How fast is your Business Loan Approval Vs Merchant Cash Advance Approval
Are you ready for Merchant Cash Advance for the very first time? Really? Or are you already on your way to your second Business Loan Denial? By the way, do you know it takes ages for you to get your business loans processed?
Well, for starters let's look into the business loan processing stage of your application and why does it take you ages to have traditional means of financing.
The first thing that your bank looks into in the stage of business loan processing is the account that you have in other business lending companies. Normally this part of the business loan approval stage—this is where people in banks get down and dirties with their records and other companies' records.
This would also include how long was the business loan processing stage when you applied for your other financing. This usually means that your bank is trying to find out how much your worth really is. This is the part where they categorize you in subgroups. This also usually means that it's either you're a good payer or they would have a have time chasing after you state to state if you have a few rough months in business.
If this happens in the business loan approval stage, the bank would usually require you to give them an alternate address where they send you the monthly payment, by the way this just means that they want to be sure that you are going to pay. If you get past this stage of the business loan process with minor injuries to your ego, the next step will be to find out if you have any unpaid balances or other lines of credit with other banks. This just means that they are trying to find out how your business is able to pay for theirs once you've passed the business loan approval stage.
They usually do this to counter check if you do have the capacity of paying for a number of existing loans so they won't get stuck a person that cant. And when you get passed this stage, still with minimal damage to your ego, the next step in the business loan processing stage is to verify your identity as a US citizen.A merchant cash advance is a safe approach to accessing cash.
Because of the US Patriotic Act, everyone trying to get anything in the US is required to have their identities verified because they don't want terrorist getting anything inside US soil especially getting past business loan issues. And the last part of getting past the business loan approval process is to have all the things they need to check in order and to meet the standards of their company, in a nutshell, to get a business loan and to get through business lending processing, which takes up to 4 weeks in most cases. Two, you must be a good payer with proof.
Merchant Cash Advances on the other hand, take about 3 hours for an approval, and your cash in advance is wired to your business account on the strength of your business performance over the course of 4 months. It's no wonder Merchant Factoring Options like Merchant Cash Advances, and Invoice Factoring is all the more popular these days.
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Posted on: August 7, 2011 02:17 PM