Is Cash Advance a Better Business Expansion Loan Option for your Business?
Sometimes your business needs some extra finance fast but you worry about the time it may take to get a loan from a bank. In this article, we’ll look at what a cash advance loan is and where you can access it.
How Does it Work?
If your business takes in a significant portion of income through their card machine this is a good option for you, as it requires you to make the repayments through the card machine at a particular rate, and is repaid through an agreed percentage of future card takings.
What Are the Benefits?
- Repayments are made daily
- Flexible repayments
- Security is taken over the credit/debit card receipts
- 100% fulfilled by institutional lenders
- Rolling credit facility
Once you agree to the terms required of you, the merchant company will simply purchase future credit and/or debit card receipts.
Where Can You Access A Cash Advance?
Ireland is limited in its online financing platforms, but there are places if you know where to look. GRID Finance is a small business capital platform where Irish SMEs can access finance for their working capital, growth and expansion needs.
What Do They Offer?
GRID Finance offers a cash advance of up to €100,000 over a maximum of 18 months. The repayments are made daily as a small percentage of your future card sales until you have repaid the full amount.
How Do You Apply?
1) Submit Application
Submit a completed financial health check and supporting documents.
2) Get Approved
Approval within 24 hours
3) Get Financed
The GRID team will work with our lenders to support your business
What Makes them Different from other Lending Platforms?
Cash advance loans can have high interest rates attached to them, so what makes GRID Finance different? Well, they perform a credit check and provide you with a GRID Score. Once you have received this, you will be given a plan catered to you and your business. This makes it a lower risk for GRID, which makes it more competitive for you and guarantees you don’t pay more than you can afford. Get in contact with our team today by visiting our website here.