Business cash advances vs. Bank loans

A comparison between a Business Cash Advance and a typical bank loan.

Business Cash AdvanceBank Loan
Interest rates and feesOne clear, all-inclusive fee for duration of advance. No admin charges. No interest. No late fees.Interest charged according to length of time loan is outstanding. Admin charges and late fees payable.
Repayment PeriodNo Fixed term. Flexible repayment period depending on your sales (typically the advances are repaid in 5 to 10 months).Fixed repayment period
Repayment AmountFlexible repayment amount depending on your business performance (you repay a % of your card sales)Fixed repayments irrespective of underlying business performance
Security required?NoneIn most cases
Business plans required?NoYes
ApprovalWithin 24 hoursNormally weeks
FundingWithin DaysNormally weeks
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