What Is A Merchant Cash Advance?
Merchant Cash Advances are a new type of unsecured borrowing for business, offering a short-term cash injection from £2,500 to £500,000 typically borrowed over a period of 6 – 12 months. Unlike a typical business loan there is no interest charged and repayments are based on a percentage of your card machine sales each month, helping to ensure that repayments stay inline with your cash flow during both busy and quiet periods throughout the year. The amount your pay back each month is based solely on your card receipts and not on cash takings.
Merchant cash advances have been praised by the government as an alternative funding option for UK businesses and have already helped thousands of small business owners secure the funding they need for new expansion, new equipment and more.
Will My Business Qualify?
If you have been in business for more than 6 months, have monthly card sales of £5,000 or more, are a UK resident and over 18, you can qualify for a merchant cash advance. All credit histories are welcome, so even if you have bad credit we can still accept you for funding.
The application process is quick and requires no paperwork or credit check.
Which Lenders Offer Merchant Cash Advances?
There are a small number of dominant merchant cash advance lenders in the industry with the market leaders being 365 Business Finance, Liberis & Capify. Using our quote system enables you to apply to the majority of merchant cash advance lenders in the market and then receive quotes from the lenders that your business qualifies for. Our solution not only saves you time applying individually but also improves your chances of being accepted and enables you to compare offers from multiple lenders.