According to Merriam-Webster, “collateral” is defined as “property (such as securities) pledged by a borrower…
As the Synergy Merchants Blog has been highlighting ad nauseam, the holiday shopping season is currently in full effect. However, many Canadians merchants believe that if they haven’t fully launched their holiday marketing campaigns by now, it’s too late to do so. This isn’t at all true. Thanks to Synergy Merchants’ unique merchant cash advance program, you can enjoy a quick injection of cash into your business by the time you go to sleep tonight!
We’re quite proud of the fact that our program has such a quick and easy application process and next-to-immediate turnaround time. We know how important it is for business owners to get their hands on cash in order to advertise and buy new inventory at this time of year. And we also know how hard it is for them to get approved by their local banks for business loans.
There are many reasons why small business loans get denied.
This is also something the Synergy Merchants Blog has covered extensively. But to remind you, most loan officers expect their loan applicants to have some form of collateral to put on the line. Usually one’s home, vehicle or other major property, collateral provides security to a bank that may not necessarily receive loan repayments in timely fashions. When a borrower defaults on a loan, the bank can seize the collateral. Loan applicants with bad credit are also out of luck.
“Lenders usually check the personal credit score of the CEO or president of the business when evaluating the loan application,” explains Finder.com, “A good personal credit score is typically 680 or higher. You can check your credit score online and get free copies of your personal credit report each year. This way, you’re able to check for possible errors or see where you can reorganize your finances to improve your credit rating.”
There are many reasons a merchant cash advance is an ideal funding choice.
To be approved for a merchant cash advance, you require no collateral and your credit score doesn’t even come into play. You borrow no money through our program. Instead, we pay you in advance for a portion of your future credit card and debit card sales. Because the money is a payment and not a loan, there is no interest rate that accrues over time.
In place of an interest rate is a one-time fee. This fee is added to the amount of your advance to make up the grand total you would be required to pay back through your sales. Repayment, by the way, is done automatically every time you process a credit card or debit card sale. There is no repayment schedule, and therefore, you never run the risk of being late with a payment.
Get a free, no obligation quote for a merchant cash advance today!
You can apply online! Simply fill out our Quote Request Form and one of our licensed specialists will contact you to provide you with all of the necessary details about your cash advance options. Of course, you may also call us directly at 1-877-718-2026 or email us at email@example.com for more information. This year, a merchant cash advance may just end up being the perfect holiday gift for your business!