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Merchant Cash Advance Direct Lenders: Understanding the Unsecured Business Loans

For a business to achieve its big plans smoothly, the owner must have backup financial plans. The point here is that the business might be forced to halt its operations during financial shortfalls. Below are some of the common challenges businesses experience during their daily survival:

  • Equipment malfunction –Equipment suddenly stop working. They can be damaged or need to be serviced.
  • Clients paying late –Most of the clients do not process invoices immediately. Some of them may take up to 90 days or more to pay for the invoices.
  • Boosting or expanding the business –The business may not be doing really well altogether and requires financial boosting.

Just as the name implies, unsecured loans do not require any form of collateral. In most cases, the options available in the market are tailored to borrower’s needs. There are pool of lenders offering merchant cash advance without any asset or collateral – they have special repayment schedules whereby flat percentages of credit card transactions are deducted daily.

There are a number things considered to qualify for this financing option:

  • You must have been in business for one year.
  • Your credit card transactions should be $3,000 averagely.

The good thing about merchant cash advance is that there are no hidden charges, fixed monthly payments or other upfront costs.

unsecured business loans - cash advance

Top 5 Considerations Before Applying Cash Advance

Statistics show that very many people do not really know the types of loans they are applying. That said, doing preliminary research is vital. Generally, lenders accept applicants having impressive personal credit scores. Another thing worthy noting is that lender attach different interest rates and other applicable fees. So, what should you have in mind before seeking a short time financial assistance for your business?

  • Define Your Options Clearly
    Many businesses rely on small business loans thanks to the countless options available in the market. It is imperative to ensure you will be utilizing the suitable one. It’s also vital to compare the many lenders available as this narrow down your search.

Lenders operate differently. Some offers unsecured and secured business loans of varying or fixed interest rates. A number of lenders also charge outrageously on their loans, and there are many hidden fees. So, it’s always imperative to ensure the loan offers fit your specific tastes.

  • Develop a Good Plan
    It is of essence to develop a good business plan, which shows clearly the financial projections of your business. The plan should indicate the amount of income or revenue the business will generate as well as the expenses.

In addition, the plan should indicate the loan amount you would be borrowing. It should also shows how you’d meet the lender’s requirements.

  • Think Broadly
    It wouldn’t be a great idea to just apply for unsecured or secured loan just because a friend of yours got approved and received the money swiftly. It’s is imperative to consider a number of things at your disposal. Here are some of the questions you need to ask yourself:
  • Is applying for the loans risky? Will the loans help boost your business or you will be trapped in a borrowing circle?
  • What are the interest rates? Are there other hidden fees or charges?
  • Are the repayment terms flexible? What happens if the loans are not paid on time?
  • How will you repay the loans? Do you have a reliable source of income?

Actually, lenders are interested in applicants who pay off the loans on a timely fashion. You should only apply for the loans that you can pay back comfortably.

  • Have a Backup Plan
    The reality is that startups fluctuate. Business owners can spend up to a year in business without developing a strong and reliable income. That said, opting for flexible loans is a brilliant idea. It can be a worst case scenario if you cannot repay the loans.
  • So, what is the viable option?
    If you really do not know how you would pay off the loans, you need a backup plan. Applying for secured loans can give you a breathing space – the collateral or assets can pay off the amount just in case you find yourself in a financial crisis.

But it’s imperative to check the collateral requirements carefully. In most cases, the lenders prefer personal assets such as cars, lands, homes just to name a few. A professional broker will surely help you find customized loans.

  • Check Your Credit History
    Lenders usually check credit history or reports of the borrowers to approve or give out bad credit start up business loans guaranteed approval. It is the only way the lender will know you’re in a pole position to repay the loans. Now, you should ensure that your credit history is good. The lenders will check if you’re good at repaying other loans.

Upsides and Downsides of Unsecured Business Loans:

It is normal for business owners to be strapped out of cash. The business must continue to operate, though. Applying for bank or credit cards loans seems like a good option but it is tedious and time-consuming. In addition, applicants need healthy credit scores to get their loan applications approved quickly. Unsecured business loans can fit your requirements rather nicely. There is no such thing as collateral.

Direct Lending: What are the Upsides?

  • There are many direct and online lenders:
    There is a range of lenders to choose from. Specifically, the web is flooded with countless lenders, meaning that you can find them effortlessly. Tracking down the right lender can be a challenge, though. Ideally, you should choose lenders offering flexible terms, great customer support and reasonable rates.

Basically, these are short-term loans, and you must repay the full amount according to the repayment schedule. You can shop around to get viable options.

  • The application process is entirely frictionless:
    It takes a minute or two to make an application online. You may also visit a local lender to receive application forms. You are expected to give correct details, for instance, bank details, addresses, name, proof of identification and many more. You must be employed or working (a proof is needed). Mostly, the loans are approved faster.
  • You get the loans regardless of your credit background:
    The reason people tend to stop applying for loans is that they do not have impressive credit scores. Numerous lenders are really not interested in your credit history as long as you can prove you’re capable of repaying the loans on time.

The primary requirement is proof of employment. The loan amount including interest rates and other applicable charges are automatically deducted from your bank account when you get paid. Even though a good number of lenders do not check your credit background, some do. The lenders operate differently.

  • You get sufficient loan amount:
    You can get a sufficient amount to keep your business going but that depends on a few things. For instance, if you have better-paying job, the chances are that you qualify for larger loans. Or, you can unlock larger loans by paying off outstanding loans earlier or on time. What you must know is that these loans aren’t designed to offer long-term solutions but are just temporary fixes for your financial hiccups.

What are the Downsides?

  • Outrageous interest rates and other hidden fees:
    Some lenders charge slightly higher interest rates – collateral is not required. There are also many hidden charges that may be applicable. So, it is essential to read the loan terms word by word before signing. You can also compare the many lenders to track down ones offering reasonable rates.
  • Shorter repayment period:
    Usually, lenders require the borrowers to pay off the loans during their next payday. There are also other lenders offering flexible repayment schedules.
  • Loan approval is not guaranteed:
    You must submit all the needed documents and details during the application process. Also, you’ll not qualify if you are unable to prove your source of income.

Final Thoughts

There are a lot benefits a small business owner can reap from unsecured business loans. The lenders do not require any form of collateral. These loans are suitable for expanding the business or paying for unexpected expenses.
Lenders have strict qualifying standards to ensure the borrowers do not default or miss to pay off the loans. Some lenders also demand higher interest rates including other charges. Generally, with customized unsecured loans, business owners can meet their goals hassle free.

See What Loans You Qualify For

Check Your Options


What is a ACFA Cashflow?

We will connect you to hundreds of qualified lenders in our network.

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What Do I Need to Qualify?

There are requirements for the borrower to provide before the loan request is approved.

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How Do I Apply?

Your loan request process begins with your filling a simple form that is on our website. 

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Merchant Cash Advance

A merchant advance loan allows an entrepreneur and business people who use credit payment and other receivables to get an advance to fund their business expansion. Merchant cash advance is a vital financial boost to people who are looking to improve their business. The loan is based on future revenues from sales of the business.
Why wait yet you can expand your business immediately with merchant cash advance.

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personal Loan for Business

Personal loans for business will help the borrower to expand your business. Loans through ACFA will allow you to invest on your business immediately. Whether you are requesting for a loan for a small business or a large established business, personal loan for business is the perfect option for you.
It is a good choice for business where you do not have a solid history of profits.

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Term Loan

Whether you are looking for business loan or personal loan, term loan is the best option for you. Traditional lending institutions require strenuous filling of forms and information plus your credit history. Term loan is ideal for small and growing business because you can expand your business and incorporate modern technology as well as customer preferred goods and services.

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You never anticipate a financial emergency and with years on online loans connections, we are here to help your overcome financial emergencies. We pay close attention to customer needs and expectations and we pride ourselves as one of the best borrower lender company. We will connect you to hundreds of qualified lenders in our network. Usually once you have made a loan request by filling our easy and customer friendly form we will connect you to a lender who will finance your loan.

Your loan request process begins with your filling a simple form that is on our website. You should make the request with your name because you will be required to provide proof in identity card. It is essential that you check the criteria for loan request before you begin the loan request process. Borrowers should decide if you want to borrow term loans or merchant cash advance. It is best for the loan borrower to understand what they want before making loan request. Moreover, look at your repayment ability.

There are requirements for the borrower to provide before the loan request is approved. To be eligible to apply for the loan with ACFA you must meet the following:

  • An American resident with a valid national identity card
  • You must be employed
  • You must have an active checking account
  • You must not be active in the military

The amount of loan that you can borrow will depend with your ability to repay the loan, previous repayment history and your income. However, it is essential to note that different states have different interest cap and you should check the loan limit in your state to know the amount of loan that you are allowed to borrow.

Yes. The information you give us is private and confidential, we do not allow any third party or unauthorized persons to check your information. We use state of the art software and program to protect the information of our lenders and we strive to give clients top-notch customer service.

Our lenders do not require you to have stellar credit history. Your credit score is not put into consideration when processing the loan. We are here to help people with less stellar credit score to get access to finances that they would not in conventional lending systems.


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