Q: What is a merchant cash advance?
A: A merchant cash advance is a type of funding provided to a business. A merchant that receives a cash advance repays it with a percentage of their future sales.
Q: Is it a business loan?
A: MCA is not the same as a business loan. Business loans are given based on your credit score and ability to repay. An MCA is approved based on future sales and not necessarily a good credit score.
Q: Can I get an MCA with bad credit?
A: Yes. Even though most traditional loans will require a high credit score to get funded. Here at Morgan Cash, we will fund businesses primarily based on the overall performance of your business by looking at the business revenue, time in business, accounts receivables, etc...
Q: How do I repay?
A: Your advance will be repaid automatically as a small percentage of each debit and credit card transaction until the amount has been repaid.
Q: Do I need a merchant cash advance?
A: Our clients commonly apply for an advance to:
Cover unexpected expenses;
Add new products or services to grow revenue;
Access working capital for expansion or remodeling
Purchase inventory or equipment;
Fund marketing or advertising
Q: What's the application process?
A: You fill out a quick application and submit your last three business bank statements. There is no fee to apply, and you are not obligated to accept an advance unless you choose to.
Q: Is my business eligible?
A: Your business must at least meet the following minimum requirements to be eligible,
10K+ Monthly Revenue
3-Month Business Track Record
Credit Score 500+
Q: Are there any restrictions on how I can use my funding?
A: Though you will be required to specify what you intend to use your revenue-based financing for, you are free to spend the money for any legal business purpose, such as purchasing inventory, repairing equipment, renovations, expansion, reducing debt, and emergency expenditures.
Q: I already have other advances. Can I still get approved for more?
A: Yes. If you are currently paying back a past advance, you can still be eligible for more capital. Your remaining balance and current revenue will dictate how much more you can be approved for. Apply Here to see if you qualify for additional working capital.
Q: Do you offer consolidations for current advances?
A: Yes we do. We have multiple different programs for consolidations. Apply now to have one of our funding specialists help find the right solution for your business.