The application process for merchant financing is fast and straightforward, unlike the lengthy and complex procedures of traditional small business loans. Once approved, businesses often receive funds directly in their bank account within one to two business days. Below, we outline the key requirements to help you determine if you qualify for a Merchant Cash Advance (MCA).
Required Financial Documents
Getting started is simple. Fill out an online application or contact Unsecured Finances at (877) 838-3919. You’ll be paired with a dedicated adviser who will guide you through the process. Common documents and requirements include:
1. Your Social Security Number (SSN) or Employer Identification Number (EIN)
2. Bank statements, credit card statements, or payment processing data from the last three months
3. Tax returns
4. Financial statements, such as a balance sheet or profit and loss (P&L) statement
Length of Time in Business
Lenders evaluate how long your business has been operating to assess risk. Established businesses are considered lower risk, which can improve your chances of approval. Most MCA providers require that your business has been active for at least six months.
Monthly Revenue Requirements
Your monthly revenue is a key factor in determining your loan amount and repayment capability. Most MCA lenders require a minimum monthly revenue of $10,000. Higher revenue increases your eligibility for larger loan amounts and improves approval odds.
Credit Rating Importance
Your credit score reflects your payment history, outstanding debt, and length of credit history. Business owners should regularly monitor their personal and business credit scores, as these are critical factors lenders review when evaluating loan applications.
Debt-to-Income Ratio
The debt-to-income ratio compares your total debt to your overall income. MCA lenders use this ratio to determine what you can reasonably afford to repay. A lower debt-to-income ratio signals less risk and a higher likelihood of approval, while a high ratio may indicate potential repayment challenges.
Thinking of Starting a New Business?
Now is the perfect time to launch your entrepreneurial ideas. With innovative business concepts emerging, there are abundant opportunities to serve the market safely and efficiently. Unsecured Finances can help you secure the funding needed to start your new venture!
Financial constraints should not limit your dreams. If you have a solid vision and decent credit, Small Business Loans and No-Doc Loans are available to help make your idea a reality. Our team provides guidance, resources, and expert advice to help you obtain the financing required for your small business.
Unsecured Finances has over 10 years of experience in consulting and financing. We specialize in assisting clients with:
1. Unsecured Business Loans
2. Start-Up Business Specialty Loans
3. Unsecured No Documentation (No-Doc Stated Income) Loans
4. Unsecured Start-Up Business Loans and Lines of Credit ranging from $10,000 to $500,000 without assets
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584
