Loan Versus Merchant Cash Advance
A Merchant Cash Advance is: A purchase receivable with payment that is made daily based on the client’s credit card sales, (Which is measured by a percentage). A loan is when a person, company, or bank, lend someone money with collateral and monthly payments apart of the agreement. Here at Syndicate Lenders we engage in the Merchant Cash Advance industry because it is quick, efficient, and profitable for us and the clients we do business with.
Here are the top 5 reasons you should choose to do a Merchant Cash Advance (preferably with us) rather than taking a loan out:
- Giving a loan out to multiple people would require extra time and resources like weekly bank statements being sent to the lender to make sure your business is kept afloat. On the contrary, with a Merchant Cash Advance, all that business lending companies (like ourselves) need is your credit score, and bank statements to make sure you meet the given criteria for an MCA.
- Your debt gets paid off faster with a MCA rather than paying back a loan. With an MCA, your debt is paid daily rather than with a loan like a bank loan for example, which is paid off monthly. Your credit card sales are dependent on how fast your debt gets paid off. If your sales are high, your debt gets paid off faster. If your sales are low, your debt takes longer to pay off.
- With a reverse consolidation, your payments will be drafted as money gets deposited to your account as well. This could prove to be very useful if you have multiple debts you have to pay off, as with reverse consolidation you’re able to pay them back all at once!
- There is no collateral with an MCA. We will not be taking your house or your car if you do not pay back your debt but don't think there won’t be any consequences for defaulting. Lawsuits are bound to come your way as you will have had signed an agreement with the MCA to have started your funding with the MCA in the first place.
- With a merchant cash advance we simply become a temporary financial partner. Any assets you acquire with the money is yours to keep. This includes equipment, inventory, supplies, vehicles, and/or personal chattel.
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