What Are the Procedures To Get The Best Merchant Cash Advance?

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What Are the Procedures To Get The Best Merchant
Cash Advance?
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Small business owners, small industry owners and
professionals do face the occasional cash crunch.
In such cases, traditional sources of funding
take way too long when money is needed in a
couple of days. This is where merchant cash
advance comes to their rescue. There is no need
to furnish guarantees, collateral or security and
documentation is minimal. The Amount is disbursed
in less than a week following the application.
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• It is usual for lenders of merchant cash advance
  to ask for documentation. Borrowers will find it
  easy to initiate an online process by filling in
  an online format the appropriate website. He may
  or may not be required to submit documents at
  this stage. If it is required, he may submit
  scanned copies of following documents
• Driver license as proof of identity and proof of
  residence or any similar acceptable
  documents
• Bank statement for the last six months
• Business tax returns may be optional
• Card processing statements may be required by
  some lenders
• Some lenders may ask for a voided business check.
  

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On submission of the online form the borrower
usually receives a call from the lender within a
day. After a brief talk, the lenders
representative may ask for submission of a form
and supporting documents. This may be paper-based
or an online process. Once these are submitted
the documents are verified and if the applicant
is considered eligible he will receive
notification of approval and funds will be
deposited directly into his account. It is as
simple as that.
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However, before initiating the process, the
borrower would do well to conduct due diligence.
This means checking the upfront charges levied,
factor rate and the repayment method as well as
flexibility of lender to adapt terms should it be
necessary afterwards. The best merchant cash
advance can be obtained this way and can prove
quite helpful for business growth.
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