loans early with no penalties and aren’t charged any fees on the remaining months.

Get the security of a business line of credit today

Qualify for a line up to $100,000 in minutes

Loans to suit your business

Refer a Business, Get $200

Help your friends grow their small businesses and earn a gift card! Find out more

Kabbage is powered by the Kabbage Platform. Visit the website

*Kabbage can approve you in minutes when we are able to automatically obtain your business data and instantly verify your bank account. In some situations errors may occur during the sign up process, or we may need to send micro-deposits to confirm your bank account for security purposes. If this is the case, it may take up to several days to provide you access to funding.

2016 Kabbage Inc. All rights reserved. Kabbage is a registered trademark of Kabbage, Inc.
All Kabbage business loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.
Celtic Bank Privacy Policy

Are you from the UK?

We have detected that you are accessing the site from the UK, if you want to keep browsing the US site click the close button. You can always browse to the UK site by clicking the site selector at the top of the screen or click the button below.





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Online Merchant Cash Advance #hot #new #business #ideas

#business cash advance

#

Merchant Cash Advances

What is a merchant cash advance?

When you receive a merchant cash advance, your business gains upfront working capital in exchange for a percentage of future credit card sales. Merchant cash advance companies frequently partner with card processing companies to hold back a percentage of sales revenue. A merchant cash advance is also sometimes referred to as a business cash advance.

How are merchant cash advances different from a business loan?

Merchant cash advances are not small business loans. You are selling future income in exchange for immediate access to working capital. Instead of collecting payments to cover the advance, the merchant will automatically deduct a set percentage of your credit card sales until they recover the advance. In contrast, other small business loans can be paid back using funds from other accounts, rather than being automatically withdrawn from your sales.

Because merchant cash advances are not loans, these agreements are not held to the same laws that regulate lenders, so interest rates can be upwards of 38%.

Is a merchant cash advance a good fit for my business?

Merchant cash advances offer benefits to small businesses, including payment schedule – you only pay back your advance when your business makes sales. If you have had strong sales but struggle with little or bad credit, a merchant cash advance may be a good option for your business.

Your business typically will not qualify for a merchant service cash advance if you have a prior bankruptcy on file, if your business has been in existence for less than one year or if you do not already have the ability to process credit card payments for your customers. This segment of the lending industry is not regulated, so it’s important to understand the costs up front.

While some small businesses may have turned to merchant cash advances in the past because they had few options to get the working capital they need, platform lenders like Kabbage are now a great option for small businesses.

Unlike merchant cash advances, an online loan from Kabbage provides ongoing access to funding. Take what you need, when you need, and only pay fees on the amount you use.

The biggest difference between Kabbage and merchant cash advance companies is the amount business owners pay and how rates are determined. Merchant cash advance companies typically base interest rate charges on the borrower’s credit rating – often with an APR equivalent of more than 38%.

Kabbage, however, looks at a variety of real-time business data – not just a credit score – to determine the financial health of each business. Based on this review, monthly loans fees between 1.5 and 12% are assessed. Kabbage customers can pay off loans early with no penalties and aren’t charged any fees on the remaining months.

Get the security of a business line of credit today

Qualify for a line up to $100,000 in minutes

Loans to suit your business

Refer a Business, Get $200

Help your friends grow their small businesses and earn a gift card! Find out more

Kabbage is powered by the Kabbage Platform. Visit the website

*Kabbage can approve you in minutes when we are able to automatically obtain your business data and instantly verify your bank account. In some situations errors may occur during the sign up process, or we may need to send micro-deposits to confirm your bank account for security purposes. If this is the case, it may take up to several days to provide you access to funding.

2016 Kabbage Inc. All rights reserved. Kabbage is a registered trademark of Kabbage, Inc.
All Kabbage business loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.
Celtic Bank Privacy Policy

Are you from the UK?

We have detected that you are accessing the site from the UK, if you want to keep browsing the US site click the close button. You can always browse to the UK site by clicking the site selector at the top of the screen or click the button below.





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Merchant Cash Advance vs Business Loan – Small Business Blog #memphis #business #journal

#business cash advance

#

Merchant Cash Advance vs Business Loan

When things are going great, businesses have the cash flow they need for success and growth. During lean times or tight transitions, though, your company may need to find a cash advance loan to keep the doors open or to successfully expand. Though a myriad of funding options exists, merchant cash advances and platform lending like that offered here at Kabbage.com are two of the most popular and advantageous options.

The trick is understanding the difference between the two. Each has its own unique characteristics, and is more or less appropriate for a specific business need.

Let’s start with definitions.

What is a Merchant Cash Advance?

A merchant cash advance gives a business up-front cash, and takes payments from the credit card receipts on a regular (often daily) basis according to an agreed-upon amount. If you’ve been in business for more than a year, you’ve almost certainly received at least one phone call offering you merchant advance funding.

What is a Business Loan?

A business loan also provides up-front cash, but is paid back in monthly installments. These are usually withdrawn directly from your operations account, but terms are flexible if another method works better for your business.

For example, let’s say your company needed $1,000 for an advertising blitz in the month prior to your peak season. With that advertising in place, you would be positioned to lead the pack in your region for your industry. Without it, your competition would get the lion’s share of the business and the lost business would amount to far more than the $1,000 you would invest. But it’s been a year since the last peak season, and you don’t have the cash on hand. You need the cash, and like any smart business person you look at the two cash advance options for your business in detail.

Merchant Cash Advance vs Business Loan

Though it comes from the newer platform lending model. a Kabbage business loan is still legally a loan. This means it’s scrutinized by federal authorities and subject to limitations and enforcement. Merchant cash advances aren’t technically a loan because of how the payments are structured. This means they aren’t as regulated or carefully watched. This doesn’t automatically mean that merchant advance funding comes with abusive interest rates and contracts, but it does mean you should read and understand that contract as completely as possible.

Merchant cash advance loans approve any business that shows a history of credit card receipts sufficient to pay the money back. This makes them attractive to companies with new or bruised credit histories. Kabbage loans look at data from a variety of sources, including social sharing indicators, your cash flow reports, traditional credit reporting and industry metrics. Armed with that information, Kabbage can grant credit to struggling companies (at a higher interest rate to justify the risk), but can give lower rates to those who have earned them.

In this category, both means of lending are about equivalent. Kabbage loans deliver funds within 24 hours of approval. Most merchant cash advances work at the same speed – but not always. Ask about this if you go with merchant advance funding and need the money quickly.

Merchant cash advances take a percentage of credit card sales until the loan is paid. Kabbage loans take 1/6 th of the loan plus interest each month for six months. If your company needs flexibility that matches performance, a merchant advance might be the better option. If you want reliable, predictable costs for the borrowed money, Kabbage loans serve those goals more effectively.

For the first two months of a Kabbage loan, the interest rate is between 1 and 13 percent of the principal, based on the metrics gathered during the approval phase of the application. The rate then falls to 1 percent for the remaining six months of the loan. Merchant cash advance operations do not typically publish their interest rates. Independent analysis of a variety of merchant advance funding offers puts the average APR at more than 38 percent.

Merchant cash advances often include set-up fees, processing fees and even payment fees that can as much as double the actual cost of the loan. Kabbage loans include no extra fees. They cost as much as the “price tag” says.

Which is the better option? As with all business decisions, there’s no single good answer. Platform lending like Kabbage serves one set of business needs, while cash advance loans serve a different set. While we can’t give you a definite answer, we hope this has helped you identify the best questions. If not, watch this two minute video on Merchant Cash Advances vs Kabbage Business Loans for more information.

If you have experience with merchant cash advances versus business loans, tell us a bit about it in the comments below. Help the Kabbage community benefit from your experiences.

Jason Brick speaks internationally to small businesses after a fifteen-year career in managing companies for himself and others. His books include the best-selling Mastering the Business of Writing and upcoming Ownership Evolution. When not writing or speaking he enjoys martial arts, board games, cooking, travel and spoiling his wife and sons. He usually lives in Oregon, but is spending the year in Malaysia.

Latest posts by Jason Brick (see all )

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    Kabbage is powered by the Kabbage Platform. Visit the website

    *Kabbage can approve you in minutes when we are able to automatically obtain your business data and instantly verify your bank account. In some situations errors may occur during the sign up process, or we may need to send micro-deposits to confirm your bank account for security purposes. If this is the case, it may take up to several days to provide you access to funding.

    2016 Kabbage Inc. All rights reserved. Kabbage is a registered trademark of Kabbage, Inc.
    All Kabbage business loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.
    Celtic Bank Privacy Policy





    Tags : , , , , , , , ,
  • Merchant Cash Advance vs Business Loan – Small Business Blog #grants #for #small #business

    #business cash advance

    #

    Merchant Cash Advance vs Business Loan

    When things are going great, businesses have the cash flow they need for success and growth. During lean times or tight transitions, though, your company may need to find a cash advance loan to keep the doors open or to successfully expand. Though a myriad of funding options exists, merchant cash advances and platform lending like that offered here at Kabbage.com are two of the most popular and advantageous options.

    The trick is understanding the difference between the two. Each has its own unique characteristics, and is more or less appropriate for a specific business need.

    Let’s start with definitions.

    What is a Merchant Cash Advance?

    A merchant cash advance gives a business up-front cash, and takes payments from the credit card receipts on a regular (often daily) basis according to an agreed-upon amount. If you’ve been in business for more than a year, you’ve almost certainly received at least one phone call offering you merchant advance funding.

    What is a Business Loan?

    A business loan also provides up-front cash, but is paid back in monthly installments. These are usually withdrawn directly from your operations account, but terms are flexible if another method works better for your business.

    For example, let’s say your company needed $1,000 for an advertising blitz in the month prior to your peak season. With that advertising in place, you would be positioned to lead the pack in your region for your industry. Without it, your competition would get the lion’s share of the business and the lost business would amount to far more than the $1,000 you would invest. But it’s been a year since the last peak season, and you don’t have the cash on hand. You need the cash, and like any smart business person you look at the two cash advance options for your business in detail.

    Merchant Cash Advance vs Business Loan

    Though it comes from the newer platform lending model. a Kabbage business loan is still legally a loan. This means it’s scrutinized by federal authorities and subject to limitations and enforcement. Merchant cash advances aren’t technically a loan because of how the payments are structured. This means they aren’t as regulated or carefully watched. This doesn’t automatically mean that merchant advance funding comes with abusive interest rates and contracts, but it does mean you should read and understand that contract as completely as possible.

    Merchant cash advance loans approve any business that shows a history of credit card receipts sufficient to pay the money back. This makes them attractive to companies with new or bruised credit histories. Kabbage loans look at data from a variety of sources, including social sharing indicators, your cash flow reports, traditional credit reporting and industry metrics. Armed with that information, Kabbage can grant credit to struggling companies (at a higher interest rate to justify the risk), but can give lower rates to those who have earned them.

    In this category, both means of lending are about equivalent. Kabbage loans deliver funds within 24 hours of approval. Most merchant cash advances work at the same speed – but not always. Ask about this if you go with merchant advance funding and need the money quickly.

    Merchant cash advances take a percentage of credit card sales until the loan is paid. Kabbage loans take 1/6 th of the loan plus interest each month for six months. If your company needs flexibility that matches performance, a merchant advance might be the better option. If you want reliable, predictable costs for the borrowed money, Kabbage loans serve those goals more effectively.

    For the first two months of a Kabbage loan, the interest rate is between 1 and 13 percent of the principal, based on the metrics gathered during the approval phase of the application. The rate then falls to 1 percent for the remaining six months of the loan. Merchant cash advance operations do not typically publish their interest rates. Independent analysis of a variety of merchant advance funding offers puts the average APR at more than 38 percent.

    Merchant cash advances often include set-up fees, processing fees and even payment fees that can as much as double the actual cost of the loan. Kabbage loans include no extra fees. They cost as much as the “price tag” says.

    Which is the better option? As with all business decisions, there’s no single good answer. Platform lending like Kabbage serves one set of business needs, while cash advance loans serve a different set. While we can’t give you a definite answer, we hope this has helped you identify the best questions. If not, watch this two minute video on Merchant Cash Advances vs Kabbage Business Loans for more information.

    If you have experience with merchant cash advances versus business loans, tell us a bit about it in the comments below. Help the Kabbage community benefit from your experiences.

    Jason Brick speaks internationally to small businesses after a fifteen-year career in managing companies for himself and others. His books include the best-selling Mastering the Business of Writing and upcoming Ownership Evolution. When not writing or speaking he enjoys martial arts, board games, cooking, travel and spoiling his wife and sons. He usually lives in Oregon, but is spending the year in Malaysia.

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  • Cash Advance Definition #new #businesses

    #business cash advance

    #

    Cash Advance

    What is a ‘Cash Advance’

    A cash advance is a short-term loan from a bank or alternative lender. The term also refers to a service provided by many credit card issuers allowing cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank or other financial agency. Cash advances generally feature high interest rates or fees, but they are attractive to many borrowers as they also feature fast approval and quick funding.

    BREAKING DOWN ‘Cash Advance’

    Credit card cash advances typically carry a high interest rate, even higher than the credit card itself, and the interest begins to accrue immediately. In most cases, credit card cash advances do not quality for low interest rate introductory offers. On the plus side, credit card cash advances are quick and easy to obtain.

    Merchant Cash Advances

    Merchant cash advances refer to cash advances received by companies or merchants from banks or alternative lenders. Typically, businesses with less-than-perfect credit use cash advances to finance their activities, and in some cases, these advances are paid for with future credit card receipts or with a portion of the funds the merchant receives from sales in his online account. Rather than using a business’ credit scores, alternative lenders often survey the creditworthiness of the borrower by looking at multiple data points including how much money the merchant receives through online accounts such as PayPal.

    Cash Advances and Payday Loans

    In consumer lending, the phrase cash advance also refers to payday loans. Payday loans are short-term loans that typically must be repaid on the borrower’s next payday, along with a fee. Rather than taking into account the borrower’s credit score. the lender determines the amount of the loan based on the laws in the state and how much the borrower earns each paycheck. If the loan is approved, the lender hands the borrower cash if the loan is being granted in a storefront, and if the loan takes place online, the lender sends an electronic deposit to the borrower’s checking or savings account. To ensure repayment, the lender either takes a post-dated check from the borrower or has him sign an agreement for an automatic payment.

    Direct Deposit Advance

    Another form of cash advance is a direct deposit advance. With this lending tool, banks give their customers advances on their direct deposits. Then, when the deposit is made, the bank recoups the loan and the associated fees. In most cases, the repayment for the cash advance is taken out of the account before any other checks, charges or automatic payments are allowed to post. In 2014, after receiving numerous complaints about the fees related to their cash advances, many major banks discontinued the practice.





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