Are you thinking about What is Merchant Cash Advance ? Yes, you are in right place. Today we are gonna to share about Merchant Cash Advance. So let’s start..
What is the MCA ?
MCA is the short form of Merchant cash advance. Its is most familiar word to American people mainly business owner. And it is also called as business cash advance.
Lets Talk About Merchant Cash Advance
A Merchant cash advance was originally structured as a lump sum payment to a business in exchange for an agreed upon percentage of future credit card or debit card sales. If you are looking for a way to get fast money you may consider MCA. And pay back term start from 6 to 18 month and sometimes its go up to 24 months. Generally under 24 months.
If you looking for a way to get fast money to fund your business or buying some equipment, remodeling; advertising or any other purpose, you may think about Business Cash Advance as your first choice.
The best part of Business Cash Advance is there have no collateral and bad credit is not a factor you could get the money.
When you apply for MCA or some one invite you by a phone call or email and if you could be able to provide proper information. Then a lender/Broker can make the found within 24 to 48 hours. Even within 3 hours. And Its a bank to bank process.
In Phone call : Some one may be invite you to take a business loan. Then they will ask you some pre-qualify question. And if you provide it then they will transfer that call to a funding advisor. And they will qualify you again and send you an email with an application. If you like their offer and send the documents they want you can get this fund asap.
If you are a business owner and ask for some Business Cash Advance if have to provide this documentations given bellow:
- Proof of your identity.
- 3-6 months bank statements
- business tax returns
- And knowing your personal credit score is smart as well.
Finally if you need quick money and you are a business owner Merchant Cash Advance is a better option for you.
If you have any question about MCA fell free to write us on comment box.