A cash advance from a merchant can save your life when you need quick financing. If you’ve ever found yourself in a situation where you don’t qualify or can’t wait for a traditional bank loan, this type of short-term financing can instantly provide you with working capital. When you apply online with JSV Capital, the process is quick, easy and allows you to deposit money into your account within 12 to 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?
While 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 when applied for. Instead, a lender essentially invests in the future sales of your business in exchange for capital. This means that after you receive a lump sum, some of your income will automatically be taken to pay off your lender, whether it’s from your bank account or your business credit card deposits. Therefore, lenders have a low risk of loss if your business goes down. At JSV, ccontrol checks are required for all loan programs. However, they do a gentle pull on the credit so as not to affect the credit of the business owner.
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 to get a cash advance from a merchant 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 research 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 Captial, for example, offer a transparent and merchant cash advance process. From quick signups to instant deposits, JSV Capital is the right lender for borrowers with low credit scores, no collateral, or those ineligible or unable to 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 simple and accessible. One of the features of JSV Capital is that the application can be completed entirely online within minutes, avoiding hours of paperwork. You will not be asked to provide any documents on your business history or tax documents. Instead, all you need to do is submit proof of income via bank statements or credit card purchases. Typically, borrowers who apply for a merchant cash advance from JSV Capital have been in business for at least three months with evidence of positive cash flow.
3. Receive funding instantly
After submitting your request, 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, the funds will be deposited immediately. To make the cash advance process as smooth as possible, have your bank account number and / or routing number ready when you apply.
The amount of funding you can receive will vary 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 cash advance from a merchant.
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 the event of a financial emergency. Plus, you might need it to cover unforeseen expenses like broken hardware. Want to avoid late bill payments? A cash advance can bail you out.
Even if you don’t have an urgent need for resources, a cash advance still has its benefits. You can use it to supplement your payroll, buy new inventory, fill cash flow 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 picture by Tima miroshnichenko