What Is a Revenue Advance and How to Apply for One
You may be saying to yourself, “I need a business loan–fast,” but you may also be worried about how you can manage to get cash now due to your bad credit (or your short or spotty lending history). Many people think they can’t get same day business loans because they are not an ideal candidate for lending, but there are more options than it might seem for you to get much-needed cash. If that sounds like you, a revenue advance may be a great option for your small business needs.
What Is A Revenue Advance?
A revenue advance is often the solution to present-day money problems for many small business owners because it allows you to get cash now, with the promise of paying it back with the money you make in the future. These types of cash resources give you the ability to get fast business capital without having to rely on your credit history. Revenue advances are also called “merchant cash advances” because they are very similar to cash advances that you take out against a credit line (like a credit card), but they are designed for merchants (like you).
There are many reasons you may want to use a revenue advance for small business capital funding to help kickstart your endeavor or keep the fruits of your hard work going in the right direction. For example, if you are running a seasonal business but still have to pay overhead in the slow off-season, a revenue advance may help keep you on your feet. Alternatively, if you need a large lump sum to purchase an important item to help you maintain or grow your business, you can get the item now and let it pay for itself. Think about how helpful a new warehouse, a new vehicle fleet, or a large amount of hot-sellers may be to your bottom line.
Many small business owners search for same day business loans online because they discover that their business is in a state of emergency, whether it’s because something went wrong or something bad happened that is out of your control. Sometimes, your business may be met with one of the plethora of financial challenges that day-to-day operations can bring about. In any of these situations, borrowing cash against your future profits may help you achieve what you need to achieve. When you take a revenue advance, you are basically agreeing to sell part of your future profits so you can have capital now.
Same-Day Business Funding May be the Solution You Need
One major difference between getting money with a revenue advance instead of using a traditional loan is that the nature of revenue advances allows cash to be available even if you do not have good credit. Many lenders, like us, focus on making funding available to you as quickly as possible to help you keep up with the pace of doing business. When you apply online, the results of your application can be processed and approved on the same day. That means you may be able to have access to the money you need in less than 24 hours, giving you the ability to continue running your business without having to wait.
If you are hesitating to make the jump and apply for a loan, you can pre-qualify to see if the option is available to you. You do not have to accept offers that are given to you until you are ready, but sometimes just knowing that the option is on the table can give you the peace of mind you need to make the right choice for your business.
Revenue Advances are Similar to Poor Credit Business Loans
If you need to get cash now for your business but are hesitant to try because you know your credit score will work against you, know that you still have options access the money you need to continue running your business. Quick Loans looks at your business’s performance to create an appropriate revenue advance offer for you, not your credit score. Since the money being taken out is based on your business’s performance (not based on your credit history), you can look to the future without having to worry too much about your past.
With Quick Loans, getting cash up front (even if you have poor credit) does not have to be as difficult as you once thought. Even though revenue advances are not the same as a traditional loan, the outcome for you is similar. The biggest difference is that you can arrange to pay back the lender with a portion of your future profits or with a fixed amount that you pay each month until the debt is completely paid off.
How to Apply for a Revenue Advance
To apply for a revenue advance with us, you will need to provide your average monthly deposits, your credit score, and the amount of time you have been in business. Once you are pre-approved, you will provide more contact information and a few basic details about your business.
Your funding will then be processed in a few hours, rather than causing you to have to wait for days. After you complete the online application, our in-house team of underwriters will review the past performance of your business. The underwriting team may be able to provide same day funding for you to start doing what you need to do right away. And, since our choice is based on your business’s actual performance, not your credit score, you don’t have to worry about your application being rejected because you are still in the process of trying to build up your credit.
It is important to get started as quickly as possible if you want to get the loan now, because some applications may take more time than others, due to particular factors of your situation. And, regardless of what happens, there will be no obligation to accept the offer you are given, so you can rest assured that you will lose nothing simply by applying.