Duane Roberts 
Quick business loans also do what they say on the tin they give almost instant access to cash. The most obvious advantage of merchant cash advances, however, is that they provide flexibility, with interest rates often tied to credit card and debit card transactions. This means you can decide when to take out a loan, which of course is vital if you want to keep your head above water at all times. However, should you need the money soon, this can mean paying out more interest than you would choose. That is where your attention to your cash flow and your ability to budget will come into play.
These loans are made for specific purposes and it is important to be aware of the benefits and disadvantages of the loans. Quick business loans are designed to be paid back over a short time frame. This is generally two to four weeks (although this can vary). One of the key benefits of these loans is that they provide cash quickly, which is useful in an emergency. However, you must consider whether this is an emergency or a long-term plan, as you may end up paying additional charges on this loan.
The next factor to consider is whether you can afford to repay the quick business loans in full on or before the specified repayment date. The repayment terms are very specific on this matter. It is worth finding a repayment calculator that can work out a rough estimate of how much you will end up repaying.
In addition, you should consider your available alternatives and how these will impact your ability to repay the loan. As well as providing immediate cash, alternative finance could help to keep your business going during an unforeseen period, for example, when you are in the process of reorganizing or looking to reduce costs to continue to make a profit.
When comparing merchant cash advances against other forms of credit, it is worth remembering that the charges will be higher. Because the repayment terms are so specific, the monthly repayments will likely be higher. Therefore, you will have to factor this into the cost of borrowing the money. In addition, quick business loans often come with a high-interest rate. Likely, the higher interest rate on cash advances compared to a personal loan would be around thirty percent or more.
You must be aware that due to the higher interest rate, you could end up repaying the amount borrowed over a much longer period. Therefore, to keep your costs down and ensure you get the best deal, you should look at applying for no credit cards. As your business grows, you can increase the size of your payment list and attract larger lenders. Eventually, your business may be able to attract the attention of a regional credit card provider who could offer you quick business loans at competitive rates.
Quick business loans are an effective solution for small businesses that need a temporary cash injection. However, it is necessary to ensure that your business makes a reasonable profit before you borrow to sustain it. Before approaching a lender for your business loans, make sure you set aside time to discuss the options available to you.