Conventional Bank Loans vs. Business Cash Advances

Getting a loan from a bank for your business can be an arduous and almost insurmountable task for you if you’re a small business owner, especially if your business is brand new, if for nothing more than the credit and income history requirements of such loans.  The process of receiving a bank loan for your business funding isn’t generally straight-forward or simple, and even after days or weeks of trying – it can leave you frustrated and lacking the funds you need for your business.

On the other hand, a business cash advance is in many ways the exact opposite of a bank loan – and often times is much easier to qualify for.  Their similarity, however, is what you’re looking for – fast funding for your business.

Bank loans for your business - tied to your credit and history

If you’ve ever attempted to get a loan from a bank for your business, you’ve probably noticed that some or all of the following situations come into play:

1. The length of time your company has been in business
2. Your business’s credit history
3. Your business’ income
4. Your personal credit history
5. What you need to use the loan for
6. What type of collateral you have to secure the loan

While for well-established businesses some of the requirements are not deal-breakers, but for newly established businesses, many of these requirements are prohibitive and will leave you out in the cold, knocking on door after door only to find that you’re not going to be approved for a business loan from a bank at this time.

Business cash advances – tied to your monthly credit card sales

Now, let’s change the focus here and look at the possibility of a business cash advance, also called a merchant cash advance.   This type of “loan” does not have the restrictive requirements of a traditional bank loan and the process to get approved for this type of business financing is very simple and straight-forward.

1. Merchant funding is new-business friendly, the qualifications are less stringent than with a typical bank loan.
2. You don’t need to have excellent credit, either personal or business – to be approved for a merchant cash advance.
3. There is no collateral needed for business cash advances.
4. There is no personal liability for this type of business financing.
5. This type of funding has a very high approval rate.

Being able to obtain a loan from a bank is a wonderful asset – if that opportunity is available to you.  But, if you need more money than a conventional bank loan will give your business or you have a less-than-excellent credit history – apply for a business cash advance for your business today.

What do you need to know about funding options for small business

• Small Business Financing 101
• Where to Turn When Banks Say NO to Business Lines of Credit
• 10 Good Reasons to Consider Merchant Cash Advance for Your Business
• Benefits of a Cash Advance for Your Business
• Conventional Bank Loans vs. Business Cash Advance
• Funding Small Business with a Merchant Cash Advance
• How Do I Know If a Merchant Cash Advance Is Right For My Business
• 7 Reasons a Cash Advance Is Better Than a Bank Loan for Your Business
• How To Choose A Cash Advance Company
• SBA Business Loan vs. Business Cash Advance
• Small Business Loans 101

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Email: info@fastfundsforbusiness.com

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