Immediate Boost: Understanding Merchant Cash Advance with Same-Day Funding

Immediate Boost is a merchant cash advance company that specializes in providing fast funding solutions for businesses in need of quick cash. With their same-day funding process, Immediate Boost ensures that business owners can access the funds they require without any delay.

The process is simple and efficient. Business owners can apply for a merchant cash advance online, which saves them the hassle of visiting traditional banks and going through a lengthy application process. Immediate Boost considers factors such as the business’s monthly revenue, time in business, and future credit card sales rather than relying solely on the owner’s personal credit score. This makes it an attractive option for businesses with a poor credit score.

One of the main advantages of Immediate Boost’s same-day funding is the quick access to funds. Once approved, businesses can receive their cash advance within 24 hours, allowing them to address immediate financial needs promptly. This is particularly beneficial for businesses facing unexpected expenses or opportunities that require immediate funds.

Another advantage is the automatic remittance system offered by Immediate Boost. Repayment is based on a percentage of future sales, ensuring that business owners can easily manage their cash flow. This flexible repayment structure eliminates the burden of fixed monthly payments and prepayment penalties associated with traditional loans.

Traditional Business Loans vs. MCA

When it comes to financing options for businesses, there are two primary choices: traditional business loans and merchant cash advances (MCAs). Understanding the key differences between these two options can help business owners make an informed decision that suits their specific needs.

Traditional business loans involve borrowing a specific amount of money from a financial institution and repaying it over a set period of time with fixed monthly payments. These loans often require collateral and are subject to the business owner’s creditworthiness. The interest rates may vary depending on the business’s credit history and the term of the loan.

On the other hand, merchant cash advances entail the financing company purchasing a portion of the business’s future revenue at a discounted rate. Instead of fixed payments, repayment is based on a percentage of the business’s daily credit card sales. This means that the amount repaid fluctuates with the business’s revenue, making it a flexible option.

One advantage of traditional loans is that the interest rates are usually lower compared to MCAs. However, traditional loans typically require a lengthy application process, including submission of financial statements and business plans. The time to funding can also be prolonged, often taking weeks or even months.

On the other hand, MCAs have a quicker approval process and provide access to funds within a short time frame, often within 24 hours of approval. This makes MCAs an attractive option for businesses with urgent financial needs. However, MCAs tend to have higher costs due to the discount applied to future revenue.

Qualifying for an MCA from Immediate Boost

Months in Business

Months in Business plays a crucial role in qualifying for a Merchant Cash Advance (MCA) from Immediate Boost. Lenders assess the length of time a business has been operating to determine its creditworthiness and the level of risk involved in lending to them.

When evaluating a business’s creditworthiness, lenders consider the number of months a business has been in operation. This is because businesses that have been operating for a longer period of time often demonstrate stability and a proven track record of generating revenue.

Immediate Boost, like most other MCA providers, typically requires a minimum of six months in business to qualify for their merchant financing loans. This requirement ensures that the business has established itself and has a certain level of stability.

By having a minimum time in business requirement, lenders can better assess the risk associated with providing financing to the business. It allows them to evaluate factors such as cash flow, monthly revenue, and credit history over a longer period, which helps in making an informed financing decision.

If your business has already been established for six months or more, Immediate Boost can be an excellent option for securing quick funding through an MCA. Your months in business will be taken into consideration, and if you meet their requirements, you can access the funds you need to support your business goals.

Future Credit Card Sales & Future Sales Projections

When applying for a merchant cash advance (MCA), future credit card sales and future sales projections play a crucial role in the qualification process. MCA providers assess these factors to gauge the reliability and profitability of the business, ensuring that the advance can be repaid in a timely manner.

For MCA providers, future credit card sales are particularly significant. Many businesses rely on credit card transactions as a primary source of revenue. By considering future credit card sales, MCA providers can evaluate the business’s potential to generate sufficient cash flow to repay the advance. It also helps them determine the appropriate amount of funding that the business can comfortably handle.

In order to provide evidence of future revenue, business owners usually submit their past credit card statements and sales records. These documents allow MCA providers to analyze the business’s historical revenue trends and project future sales based on that data. The more consistent and predictable the business’s sales patterns are, the more likely they are to secure MCA funding.

Various types of businesses can benefit from considering future credit card sales and sales projections when applying for an MCA. Restaurants, retailers, e-commerce businesses, and other establishments that primarily accept credit card payments are examples of businesses that can demonstrate the importance of future credit card sales during the application process.

Personal Credit Score & Credit History

When it comes to qualifying for a merchant cash advance (MCA) from Immediate Boost, personal credit score and credit history play a crucial role. Lenders consider the creditworthiness of the business owner as an indicator of their ability to repay the advance. That’s why monitoring personal credit scores is essential.

A personal credit score reflects an individual’s creditworthiness and past repayment behavior. It provides lenders with an insight into the borrower’s financial responsibility and helps them assess the risk involved in providing funding. A strong credit score demonstrates a history of timely payments and responsible financial management.

At Immediate Boost, we understand the importance of personal credit scores in evaluating MCA eligibility. While we do not have a strict minimum credit score requirement, a higher credit score can improve your chances of approval and potentially secure more favorable terms.

However, even if you have a less-than-perfect credit history, don’t let that deter you from applying for an MCA. We take a holistic approach when reviewing applications, considering factors beyond just personal credit scores. So, if you have been diligently working to improve your credit, we encourage you to apply and let us assess your unique financial situation.

Bank Statements & Credit Card Statements

Bank statements and credit card statements play a crucial role in the merchant cash advance (MCA) application process. These documents provide valuable information to lenders about a business’s financial stability and cash flow, enabling them to make informed lending decisions.

Bank statements offer insights into a business’s cash flow by showing the regular inflow and outflow of funds. Lenders look for consistent deposits and expenses, which demonstrate the company’s ability to generate revenue and cover expenses. These statements also reveal a business’s overall financial stability, including existing debts and monthly expenses.

On the other hand, credit card statements provide lenders with an understanding of a business’s daily sales and potential future revenue. By examining the average daily sales volume and the total monthly sales, lenders can gauge the business’s ability to generate revenue and repay the cash advance. Consistent or increasing credit card sales can indicate a healthy business.

When submitting bank statements and credit card statements, businesses should ensure that key information is included. This includes average daily balances, total monthly sales, and any other relevant financial details that reflect the business’s cash flow and stability.