If you are a business owner in need of fast cash, you might be considering short term loans Mississippi. However, there are many different loans that fall into that category. Which one is right for you? Below are a few of the loan options that are available.
Merchant Cash Advance
As the name implies, a merchant cash advance is a loan that gives you a chunk of cash upfront. In return, the lender has access to your credit card facility and will take a percentage of your credit or debit card sales until the loan is repaid. This is a good option if you have a retail business that does a lot of credit and debit card sales. The more sales you make, the more attractive you will be to a lender and the more you will be able to borrow.
If you have many open invoices with customers but need money before they’re due, you could benefit from invoice financing. With this type of loan, you borrow money against the amount your customers owe you. Customers will pay their invoices and the lender will get a cut of the payment. This is done until the loan is repaid.
Line of Credit
A line of credit is a pot of money that a business has access to and doesn’t need to repay until it is used. It works similarly to a credit card. You have access to a certain amount of money and when you pay your bill in full each month, you still have access to that full amount of money. Lenders will look at your credit history. The better it is, the more money you will be able to use.
Short term loans are easier to get than traditional loans. You can apply online and, depending on the lender, can have the money within a few hours. Perfect for when you need money quickly.