What Exactly Is A Business Cash Advance?
You’ve probably heard of business cash advances or we call it a Merchant Cash Advance, but you may not be entirely sure what they are or how they work. Essentially, a business cash advance is a short-term loan that’s based on your future sales. That means that you can get the funding you need now and repay with no fixed repayment.
Can a Small Business Get a Cash Advance?
Absolutely! In fact, a business cash advance can be a great option for small businesses especially if a traditional term loan does not suit your needs. A cash advance is ideal for short term financing. This type of finance is designed for businesses who take debit and credit card payments either in store or online.
How Does a Business Cash Advance Work?
A business cash advance is a type of short-term loan that’s based off previous sales history usually the last 3-6 months. That means that you can get the funding you need now and repay it daily based on a percentage of future sales.
How is a Business Cash Advance to be Repaid?
A business cash advance is to be repaid with a fixed percentage of your future sales until the loan is paid off. The percentage is calculated over your busy and slow periods which give the lender an accurate idea of what you’re able to repay over the duration of the advance. Plus, there is no early repayment fee so you can pay off early.
What Are The Benefits of a Business Cash Advance?
There are a number of benefits that come with taking out a business cash advance.
Flexible and Scalable – The daily repayments adapt to the pattern of your business. Repay more at business peak times, pay less if things slow down
Quickly boost cashflow – Get a decision within 24-hours. An advance is short-term financing that helps your business without leaving you short on cash
Minimal time and effort – Daily repayments are made automatically. No remittance, no monthly transfers, so you can concentrate on running your business.
Hassle – free repayments – Never worry about missed repayments. Repayments are taken ‘at source’ which means they come out of your card sales before they go into your bank account.
When is it Right to Consider a Cash Advance for Your Business?
There are a number of situations when it may make sense to take out a business cash advance. For example, if you need funding for a short-term project or goal, a cash advance can be a great option.
How to Get a Business Cash Advance?
If you’re interested in getting a business cash advance in Ireland, the first step is to talk with Linked Finance that offers a Cash Advance option. Linked Finance is an online lending platform that offers short-term loans to small businesses. With Linked Finance, you can apply for a loan online and get funded in as little as 24 hours. So if you need funding quickly, Linked Finance can be a great option.
Linked Finance has some of Ireland’s fastest options for Small Businesses to get cash in their hand quickly. If your business needs a cash advance, visit Linked Finance today.
