One of the first things you should know is that a business cash advance is not the same thing as a business loan.
There are many differences in fact; High approval rate For one; cash advances have an approval rate of nearly 90 percent compared to the 10 percent approval rate of most banks.
That means, even if you've been turned down by the banks; you can still get approved for a business cash advance.
The reason they have such a high approval rate is because they came up with a way to minimize the risk of offering working capital to small businesses.
Quick funding Most businesses who apply for working capital do so because they need the money.
And in most cases the money is pretty important.
When you apply for a bank loan, they can keep you waiting for several weeks before you see one penny.
Merchant loans are designed to get you your money in less than a week in most cases.
That is welcome news for most business owners.
No collateral Another thing that makes this type of funding different is that they do not accept collateral.
If your business fails (knock on wood) or you are unable to pay back the loan; a bank can seize your property or personal assets.
An in this economy, that is a pretty big concern.
With a cash advance; they do not accept collateral.
If for whatever reason you are unable to pay it back; there is nothing much they can do.
Of course they try to protect themselves by making sure that they will not give you more than your business can comfortably pay back.
There are many other key differences between these two types of funding.
I invite you to use the following link to see how a business cash advance can help your business.