Cash Advance Small Business Funding Solutions
To meet the daily operational needs of a small business, business owners require consistent investment capital. The average business spends about $2,245 per month operating their store, and without receiving outside funding, some companies fail to make ends meet. Many business owners struggle with low or nonexistent credit, which can make it challenging to qualify for a loan. For this reason, a lot of business owners are seeking out business cash advances as an efficient solution for their monetary needs. Here are some of the more popular cash advancement options available to you.
Advance America has been offering business cash advances, installment loans, and tax services since 1997. To qualify for a business cash advance, they expect to see proof of U.S. citizenship, proof of income, and one month of bank statements. Their online application is brief, and they require a signed check as collateral for the loan. They don’t require credit checks, making them the ideal option for new businesses. They charge $15 per every $100 borrowed and offer short-term repayment plans to applicants. The quantity of the advance will depend on your personal income and eligibility, as well as specific regulations in your state.
Check Into Cash
Check Into Cash is one of the largest and most popular business cash advance stores in the U.S. Interest rates and advance quantities vary by state, but most advances are for $5,000 or less, making them an ideal option for small business purchases or basic operational expenses. They promise cash in as little as 24 hours, which makes them a suitable option for emergency business funding. While they are a convenient method for accessing urgent funds, their interest rates are far higher than other business cash advance locations, at about 664.21 percent APR.
OnDeck provides business financing in as little as one day, with loans available up to $250,000. For larger businesses in need of ample business capital, or up-and-coming entrepreneurs who need immediate startup funds, OnDeck provides a good option. Repayment is negotiated based on a percent of your sales, with a small percentage of your income being deducted from your account daily. They also offer business lines of credit for companies in need of consistent available capital. Their interest rates are much lower than other business cash advance options, often as little as 10 percent depending on the size of the advance. They offer 6 to 18 month repayment plans, which are negotiated based on the size of the advance and your individual eligibility.
For businesses in need of large investment funds, SnapCap offers advances up to $600,000. They have a high approval rate among applicants, and they can issue money in as little as one business day. They have no collateral requirements, and interest rates vary but are often lower than other business cash advance agencies. They offer expansion, equipment, and inventory advances, so you can get the money needed to operate all aspects of your business. Unlike other business cash advance agencies, they do require credit checks, and your credit score will partially determine the quantity of advance you’re eligible for.
Business cash advance small business funding provides a convenient method of obtaining rapid funding for your company. There are a variety of agencies available, and prior to applying, you need to review the repayment terms and interest rates to ensure you’re getting the best deal on the advance. Many business cash advance agencies charge high interest rates, which could considerably increase your overhead costs overtime.
Finding an agency that offers low interest rates and lenient repayment terms will guarantee your business has the highest chance of success. For modern business funding solutions, contact Credibly.