I recently looked into receiving business credit loans. I had a need for funds immediately to help my business.

Because of dwindling sales, it was getting difficult to pay my suppliers and employees. I needed to find a borrowing option that did not require any long term commitment.

I simply needed something that would help me survive the next six months. A business associate recommended that I look into business credit loans to save my struggling business.

I was intrigued, so I took him up on his advice. There were various companies that offered business credit loans, so I had to do my due diligence.

Once I began to research, I noticed that there were many advantages to receiving a cash advance from one of these companies. The most convenient feature was the speed of the process.

According to current and former customers, the process was simple and fast.

Once you send in the credit card history and a two page application, the lender will let you know within twenty four hours if you are approved and for what amount.

Within seven days, I would receive the funds from the lender. Another advantage for business owners was the disregard to credit scores.

For me this was a non issue, but for other owners the struggles of a business have resulted in bad personal credit. A low credit score does not affect your ability to receive the advance.

The advance amount is solely determined on your business’ success, so any personal credit woes will not affect your business’ opportunity to receive the advance.

Another advantage is the lack of a fixed payment system. A traditional loan uses an amortization table to determine the payback schedule.

With an advance, the payback period depends on your daily sales. There is a fixed percentage taken out of your daily sales, but other than that there is nothing fixed about the process.

There is no need to write a monthly check to the company or remember to make a payment. The process is meant to keep your business successful and be as stress free as possible.

Another positive to advances is the lack of a need for collateral. Traditional loans or lines of credit usually require collateral. In most cases, this is your home or possible ownership in your company.

This is usually somewhat stressful, so an advance will eliminate this unneeded stress. Once I received my advance, I could instantly feel relief in my daily business operations.

Without any suppliers calling me for payment, my business was able to recover. I recommend this to anyone who is currently struggling in today’s market.

Tags: business credit loans, business loans women, merchant advance, sba business loans

This entry was posted on Wednesday, December 9th, 2009 at 3:58 pm and is filed under business loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.