Merchant Cash Advance Blursoft is a financial service provided by Blursoft, a company based in New York, NY. They offer cash advances to businesses in all 50 states and Washington, DC.
Here are some frequently asked questions about Merchant Cash Advance Blursoft:
Does Merchant Cash Advance Blursoft charge fees for early repayment?
Yes, if you pay off your cash advance sooner than expected, Merchant Cash Advance Blursoft will charge additional fees. It’s important to consider this when choosing a lender, as prepayment penalties can offset the interest savings of repaying your advance early.
What is the range of cash advances available from Merchant Cash Advance Blursoft?
How often does Merchant Cash Advance Blursoft process payments?
Merchant Cash Advance Blursoft processes payments on a monthly basis, based on the credit card transactions of your business. This means that a percentage of your transactions will automatically be sent to Merchant Cash Advance Blursoft as payment until the full amount is repaid.
- Does Merchant Cash Advance Blursoft charge an origination fee?
- Yes, Merchant Cash Advance Blursoft does charge an origination fee.What is the minimum repayment amount required by Merchant Cash Advance Blursoft?
- There is no specific minimum repayment amount set by Merchant Cash Advance Blursoft.How long does it take to receive funding from Merchant Cash Advance Blursoft?
- Merchant Cash Advance Blursoft can approve or deny your application within 24 hours, and if approved, they can fund your cash advance within 1 business day.
What are the business documentation requirements for applying to Merchant Cash Advance Blursoft?
What are the qualifications to be eligible for Merchant Cash Advance Blursoft?
Applicants with a credit score of 500 or higher may be eligible for Merchant Cash Advance Blursoft. There is no disclosed minimum annual income requirement.
Can military personnel apply for a cash advance through Merchant Cash Advance Blursoft?
Yes, active duty service members and their covered dependents can apply for a loan through Merchant Cash Advance Blursoft. The rates offered by Merchant Cash Advance Blursoft comply with the limits set by The Military Lending Act, which prohibits lenders from charging service members more than 36% APR on credit extended to them.
Who is eligible to apply for services offered by Merchant Cash Advance Blursoft?
Are there any limitations on the purpose of the merchant cash advance from Merchant Cash Advance Blursoft?
Merchant Cash Advance Blursoft considers applications for business purposes only, such as funding for business expenses, inventory, or equipment.
To qualify for Merchant Cash Advance Blursoft, you need to meet the following criteria:
Credit Score: Applicants with a credit score starting from 500 may be eligible for Merchant Cash Advance Blursoft.
Income Requirement: Merchant Cash Advance Blursoft does not have a disclosed minimum annual income requirement or does not specify any income eligibility criteria.
Military Eligibility: Active duty service members and their covered dependents can apply for a loan through Merchant Cash Advance Blursoft. The interest rates offered comply with the limits set by The Military Lending Act (32 C.F.R. § 232), which prohibits lenders from charging service members more than 36% APR on credit extended to them.
Citizens, as well as permanent residents or green card holders, are eligible to apply for the services provided by Merchant Cash Advance Blursoft.
MCA vs Business Loan: Understanding the Differences
Business loans and merchant cash advances (MCAs) are two different financing options available to small businesses. While business loans are more traditional and offered by banks, MCAs are alternative funding options that have gained popularity since the 1990s. Let’s explore the key differences between these two financing options.
The repayment schedule is predetermined and remains fixed throughout the loan term.
Merchant Cash Advance: In contrast, a merchant cash advance is repaid differently. Instead of fixed monthly payments, the repayment is based on a percentage of your future credit card sales. It can be collected monthly, daily, or weekly, depending on your agreement with the MCA provider. You don’t owe anything until you generate sales, which offers flexibility for small businesses.
Approval Process and Speed:
Business Loan: Getting a business loan from a bank typically involves a lengthy application process, requiring extensive documentation and a thorough credit check. The approval process can take time, making it less convenient for businesses in need of quick funding.
Merchant Cash Advance: On the other hand, the application process for a merchant cash advance is much quicker and easier. MCA providers focus less on credit scores and more on your business’s credit card sales history. This streamlined process allows for faster approval and access to funds.
Advantages of Merchant Cash Advances for Small Businesses:
Accessibility: MCAs provide opportunities for small businesses with poor credit to secure financing that may be unavailable through traditional bank loans.
Quick Funding: The simplified application process and faster approval mean that you can receive funds promptly, allowing you to address immediate financial needs.
Flexible Repayment: With MCAs, your repayment amount fluctuates based on your sales. During slower periods, you pay back less, which helps manage your cash flow. Conversely, during prosperous periods, your payments increase. This flexibility can be beneficial for businesses with fluctuating revenue. Cash Flow Management: Since repayment is tied to your sales, the percentage collected remains constant, helping to maintain a stable cash flow.
Ease of Use: Merchant cash advances are designed to be hassle-free, providing small businesses with the working capital they need without the complexities often associated with traditional bank loans. In summary, merchant cash advances offer advantages such as accessibility, quick funding, flexible repayment, and improved cash flow management. While business loans follow a traditional structure, MCAs provide an alternative financing option that caters to the unique needs of small businesses.