A merchant cash advance can be a lifesaver when you need fast funding. If you’ve ever been put in a position where you don’t qualify or can’t wait for a traditional bank loan, this type of short-term financing can provide you with working capital instantly. When you apply online with JSV Capital, the process is quick, easy and allows money to be deposited into your account in 12-48 hours. If you’re in New Jersey and are considering a merchant cash advance for your business, we’ll tell you what to expect and how you can get one today.
How Do Cash Advances Work?
While merchant cash advances are a convenient financing solution, they are altogether different from traditional loans. Unlike a loan, a merchant cash advance does not require collateral in order to obtain funding and doesn’t affect your credit score when applying. Instead, a lender is essentially investing in your company’s future sales in exchange for capital. Meaning, after receiving a lump sum, a portion of your income will be automatically taken out to repay your lender—either from your bank account or your business’s credit card deposits. Therefore, lenders are at low risk of loss should your business falter. At JSV, credit checks are required for all loan programs. However, they do a soft credit pull to not affect the business owner’s credit.
The amount borrowers are required to pay back is calculated by a factor rate, which is different from an interest rate. Factor rates are designed to be directly proportional to the amount of money you have coming in.
How to Get a Merchant Cash Advance in New Jersey
Of all the financing options, merchant cash advances are one of the easiest for business owners to qualify for. In fact, their approval rates are 70 percent higher than traditional bank loans. Wondering how you can get a merchant cash advance in New Jersey? Here are the steps to follow:
1. Find the right lender
Now that you know what you’re getting into, you’ll want to seek out a well-established alternative lending institution. However, not all companies are created equal. There are a lot of lenders in the New Jersey market, but companies such as JSV Captial, for example, offer a transparent and merchant cash advance process. From quick signups to instant deposits, JSV Capital is the right lender for borrowers who have low credit scores, no collateral or those who don’t qualify or can’t wait for a bank loan.
2. Complete an online application
Unlike many other financing options for your business, the process of obtaining a cash advance is easy and accessible. One of the hallmarks at JSV Capital is that the application can be completed entirely online within a few minutes, forgoing hours of paperwork. You will not be asked to provide your business history documentation or tax paperwork. Instead, you only need to submit proof of income via bank statements or credit card purchases. Typically, borrowers who are applying for a merchant cash advance with JSV Capital have been in business for at least three months with proof of positive cash flow.
3. Receive funding instantly
After submitting your application, a financial specialist will review your materials. Upon approval, you will receive your funds. On average, the process can take one to two business days. However, once approved, the funds will be deposited immediately. To make the cash advance process as seamless as possible, have your bank account number and/or routing number on hand when you apply.
The amount of funding you can receive will vary according to the lending company and your business’ sales performance. At JSV Capital, New Jersey business owners can receive up to $1,000,000 through a merchant cash advance.
Financing Options For Your NJ Business
No matter what industry your business operates in, a merchant cash advance can help your business in the short term. It can provide aid in a financial emergency. In addition, you may need it to cover unexpected expenses such as broken equipment. Want to avoid late bill payments? A cash advance can bail you out.
Even if you’re not in dire need of resources, a cash advance still has its benefits. You can use it to supplement your payroll, purchase new inventory, make up gaps in cash flow as a result of seasonal fluctuations and more. Along with a merchant cash advance, JSV Capital offers safe, affordable financing options for your New Jersey business.
Main image by Tima Miroshnichenko
About the Author/s
Tom is a lifelong New Jersey resident, Rutgers and FDU alumni and the publisher of The Digest.