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Many small business owners will be aware of the difficulties of applying for a business loan, particularly if their business in less than a year old. This can put the self-employed in a difficult situation because in order for their business to grow they will often be required to invest money before they begin reaping the benefits in the form of profits. This is where business cash advances can help.
While business loans and business cash advances are both loans that are available to any qualifying company in order to develop their business, this is really where much of the similarities end. Business loans require collateral, involve a repayment schedule and require specific details of how these funds are to be used. The application process for these loans is quite involved and the approval rates are relatively low. Business cash advances, on the other hand, are unsecured loans with a rather unique repayment structure. Because these loans are unsecured the application process is a little easier and there are less restrictions on how the money is to be used by the company.
While approval rates for business cash advances are almost ten times more than for traditional business loans, there are still some requirements that companies will need to meet in order to qualify for these loans. To apply for business cash advances, companies will need to have been in operation for at least six months, have credit card facilities available to their customers and be able to show at least four months of credit card receipts averages at least $5000 per month.
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