The lending industry in a particular country is quite often a double-edged sword where most people are concerned. On the one hand, it does have the ability to lend a business a certain amount of money that the business can then use to accelerate its growth, paying the loan back from the growing revenues and therefore accelerating the overall progress of the business by years at a time. On the other hand however, since business loans are based on credit, it is quite easy for a fair or poor credit business to be taken advantage of by predatory lenders. A bad credit business loan is one of the worst deals for the borrower imaginable and if your business is in the position where this seems like the only possibility, maybe it is time for you to consider a business cash advance instead.
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Easy Requirements
The main highlight of a business cash advance that is worth pointing out is the fact that the requirements to get one are relatively easy to fulfill. With a business loan, you need to have an excellent credit history and have made all the right moves, otherwise you could end up with a terrible bad credit business loan. With a business cash advance however, the credit history is not a factor in making the final determination. As long as your have a proven track record of sales, the ability to process credit card sales and in some cases a minimum amount of monthly sales, you can qualify for a business cash advance that will help you in ways far more profound than a bad credit business loan ever could.
Easy Repayment
In addition to the requirements, the repayments are also far easier when you get a business cash advance. Repayment is one of the ways in which you really are taken for a ride by bad credit business loans. Repayment terms are often very strict and when you combine the strict repayment with the much higher interest charges, you can often be placed in a situation where even the growth of your company is not enough to pay back the loan in a way that leaves your company healthy for reinvestment. This is obviously a terrible position to be in.
With a business cash advance on the other hand, all you need to do is isolate the cash flow of your credit card processing from the other sources of revenue that your company gets. The cash flow of your credit card processing will be allocated towards loan repayment and the other revenue streams are yours to do with as you please. This is obviously a much better deal for the business that has bad credit.
Amount
Finally, the amount that you can actually get is also telling. With bad credit business loans, in addition to being forced to accept horrible loan terms, you often get less money, with a typical bad credit business loan being about half of a typical normal business loan. Since most statistics show that business cash advances can top out at five times the amount of a typical business loan, doing a little math will show you that the average business cash advance can be as much as ten times larger than the average bad credit business loan.
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