Does your company need a $10000 cash advance to keep it going, or to help it get to the next level?
Whether you’re facing hard times and need a quick cash injection, or you need to buy equipment to take your company to the next level, how do you get a cash advance?
In this article, we’ll go over how to get a cash advance for your business, and how it can help you grow, or remain in business.
Read on for more information.
What is a Cash Advance?
You may know what a loan is, but what is a cash advance and why it is good for your business?
Well, a cash advance operates like a line of credit, but instead of giving you a credit card or a loan, you receive cash.
Many loans nowadays act like cash advances, in that they deposit the capital into your account so that you can begin spending it immediately. Or, you can take a credit card that offers a cash advance and withdraw a certain amount of money from it.
The difference between a credit card and cash advance is that a cash advance operates with currency. A credit card is all done via backs or card purchases. For example, if you need to purchase something at a store, you can use a credit card or cash to buy it. But, if the store only takes cash, you’ll need actual money to buy it.
Therefore, the concept of a cash advance comes in incredibly handy.
Benefits of a Cash Advance Over a Line of Credit
A cash advance operates very similarly to a loan, in that you’re given a specific amount of money. Once you spend it, the money does not reappear when you pay the loan back. Instead, the cash advance is a short-term, one amount of money only deal.
A line of credit, however, is more flexible, but not as good of an idea for a business that’s just starting out. That’s because a line of credit is renewed each time you pay the credit card or the line of credit.
If you need a cash advance of $10,000, for example, you’ll receive the $10,000. But if you get a line of credit for $10,000, you receive the money on a line of credit. If you spend $2,000, and then repay $2,000, the money basically reappears. Because of this, you can get caught in a spend and repay cycle that will repeat forever.
A cash advance is fixed-term, meaning you won’t get caught up in this cycle. This is fantastic for businesses that are just starting up, or for those in which the business owner doesn’t have great credit. As such, you’ll have better control of your business’ assets and better control over your business.
How Do I Get a $10000 Cash Advance?
There are many ways you can get a cash advance for your business. Most banks and credit unions offer business loans and cash advances for individuals who are just starting out. If you go to the bank or credit union and fill out the paperwork, you’ll get approved and receive the money in your bank. This process can take several weeks to over a month, however, and you won’t get your loan quickly.
Alternatively, you can get a cash advance via the web. Many lenders allow to apply for a cash advance, and you’ll receive your answer in as little as a couple of hours. You could have your cash in your hand in just 24 hours, depending on the company. Strategic Capital, for example, is one such company.
With Strategic Capital, you can even find out if you would be pre-approved for a loan in as little as 60 seconds. This doesn’t affect your credit score, and you’ll know if it is worth the trouble to fill out the rest of the form. It is very likely that if you were approved in the pre-approved round, you’ll have your cash advanced approved.
What Do I Need to Qualify with Strategic Capital?
While Strategic Capital is much laxer than most banks or financial institutions, there are still a few hoops you have to jump through. But, you’ll be pleased to find that they’re nowhere as stringent, and most people get through them quite easily.
With Strategic Capital, your business will need to turn over $10,000 per month. You’ll need to have been in business for six months, and you’ll need a credit score of at least 500. If you compare this to other loans and cash advances you can get from banks or other financial institutions, it is incredibly generous.
Getting a $10000 Cash Advance with Strategic Capital
A $10000 cash advance is a great way to help keep your business running or to buy new equipment or fund new staff. It’s also a great way to finance a new idea you’d like to incorporate or to help get a new venture on its feet.
With Strategic Capital, you can pay your cash advance back on a schedule that’s best for you. Whether you want to have daily, weekly, bi-weekly, monthly or bi-monthly payments, we can work with you to ensure that taking out this cash advance doesn’t hurt your business. We want this cash advance to be one of the best decisions you’ve ever made, and we’re sure if you use our company, you’ll find a financial investor for life.
Click here to see if you’re pre-approved in just 60 seconds.
Checking for pre-approval will not affect your credit score.