Bank loans can take a really long time and the stress of a business owner waiting for an approval can prove to be too time-consuming. There are plenty of reasons that would prompt you to say I need a loan fast! Things happen every day. This is true for brick and mortar businesses and online businesses which are growing exponentially. So, let’s go into when a business owner needs a loan fast and then we’ll guide you through a process to get it that’s so simple you won’t believe it’s true. But it is true as you’ll soon see.
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Why do businesses need loans fast?
Brick and Mortar Businesses: A brick and mortar business is just that, a building that people have to come to in order to do business with you. You could own a restaurant, a salon or a clothing shop. Typically, a scenario like this would happen: a piece of machinery breaks down, maybe you have a delicatessen and your whole business rests on having the refrigerator work. The amount of money lost from a fridge or freezer will be astronomical. Some businesses never actually recover. If it broke due to an act of God like a hurricane or blizzard, rest assured that insurance may not cover it. So, what do you do? You scream and say I need a loan fast! However, most people may only run to a bank for a loan. This is where they go wrong and it’s a disaster. A loan rejection may be imminent and a business closure or bankruptcy on the horizon. This is not something that needs to happen. Next, we’ll show you how quick, easy and convenient getting a loan can be.
How can I apply for a MCA loan when I need a loan fast?
If you are in business at least 6 months to a year and have a heavy flow of credit or debit card sales then half the battle is won. The first thing you need to do is fill out the short and easy application form found online. Answer the questions honestly so the broker knows just what they are dealing with. Yes, there is a broker that receives your application from the MCA company. This is one of the perks of the situation, that you get someone to do all the legwork for you. After the form is reviewed, which typically takes 24 hours, the broker will provide you with the best possible offers for your unique circumstance. Then, you can move forward in contractual negotiations with the company you choose.
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How the repayment system works
When you’re at the point of saying I need a loan fast, the biggest stressor in the situation is the repayment. You see, most businesses think in terms of banking loans and this is what causes the undue stress. The MCA loan takes that away in the area of repayment as well. Why? Because a MCA is a merchant cash advance and not a loan at all. This means you are repaying as you go with a percentage of every sale and it doesn’t even matter that it’s slow season. It may take you a bit longer through those times to get it paid. But, the reason for that is also great because you won’t be paying as much in the slow times. The MCA lenders work with this and agree on a lower repayment amount for those times. The purpose for this type of funding is to give the business owner the tools for success and not set them up to fail. The banks don’t care because they’ll get their money or ruin you and your business, it’s that simple. So why wait, take a great opportunity now.