FAQs

Q?Will I qualify for funding even if I have bad credit?
A.

In most cases, yes you can. For example, if you had a bankruptcy that was discharged more than a year ago you will qualify. In many cases if you have a tax lien (even without a payment plan) we have lenders who are able to work with you. Generally, credit scores as low as 500 can still get funding through our lender network.

Q?Are there any upfront fees?
A.

Absolutely not! There are no application fees at all. The quote is completely free.

Q?How long does the entire cash advance process take?
A.

The approval process usually takes 24 hours or less. If applicable, the switch to our credit card company can be completed within 24-48 hours and you will typically receive the funds once transactions are being processed on our platform. From beginning to end, the entire funding process can be completed in as little as 5 to 7 business days.

Q?How do I qualify?
A.

If you’ve been in business for at least six months, have monthly credit card sales of at least $5,000, settle your transactions at least ten times per month and don’t have any open bankruptcies or judgements, then you are a good candidate for a merchant cash advance. If you’ve been in business for at least a year and have gross monthly sales of at least $10,000 and have no serious credit issues, then you are a good candidate for an ACH loan.

Q?How can I use the cash?
A.

You may use the cash in any way to help your business. Many of our merchants use a cash advance to pay bills or taxes, perform renovations, purchase inventory and increase marketing. We will help you calculate whether our funding solutions will give you a good return on your investment.

Q?How much can I qualify for?
A.

For a merchant cash advance, you can be approved for up to 150% of your monthly average in Visa and MasterCard sales. The amount can be anywhere from $5,000 to $250,000. For an ACH loan, you can be approved for up to 10% of your annual gross sales. The payback period ranges anywhere from 4 months to 24 months depending on the strength of your business and personal credit.

Q?What is the interest rate?
A.

Because a merchant cash advance is a one-time transaction for your future credit card receipts, there is no interest rate. Nothing is accruing over time. You will not pay a penny more than the agreed-upon amount, no matter how long it takes for you to pay us back. On average, the typical merchant cash advance is paid off in about six to twelve months. The rates for merchant cash advances and ACH loans are expressed as a factor, not an interest rate.

Q?What if I already have a cash advance from another company?
A.

It doesn’t matter if you already have an advance or loan. If your balance is at least 50% paid off, we can pay off the remainder for you and issue you additional funds at a more competitive rate.

Q?Will I need to switch my credit card processor?
A.

Not necessarily. If you are not currently with an MCN approved processor, we highly recommend that you switch so we can collect our portion of your future credit card sales. We will never charge you more than you currently pay in fees and in most cases, we can lower your rates. If you would rather not switch processors, we have a variety of other options to facilitate your needs.