Anyone who owns a small business is likely to have heard about a credit card advance or traditional bank loan alternative. There are a few hidden perks you probably didn’t know about the credit card advance. Knowing a few extra things couldn’t hurt you if it’s the difference between getting a credit card advance or not getting one.
One of the most rewarding aspects about this type of loan is the ability to renew it more than once. Most banks are fine with allowing you to renew your advance if you’ve paid off at least 60% of your debt. This may take up to four months, but once you have paid off the advance partially, your account will be re-funded in a max of forty-eight hours. Most people are not aware that you can renew this advance as many times as needed. There is no limits on the number of times that you can renew the credit card advance so long as you’re responsible about meeting your payment deadlines with the appropriate funds in hand. After you have been approved to a credit card advance, funds you may need become easily more accessible than they were previously.
Many credit card advance providers have special programs that may meet your specific needs. Many specialists will ask you a few questions to determine the right program that will match your needs. Programs that exist range from the starter advance, the standard advance and finally, the premium advance. Most people are most familiar with the standard advance. Any merchant who processes at least three thousand dollars total in monthly credit card sales are given the chance to secure up to five hundred thousand dollars. The premium advance programs allow the merchant with a decent credit score of at least 650 or higher to qualify for more than $50,000 in advance. On top of that, you will be offered the lowest rates possible and the term exists for a total of twelve months.
The starter program would be ideal for merchants or individuals who have previously been declined in the past to get the appropriate funds for their business needs. A starter amount won’t be jaw-dropping, but it’s enough to help you get the ball rolling. Expect up to seven thousand dollars in advance without a credit check needed. After you have paid off the starter advance, you are automatically entitled to more funds after you have proved yourself. This allows you to build up your credit and establish trust by paying off the small amount you owed.
You’re not going to be restricted on how you use the advance unlike most other loans. You can use the advance however you want to within reason. For further information, please check out www.myloanadvisor.com.
Category: Credit Card