When you apply for a business advance from Merchant Cash Advance Nation, you are not applying for a loan. Rather, you are applying for an advance against your future earnings. After your advance has been disbursed, we will receive repayment in the form of a fixed percentage of future credit card receipts.
Our programs are more flexible than traditional loans because we're not really interested in your credit scores, though we do require that you have no judgments against you, and that you not have any open bankruptcies. Instead, we'll ask you to demonstrate that your business is viable now, and will remain so in the future. Typically, this means that you'll have to supply six to twelve months of business records, showing a minimum regular income. The minimum number is dictated by the amount of your requested advance.
Initial advances are usually fairly small - $5,000 to $15,000 - but once your first advance has been completely repaid, you are welcome to request another, and repeat clients are often granted larger disbursements. The maximum advance we offer is 150% of your average monthly credit card sales, or $250,000 - whichever is smaller.
Unlike a loan, there are few restrictions for merchant cash advances. Repayment terms are usually from five to eight months, and there are no rules for how you must use your money, so long as you do use it for your business. Because we we work directly with your credit card processor, there's almost no way one of your payments can ever be late or be missed, so you don't have to worry about penalties. Even better, in most cases, you can continue to work with your existing credit card processing company - we won't force you to switch to ours.