Merchant Loan Experts

Call toll free: 1-866-595-5546

Frequently Asked Questions

  1. What is a Merchant Cash Advance and how can it help my business?
  2. How does a Merchant Cash Advance work?
  3. How does a Merchant Cash Advance compare to a traditional bank loan?
  4. How does the Creative Business Lending program work?
  5. How difficult will it be for me to qualify?
  6. How long will it take to find out if I qualify?
  7. How long will it take to get the cash?
  8. How much can I hope to receive?
  9. What can I use the money for?
  10. Will I need to change credit card processors?
  11. Will I receive the same low credit card rates?
  12. Can I monitor the status of my account?
  13. What if I have questions?

1. What is a Merchant Cash Advance and how can it help my business?

Many small business owners are unable to obtain traditional bank loans because they have insufficient credit or collateral. As a result, more and more have been turning to Merchant Cash Advances for infusions of working capital or other immediate cash needs. Return to top

2. How does a Merchant Cash Advance work?

It advances cash to merchants based on anticipated future sales, offering an alternative to the traditional bank loan. With a Merchant Cash Advance - which is not a loan - businesses receive a lump sum in return for a percentage of their future MasterCard and Visa receipts.

3. How does a Merchant Cash Advance compare to a traditional bank loan?

First of all, qualifying for a Merchant Cash Advance is far easier than a bank loan. No checks are ever written and there are no fixed daily, weekly or monthly payments, late fees, hidden fees or interest rates. In addition, there are no personal guarantees, no closing costs or loss in equity or need to post collateral to secure the advance.

4. How does the Creative Business Lending program work?

Once you submit an application, a funding consultant will determine how much money you qualify for based on your average monthly MasterCard and VISA credit card sales volume. At this time, you’ll be asked for three months of credit card and bank statements, a copy of your lease and a tax return or financial statement depending on the size of the advance. These documents will be given to our underwriting department for approval. You will then receive a contract spelling out the specifics of the agreement. If you agree, the funds will be deposited in your bank account as early as the next business day. In return, we will collect a small, agreed upon percentage of your daily credit card sales until the terms of the agreement are satisfied. Return to top

5. How difficult will it be for me to qualify?

Most businesses will qualify. Generally, all you need to show is that you’ve been in business for over a year and process a minimum of $2,000 a month in credit card receipts.

6. How long will it take to find out if I qualify?

Pre-approval usually takes place within 24 hours. Funding takes two to three business days depending on the amount of the transaction.

7. How long will it take to get the cash?

Once the agreement is signed, the money will be received as early as the next business day. Return to top

8. How much can I hope to receive?

The average size of our cash advance is about $25,000, although cash advances range from $2,500 to $250,000.

9. What can I use the money for?

You are free to use the money in any way you feel is best for your business. Many of our customers use it for expansion, advertising, new equipment or increased (or seasonal) inventory. It is also frequently used for unforeseen emergencies or to buy out a partner or acquire a new location.

10. Will I need to change credit card processors?

You may need to change to our preferred credit card processor. Return to top

11. Will I receive the same low credit card rates?

The credit card processor we use will either match or beat your current rates.

12. Can I monitor the status of my account?

Absolutely, in addition to receiving a monthly statement, you will be able to log into our password protected website to view your account status.

13. What if I have questions?

No problem. Simply call 1-866-595-5546 to speak to Creative Business Lending’s customer service representative 24 hours a day/7 days a week. Return to top