Building a company can entirely be a daunting task, especially to first-timers. There are several factors each person has to consider before organizing a company. For one, are there investors who want to pour in money for this type of business? If not, can you apply for business loans that would help you in financing your business on a long-term basis?
While several individuals least prefer business loans, the application to these loans is more accessible and quicker. Here are five business loans that are fast and reliable.
Merchant cash advance
A merchant cash advance (MCA) provides small business owners a particular amount of money, which later on would be exchanged with the actual sales of the company. MCA is an excellent choice for company owners who want to keep their companies alive.
Payments for this loan are made daily through the daily credit sales of the company. Additionally, there is no fixed rate for the MCA.
Quick loans direct
This type of business loan is a cheaper alternative than a merchant cash advance. Small businesses can request up to $1,000,000 without the fear of getting unfavorable taxes and fees. This amount can be used to cover operational expenses, staff wages, and expansion of the business.
The pre-application can be accomplished in less than five minutes since it is done online. Once approved, the funds can be released after 24 hours.
This business loan is like the merchant cash advance. But the mode of payment is different. In revenue-based loans, the company is not compelled to pay daily. Instead, the credits will be repaid through company bank deposits. The company is likewise obliged to put a portion of their revenue for capital upfront. The needed requirements are three-fold: application form, bank statement for the last three months, and merchant statements.