A merchant cash advance can be a lifesaver when you need quick funding. If you’ve ever been put in a situation where you don’t qualify or can’t wait for a traditional bank loan, this type of short-term financing can provide you with instant working capital. When you apply online with JSV Capital, the process is quick and easy and can deposit money into your account within 12-48 hours. If you’re in New Jersey and considering a cash advance for your business, we’ll tell you what to expect and how you can get one today.
How do cash advances work?
Although merchant cash advances are a convenient financing solution, they are quite different from traditional loans. Unlike a loan, a merchant cash advance does not require collateral to obtain financing and does not affect your credit score upon application. Instead, a lender essentially invests in future sales of your business in exchange for capital. This means that after receiving a lump sum, a portion of your income will automatically be withdrawn to repay your lender, either from your bank account or from your credit card deposits. Therefore, lenders have a low risk of loss if your business defaults. At JSV, itReview checks are required for all loan programs. However, they make a soft credit application so as not to affect the business owner’s credit.
The amount that borrowers are required to repay is calculated by a factor rate, which is different from an interest rate. Factor rates are designed to be directly proportional to the amount of money you receive.
How to Get a Merchant Cash Advance in New Jersey
Of all the financing options, merchant cash advances are one of the easiest for business owners to obtain. In fact, their approval rates are 70% higher than traditional bank loans. Wondering how you can get a merchant cash advance in New Jersey? Here are the steps to follow:
1. Find the right lender
Now that you know what you’re getting into, you’ll want to seek out a well-established alternative lending institution. However, not all businesses are created equal. There are many lenders in the New Jersey market, but companies like JSV Capital, for example, offer a transparent, merchant-based cash advance process. From quick sign-ups to instant deposits, JSV Capital is the right lender for borrowers who have low credit scores, no collateral, or those who don’t qualify or can’t wait for a bank loan.
2. Complete an online application
Unlike many other financing options for your business, the process of obtaining a cash advance is easy and accessible. One of the features of JSV Capital is that the application can be completed entirely online in minutes, saving hours of paperwork. You will not be asked to provide documentation of your business history or tax documents. Instead, you just need to submit proof of income via bank statements or credit card purchases. Typically, borrowers applying for a merchant cash advance from JSV Capital have been in business for at least three months with proof of positive cash flow.
3. Receive funding instantly
After submitting your application, a financial specialist will review your documents. After approval, you will receive your funds. On average, the process can take one to two business days. However, once approved, funds will be deposited immediately. To make the cash advance process as seamless as possible, have your bank account number and/or routing number ready when you apply.
The amount of financing you can receive varies depending on the lending company and your business performance of the company. At JSV Capital, New Jersey business owners can receive up to $1,000,000 through a Merchant Cash Advance.
Financing options for your NJ business
No matter what industry your business is in, a merchant cash advance can help your business in the short term. It can provide assistance in times of financial emergency. Plus, you might need it to cover unexpected expenses like broken equipment. Want to avoid late bill payments? A cash advance can bail you out.
Even if you are not in dire need of resources, a cash advance still has its benefits. You can use it to supplement your payroll, purchase new inventory, fill cash gaps due to seasonal fluctuations and more. In addition to a merchant cash advance, JSV Capital offers secure and affordable financing options for your New Jersey business.
Main image by Tima Miroshnichenko