We all know that business loans are completely different than normal loans like home loans, car loans, education loans, and medical loans. They are different because instead of working to fulfill one of your life needs, without which you will not be able to get that substantial want fulfilled, business loans are only made for those who either wish to expand their business or aid it to begin.
Business loans do not guarantee a safe return, as your business idea might crash, and the bank might lose all its money. Since it is not generally backed by safe collateral; the acceptance rate of business loans from banks is quite low. Essentially, lending business loans is a gamble, one which most banks are nervous about providing if they are not completely confident in your work. But then, the business itself is a gamble.
This nature of the conflict in interest between business owners and banks does not bode well for either of them. They reject you for your low credit while ignoring the risks you took for your business. They bash you for being very impatient, even though they know that time is money. And they do not understand the concept of paying upfront, as even after sanctioning the business loan, you will not get it in its entirety but in several installments. Finally, when the repayment begins, you will personally have to make payments every month. Even though you know you will rather spend more time working on your business, for which you took the loan in the first place!
So, instead of working with a bank to get a business loan, you should instead choose Merchant Cash Advance. And here are the reasons why:
Why choose Merchant Cash Advance
Merchant Cash Advance works in such a way that they provide business loans to business owners directly from lenders, who might also be business owners themselves. The whole process is made for businesses, and by businesses. And these are the reasons that prove why:
- Specially designed for businesses: The process of getting a business loan through Merchant Cash Advance is quite simple. You browse through hundreds of lenders on the internet. Research their background and get all their information. You select the one that works for you and contact him/her. You submit your application and negotiate with the lender on the terms you both agree on. And your business loan gets dispatched in full lump sum, and in just a couple of hours.
- Repayment with ease: The way Merchant Cash Advance gets its money back, along with the interest, is through your future credit card sales. All you have to do is set up either your existing or new credit card, then, a small percentage of your earnings of every day get transferred directly to the lender until the set amount is received. This way, you can work without even thinking of repayment, as it will go to the lender on its own.
The only setback with Merchant Cash Advance in taking business loans is the higher interest (15% or more) that it comes with. But in comparison to all its benefits, the shortcomings become almost non-existing.