The landscape of traditional commercial lending continues to be a barren one, with the top five major banks denying small business loans at near-historic levels. However, there are merchant services cash advance options which come with affordable rates and flexible repayment installments.
Alternative lenders are making available merchant account cash advance loans without lengthy and arduous applications. What's more, existing merchant cash advance options are also available.
Big banks continue to hold back billions of dollars in their reserves, and state the primary reason for the lack of approved business funding is due to new federal regulations. The Frank-Dodd Act, which is intended to stymie fraudulent lending and curtail risk of legitimate loans, has negatively impacted small businesses. The result of such legislation has taken in-house decision making away from traditional lenders, and stricter qualification requirements are a harsh reality.
Corporate lending institutions now require more than just impeccable credit, but also, scores of certified financial documents. In addition, applicant businesses must have an established sales record and company owners must disclose all personal and business assets and liabilities. Loans are dependent on large collateral pledges, along with a personal guarantee. The application review period lasts several weeks and even if approved, funds are slow to become available.
However, it's now alternative lenders that are providing access to commercial level capital. These loans come with highly competitive rates and do not require a credit file review or collateral. Additionally, approvals are delivered in 24 hours, and funds are directly deposited into the applicant business' checking account in just three to five days. The rates of approvals are 98 percent and businesses can apply and borrow between
Qualification is determined by monthly credit card receipts and not on a business' credit score. All types of businesses are able to qualify and be approved, from retail to merchant services, to restaurants and bars, to health care providers through this innovative quick merchant cash advance lender.
BusinessCashAdvanceGuru.com expanded nationwide services are now available in the following geographical areas:
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