It’s fairly easy to apply for a credit card processing loan. Follow these five simple steps and you could have the cash you need in just a few days.
1. Research Your Options
There are several lenders who offer merchant cash advance (MCA) loans – but they’re not all created equal. Before you apply for any type of loan, it’s important to make sure you’re working with a reputable lender.
Ideally, you’ll want to choose a lender – like Zinch – that specializes in working with small and medium-sized businesses and offers a streamlined application process. In addition, be sure to ask important questions like whether the lender charges an application fee, their minimum qualification requirements, and how soon you can expect to receive the funds after you’re approved.
2. Confirm Whether Your Processor Is Approved
To take out a credit card processing business loan, you must use an approved credit card processor. If you’ve found a lender you want to use, it’s important to ask whether they work with your current provider. If not, it may be worth it to make a switch.
While you could contact your current credit card processor to see if they have a working relationship with any merchant funding providers, most business owners prefer to choose their MCA provider first, then change credit card processors if needed.
3. Organize Your Documents
While a merchant cash advance is generally easier to get than a traditional loan, you’ll still need to provide your lender with some basic information. Most lenders will want to understand your current income, the amount and volume of your typical credit card transactions, and your projected future income.
To verify your financial details, some lenders may request tax returns, profit and loss statements, bank and investment statements, and other documents. You may also need to provide other information like your business tax ID number, company structure, and the date your business launched. Most will also want to check your credit score and some may review your credit report.
You’ll increase your chance of getting approved quickly if you take the time to gather all of the necessary paperwork and information before starting your application.
4. Apply for Your Loan
Once you’ve gathered all of your information, it should only take a few minutes to complete your loan application. For example, Zinch only requires you to answer a few simple questions to get started. Then, a financing specialist will contact you to learn more about your business and recommend the best financing solutions for your needs.
Once you’re pre-approved, you’ll complete a short application and provide copies of your recent bank statements – and that’s it. While other lenders may have a different process, you can usually expect it to be far less time-consuming than applying for a traditional business loan.
5. Review the Contract
Before you accept your credit card processing loan, it’s important to read through the entire contract and make sure you’re comfortable with all the details. Confirm the amount you’re required to remit and ensure you understand any penalties you’ll suffer if you fail to meet the lender’s requirements.
If anything is unclear, don’t hesitate to reach out to the lender and ask for clarification. Once you’re satisfied with all of your contract details, you can sign your contract, finalize your loan, and wait for the cash to be deposited in your bank account.
Apply for a Zinch Merchant Cash Advance
If you’re interested in learning more about credit card processing financing, Zinch is here to help. We offer both traditional loans and MCAs, so you can choose the best product for your business needs. Contact us at (714) 500-6622 to learn more about your options. You could qualify for up to $250,000 in just 24 hours.
