6 Signs A Merchant Cash Advance Will Work Better For You Than A Loan

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At Maple Advance, we’d be lying if we said that we weren’t partial to cash advances. However, we will admit that business loans could potentially be a better fit for some situations. The problem that most business owners have when it comes to securing loans is figuring out whether they should go with a traditional bank loan or a cash advance. In many cases, they don’t choose the right option.

The loan process is a lot more involved than the cash advance process, but it’s also a lot more popular. In most cases this is not a good idea. Chances are that if you have these signs, you would be better of with a cash advance.

  1. The business owner has bad credit. Banks will almost immediately turn away anyone who has bad credit, simply because they can. Since regulations are tight on who can borrow, a bad personal credit score can cause serious problems in getting approved.
  2. There’s no collateral to give, or you do not want to have collateral given to the bank. It’s sad to say, but a lot of honest business owners end up falling behind on business loan payments every year. When this happens, banks can collect the collateral that they signed the loan with. Most often, it’s their houses, which leaves them homeless. If you want to eliminate this risk, you’re better off with an advance.
  3. Banks have already turned you down. Generally speaking, it’s not a good idea to continually apply for loans when banks reject you the first, second, or third time. All this usually does is lower your credit score and dishearten you.
  4. You’re not 1000% sure that you can make payments on time. If you need flexibility in the event of a slow month, bank loans are not going to be your friend. Banks do not allow “late months.” In fact, it’s a good way to end up wreaking havoc on your ability to pay the loan off at all. Cash advances are more flexible, and if you’re not making money, you won’t have to pay a dime.
  5. You need to have full control over how you spend the money you are given. Shocker, right? If you want to have full control over the money, don’t look at a loan! Banks actually have the right to dictate to you how you spend that cash. If you want control, a cash advance is the only way to ensure that you wil be able to have the freedom you want with the cash you need.
  6. In all honesty, you don’t trust banks. Considering how often banks have hurt small businesses, we can’t blame you. Welcome to our side of things!

Maple Advance is a company that prides itself on offering great rates, giving business owners freedom and also just improving the way your business works. If you need a cash advance, call us today and money can be in your bank account tomorrow.