When a small or medium sized business needs financing they have many options to choose from. However, if the business does not have credit or bad credit then their options are a lot more limited. 

Merchant Cash Advances (MCAs) often get a bad name from business owners who do not utilize them properly. However, MCAs are a great alternative for many businesses because they offer benefits to business owners that cannot get approved for traditional bank loans to fund their business.

Merchant Advances can help the proprietor get the funding they need, often in as little as 24 hours. In comparison, local traditional bank loans can often take 3 to 4 weeks to approve and sometimes even longer. Western Pacific Capital can fund Merchant Cash Advances generally within 24 to 48 hours at most.

In addition to obtaining financing extremely fast, Merchant Cash Advances also offer small businesses additional benefits that aren’t available through traditional bank loans.

Bad Credit is OK for Merchant Cash Advances

Most traditional banks and credit unions offer loans to small and medium sized businesses. However, when working with a traditional bank they require very good to almost excellent credit to be approved for a business loan. For businesses that have credit scores less than 700 it is often impossible for them to obtain a business loan.

When it comes to a merchant cash advance, no credit or even bad credit will not obstruct your approval. This is significant for many small business owners who do not have other options. Unlike traditional banks and credit unions, merchant cash advances do not require a credit check for approval.

A merchant cash advance is an advance against future credit card sales. This means you can get an upfront sum of cash in exchange for a slice of future debit and credit card sales. 

Approval is Based in Part on The Capital in Your Business

It is important to note that merchant cash advances are not small business loans. Therefore, no collateral or credit histories are needed during underwriting to obtain a loan.

With a merchant cash advance, there is no risk to your personal assets, you simply access a small portion of your future sales to access the cash you need now. For the business owner with bad credit, this is the perfect solution as they can get the money that they need quickly without having to up collateral.

Expedited Funding

On average 1 in 10 small businesses are approved for a business loan by traditional banks. However, for businesses that need cash immediately, waiting 3 to 4 weeks for approval is a non-starter. Merchant cash advances can provide you with a funding decision in as little as 12-24 hours. Funding with a merchant cash advance is within 24 – 48 hours.

With an MCA you will not have to wait to jump on new opportunities. For manufacturing or construction companies, it means having the cash on hand to buy equipment, raw materials, inventory, funding marketing campaigns, new locations, new personnel to keep the small business growing. For many small businesses, fast funding is essential to take on new opportunities and keep the business alive and growing.

Industry-Specific Financing

Many restaurants and other types of businesses find it very difficult to obtain funding and getting a bank to even consider looking at them is much more difficult. Meeting with banks can also be very time consuming, especially when there are so many demands on your time as a business owner. Even then, there is no guarantee that you will get the funding you need from a bank.

Western Pacific Capital makes merchant cash advance business funding easy in many niche industries that aren’t handled by traditional banks. Western Pacific Capital services over 750+ niche industries and operates in all 50 States as well as Canada and Puerto Rico.

All of these businesses need working capital to stay in business and with Western Pacific Capital’s extensive financial assets and the amount of industries and programs we have, a merchant cash advance makes funding easy for your business.

All you need is proof of sales and we can fund your business with the cash you need and even give you access to future capital when you need it most!

Very Flexible Repayment Options

Merchant cash advances with Western Pacific Capital are very easy to repay. Depending upon your merchant cash advance program, you can make daily, weekly, or monthly payment options that can be discussed with your funding specialist.

Unlike traditional bank loans, which are generally a flat monthly fee, a merchant cash advance is based upon the percentage of your debit and credit transactions. How much you will need to pay depends upon how much your sales are. If you have a successful month, you have lots of revenue to pay for your MCA. If you have a bad month in sales, then we will only take a smaller percentage.

Summary

While there are many different types of small business loans, they are not available to everyone. Many options are off the table for small businesses with bad credit or no credit or need money now.

Some of the clear advantages of getting a merchant cash advance for your funding needs include:

  1. Fast Financing: Traditional bank loans often take 3 to 4 weeks or longer to receive a funding decision. However, merchant cash advances are often funded in as little as 12-24 hours.
  2. No Credit Checks: Most traditional banks and small business funding options require a credit check or you must put up personal assets as collateral. A merchant cash advance only uses your business revenue to fund your cash advance.
  3. Industry-Specific Funding: With Western Pacific Capital we service over 750+ niche industries and operates in all 50 States as well as Canada and Puerto Rico, so unlike traditional banks we offer financing to one of the widest range of industries. As a result, we can provide quick funding for most scenarios.
  4. Flexible Payment Terms: We provide flexible payment options, giving small and medium sized businesses the option of daily, weekly, or monthly automatic payments.

Are you in need of financing to build or grow your business? Regardless if it is for inventory, new equipment, marketing or advertising campaigns, expanding into a new location or hiring new employees, the merchant cash advance may be the best solution for your business.

If you have any additional questions or would you like to apply for a merchant cash advance today, click here to get qualified or give us a call (800) 717.4520 and we will be glad to help you..