CASH ADVANCE AND LOAN CALCULATOR
The Low Down on MCA's and Business Loans - 99% Approval Rate
These are not loans, but as the name indicates, are a business cash advance. The funding provider gets paid back by taking a portion of your future credit card sales each day. You can usually get approved in a day or two—with very little paperwork. They are designed to allow payback at a rate that is affordable, wont pinch the merchant’s cash flow. All are renewable as a form of capital so your business never has to worry about the slower periods of the year or the seasonal nature of any business.
MCA’s should be used if your business wants to take advantage of a short-term opportunity that requires fast cash. Merchant Cash Advances afford the business owner the opportunity to acquire a large amount of capital, quickly and without credit being a factor. As a Preferred Lending Partner to OnDeck and several other lenders. American Merchant Brokers pays ALL origination fees*
Good reasons to use a Merchant Cash Advance:
- Temporary cash flow help
- Purchasing inventory at deep discount
- Unplanned expenses
- Paying other debts due
MERCHANT BUSINESS LOANS
American Merchant Brokers is one of OnDeck and Fundomate’s largest lending partners for small business loans. They offer a 24-month term loan and a 6-month line of credit. They offer their term loans from $5,000 – $500,000, and lines of credit up to $100,000. You pay your loan back with either fixed daily or weekly payments.
OnDeck, Fundomate and others loan’s fee structure is slightly different from traditional term loans, so be sure to use the calculator to the right to find out the true cost of your loan. According to their webpage, the average total interest rate for an OnDeck loan is 19%, plus an origination fee of 2.5% for the first loan, 1.25% for the second loan, and 0-1.25% for the third loan.
As a Preferred Lending Partner to OnDeck and several other lenders, American Merchant Brokers pays ALL origination fees*
*Minimum loan amount to qualify for origination fee refund is $25,000. Loan must fund with American Merchant Brokers – Payment is either ACH or Bank Draft to Merchant within 10 days of Funding.
MERCHANT CASH ADVANCE VS. BUSINESS LOANS
Business loans and merchant cash advances can both be used to infuse working capital into a business, but merchant cash advances are not business loans. Business loans are usually dependent on having a good credit score (generally 600+) or substantial collateral — or both.
A merchant cash advance is an advance based on future credit and debit card transactions, so lack of collateral or a poor credit score rarely affects approval. When you receive a merchant cash advance, you are simply selling a small portion of future debit and credit card receipts for a limited period of time (often 6 to 18 months).
When it comes to an organization’s need for working capital, a merchant cash advance could be preferable to a traditional business loan or line of credit for many reasons. For instance:
The merchant cash advance application process is fast and simple – instead of waiting weeks for bank approval, you could have working capital in 3-5 business days.
Unlike typical small business loans, a low credit score or lack of business assets won’t automatically prevent you from being approved.
Call or email American Merchant Brokers about this business loan alternative. It’s as simple as calling one of our knowledgeable account representatives at (877) 767-7018 Compare Merchant Cash Advance Financing to Business Loans.