FAQs
When you’re seeking financial assistance, you want to make sure you get all your questions answered. We’ve gathered answers to some of the questions we hear most often, right here.
About Zinch
Zinch is a direct lender that provides seamless financing solutions to small business owners.
Zinch is a new name for a new company created in 2021 to offer a more versatile solution to the financial challenges faced by small companies. We were formerly known as Merchant Capital Source — and we’re putting 15 years of their financial-service experience to work in new ways.
As a direct lender, Zinch uses its own capital to provide loans and advances. Since Zinch is not a broker like most companies in the industry, we don’t incur incremental commission costs. This translates to better rates for business owners.
Working with Zinch offers several distinct advantages:
- Savings: Without the middleman earning a commission on the deal, business owners end up paying significantly less.
- Speed: Since all approval decisions are made within the company (there is no waiting for third parties to decide) the process is much faster.
- Flexibility: Since we use our own capital, we set our own guidelines and can be more flexible.
- Secure: Your personal information is not shared with third-parties.
Unlike Banks, we work exclusively with small and medium-sized businesses. That is why our products are tailored to meet their needs. Getting a loan from a bank can take months and usually means a drawn out approval process. Moreover, most small businesses will not qualify, unless the owner is willing to post collateral to guarantee the payment of the loan (for example the owner’s house).
Many online lenders strive to automate their entire process, removing all human interaction and offering a one-size fits all solution. However, we understand that all small businesses are different and have unique needs. Therefore, we talk to business owners first, to understand their needs and offer tailored solutions, with the right product(s) and terms.
Before applying
Absolutely not. While there are many companies in our industry that use predatory techniques to prey on small business owners, we do not use confession of judgement or any similar tactics. We believe our customers are acting in good faith, just as we are.
If you have been in business for more than 6 months and have at least $10,000 in sales per month, send us your application. This is not a guarantee of qualification, but rather the minimum qualification criteria.
No, there is no cost to apply. Once we receive and review your information, we will provide you with a proposal at no cost or obligation to you. Once you receive our proposal, it’s up to you to decide if you want to take the offer or not. The whole approval process is usually completed within 24 hours of receiving all your information.
Yes. We often offer larger advances and loans, and at better terms, than our competitors. We will help you pay off your existing debt if it is in your business’s best interest.
We can typically approve applications within 24 hours of receiving all the information. Once approved, we fund in as little as 48 hours.
Cash Advance and Loan amounts range from $10,000 to up to $250,000 for new clients.
Terms can range from 3 months to 1 year.
Yes we can. Our products are revenue based. This means that the amount of funding is determined by the sales of the business, not the credit score of the owner. Although reviewing your personal credit is part of the underwriting process, it is not a determining factor in our decision.
MCS places no restrictions on how you choose to use the money. Common uses include the purchase of inventory, purchase of equipment, remodeling, expansion, advertising, debt or tax payments. But it’s entirely up to you!
Regardless of the product you select, all payments are automatically collected by us. So, you never need to worry about missing a payment or having to pay any late fees.
No. Existing clients can request more funds at any point. We usually like to wait until the balance is about 50% repaid before we provide more funds.
You can pay your balance early without incurring a penalty. In fact, we offer early payment discounts to clients that want to pay early.
If you think you might want to pay off early, request that an early payment discount be included as part of your contract.
About products
The main difference between the Cash Advance and the Loan is that the Cash Advance has variable payments that fluctuate with the sales of the business, while the Loan’s payments are fixed. Please visit our product section to see more details about each.
- Payments are flexible. If your sales drop, so do your payments.
- There is not a personal guarantee.
- Can be offered in all 50 states, but the business needs to have a minimum of $10,000 in monthly credit card sales.
- Payments are fixed. Easier for budgeting and planning.
- Faster funding process. We don’t need to involve the credit card processing company.
- Easier to qualify. No minimum credit card sales.
Call our office and one of our Funding Specialists will ask you some general questions about your business and recommend the best product for you.
Rates depend on several factors, including: your history with Merchant Capital Source, your business operating history, business type, volume of sales and cash flow, amount and term of funding, the type of product selected, the payment structure and FICO score.
Still have some questions?
Call us at: (714) 969-7878
