From $10,000 to $5,000,000 within 3 days.
Merchant Cash Advance For Business Owners
Qualifying is as easy as 1, 2, 3!
Have you had your business for more than four months?
Do you have a fico score of 500 or above?
Are your annual sales higher than 150k a year?
If you answered YES to these three questions
You are on your way to qualifying!
Complete our simple online application and we will contact you immediately. Our application does not require you to provide any private or detailed financial information. Simply provide us with the basic required information and we will verify the cash advance amount you are eligible for.
What is a Merchant Cash Advance?
A Merchant Cash Advance (MCA) is an easy and quick way in which small and midsize business owners that lack collateral or have a low credit score to qualify for a conventional bank loan can obtain an upfront sum of cash. The borrower will then repay with a percentage of future credit and debit card sales processed through the business’ merchant account.
In reality, an MCA is not a business loan–it is a lump-sum of money provided by the lender in exchange for a percentage of the business’ future revenues.
A Cash Advance is an excellent alternative for any business owner with a low credit score (FICO) because it is a short-term loan that requires no collateral. Also, if you need working capital instantly, the approval process is faster than any other loans.
95% of Applications Approved - You’re Just One Click Away
How a Merchant Cash Advance Works
As a business owner, I’m sure you recognize the importance of having money available in case it is needed. If you have to make urgent reparations or buy new equipment that will make your job easier and increase your revenue, then you’re going to need some capital to cover those expenses. If you have the money, excellent, but, what if you don’t?
The first thing that comes to mind would be getting a loan from the bank. However, banks are denying loans to business owners in record numbers, leaving them frustrated and with no options.
Securing financing for your company should not be hard, especially if you are facing problems that could threaten your business.
Luckily, alternative lending institutions like GoKapital have loan programs made for business owners that could use some extra funds to enhance the performance of their business.
One of those types of loans is a Merchant Cash Advance.
While a cash advance is not technically a loan, an MCA is perhaps the quickest and easiest way to obtain working capital for your business.
When you get a cash advance, the lender will give you a lump sum of cash in exchange for a percentage of your future debit or credit card sales. Then, the loan can be repaid by automatically debiting the agreed amount daily or weekly from your business’ merchant account.
Before the MCA lender transfers the funds into your account, he or she will provide a detailed loan agreement form showing the advance amount, the amount you are expected to pay back, and the loan term.
Opposed to fixed payments loans, in a cash advance the agreed amount is automatically deducted from the daily sales generated on your merchant account until the advance is paid off.
How To Apply for an MCA with GoKapital?
Once you submit the application form, we will determine if you qualify for the program and how much capital you can get. If your application is approved, we will transfer the funds to your bank account.
Below is the detailed application process:
Step 1. Complete the business loan application form
Fill the loan application form with basic details like your name, social security number, business tax identification number, business location, and any other essential information regarding your business.
Step 2. Provide 4 months of business bank statements
Submit the documents that will be used to assess your business’s financial health as well as your identity. Some of the documents include your government-issued ID, and a statement showing your business’s credit card transactions.
Step 3. Approval process
After completing the loan request form and providing the necessary documentation, a loan specialist from GoKapital will approve the advance.
Getting approved for an MCA with us is really easy. Take a look at some of the features that our cash advance program has for you:
Factor Rates: 1.07 – 1.40
Terms: 3-24 months
Loan Amounts: $5,000 – $5,000,000
Time to fund: As Little as 1 Business Day
Time in Business: As little as 3 months
Existing Advance: No Problem
Tax Liens Acceptable: Yes
Industries Funded: All
Repayments: Daily, Weekly, or Monthly
Collateral Required: No
Restrictions on Uses: No
Call us at 866-257-2973 and find out how we can help you!
Benefits of Getting a Merchant Cash Advance
An MCA comes with less risk compared to other forms of financing
A conventional bank loan places your business at risk of losing the collateral or even hurting your credit score if you default or repay the loan late.
Unlike the bank loan, an MCA will not affect your credit score since it is a sales transaction. Collateral is not even required to secure the advance.
Easy application and fast approval
The lender evaluates credit risk by simply checking your monthly credit card revenue and the age of your business. Then, the lender will approve the deal and transfer the funds to your bank account.
Quick access to funds
While banks can take several weeks or months to transfer the loan money into your account, an MCA lender like GoKapital will transfer the funds into your account within a few hours. For this reason, a cash advance will be the ideal way to secure funds to sort urgent business issues like seizing a short notice business opportunity or paying other creditors.
Repayment is based on your sales
Another advantage of a cash advance is that the loan repayment is based on your business’ sales volume. For instance, the MCA lender will reduce the monthly payment amount in the week(s) when your business makes little income, but when sales start going up, you will pay a higher monthly installment. This will save you from the financial strain associated with repaying a bank loan.
There are little or no restrictions on how you can use the money
Unlike a bank which will require you to use the loaned amount to perform specific business activities, the MCA loan program gives you the freedom to use the money as you wish. There are no restrictions. You can use the cash in any way you need. Use it to market your business, expand your business, pay your employees or venture into a new business.
High borrowing limits
Private lenders tend to be more generous than most banks. Therefore, you can receive as little or as much as you need, provided that the MCA lender ascertains that your credit card sales are adequate to let you settle the advance within the stipulated time.
A poor credit score is not an issue
While a regular bank will assess your credit score, cash flow, and collateral, at GoKapital we understand the financial needs of small businesses. That’s why we base approvals on overall repayment capacity–whether’s through business revenue, available collateral, or credit score.
Repayment and Loan Costs
Unlike a bank loan, the advance’s payback amount is calculated using a factor rate rather than the typical interest rate. Factor rates generally range between 1.1 and 1.8.
The repayment starts as soon as we transfer the funds into your account. We will also adjust the payback amount according to your business’ credit card sales.
Industries that qualify for an MCA loan
Who can Benefit from Gokapital’s Merchant Advance Loans?
GoKapital serves almost all small and medium businesses looking to secure a merchant advance to support various business processes. Some of the companies that would benefit from GoKapital’s merchant advance loans include:
- Flipping companies
- Real estate companies
- Small businesses
- Retail stores
- Healthcare facilities
- Auto repair shops
- Construction companies
Why should you choose GoKapital for business financing?
Some of the reasons that make investors choose GoKapital over other lenders include:
Our financial advisors are always available for consultation
Unlike most lenders, GoKapital works with a dedicated team of advisors who offer a free consultation to clients. You can take advantage of these free services to make sound financial decisions.
GoKapital collaborates with credit unions, mortgage lenders, and many more financial institutions. Besides working with financial institutions, we are always in constant search of technological solutions to facilitate easy and fast application.
Unlike traditional lenders who fund only established companies with attractive credit history, Gokapital offers loans to any business as long as it has been running for at least four months and is making $10,000 in monthly sales. Furthermore, any business can qualify regardless of their FICO score.
GoKapital values minorities
We believe that every entrepreneur deserves the opportunity to excel. For this reason, veterans, Latinos, and women in business are highly encouraged to apply for a merchant advance.
You can receive as much as $5,000,000
Another reason why you would want to get your loan from us is that you can qualify for as much as $5,000,000 as long as your business makes reasonable credit card sales per month.
Based in Miami Florida, GoKapital is a leading provider of merchant cash advance loans to business owners who are looking for working capital in exchange for a part of their future revenues or credit card sales.