Small business owners need to know the different types of funding available to them in case they may need it. Revenue advances are becoming more popular options for people wanting to grow their business.
Here are some of the things you should know before deciding whether a revenue advance is right for you and your business’s future.
How Are Revenue Advances Different?
It’s easier to qualify for a revenue advance than it is a traditional bank loan. The approval process has a faster turn around, and alternative lenders like Quick Loans Direct can offer large sums of money as long as you have a strong sales history.
Instead of paying your revenue advance back in large monthly payments, you can use a portion of your daily sales. While your approval process is dependent on monthly sales and you need to have an excellent credit score to qualify, you don’t need to worry about an extra monthly expense.
You can also take revenue advances out in smaller chunks to satisfy your immediate need for capital without going further into debt than you can afford. You will reap the benefits of a faster repayment schedule, and you can avoid high-interest costs this way.
Revenue advances allow you to make the purchases or changes you need without worrying about being in debt for the next twenty years or more. You won’t have a significant amount of debt to pay off before you retire and you won’t leave behind massive bills for your successor.
How Can I Use a Revenue Advance?
The greatest thing about revenue advances is that you can use them for anything. The bank will only fund you if you use the money on what they say is allowed, but an online lender recognizes that your business has needs that only you can understand.
You can use the money to make renovations, purchase equipment, or to help when cash is tight. Approval is quick enough to help with this month’s utilities, payroll, or rent. It’s more flexible than a bank loan, giving you extra peace of mind.
What Should I Look For in a Lender?
Your lender should be reputable and have experience in your industry. Lenders who are familiar with what you do can provide insights and other help that you can use to your advantage when taking out a loan.
They may also be able to tell you what to expect in the coming months and ensure you won’t have issues repaying. They’re privy to industry trends and will try to protect you as well as themselves.
Quick Loans Direct has experience working with small businesses, helping them cover expenses, purchase inventory, expand, meet payroll, and run day to day operations. Restaurants, medical practices, auto repair shops, and many other types of businesses can benefit from the quick and easy approval process as well as same day funding.
If you’re considering a revenue advance, the professionals at Quick Loans Direct can help make your dreams a reality.