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Merchant Cash Advances


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Representative APR

1212% APR

Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 292% (fixed). Total repayment amount £1351.20 and total interest is £601.20. 12 monthly payment of £112.60.*

* We do not know how many customers take out a loan or the APR, this calculation is based on the mean APR of the lenders we work with

Merchant cash advances are very helpful for shops and businesses, providing money upfront and only taking repayments against future credit card transactions.

My Financial Broker works with a number of merchant cash advance providers, allowing you to borrow up to £2,000 for your business, repaid over up to 24 months. Our online application takes 30 seconds to be completed and we can provide you with an instant quote and help you receive funds within 24 hours.

What Are Merchant Cash Advances?

Merchant cash advances are a type of business loan designed to help businesses by providing money upfront and helping merchants stay on top of their cash flow. Merchants such as shopkeepers, bars, hotels and restaurants are custom to taking a lot of payments through credit card machines and card terminals (PDQ).

The delay in getting paid from card transactions creates an unhealthy cash flow, but this is where merchant cash advances come in. You can apply for £100 to £2000 to help you stay on top of your cash flow and repayments are only taken when the card transactions are processed.

The fees charged are just a fixed percentage of your card earnings (around 10% to 20% depending on the lender) – so it is very accommodating for your busy times and quiet times and you are not stuck paying any extra high interest rates.

You have the flexibility to repay your merchant cash advance when you feel comfortable to do so, with companies paying each month and only using the service for around 6 to 12 months.

Who Uses Merchant Cash Advances?

The companies that use merchant loans include any business that takes a lot of credit card payments through VISA, Mastercard and American Express, including:

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The nature of credit card terminals is that there can sometimes be a delay of 30 to 90 days in receiving payment, which can add unnecessary stress to a fledgling business. Most businesses will need the money sooner rather than later to pay for staff, rent, equipment and other running costs. However, merchant cash advances can help with this waiting period by offering low cost finance upfront.

How Do Repayments Work For Merchant Cash Advances?

The lender will simply take repayment when your card transactions have been paid. There is no interest rate or APR, it is a fixed percentage of 10% to 20% taken each month.

You can discuss the dates of repayment with the lender when you apply for the cash advance, to ensure that they are taken at convenient dates of the month. 

What About Online Payment Platforms?

Yes, merchant loans work exactly the same for eCommerce and online payment gateways, with our lenders able to support Paypal, Stripe, Amazon Pay, SagePay and many other providers.

In this ever changing world of technology, lenders have to ensure that they can cater for as many people as possible. That’s why most loan applications are now made online rather than in person - it’s much more convenient for most people to apply from the comfort of their own homes. My Financial Broker have also built our systems to work from just about any device too, from a smartphone to a desktop computer.

Do I Need to Change My Credit Card Terminal?

No, the lenders we work with at My Financial Broker do not require you to change your card terminal.

When you apply for a merchant cash advance, you can rest assured that the process has been created to be as straightforward as possible.

Does it Matter If I Have Bad Credit?

No, you can be approved with bad credit ratings since your merchant cash loan is based on your future credit card payments and not your personal income or affordability.

Payments should be taken automatically through your credit card terminal provider, such as VISA, but if you miss repayments, there could be additional charges and it could affect your credit score.

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