Monday, 3 June 2013

Fast Cash Advance

During the times when people are faced with emergencies and the costs that come with them, people usually do not have the time to do anything else apart from attending to the emergency situation and in finding the money to pay for any expenses. With regard to finding the cash that people need to pay for emergency expenses, there would also be times when people dealing with emergency situations do not have enough time to deal with the hassle of faxing the necessary requirements to a lender. Fortunately, people who may find themselves in these kinds of situations can still gain access to the cash advances that they need. This is because there are now lenders that offer no faxing cash advance loans, which can make the process of applying for a cash advance loan faster and more convenient.
No faxing cash advances
One of the best places to look for lenders who offer no faxing cash advances is the Internet, as there are now a large number of lenders that offer this kind of loan online. In addition to this, online lenders can also wire the loan amount within an hour, which makes them the best option for "fast" cash. Usually, the process of getting a no faxing cash advance only involves answering an online application form that would include information about your personal details, your employer, your salary, and your bank account details. After doing so, the lender would verify the information by calling your employer (without informing him or her that you are applying for a loan) to confirm if you really work for them. For some lenders, this is the only verification they need and they would wire you the money as soon as they get the verification. Most of the time, the loan amount that people can get from a no faxing cash advance would vary between $500 to $1,500.
During emergency situations, people who may not have the time to go through the hassle of faxing requirements to a lender can still gain access to a cash advance loan, as there are lenders who offer no faxing cash advances. Given this, people who may need to focus most of their attention to dealing with the emergency situation are assured that they have access to a convenient and fast way of getting the cash that they need.

Quick Cash Advance Loans

A quick cash advance loan is the perfect solution to sudden and unexpected financial needs, but watch out - it can get you into trouble if you don't use it wisely. Read on for important tips on making the most out of a quick cash advance.
Determine if you really need a cash advance. A quick cash advance should be your last resort, never your first option. Assess your situation and see if you can still manage to come up with the money you need without running to a lender. Are you expecting receivables in the form of checks? Sort through your mail - they might already be there. Can you sell something you don't use? Post it on a trading board and cut the price - someone is bound to snatch it up right away. Do everything you can to raise the money internally before applying for a quick cash advance.
Read the fine print. If there's really no other option but to take out a cash advance, then do so with caution. Read and comprehend as much as you can about the terms and conditions before you sign up. Quick cash advance loans - especially those from sketchy companies - have surprising catches! Some even charge as high as 500% in interest if you don't pay on time. Information is your hedge against such abusive lenders, so read up.
Pay it immediately. Remember that a cash advance loan should never be treated like a long-term loan. It has relatively higher interest rates, so you're better off paying the entire balance when the bill comes. Otherwise, you might end up having to pay a lot more in late surcharges. Worse, you might even need to take out another cash advance just to pay off your first.
Finally, manage your finances. Do not depend on quick cash advances every month, or you will fall into a debt trap. Cut your expenditures and try to save a lot more. After receiving your paycheck, pay yourself first - take a small portion (about ten to fifteen percent is enough) and put it away in a bank, where you can't easily access it. Do this regularly, and you may never need another quick cash advance. Your savings can serve as an emergency fund when immediate needs arise.

Payday Cash Advances

Many people who depend on their paycheck to pay the bills and for other shopping might face a dire situation if an unexpected emergency crops up in the middle of the month when payday a long way away. Such people can opt for cash advance on their pay from banks or private cash advance companies. Medical emergencies and higher than expected bills are a few reasons as to why a person might opt for a payday cash advance.
Cash advances are made to individuals based on a credit card or a payday check. A payday check advance can be obtained only if the individual is an adult and has a steady income of at least $1000. The employee will have to provide the lender with a post-dated check containing the amount covering both the interest and the principle.
Payday cash advances come with high interest rates. The individual must be ready to pay the required amount, the principle along with interest, by the next payday without fail. This will ensure that the advance will not be rolled over with a huge interest rate.
People prefer to take payday cash advances in small amounts because of the high interest rates and also because smaller amounts can be repaid without any problems from the next paycheck.
Lenders who provide payday cash advance do not usually do a credit check on the borrower. Also, a few details can be provided online and the amount will be transferred electronically after the details have been verified. This process will also work if the lender can directly get the amount from the borrower's savings account on the next payday. Another option is the post dated check to be deposited a day before the borrower's payday. The post dated check an also be faxed to the borrower at the time of applying for the loan.
It is not advised to take frequent cash advances as this might result in the individual finally ending up paying a lot to the lender in form of interest. There are a few alternatives to cash advances, such as loans from friends or relatives or an overdraft facility in a checking account and it is suggested to go through them before opting for this kind of loan.

Business Cash Advance - Method of Choice for Small Business Finance

Business cash advance is one of the easiest ways to maintain a healthy cash flow and meet the necessary cash availability for the day-to-day business activities. It is a relatively new method of financing your short-term cash needs compared to business loans, however it is much safer and easier on the purse from a borrower's perspective.
While many people are quite apprehensive about business cash advance companies and have a pre-conceived notion that they are just the same old loan sharks in a new disguise, the fact is that business cash advance and business loans are totally different.
With business loans comes the liability of repaying back according to predetermined schedule, there is always a risk of defaulting and the fear of losing your credit score. However, business cash advance is a much easier process and the repayment is done through Visa or Master card sales receipts. Payments received through Visa and Master cards are accounted for repaying the cash advance amount and no other sales proceeds are involved. This helps the borrower to repay the business cash advance easily while maintaining a steady income through other sales receipts.
Not just repayment is easy with business cash advance but it is also easier to get a business cash advance compared to a small business loan. While to get a business loan the borrower would have to go through a lot of documentation and will also probably require some suitable collateral, getting a business cash advance is much easier. The paperwork is comparatively less and the cash advances are approved comparatively faster. Also, while some companies would ask for collateral most companies would not require any collateral to offer a business cash advance.
The biggest advantage that business cash advance has over a traditional business loan is that the borrower is not personally liable to repay a cash advance. In case of a business loan the borrower is personally liable and if the borrower is unable to repay the loans there is always a risk of losing personal assets that are often being used as a collateral. For business cash advance the repayment is done through credit card sales receipt and the borrower's personal assets remain untouched.
Business cash advance [] has gained acceptance among small business entrepreneurs and is trend shows an increasing popularity over the last few years. This is further more expedited by the continuous advertisements done by the cash advance companies through all possible media. Given the host of advantages and the aggressive marketing technique of the cash advance companies it can be safely said that business cash advance is going to be financing method of choice for most small business entrepreneurs in the years to come.

Cash Advance Services

Emergency bills may cause people to look for a cash advance. However, this is usually done only after all the other resources are exhausted. When it is still the middle of the month and the bills are mounting due to some emergency or other, applying for a cash advance would be a good option. This is more attractive in the case of sudden expenses such as those related to medical bills.
Cash advance companies provide cash advance services to help in such circumstances. These kinds of services come into picture when the money needs to be in hand as soon as possible.
Most people might find it embarrassing while applying for a loan at some cash advance company or a franchise to such a company. Also, this process might prove to take a long time, particularly when the money is needed ASAP.
Taking such hassles into account, most companies now offer online services that make the whole process of applying for a cash advance a lot easier. This also ensures the customer need not come face to face with anyone from the cash advance company, which makes most people feel safe and less embarrassed.
Many companies offer overnight cash advance services. This ensures that once the application is approved the night before, the money is electronically transferred to the customer's checking account within 24 hours or overnight.
Due to heavy competition in the cash advancing market, cash advance companies are offering more and more services that are definitely beneficial to the customers. One benefit is the reduction in the interest rates. Even though the interest charged for cash advances is still a lot compared to interest rates for regular loans, the heavy competition ensures that the interest rates are relatively better than what were being charged previously. The other is the provision for instant cash advance, which ensures the cash is transferred instantly into the checking account after the application is approved. Some companies transfer money in as little as one hour's time.
Considering all these factors, customers can do a bit of market research before applying for a loan with one company. This ensures that there might not be any unpleasant surprises after the loan has been sanctioned.

Merchant Cash Advances

Opens Doors to the Financial World for Many Retailers. The merchant cash advance industry is growing at an astonishing clip. This growth is because traditional banks are not meeting the needs of small businesses.
This product is very unique. It's a purchase of an asset, not a loan, so we have to use specific language consistent with a purchase of an asset, like retrieval rate and discount rate instead of interest rate. A lot like factoring but it's of a sale that hasn't yet happened.
A cash advance provider gives merchants a lump sum cash advance up front. In exchange, merchants agree to pay back the principal and fee, by giving the company an agreed percentage of their credit card sales until their balance is zero. This percentage is between 12%-24%. The payback time-frame is only 5-12 months.
Merchants generally must use the providers' credit card processor because the advance is paid back automatically as a percentage of each batch's proceeds. A small number of merchant cash advance companies do not require the merchant to change credit card processors. So if this would be a problem, make sure to ask the merchant cash advance company you are thinking about working with.
Cash advances are very different from traditional funding programs. In essence merchant cash advance providers purchase a small percentage of future MasterCard and Visa revenues, and the merchant repays this as a daily percentage of those revenues.
Getting cash from traditional financing institutions can be difficult for some businesses, particularly retail, restaurant, franchisees or seasonal businesses. These merchants most heavily use credit card processing, so merchant cash advance programs offer a number of benefits.
Why Do Merchants Like It
The cash is usually available more quickly than it is with traditional loans. These programs appeal especially to retail and restaurant merchants not only because these types of businesses can rarely get traditional funding, but also because of the immediate liquidity.
Most cash advance providers advertise that the cash can be available in about 10 days. Unlike a loan with a fixed rate of interest, amount due and set due date each month, with merchant cash advances the money is paid back as credit card receivables come in.
Merchant Cash Advance programs are cash flow friendly, especially during seasonally slow periods. Traditional loans and leases require a set payment every month, whether the business has made a sale or not. Because payments are calculated as a percentage of sales, if sales are growing, the amortization could be quicker, but if the proprietor experiences some interruption or downturn in business, the payments will be lower.
In most cases, business owners put up no personal collateral and make no personal guarantee.
How Providers Make Money
Finance charges can vary widely, not just from one provider to another, but from one advance to another. As an example, the range of financing on a $10,000 advance could be as low as $1500 or as high as $4,000. That's a 60% difference.
There is no fixed interest rate; the effective interest rate varies depending on the business. If the merchant's business is doing well and sales are up, the advance provider collects the money sooner and the interest rate is rather high. Since there is no time limit on paying back the loan, the effective annual rate decreases as the payments are extended over time, although the cash provider typically forecasts a fairly short period for payback, usually less than a year.
There's no question that the merchant's cost for this kind of financing is going to come in more than a conventional loan, but it's pretty much a foregone conclusion that a conventional bank will reject this merchant for their much needed loan.
The merchants interested in a program like this may have a sketchy or distressed credit history. They'll have things like past tax issues, a list of delinquencies, collection matters, liens or judgments that would be an automatic red flag for a conventional bank. The merchant cash advance industry caters to businesses that can't get traditional funding.
A Risk Worth Taking
There is a risk to cash advance providers and a fairly high risk (hence the higher cost to the merchant for the money), but they use sophisticated models to determine the future likely credit card purchases. They also offer the cash with relatively short payback periods to help mitigate risk.
Although approval isn't as difficult as it is for most bank loans, few cash advance providers will approve new merchants without a history of credit card transactions. Even fewer will approve sums larger than what merchants can reasonably expect to earn from credit card transactions in a year.
The provider of the merchant cash advance takes all of the risk, the risk is high, but since it is paid out of projected future sales, it is typically a risk worth taking. Seasonal businesses that need cash to carry them through lean seasons or merchants who have an unexpected downturn in business (say because of road construction, building repairs or extended illness) might find a need for a cash advance until business picks up again.
However, merchant cash advance companies say that ailing businesses are not the only merchants interested in this kind of program. Many types of businesses are often underserved by traditional funding institutions. Take for example a restaurant, it could be a very successful business, but a traditional bank wants to see tangible assets. Perishable foods or used restaurant equipment just won't make the cut, even if that restaurant is packed every night.
There are many examples of times when owners of healthy small businesses could use cash to help build their businesses but can't get the traditional funding necessary. These include franchisees who have exhausted their savings to purchase their first franchise and want to open a second one; merchants whose competitors have closed and have the chance to buy their competitor's old inventory or move into a new location; expansions; buyouts; or simply the desire to move quickly on a perceived new opportunity.
Dan Ollman is President of Crown Financial Services. Crown Financial Services is a proud member of the American Cash Flow Association, Las Vegas Chamber of Commerce and the Las Vegas Better Business Bureau. They provide working capital to businesses by purchasing a small portion of their future credit card sales.