The Inside Scoop about Credit Card Advance Loans

For anyone who has ever tried to get a business loan, you will understand when I say how difficult they are. Not only are they difficult to get; applying for one can be extremely difficult as well. They spend weeks requesting more and more information, only to turn you down in the end. I think the current approval rate for business loans is about 10%. That means they turn down 90% of everyone who applies.

I wish I knew why it is so hard to get a loan nowadays. Sadly, I do not have much experience with the decision making process of the banks. I do however have experience with credit card advances, and I have the inside scoop on what you need to qualify for one of these business loan alternatives.

You don’t need good credit

While banks put a lot of emphasis on your credit history; credit card advance provides put much more weight on your businesses sales. If you can provide merchant statement showing that your business averages at least $2,500 a month in credit card sales; chances are pretty good that you will get funded.

Not everyone gets funded

It is true that someone with a low credit score can get a cash advance; but that doesn’t mean that everyone can get funded. Here are a few things that may disqualify you from getting the working capital you need;

• You cannot have an open, unsettled tax lien. You will need to have at least negotiated terms and began of paying your back-taxes.
• You cannot currently be in bankruptcy. If this is something that happened over a year ago, it will not be so much of an issue.
• You must be current with your lease payments or mortgage. I have seen businesses with recent foreclosures still get funded, but it is pretty rare. It may be worth while talking with a merchant loan provider; they may be able to work something out.
• You need to process a minimum of $2,500 in credit card sales each month. That is the minimum that most providers require. Some providers may have something called a starter program that you might qualify for. This may be worth looking into as well.
• Your business must batch out at least 3 times a week. Most providers feel uncomfortable when a business batches out infrequently. If there is a good reason for not doing so; talk to your provider and explain this to them. They may be willing to work with you.

There has never been an easier, faster way to get working capital. Credit card advance loan providers fund an overwhelming percentage of businesses that apply; but you still must meet certain criteria. These people work with small businesses every single day and they take a very personal approach with their customers. If you have issues, talk with them. You will be surprised how helpful they can be.

Use the following link to learn more about how a Credit Card Advance Loan works and even get a free quote. They will be happy to help.