Small Business Cash Advance Process

Business Cash Advance

Today we will be discussing the small business cash advance process. If you have a small business you may need to borrow money for emergencies at some point and if you do not have an existing emergency fund it may be advantageous for you to get a cash advance. Today, we will be discussing the process in detail to assist you in getting a small business cash advance.

The first step in getting a small business cash advances to find an appropriate lender. There are a number of lenders of this type online and you should begin your search there. When researching these companies make sure to check their Better Business Bureau reports to see if there are any complaints lodged against them. You want to use a company that has a good reputation that you feel you can trust.

Once you have narrowed down your list to a few lenders you will want to compare them based on their interest rate or discount rate. Cash advances often do not have strict interest rates but instead have discount rate applied at the time the disbursement. Typically these rates range from $.50 per $20 borrowed up to $1.50 per $20 borrowed. Once you have selected a lender which looks to be a good deal to you you’ll want to begin the process of applying.

Typically for loans of this type application process will require you to furnish a small amount of your accounting documents, as opposed to the relatively large amount required for traditional bank loans. Most of the time funding is based on an average monthly revenue over the last six months. You can borrow up to one month’s worth of revenue except under certain extreme circumstances. You will be expected to repay the loan in full in either 30, 60 or 90 days. The amount of time you have will depend on the rate you pay and the company you are dealing with and you will want to ask them how long you are authorized to take to repay the debt.

Once you have your small business cash advance you can also recharge it up to two additional times in most cases. This means that you can borrow the same amount twice more without having to reapply for a loan. This can make the process of obtaining additional funds easier if the need arises again. Get in mind that these are very expensive loans and should be used for emergency purposes only.

For more information, go to Small Business Cash Advance at http://www.unsecuredbizloan.com

Small Business Cash Advance Process was last modified: September 30th, 2011 by Amit Kraidman
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3 Responses to Small Business Cash Advance Process

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