Unexpected costs: It can take a while to apply for certain loans and even longer to get approved
A cash advance could let a small business owner deal with emergencies immediately, like an unforeseen equipment repair, a fine, or flood damage.
Catalog: Small businesses might use a cash advance to purchase new equipment or materials and then repay that borrowed money with revenue from their sales.
Inconsistent revenue: When your business is experiencing a low-revenue period or lost work, cash advances can help https://paydayloansohio.net/cities/greenfield/ cover ongoing costs.
Common Types of Cash Advances
Cash advances come in various formats. The three types you may encounter are credit card cash advances, payday loans, and merchant or business cash advances.
Credit Card Cash Advances
A credit card cash advance is a cash loan typically issued to an individual through their credit card issuer. Credit card advances are designed to be helpful when you have an expense you can’t ignore but can’t be paid by your credit card-for instance, some retailers don’t accept credit cards, but you may still need their products.
If you have a credit card that offers cash advances, you can visit an ATM, enter your PIN, and withdraw your selected amount, up to the limit your card allows for cash advances. Alternatively, you could request a cash advance check directly from your credit card company.
Bear in mind that your credit limit and cash advance limit e. Continue reading →