If your company has come on hard times, as many have in recent years, you may be in need of emergency funding. Hopefully, you already have a source of emergency funding, such as a line of credit or petty cash available for this purpose. If not, you may need to use a service, such as a business cash advance. We’ll discuss how those work in some detail, in today’s article.
First, you should realize that a business cash advance is a very expensive way to borrow money. If you borrow only for a month or two, this can be fine, but paying 120% interest for a whole year can be crippling. As such, you should consider these to be for emergency purposes only. You’ll have to weigh the high cost against the cost of not paying for the emergency. Obviously, if something that is integral to your business has ceased to function, you will have to pay to repair it.
So, if you decide you need to get a business cash advance, how do you go about doing so? There are dozens of online vendors that provide this service. Rates differ a great deal from vendor to vendor, but the terms are all very similar.
You must demonstrate your company’s recent revenue to determine both your eligibility and the amount you can borrow. Typically, you will not be able to borrow more than a month or two of revenue in this way. Also, you should strive to pay it off as quickly as possible. Paying it off within 30 days or less is ideal.
For more information, go to Business Cash Advance at http://www.unsecuredbizloan.com/business-cash-advance/