One of Canada’s newest small business lenders is using the latest technologies to offer clients a more seamless financing experience, designed to meet the challenges of an uncertain economy.
Merchant cash advances are a relatively new form of funding that emerged after the 2008 recession in response to a greater need for accessible small business funding. Available from alternative lenders, including direct online lenders like Greenbox Capital®, merchant cash advances have less restrictive approval requirements and have made more working capital available to more businesses, including underserved communities like minority- and women-owned businesses.
Requiring a loan is a commonplace occurrence among most Canadians at some point in our lives. Money Mart, which was founded in Canada in 1982 offers a wide variety of different services to help their customers meet their short-term financial obligations. They are a reputable company with over 700 locations that can be found all across North America and are registered with the Better Business Bureau.
No two businesses are alike, and the same goes for their financing options. One common misconception is that unconventional borrowers should accept any loan for which they can qualify. But there are many other lending options from which to choose before making a loan commitment.
A small personal loan can be all that is needed to solve a minor financial issue. An affordable loan can be paid as agreed, which may lead to improved credit. Whether borrowing online, in person, or from an alternative lending source, the key is to ponder the pros and cons before jumping into a commitment, a combination which leads to a good ending.
CCB assistance is received in the form of a monthly tax-free payment to parents of minor children. Because the benefit is paid on a regular basis (monthly), it is considered qualified income which can be used in an application for a personal loan. In fact, due to popular demand, there is an abundance of loan products exclusively geared to child tax benefit recipients.
After being denied six business loans, Rhonda realized that because her business was new, most banks would not offer her enough financing to start her new venture. However, she had heard about an alternative to traditional lending known as a merchant cash advance, or MCA. Encouraged, she took off in the direction of getting funding via an MCA. And she is not alone; millions of start-ups and established businesses take advantage of the benefits of this type of financing. But before they do, they must understand the ins and outs of merchant cash advances.
Online business loans are one of the fastest ways to get financing for your business. Learn all you need to know and how to get one in this feature article.
Leveraging the funds built upon credit merchant accounts is one of the many ways in which a business might have access to some cash for capital when needed. Read the full story at Smarter Loans.