You might have a small company for which you need some extra cash for emergencies and other such needs. If this is the case, it might be necessary to consider getting a small business cash advance. These have a very high interest rate, so you should seek this variety of funding with caution. You should ask yourself if you are facing a genuine emergency before seeking emergency financing. We’ll be discussing how small business cash advances work, in today’s article.
With interest rates in the high double digits (sometimes low triple digits) annually, you won’t want to borrow money for long. Typically, these are necessary if you don’t have the capital to pay for an emergency, yet you have enough incoming receipts to pay back the loan, plus interest, in the next 30 days. If you don’t believe you’ll have the resources within that time frame, I recommend you seek a different source of funding than the small business cash advance.
If you do decide to get a small business cash advance, the process is relatively easy. You’ll need to submit some financial statements, including a statement of revenue, profit, and loss. Lenders will want to see your average monthly revenue for the last 6 months.
Typically, you can borrow an amount of up to 1 month of revenue. Depending on the company you are borrowing from, and the amount you are borrowing, you may need to personally guarantee the loan. If this is the case, you’ll have to furnish your personal credit report as well.
For more information, go to Small Business Cash Advance at http://www.unsecuredbizloan.com/small-business-cash-advance/