Being an entrepreneur takes hard work, determination, and sometimes a little bit of help to get your new business off the ground. There are many available options such as working capital loans, business lines of credit, SBA, invoice financing, and more. For a newly developing business, what is the best lending option?
The Right Loan
One of the more advantageous ways to acquire a quick lump sum is a merchant cash advance. It does not carry a fixed payment, allowing you to pay a daily percentage of your credit card sales until the loan is paid off. If you are considering a working capital loan, hold off until you learn more about this highly beneficial option.
Other loan types often require outstanding credit, causing a big issue for many struggling small businesses. A merchant cash advance is approved with very little consideration of poor or bad credit scores. There is little to no paperwork involved when applying, and approval rates are much higher than traditional bank loans. Even better is that you can receive these funds in a snap, eliminating the detrimental wait time that comes with other methods.
The Right Fit
The first and most important part of finding a quality merchant cash advance is examining the stipulations laid out by the company (fees, payback options). After a short time surfing the web, the best loan out there for a growing small business is by far Mulligan Funding, mainly due to the fact that they do not charge you double fees. You only have to pay back the money you’ve borrowed instead of paying additional fees that can really add up over time.
Qualification with Mulligan is quick and easy, there’s no hard collateral required, and the percentage of sales remains the same no matter what. With this method you’ll keep more money in your pocket while eliminating the stress of paying back the lender. Plus, there’s no need to set payments aside since it’s automatically deducted from your daily CC sales.
If the ease of their advance isn’t user friendly enough, this company stands by an honest and trustworthy philosophy in all of their business dealings. Instead of treating you like a client, they treat you like a partner and offer personalized care from the CEO himself. Mulligan isn’t just another company trying to lend you more money than you need or that you can afford to pay back. This puts them a step above the rest.
Advancing Your Business
If you’re an entrepreneur whose business needs some fast cash, take a merchant cash advance into consideration. With the right company, this method can be the most beneficial way to increase your capital without hefty fees and stipulations, and is the easiest to obtain as well as pay back. It’s a win-win for every small business owner.