Getting an instant cash loan in 1 hour is so easy, much easier than you may realize. Don’t let naysayers tell you these payday loans are a trap, either. These are great loans for anyone who works hard at their job but still struggles to make ends meet some weeks. When there are bills to be paid, but payday is still days away, you can rely on these quick loans. Here’s how you do it in five easy steps.
1. Fill out the Application for an Instant Cash Loan in 1 Hour
The hardest part of this whole process is filling out a one-page application. That is literally the most difficult step, and really the only thing you need to actively do to get an instant cash loan in 1 hour. You can find the application online, but you can also access it through your smartphone or tablet with our mobile app. It’s really easy to fill out and will only take you a few minutes. You can do it any time of day or night, seven days a week.
2. Meet Just a Few Requirements for an Instant Cash Loan in 1 Hour
This is not an active step on your part, but you do have to meet a few basic requirements in order to get approved for an instant cash loan in 1 hour. You have to have a job and a steady paycheck, and that’s about it. Your lender will look through your application to see how your job history and loan history look, but what you don’t need to show is that you have a perfect or even good credit score. It’s not part of the process.
3. Get Approved for an Instant Cash Loan in 1 Hour in Less than 90 Seconds
Once you have met the requirements and you have completed the application to prove that you meet the requirements, all you need to do is wait a very short amount of time to get approved. Our lenders that offer you an instant cash loan in 1 hour will really only take a few seconds to consider your application and give you an answer, which will most likely be a yes.
4. Let Your Instant Cash Loan in 1 Hour Lender Transfer the Cash
With approval in hand, you can get the money from your instant cash loan in 1 hour. The entire process up to this point takes less than an hour for most people, and waiting for the money doesn’t take much longer. Your lender will make a transfer by the next business day. That means that you could see the money in your account tomorrow morning if you apply right now.
5. Spend Your Instant Cash Loan in 1 Hour
tep 5 is everyone’s favorite part. You get to spend the money. Use it for whatever you need. Most borrowers rely on an instant cash loan in 1 hour because it’s so fast and they can use the money to pay the bills for the week. Sometimes people use the cash to pay unexpected bills that come out of nowhere. You can use the cash any way you want, just be sure to enjoy.
When looking for the best form of commercial finance there are several options available to you. There are the traditional forms of business finance such as a bank loan, overdraft facility or secured loan and then there are new, alternative business funding options available.
In this article, we highlight the differences between the two avenues a business owner can explore.
What are the advantages of a business cash advance?
There are many aspects of this product that are unique compared to that of a traditional unsecured business loan. The first being that a cash advance works with your cash flow. What does this mean? It means that you could raise up to 150% of your monthly card sale revenue as the borrowed sum.
You repay on the borrowed amount as and when you make sales on your card machine otherwise known as a merchant terminal or PDQ machine. Let’s say for example your business turns over £5000 per month on card sales. The funder could offer an advance of £5000 plus the payback amount of £1250.
You would start to pay off the £6250 as and when you make sales. You will also agree on a comfortable percentage of each card sale to start the repayment process. This could be typically 10% – 15% of sales. For example, you make a sale of £80 on your card terminal, £8 is paid off your advance and the balance of £72 is paid into your account.
There are no extra, hidden fees or early or late repayment penalties with this type of funding – just one upfront agreed on repayable amount and a percentage of future sales to repay the loan.
This means when your business is low on sales then you pay back in line with those sales – in other words, less. And of course, if you have a bumper month you’d be paying off the advance quicker. The application doesn’t take into account your business or personal credit profile. In fact, it offers businesses with poor credit history a great opportunity to find the funding they need to grow.
A traditional business loan requires your business to pay off a loan based on a set amount each month. It also works on a standard APR calculation. There are in many cases fees, charges and penalties for not meeting those payments so it’s best to check with the bank that you won’t encounter any nasty surprises. A business bank loan is usually a secured loan which means they require an asset such as your home or commercial premises as security against the borrowing. A business cash advance doesn’t require any security and is classed as an unsecured business finance.
The best idea is to compare the differences and benefits of one over the other. Eligibility and application timings are undoubtedly quicker and easier with a business cash advance too. There is no need for a business plan and long application processes and meetings. It’s a simple straightforward application that once accepted is quick to fund usually in just a day or two. This again is significantly different to the timescales associated with a bank loan.
A cash advance is also backed by the UK government too. They have invested millions via The British Business Bank Investment arm. It would suggest to many small business owners and SME’s that alternative business funding isn’t an ‘alternative’ anymore – in fact, it is becoming more and more mainstream each month.
Bank loan is not the only option when you need to fund your small business. In fact it could be quite difficult to get one if you are still a newbie and do not have a great credit score. Merchant cash advance could be the best option in such a case. Not only is it available quickly, it is also very easy to qualify for.
There are many firms and private lenders that offer merchant cash advances all over the world. The competition here has been getting so tough that lenders themselves have started getting in touch with prospective borrowers by purchasing merchant cash advance leads from lead generating firms. If you have been contacted by one such lender, it would be wiser for you to keep in mind, the below-mentioned dos and don’ts before you say that ‘Yes.’
Identify the urgency of your financial requirement
Although Merchant cash advance is a quick and easy option for most small businesses, it does come with its own costs that may make it too expensive. Therefore, it is very important to find out how urgent your financial requirement is. If it can wait for a couple of weeks you can look out for other options, compare the rates and then make your decision.
Prioritize your requirements
While going for a merchant cash advance, it is advisable to borrow only that much that you exactly need. Remember, this is an advance that you are taking against a considerable chunk of your future sales. So prioritize your needs, calculate the exact amount that you would need to cater to the most urgent needs and then apply for the advance.
Always look into the Repayment Plan
Paying back a merchant cash advance is very different from paying back a regular loan. A fixed percentage would be automatically deducted from every credit/debit card transaction of your daily sales and transferred to the account of the merchant cash advance provider. You will have to find out if this would be fine, given the kind of expenses you need to meet in your business. Also, you need to see if you will be able to repay the advance within the given time period.
Go through the contract carefully before signing it
The terms and rates of merchant cash advances might change from lender to lender. What might seem feasible to another borrower may not necessarily seem feasible to you. Hence, you need to pay special attention to the terms mentioned in the contract, especially the interest rate and the post-signing fees, before signing.
Don’t wait till the last moment to apply for a merchant cash advance
Although merchant cash advance is a quicker option compared to the other loans, the amount of time needed to get the funds in your account might vary from case to case. This depends on how fast you submit the documentation and how satisfied the provider is with the information that you have given. He may want to check a few references before approving your application and the technical setup will also need to be looked into. Therefore, it is wiser to apply as early as you can.
Don’t give wrong information about your business
Many borrowers tend to give wrong information about their business for the fear of being rejected due to their low credit score. They may state someone else as the owner of their business, only because they might be having excellent credit. Nevertheless, this is a wrong practice that can even put you behind the bars. As it is merchant cash advances do not work on the basis of credit scores. Therefore there is no need to lie. Also, make it a point to back everything that you reveal with proper documentation.
Don’t over shop
Yes, you may be contacted by many merchant cash advance providers who may buy your details through merchant cash advance leads. However, stop the temptation to over shop. You don’t want to spook the underwriter by making too many credit inquiries. They may feel that you are doing this as you were declined funds by the other providers. This might make it tougher for you to convince them to approve your application.
Merchant cash advance may be a good way to build your dream business as it provides the required funding well within time. These dos and don’ts may make it even easier for you to get approved.