Cash Advance Online: Your Guide to Finding A Good One | Behalf

By December 24, 2016Merchant Cash Advance
Your guide to finding a good online cash advance

Your Guide to Finding A Cash Advance Online

If you’re looking for a cash advance online, throw a rock. Cash advances are all over the internet. They know just what to say to attract your healthy small business, offering quick and easy cash. What’s the catch? The vast majority of online cash advances are not what they seem.

With lenders charging absurdly high fees and interest rates, online cash advances have earned a horrible reputation. Many online cash advance lenders latch onto your credit and debit card sales, draining your business capital reserve with daily collections and hitting your business with ridiculously high interest rates. However, that does NOT apply to every cash advance online. In fact, each cash advance online will vary from lender to lender because they have more flexibility than bank loans, which are restricted by usury laws.

Some online cash advances are just as helpful and even more convenient than loans. Below is a guide on how to navigate the world of online cash advances and choose the best cash advance for your business.

1) Use the Power of the Internet

Looking for a cash advance online is half the battle. The internet is an incredible tool to help you figure out the right way to finance your business. Websites like Trustpilot, which are dedicated to providing trustworthy online business reviews, allow you to see how lenders match up to their competitors. Beyond review sites, there is a multitude of information at your fingertips that will allow you to make an educated decision for your business.

2) Look Beyond the Bold Print

A common practice for online cash advance players is to distract visitors with promotional rates. Flashy offers, financial jargon, and promises of being fast and easy are proven to drive conversion. However, you want to focus on the fine print and what sets them apart. Keep your eyes out for references to hidden fees and unclear wording. Unscrupulous lenders will sometimes charge multiple additive rates (e.g., an application fee + an origination fee + interest) and discuss them separately so it is difficult to understand the total cost. Make a mental note of the online cash advance lenders that are upfront and transparent about their terms; they tend to have less to hide.

3) Ask What Isn’t Being Said

Read between the lines before you apply for a cash advance online. This is a big business decision. If some of the information you need to make a confident, informed decision is not listed on the lender’s site, contact them. They may be leaving a lot of information out to keep from overwhelming their visitors or they are hiding something. Either way, it is better to know before you sign up for a cash advance online.

4) Consider the Lender’s Audience

Another question to ask yourself: who is the lender targeting? The site does not always explicitly say who the lender’s target borrower is. The tone of their copy and other marketing techniques may give you a hint. You want to avoid applying with lenders that offer a cash advance online to businesses that are desperately strapped for cash. Lenders that prey on unhealthy businesses tend to trap them with unreasonable terms by convincing them they have no other options and should take what they can get. This is the business-to-business equivalent of Payday Lending to consumers.

When it comes to applying for an online cash advance, always err on the side of caution. As cliche as it sounds, it is better to be safe than sorry. Make as much of an informed decision as possible. Don’t just look for online cash advance options, dig. The internet is a double-edged sword. It gives you access to plenty of online cash advances but not all of them are good for your business. It’s your job to weed them out and find the best cash advance online for you.

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