Holidays are supposed to be a time for joy with your friends and family. However, if you are a small business owner, you know that they can also cause a serious amount of financial stress.
You may need to acquire additional inventory to meet the increasing demand in the holiday season. Or, on the contrary, you might have to temporarily close the business. Thus, giving everyone paid time off along with Christmas bonuses. So, often what small businesses need is a quick cash advance.
Getting the right business loans can be confusing and overwhelming. Especially for small businesses that don't have a strong credit score. Before embarking on your business loan journey, keep in mind that the credit score is a factor for traditional bank loans, vendor financing, and even SBA loans.
To find the most suitable type of financing for your small business, you also have to take into account the reasons you need it. The holiday scenarios above have a sense of urgency that you can address using invoice financing, online loans, and merchant cash advance. These are also the go-to options if you are looking for loans for businesses with no credit.
The downside to invoice financing, however, is that it needs invoices as collateral/proof and it usually doesn't work for B2C businesses.
Now that you know what to stay clear of, let's see the benefits of small business loans. Plus we look at how you can secure one in a few easy steps.
Whether you opt for a flexible merchant cash advance or prefer to pay predictable set amounts, it is important to have financial specialists by your side. They can help you assess your needs and recommend the best option.
This type of small business financing is automatic, easy, and it matches your earnings. In other words, you pay back as you earn, in a flexible manner. It requires no personal guarantee. While also providing fast access to cash. It is then entirely up to you how you choose to use the money.
MCA is recommended when you need temporary cash flow help (as is the case with holidays), if you need to make unplanned expenses, or simply need working capital.
While there is an online component to most loan applications, the term "online loans" refers to small business loans that process entirely online. They are fast, available for many uses, and require little effort or documentation. Moreover, they are easier to qualify for than MCA, as there is no minimum requirement for credit card sales.
For example, with Zinch online loans, you benefit from quick decisions and funding. Not to mention, predictability. Thus letting you plan and budget ahead, as payments are set.
This easy process and the benefits of using a service such as Zinch will help you secure the loan you need during the holiday season.
