Best Cash Advances Online: How To Find Them | Behalf
How to Find the Best Cash Advance Online
For the record, a cash advance is not a loan. They have a similar function, but some regulatory differences. Both cash advances and loans can satisfy your short term business financial needs, but a cash advance has less restrictions. Many lenders take advantage of the lack of restrictions, charging absurdly high cash advance fees and exorbitant interest rates. Online cash advances are notorious for having interest rates that run up into the triple digits. There are affordable cash advances online, however, and they prove just as beneficial as loans.
Many wonder why the interest rates on certain cash advances online are so steep, as opposed to others, and it comes down to the way they are structured. Some advances go against your credit and debit card sales, where lenders take a percentage out each day; these cash advances are difficult to pay off on time. Often, borrowers that cannot pay them back quick enough reload or renew the advance. As time passes, interest rates accumulate and borrowers become trapped in a downward debt spiral.
There are other cash advances that benefit your business and don’t put it at risk. In order to find the best cash advances online, you must understand your business needs and proceed with caution. This article explains how to find the best cash advance for your business:
1) Define Your Business Needs
If you are looking for a cash advance, you want to have an idea of how much money your business needs. Online cash advance lenders offer loans of different sizes. Many online lenders advance a few thousand dollars but there are options that lend more, some even less. Make sure the lender you choose offers the amount your business needs.
2) Research the Best Online Cash Advances
Before you sign the soul of your business away for a cash advance, do your research. There are a lot of options out there. Check the best and worst ratings and third-party reviews of each lender. Reputation is everything, you want to approve the lender before they approve you.
3) Pay Attention to the Online Cash Advance Fees
When it comes to a cash advance, read the fine print. Be vigilant, ask the right questions and keep an eye out for hidden fees to protect your wallet. It is common for cash advance APRs to hit three digits, in some instances four. Spare your wallet and your business by searching for lenders that are up front with their fees and guarantee a low cost.
4) For Convenience’ Sake
Look for a cash advance that works best with your business. You should not have to bend over backwards for a cash advance. Look for companies with fast application processes and quick turnarounds. Getting approved for a cash advance should be fast because they do not focus as heavily on your credit history, as banks and traditional lenders. You also want a lender that is clear and upfront with the amount of time it will take you to receive your money. Find out if their application is online; the process will be much faster and more convenient.