Traditionally the merchant cash advance loan product has been around for a long time in the USA where there is a great awareness of the product by the wider business community. Here in the U.K. the product is still fairly new only really becoming popular over the last couple of years with businesses who operate using credit and debit card merchant terminals.
But don’t let the fact that a merchant cash advance being not very common here deter from the fact that this is quite possibly the most flexible unsecured business loan product in the U.K right now.
With many small businesses especially in the hospitality, retail, health and beauty sector being ideal candidates for this type of funding, the product is in fact open to any business that process credit and debit card sales via their merchant terminal.
In fact most of the merchant service providers work seamlessly with the merchant cash advance loans and there’s not an expectation to switch providers.
Unlike other forms of business finance it works with your cash flow. You only repay the loan as and when you make sales on your card machine. The process is very simple.
You first apply for a free no obligation quote – a great way to compare with other business loan options. If your business qualifies then you will firstly be presented with a loan deal.
This will indicate how much your business will repay on in total of the loan taken and over a period of how many months. Then you agree on a percentage of each credit card sale to be repaid to the lender. This will be a comfortable amount that your business can handle.
Did you know that a merchant cash advance has a funding rate of 90% plus? And, business who have taken funding usually use the product more than once. In some cases we have helped businesses with new ventures which have lead to multi funded deals across multiple establishments. A testimony to the product in its own right.