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While big corporations have more than enough cash flow for any expense they may need, things are a little different for small business owners. They have their different sets of financial problems that often require immediate response to be dealt with so that the business can continue to run smoothly. Often times, the bank is simply not fast enough to offer aid, leading many to seek out a merchant cash advance instead.
Whether you need to quickly fill your inventory, purchase new equipment, meet payroll requirements, do a little renovation, or kick start an advertising campaign. When you need a large sum of cash immediately, a merchant cash advance can be the perfect solution. However, finding a reputable company amongst a sea of sharks can prove to be a real challenge.
There are certainly reputable companies out there, though. Take a look at this merchant cash advance loan companies list to help you find the right one for your business needs.
RapidAdvance
Highly recommended due their exceptional customer service, RapidAdvance can give you the funds you need in a pinch. They offer up to $500,000 while still allowing you to keep your credit card, and highly conducive requirements for any business to qualify. You will need a credit score of at least 500, have done business for at least three months, credit card sales at a minimum of $2,500 a month, and only one year remaining on your lease.
The typical repayment time will be between 4 to 12 months, and the APR is approximately 65% with a factor rate of 1.20. After being approved, you can expect to see your money in as little as 3 to 5 days. RapidAdvance requires no lien, and have great standing with their customers.
Aliant Payment System
Based in Florida and founded in 2003, this company has over 150 full time employees while controlling a revunue of about $4 million. They feature credit card processing, ATM services, data management, payment gateway, and even high risk processing. What really makes them stand out is the plethora of awards they have won for doing great business.
The minimum credit score accepted is only 450, and you can expect to see your funds within 3 days after approval. There is no collateral or personal guarantee involved, minimal documentation such as proof of four months as an active merchant, and their rates are the best in the industry. With over 5,000 active clients, Aliant Payment Systems stands as a great choice for merchant cash advances.
BankCard USA
Offering credit card processing, enterprise card processing, and POS systems, they are best known for providing end-to-end electronic payment services. However, you are sure to find a reasonable cash advance through this company. Founded in 1993, BankCard USA has an outstanding reputation in the industry, and is certainly worth mentioning on this list.
Square Capital
Boasting some of the most affordable rates in the realm of merchant cash advance, they are also the speediest at delivering your funds with the wait time being only one day. The only downside is that your business must use Square when processing credit cards, but by using their system you are automatically approved for any cash advance. You will also only be able to utilize up to $50,000 in financing, which is not near the amount that other companies offer.
However, clients of this company rave about the Square payment system as much as they do the ease of obtaining necessary funds quickly. Therefore, they have become one of the top recommended providers of cash advances. If you already process your payments with Square, then it is worth looking into.