As a small business owner, there are times when you need to get money quickly. Whether it is to take care of an emergency or to pay for an expansion, you must reach out to a lender for assistance. A merchant cash advance can provide you with these funds and get you started on your project. Here are a few things to keep in mind as you apply for this.
Review Your Credit
Before you can be considered for this type of loan, the financial organization that you are working with will want to review your records. This is to ensure that they will be paid back for the money that they gave you. One item that they will be looking at is your credit rating. If the score is too low, you will most likely be denied the merchant cash advance. You should look into the number before you send your paperwork to the bank. Depending on what you discover, you may want to look into another option to get the funds that you need from another source. You can also wait until you have rectified your outstanding debt.
Get Your Financial Paperwork Together
When you submit your application for financing, you will be required to turn in your financial records as well. These documents will determine how much money you will be eligible to receive if you are approved. You must have the latest copy of your bank and credit card statement. You may want to reach out to the lender who is considering you for a merchant cash advance if there is additional information that they will require from you. If you send in your paperwork and omit these figures from it, your request will be delayed or potentially denied.
Be Aware of Your Timelines
While the application period to approve this type of lending can be quick, there can be complications that might delay it. If you want to use the money for a remodel or any other project that requires hiring someone from outside your company, be sure to apply a few weeks in advance. This gives both the bank that is considering providing the merchant cash advance and yourself plenty of time to talk about it and to submit the correct documentation to ensure approval. You should also have an idea of how much you will need before you talk to your loan representative. It gives them an idea of what you qualify for and if you meet the requirements.
Reach out to the experts at BMF Advisors to get a cash advance tailored to your business goals.