If you want to get started with your business, there will be numerous challenges in your way and most of them require sufficient funds. Whether you are an owner of a small cafe or a reputed establishment, obtaining sufficient funds to fulfill your goals is of utmost importance. Hence, all of this is possible if you opt for merchant cash advance loans. With this loan option, there is absolutely no need to wait for a longer period of time. In addition to this, you need not worry about your loan being disapproved. All you need to do is fulfill all the eligibility criteria and the procedure will take place further.
For anyone who doesn’t know what merchant cash advance loans are, these are schemes that precisely are targeted towards business owners and merchants. The same is done so that all the short and long term business requirements are fulfilled. In simple words, the procedure of MCA is where a merchant can borrow some cash depending on the sales of his/her debit or credit card. With almost every individual going for paperless transactions, most of them are opting for card transactions because they are quite hassle free and convenient. Nevertheless, if you are a business owner and want to offer mind blowing services/products to the customers, consider opting for the MCA process. The experts will assist you in the best way possible ensuring all your prerequisites are met without compromising on the quality of the services.
Eligibility Criteria for merchant cash advance same day funding
There is no denying the fact that the terms and conditions for MCA are pretty quick, simple, and convenient. Mentioned below are all of them. Let us take a look.
- The merchant should have a well reputed business.
- The annual turnover of the business should meet the set prerequisites of the lender.
- The business owner should accept all the card payments.
- The merchant should have a suitable CIBIL score.
Essential documents to avail MCA
- Citizenship proof
- PAN card
- Business proof
- Address proof
- Documents of the business
- Documents that mention all the current loans
- Balance sheet for last two to three years
- Turnover proof
- Crucial KYC documents
- Bank transactions of last two years
How do you apply for Merchant Cash Advance?
As mentioned above, you can opt for merchant cash advance loans if you are in need of funds. In order to get started with the procedure, you need to fulfill the below mentioned steps.
- Get started with the application: In order to apply for MCA, a merchant has to first fill in the application without making any mistakes. Along with the application, they need to submit all the vital information with business proof.
- Next comes the documentation procedure. It is essential for the merchant to offer credit card or debit card documents. Moreover, a bank statement to cross check all the purchases is also needed.
- Next, the merchant has to submit proofs including citizenship, address, and everything else
- Once all the criterias are met, the merchant has to wait for the approval procedure. Usually, the approval takes about one day.
- Once the amount is decided, the lender and merchant will decide the term of advance, loan repay period, and everything else which is necessary.
- Lastly, the fund disbursement will take place and from next month the repayment will begin immediately.
This is all you need to do if applying for a small business loans. Now that you are aware of them, it is time to make a move. Get in touch with a reliable lender and you are good to go.
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