What Interest Rate or APR Do I Pay on a Business Cash Advance?
The Annual Percentage Rate (APR) helps you understand the cost of borrowing. It takes the interest rate and the additional costs of a credit offer into account. Every lender must tell you their APR before you sign a loan agreement.
Unlike traditional bank loans, with a merchant cash advance from 365 Business Finance you don't need to pay any interest charges or APR. All you must pay is a single lump sum, regardless of the repayment period, which is added to the cash advance. No additional fees in the form of application fees, administration fees or hidden extras will be charged to you.
Repayment of your merchant cash advance is handled through a holdback rate. The Holdback Rate is the percentage of daily credit card sales used to repay your cash advance. The interest rate corresponds to the cost of the advance, while the holdback rate applies to your daily payment.
If you are interested in a fast business loan, feel free to contact our customer support for a no-obligation quote.