Business Cash Advance – Is It Worth The Hype?

Individuals thinking about starting a new business are often seen debating between whether they should get a bank loan or Business Cash Advance. However, most of them are seen inclining towards the latter in most of the cases. If you are also planning to start a business in the near future and want financial assistance, then have a look at the enormous amount of benefits that Business Cash Advance can provide to you.

 

1. Banks rely on established businesses and grant them loans in no time. However, if you are new in the market, Business Cash Advance is a better option because companies that give business cash advance give it only to those companies, in which they see some potential. And, if you are able to convince them with your business plan, you can get advance in no time.
2. For bank loans, documentations that you need to take to the bank include stocks, bonds, personal assets, guarantees, equipment and real estate that you have. Based on that, the loan amount to be sanctioned is decided. If you do not have sufficient assets, banks will straightaway say No to you. On the contrary, you don’t need any collateral in case of Business Cash Advance.
3. In case of bank loan, you also need to invest a set amount of percentage into your business and the remaining is provided by the bank. However, in case of Business Cash Advance, you can get the entire amount sanctioned because the companies understand that starting a business requires a lot of money, and not everybody is able to make the investment at their own end. After all, why would someone take a loan if they have the money themselves?
4. Approval rate in case of bank loan application is also very low. However, in case of Business Cash Advance, the initial approval is obtained within 24 to 28 hours of application, and the amount gets transferred to your account within a week.
5. On top of all these, as you do not submit any collateral for getting Business Cash Advance, there are no chances of losing it to the bank. However, if you have a bank loan and you fail to repay the initial amount, your collateral is sold by the bank in order to get back the sanctioned amount of money.

So, what do you think? Which is better – bank loan or Business Cash Advance? Smart businessmen will always pick the second option!