fastpaydaycenter.com

fastpaydaycenter.com

Most of you who are self employed would be familiar with the term ‘you have to spend money to make money’. This is after all how you create a growing and sustainable business. However, it is often not that easy for the self-employed to obtain traditional business loans, especially when you own a new or small business that hasn’t acquired a great deal of capital. When you require extra money to help grow or establish your business then a cash advance business loan could be just the thing you are looking for.

So, how does a cash advance business loan work? A cash advance business loan provides people who are self employed with a lump sum of cash to help develop their company. These loans are then repaid from a percentage of the credit card transactions received by that company. Because of this, cash advance business loans are really only available to those businesses who have credit card facilities for their customers.

How do you qualify for a cash advance business loan? To be eligible to take out a loan of this type your business will need to have been in operation for at least six months and have the facilities to accept Visa and Mastercard transactions. Most lenders will want to see a minimum of $5000 a month in credit card receipts over a four month period.

How do you repay a cash advance business loan? Repayment of your cash advance business loan is taken from a percentage of your received credit card transactions. Generally most lenders will take an average of 20% of your income from credit cards until the entire loan is repaid. To put this is monetary terms, for every $100 sale you make that is charged to a customer’s credit card, Visa or Mastercard will take their fee of about $1.50. Your lender will then take about 20% of this as a payment and you will be left with the remainder. The great thing about these types of loans for companies is that there are no due dates for loan repayments or time limits to repay the debt and so therefore you will not need to worry about any overdrawn fees or pate payment charges.

What can you use the money for? Basically you can use the money from your cash advance business loan for any purpose that will benefit your company. It could be used to purchase more stock, pay for more shop fixtures, to fund advertising or for any other purpose that will directly benefit your business.

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