Is a Cash Advance Right For You?
You work hard, you budget, and aside from an occasional splurge, you spend your cash wisely, so what do you do when the unexpected happens? What if your car breaks down, your roof springs a leak, or you lose your job? If your place of business is suddenly shut down by a natural disaster, such as Covid-19, then most likely, you’ll be eligible to collect unemployment. That process can take weeks, though, so how do you pay the bills while you wait? It might be time to think about cashadvance.com
As a small business owner, you need to be cautious with every dollar you take in. If margins are tight and there’s no room for error, then any number of emergencies can drain your rainy-day reserves. If your business is relatively new, you may not qualify for a bank line of credit or a loan. If you need cash upfront to cover payroll, make an urgent repair, or pay a vendor, what do you do?
With a merchant cash advance, and cashadvance.com, you can pay your bills or keep your business open and operating as usual. Once you submit your application and qualify, you should receive your advance within a week. Some companies can deliver your funds in as little as 48 hours.
For most small businesses, qualifying for a merchant cash advance is easy. Depending on the advance amount, some lenders will want to review your recent sales to ensure that you bring in enough revenue to repay them. Like a bank, they may check your credit history but are much more likely to overlook some past blips in your credit report.
Unlike a traditional loan, there’s no need to provide personal or business assets as collateral. No one wants to risk their valuable personal assets to solve a business shortfall. With CashAdvance, you can pay your loan with a percentage of your credit card receipts.
Cash Advance to Get Your Business Up and Running
To get your business up and running, you have a mile-long list of things you need to get going; inventory, operating equipment, branding, marketing, business supplies, and carefully trained employees, to name a few. That thing your parents said about money not growing on trees is starting to make sense.
To get a business loan to finance your grand opening, you’re going to have to jump through some hoops. Banks and other lenders put a lot of weight on your credit score, so if it’s not higher than 680, you can count on a denial.
Your credit score hovers above 700, so you’ll probably get approved, right? Most lenders will still require some collateral to secure a loan. (Real estate, home equity, and vehicles are common examples.) Collateral protects the bank from loss in the event of loan default.
Banks want a revenue history before they approve a loan for a new small business owner. You need a loan to help you get everything you need before opening your doors. The no loan without a history and no opening without a loan conundrum is where many negotiations come to a halt.
Short-Term Loans vs. Bootstrapping
There are several funding options available for financing a brand-new startup. You can go the traditional way and apply for a short-term bank loan or a Small Business Loan (SBA). Both routes require detailed business plans that outline how you plan to achieve your revenue goals and, both require a decent credit score.
You may have an edge with the SBA loan since the government-backed program is specifically designed to give new business owners some extra help. Interest rates are lower than those you’ll get from a bank, and the road to approval is a lot less rocky.
If you have a rich relative or a large amount of money in your bank account, bootstrapping maybe your best funding option. With your funds on the line, you have complete financial control without the specter of loan payments keeping you awake at night. You’ll soon find out, however, that your money may not go as far as you imagined. The costs of permits, property leases, equipment, supplies, marketing, and hiring can add up quickly. There are other ways to bootstrap without risking your own money.
- Partnership: Consider sharing the risk and reward by taking on a business partner or two. Like with any relationship requiring commitment, you’re going to want to make sure that your goals, vision, and work ethics align.
- Leverage Equity: If you’ve ever watched the Shark Tank reality series, you know what leverage equity means. To get an outsider to entirely or partially fund your startup, you’ll need to convince them that their investment is sound and most likely offer them a stake in the business. Exchanging equity for funding can work out great if your investor is willing to hand over a check while letting you do your own thing. The more the investor wants to be involved, though, the higher the risk of conflict.
- Deferred Payment: Good for you if you can convince your vendors and employees to defer payments until you open for business. There’s a lot of risks here on both sides.
Who is CashAdvance.com?
Life happens regardless of how prepared you think you are; a single health emergency or major equipment failure could put it all at risk. You need money, but you may not have the credit score or collateral to get a traditional secured loan. Cash Advance® provides a free, online service that quickly connects customers with lenders willing to offer loans to those who need them.
Cashadvance.com is not a lender. We present your short-term loan request to our nationwide network of lenders to give them an opportunity to offer you a loan. There is no cost for using our service. If no lender offers you a loan, we can connect you to our marketing partners that assist with credit repair and debt relief.
- Every cash loan request is safeguarded with high-grade, secured encryption.
- We share your application with multiple lenders who can choose whether they’re willing to offer you a loan.
- Submit your request from your laptop, tablet, or mobile device. And you may receive a response from one of our lenders in just minutes.
- We share various resources on our site to help you determine whether a Cashadvance.com is suitable for your situation.
How Does it Work?
To complete the easy online form on CashAdvance.com, you need to:
- Be at least 18 years of age.
- Be a U.S. citizen.
- Have a current job with an after-tax income of $1,000 or more per month.
- Allow employment verification.
- Have a valid checking account.
- Have a valid home and work telephone number.
- Have a valid email address.
If you meet the above criteria, then you’re ready to go. The process couldn’t be more straightforward.
- Log in to cashadvance.com to submit your loan request. Fill in all the fields on the secure form and press submit. You must provide all the pertinent information so we can search our network for the right lenders.
- Lenders may send you offers within minutes.
- If your lender approves you for a short-term loan, the loan amount can often be deposited in your account the next business day.
- Your lenders want to be paid on time, and you don’t want to incur any unnecessary late fees. Sign up with your lender for auto-debit services that will keep your payments on track.
- If you’re still not able to find a lender, then we can connect you to our network of partners that can help you with debt relief and credit repair.
Payline + Cash Advance
Payline can also help you secure upfront cash to get your business up and running. With a small business loan powered by cashadvance.com, Payline can help your business with the means to keep growing. Make updates, buy new equipment, or invest in new products. Payline makes it easy to apply for funds and get approved quickly.
Avoid the hassle of a long and drawn-out loan process with a small business loan from Cashadvance.com. Sign-up is simple, hassle-free, and fast approvals. Fix that leak before it becomes a waterfall or purchase equipment that will improve your production timelines.
With feedback from millions of merchant customers, Payline understands the challenges small business owners encounter every day. We can help you keep the small challenges under control before they become full-fledged emergencies utilizing our cash advance partnerships. Whether you need help with attracting new customers or with accommodating unexpected growth, Payline has you covered.