Merchant Loan Qualification Requirements
We provide working capital for businesses who aren't willing or able to use conventional channels for funding. This is a cash advance and not a traditional loan. We are investing in your business. Any funds received through a merchant cash advance is not a loan, it is a cash advance paid against future Visa and MasterCard merchant account receipts. These amounts are paid back through the merchant account itself.
- You Must Accept Visa, MasterCard or American Express with a minimum monthly charge volume of $8,000 or more
- You must batch out your transactions a minimum of 20 - 25 times a month
- Your business must be actively operating
- You cannot be more than 2 months behind on your lease or mortgage payments for the business space
- You must have a business checking account with a positive balance
- Your business must have been open for at least 6 months. However, we CAN fund new restaurants.
- Your business must have been operating in the last 6 months.
- You must have a valid, current business license.
- The business owner(s) must have credit score of at least 500 or more.
- You must have positive trade references.
- You cannot have sizeable tax liens, judgments, foreclosures, or repossessions.
Are there any program limits?
Our merchant cash advances range from $8,000 to $375,000 per incorporated location but we will need 4 months of recent credit card processing statements to tell you exactly what you may you qualify for. Fax your statements to 1-800-439-1860.
How much cash do I qualify for?
First we must review your most recent credit card processing statements in order to provide you with a formal pre-qualified proposal that explains how much cash you are qualified to receive, the cost of the money, and the daily pay back percentage.
How Do I Pay Back My Merchant Cash Advance?
The greatest value of a merchant cash advance is the flexibility in the repayment terms. There are no fixed payments and there is no set time period to repay the merchant cash advance. We simply take a set percentage from your daily Visa/MasterCard and/or American Express sales, that way when you take a payment, we receive a payment. Of course the better you perform on repayment, the easier it will be to secure additional future fundings.
Do I have to provide collateral or sign a personal guarantee?
None at all. Absolutely no traditional personal guarantees or collateral of any kind. This is one of the major benefits of a Merchant Cash Advance.
Will I have to change my Merchant Services to your company?
We have a preferred credit card processor that we partner with to provide merchants with our merchant cash advance product. OUR PROMISE: Once you are fully approved by our underwriting team for a merchant cash advance, we will match or beat your current credit card processing rates. You will NEVER pay 1 penny more to process your credit cards with us. Once the money has been paid back, you are free to go back to your old processor if you choose, although we hope you will be happy with our service stay with us as a valued customer.
Our customer service team is available 24 hours per day, 7 days per week, and 365 days per year to ensure that your business is smoothly operating.
How soon can I be funded?
Generally, funding takes place within 24 hours of final approval. We will then send the funds directly to your business checking account via the ACH process.
Does it cost anything to apply?
Absolutely not! You have nothing to lose so apply today to see how much you can be qualified to receive.
I'm Interested. How Do I Start?
To get started, please click on the "APPLY TODAY" tab above and fill out some general questions about your business. Once you have submitted your information, a financial representative will get in touch with you ASAP. To expedite this process, please fax or email you're most recent 4 months of credit card processing statements to either statements@merchantloans.net or fax to 1-800-439-1860.
I Don't Meet the Requirements, What Can I Do?
Don't give up! We have a program for business owners who don't meet the requirements or have been previously declined for a traditional merchant cash advance. Please Click Here to learn about this great advance program to help rebuild your credit and obtain working capital for your business.
We provide working capital for businesses who aren't willing or able to use conventional channels for funding. This is a cash advance and not a traditional loan. We are investing in your business. Any funds received through a merchant cash advance is not a loan, it is a cash advance paid against future Visa and MasterCard merchant account receipts. These amounts are paid back through the merchant account itself.
Fax Your Statements to
1-800-439-1860
