Compare These Top Vendors for Cash Advance Lenders

Small-Medium Businesses and Cash Advance Lenders

Every business owner has been there: unexpected expenses hit, clients are late with payments, and now your cash reserve is low. In these situations a Cash Advance Lender can help you with fast, short-term working capital to cover overhead, payroll, and other operating costs. There are countless lenders available online, so choosing just one can seem overwhelming. Keeping these points front-of-mind can simplify the process.

Is the lender’s site secure?

Most cash advance lenders are willing to overlook less-than-stellar credit, and provide a loan without collateral or a personal guarantee, but any lender you choose will require certain key details about you and your business: number of years in business, monthly sales volume, and total gross sales. When you consider an online lender, make sure their site is secure and protects your information transfers with Secure Socket Layer (SSL) encryption protocol. The best cash advance lending partners know that protecting your business information is critical, and keep the application process 100% secure.

How much do you need? And how quickly?

Most importantly, how much cash do you need? From $100 to $500,000, online cash advance lenders usually have minimum and maximum loan amounts, so find a vendor with limits that match your immediate need.  First-time applicants are rarely granted the maximum loan amount, but as you establish a relationship with the lender you will be able to borrow increasing amounts.

Time is undoubtedly of the essence, so you’ll want a lender’s web site and application process to be as streamlined as possible: easy to navigate, information readily available, terms and conditions clearly outlined. How simple – or complicated – the application process is probably indicative of the lender’s overall operation.

The Cash Advance Lender business model is built for speed, but determine the optimum turnaround time for your circumstances and find a lender who can meet that timeline. A lender may offer approval in 90 seconds or less, but still require anywhere from one hour to 30 days to deliver the funds to you.

Loan Interest Rate, Fees, and Payments

Again, the majority of cash advance lenders do not require collateral or personal guarantees, but application fees and Annual Percentage Rate (APR), as well as payment options and the number of loan extensions, will vary from lender to lender. It’s imperative that you fully understand the requirements, terms and conditions, of any loan prior to accepting the funds. Carefully review the web sites cash advance lenders and compare the following:

·         Application fees

·         The cost of credit per $100 borrowed

·         Annual Percentage Rate (APR)

·         Maximum number of loan extensions

·         Time required before applying for another loan

·         Cancellation option

Cash Advance Loans are short-term loans that should be paid off as quickly as possible, no matter how much you borrow.

Unexpected expenses happen when you own your own business. Fortunately you can take advantage of the online advance lending options available to you, and select a vendor whose application process, loan limits, and repayment terms are aligned with the financial circumstances you face as a business owner.