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Sunday, July 5, 2009

A Step-by-Step Guide to a Merchant Loan

Getting a merchant loan is very easy, but it is always helpful to have a set of directions to help you get from point A to point B. Knowing exactly what to expect and how to go about getting completely unsecured funds for your small business through a merchant cash advance, can speed up the process, allowing you to have up to $500,000 in business funds wired into the account of your choice, in no time.


The first step toward getting a merchant loan is research. Not all lenders are created equal. A small business owner can surf the web to find a lender that offers what he/she needs. A good merchant loan provider only promises what it can give, and always follows through. Merchants can look up providers on the Better Business Bureau website to see how they fair with the bureau and discover if they have any complaints.


After researching providers, potential applicants can get a free quote online. Once the merchant receives his/her free quote, he/she may then apply. Applying for a merchant cash advance is quite simple, probably a lot simpler than many merchants think. All that is needed is a two-page application, the last four months of merchant statements, a copy of the business lease and a voided business check. The merchant must then submit all of this documentation, and within 48 hours, the provider can approve the application.

Funding and Repayment

An applicant's account can typically be funded 7-10 business days after approval. The easy repayment process begins as soon as the merchant's account is funded.

When customers pay for products and/or services with credit cards, a small percentage is automatically deducted from those sales and put towards the repayment of the merchant loan. The advances are normally repaid within 6 to 8 months.

Small business owners can get a free quote to find out how much they qualify for. It is strongly suggested that small business owners who are considering a merchant loan use the guide to help with the process and pass it along to others who may be considering the bank loan alternative as well.


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