Both merchant cash advances and loans provide capital to entrepreneurs to successfully run and grow their businesses. Whether you’re struggling to bridge the cash-flow gap and pay off debt, or you need instant cash to purchase equipment and inventory, or make payroll and hire employees, these both financing products can help you overcome the above financial challenges in their own way.
Though, the key to achieving financial success is finding the right funding solution for your business’s unique needs and budget. But, how do you which financing option is right for your business - merchant cash advance or business loans?
Well, the best option really depends on many factors such as your creditworthiness, business history, industry, and more. Understanding the difference between merchant cash advance and loan can help you choose the right option and take your business to new heights.
What is a Business Loan?
Most business owners will probably be familiar with bank loans as it’s one of the most sought-after funding options. The process of a bank loan is very simple and straightforward.
With a business loan, you’re given a lump sum of cash that you have to repay over a period of time with a fixed or variable rate of interest. There can be different types of business loans that are available for both startups and established businesses.
What is a Merchant Cash Advance?
Technically, a merchant cash advance is an advance payment against your business’ future income. With a merchant cash advance, you’re given a lump sum of advance by the lender which is then repaid automatically using a percentage of your daily debit or credit card receipts plus a fee.
Difference Between Merchant Cash Advances and Bank Loans
Speed and Qualifications
As compared to bank loans, a merchant cash advance is an easy and quick way to secure capital for your small business. Lenders generally look at your credit card processing statements to examine your business’ eligibility to repay the borrowed amount. Moreover, since there are no collateral and perfect credit requirements, the approval process becomes a lot easier. Once approved, you can get the funds into your bank account in as little as 24-48 hours.
While in addition to the above documents, bank lenders also consider a plethora of other financial documents to check your eligibility such as credit score, tax records, business history, collateral, and more. The review and approval process can take weeks or months. And there are always chances of getting your loan application rejected if your business is not fulfilling one of the requirements.
Uses
Though you can use a business loan for nearly any business purpose as a business owner, it’s is mainly borrowed to cover long-term business expenses. Here are the situations you might think of using a business loan for:
- Expanding your business
- Opening another location
- Acquiring a rival business
- Buying real estate
- Refinancing business debt
On the other hand, a merchant cash advance is a short-term financing solution for business owners. A merchant cash advance is a great funding option if you’re:
- Struggling to balance cash flow in your seasonal business
- Looking to expand business operations
- Meeting payroll expenses
- Looking to purchase new equipment and inventory
- Needing temporary cash flow help
- Hire employees
Interest Rates and Repayment Terms
As you’re not borrowing any money with a merchant cash advance but selling a portion of future sales, so it’s paid daily via your merchant account using a percentage of your daily credit and debit card sales. So, the repayment will last until the advance is fully paid. Instead of interest rate, MCA often comes with factor rates which usually range from 1.14 to 1.18.
With bank loans, however, you need to repay the borrowed amount over time in scheduled instalments (typically monthly payments) with a fixed rate of interest. Banks loans are undoubtedly difficult to obtain, but they can be more affordable in the long run because of their lower rate of interest, longer repayment terms, lower fees, and other factors.
Financing Availability
Although business loans are provided by many banks and other financial institutions, most businesses unable to access traditional financing. Since bank loans have a complicated loan approval process, many small and medium-sized businesses can’t fulfil their requirements.
Merchant cash advances on the other hand are provided by alternative lenders to almost any business type or size. As compared to traditional bank loans, an MCA is an easy and quick way to get funding for your business. The online application process of an MCA is simple and easy and once approved you can get the funds within a few hours.
Which is the Right Funding Option for Your Business - A Bank Loan or A Merchant Cash Advance?
Choosing the right financing option for your business depends on several factors such as business goals, loan size, flexibility, repayment, revenue, cash flow, and more. You need immediate cash to solve various cash flow issues and cover short-term expenses in your business, you may go for a merchant cash advance. However, if you need a large amount with longer repayment terms to grow your new or existing company, a business loan might be a great option.
No matter which loan option you’re choosing, it’s always a smart idea to use an online funding marketplace to compare a variety of merchant cash advance and business loan offers. You can compare multiple lenders for the rate of interest, fees, terms, and more, and choose financing that will meet your current financial needs and budget.
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