Merchant Cash Advance
A merchant cash advance is a financial tool geared for people who need quick cash for short-term needs. It essentially bridges the expenses that you have to pay for when your payday is still a few days ahead. Although we might need a merchant cash advance all the time, unexpected expenses and events may force us to reach for cash from other sources. Some scenarios that can be of great use are overdue medical bills, extended family visits, illness, and car repair.
A merchant cash advance is given to you by the lender in which the loan runs until the next payday. Loans can go between $100 and $1000, although the maximum loan amount can depend on your monthly income, repayment period or state regulations.
To be eligible for a merchant cash advance offer, you must have stable employment with a verifiable work address and an active bank account. Your bank account must be setup to allow the lender to deposit your funds and take authorized withdrawal to cover the repayment.
You can fill out an online application by providing complete details required from you. Most loan sites employ the latest security standards to ensure security and privacy during the process. Once you submit your application, the company will verify if you are eligible for the loan.
Once approved, expect the funds in your bank account within 24 hours or one business day on the weekend. You can use your funds to attend to your emergency expenses. Actually, you can also use the funds as you wish since the payday loan company will not question the purpose of the loan. If you have electronic banking available, you can log into your bank and use the available funds to make wired payments and pay off your bills. The biggest advantage of online cash in advance is that it is a paperless loan. Everything is processed electronically.
Various online loan companies offer merchant cash advances so you must do your research. Taking a cash in advance offer is not for everybody. Like all loans, cash in advance offers have to be paid back. Thus, it is important to choose a reputable company to work with. You must consider the interest rates and other attached fees, how quickly they can approve the loan and transfer your funds, and how flexible the repayment timetable is. You can sift through various review sites and read testimonials to compare cash in advance companies.