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A merchant cash advance (MCA) is a type of loan that provides your company with an upfront sum of cash. This loan is intended to be used for everyday costs, expenses and growth opportunities. This type of financing is typically used by businesses that need quick access to cash but don’t qualify for traditional loans or don’t want to take on additional debt.
The loan is then repaid using future debit and credit card sales or monthly instalments over 3-12 months. Lenders add a fee onto your repayments, which varies in value between providers.
Merchant Cash Advances are an alternative type of business loan designed to give small and large companies some working capital. This option is ideal for businesses who take regular card payments.
Any company that frequently makes transactions can benefit from a merchant cash advance. This includes retail stores, restaurants, salons, spas, gyms, dental clinics, cafes, water parks, travel agencies, supermarkets, and petrol stations.
We are a merchant cash advance broker across the whole of the UK including London, Bristol, Birmingham, Leeds, Cambridge, Glasgow, Edinburgh, Nottingham, Manchester, Sheffield, and Leicester.
The eligibility requirements for a merchant cash advance may vary from lender to lender. However, most lenders will look at similar factors to determine if a business is eligible, and these may include the following:
Each application is processed on a case-by-case basis, and you can speed up the process by having the following information ready:
Merchant cash advances are typically used by businesses to obtain quick access to funding for reasons such as:
The cost of a merchant cash advance in the UK will vary depending on the lender and the terms of the advance, but they generally tend to be more expensive than traditional loans.
You should also keep in mind that there may be other fees associated with a merchant cash advance, such as:
The cost of a merchant cash advance is typically determined by the factor rate, which is a multiplier applied to the amount of the advance. For example, if a lender offers an advance of £50,000 with a factor rate of 1.3, the total amount owed would be £65,000 (50,000 x 1.3).
Yes, it is possible, although it will depend on the lender and their processes. Many lenders that offer merchant cash advances are able to offer fast funding and may be able to provide funding within 24 hours of application, or even the same day.
To increase the chances of same-day funding, it is important to have all the required documentation at hand when applying.
Sometimes. Not every lender requires a credit check before providing a merchant cash advance. This is because many lenders prefer to focus on how your business is currently doing, and how they expect it to do. The lenders who prioritise your business’s current financial health over its credit history will generally not require a credit check.
Businesses who accept credit card payments or have other forms of regular revenue will typically qualify for a merchant cash advance as long as they are considered safe.
The rates for merchant cash advances are typically determined by a factor rate rather than an interest rate. This is a decimal figure that is multiplied by the amount borrowed to determine the total repayment amount, and ranges from 1.0 to 1.5.
The factor rate is determined based on several factors, including the business’s credit card sales history, the amount of the advance, and the repayment terms.
Yes, we work with various direct lenders in the UK, all of whom are licensed and experienced in handling merchant cash advance inquiries. All our lenders are accustomed to providing funding within 24 hours.
Our service is completely free, and we do not share your information with any other companies or providers without your consent. There are no fees involved, and utilising our service will not have any impact on your credit score.
If you are unable to make timely repayments or if your business suddenly experiences a decrease in cash flow, you may face additional fees, penalties, and a potential negative impact on your credit score.