Reasons Why Merchant Cash Advance Loans have Replaced Traditional Loans? The introduction of Merchant Cash Advance loans opened the door for small firms to be able to borrow loans, irrespective of their credit history and times in business. Since then, Merchant Cash Advance (MCA) Loans have dominated the loan industry. Here are some of the reasons why Merchant Cash Advance loans have replaced traditional loans:
1) Convenience: MCA loans are quite convenient and easy for all kinds of businesses to acquire. Unlike the traditional loans, these Merchant Cash Advances don’t require months of waiting before you are even considered. There is also no need to provide a specific business plan or your tax returns. Normally you will only need recent copies of your bank statements, a recent CRA assessment, and proof of your sales to receive an MCA loan. 2) Micro-Payments: Every month, small payments are made instead of large sum towards the EMI. This feature of the MCA loans helps businesses grow, as they do not have to worry about hefty monthly payments. So, alleviating stress levels from their mind!