How to apply for a Merchant Cash Advance

How to apply for a Merchant Cash Advance

If you are interested in taking a Merchant Cash Advance then you'll be pleased to know the process for getting one is relatively simple. You don't require much documentation.

How do I know if I am eligible?

 As long as you have been trading and taking card payments for at least 6 months you will likely be eligible.

Does it matter if I have a poor credit history?

 Not necessarily. 90% of Merchant Cash Advance applicants are accepted and this includes ex-bankrupts, companies in a CVA, those with CCJs/Defaults and other adverse credit. Because the repayment is taken off your 'top line' (i.e. a percentage of every transaction take from your card machine) the finance provider doesn't need to rely on people making weekly or monthly direct debits so for this reason they can be much more flexible in who they lend to.

Does it matter if I am a sole trader?

 No. Sole traders, partnerships and limited companies are all eligible. 

Do I have to use a particular card processor?

 No. A Merchant Cash Advance works seamlessly with all UK registered card processors.

Do I have to offer security or must I be a homeowner?

 No and No. This is an unsecured source of finance though you will be asked to give a Personal Guarantee as is standard in almost all types of finance.

What do I need to apply?

 The documentation required is very little. All we need from you are:

  1. A copy of your last 12 months' merchant statements (6 at a minimum). All we need is the page showing how much you transacted in that month (usually the front page), not the full statement, and a scanned/faxed copy is fine. And depending on who processes your card payments we may not need this and get it ourselves with your Merchant ID.
  2. An application form (we will supply this but it's just one page)
  3. Proof of ID
  4. Proof of your bank details (usually done by showing us a copy of a voided cheque or a bank statement)

How long does it take to be approved and get the money?

 This depends on your card provider. It can be as little as 3-4 days but usually takes 2 weeks.

Do I have to pay any extra fees?

 No. There are no extra legal, administrative, broker, set-up or any fees.