Why is there no APR on a business cash advance?
Business cash advances are paid for with an agreed fee, repayments are then made through credit and debit card payments to a business – based on a percentage of income. This means that borrowers repayments fluctuate dependent on changes to a business.
Is a Business Cash Advance trustworthy?
A business cash advance is often seen as an alternative to a bank loan. Business cash advance lenders meet strict financial terms and conditions to protect borrowers. Many use strict application policies also, to ensure borrowers will not have a detrimental impact on their business through repayments.
How easy is it to get a business cash advance?
Like any loan there are steps to getting a business cash advance. Firstly, an application needs to be made based on income, credit/debit card sales, business history and plans for the loan. This needs to be audited, approved and agreed by a lender. Following this, a fee for the loan will be agreed, agreements signed and funds released. Some businesses can turn this around with a number of days, dependant on any additional information a business will need to supply.
What is a business cash advance for?
The advance can be used for many reasons and a lender will talk through business plans and options with any potential borrowers. Popular uses are business expansions, renovations, product development and marketing.
What industries are business cash advances available for?
Business cash advances are on offer industries including hotels, pubs, vets, coffee shops, garages, MOT centres, hairdressers, florists and much more.
Can I apply for a business cash advance online?
Business cash advance initial applications can be made online, any further information and details on a business may need to be provided in a physical form. This is a very straightforward process and representatives of your chosen lender will be able to aid in this process.
365 Business Finance offer business cash advances to a range of businesses across multiple industries.