What do lenders evaluate when you apply for a Business Cash Advance?

Different lenders will evaluate various factors when making a decision for a business cash advance, whether it is variable or fixed.

Lenders don’t need to spend as much time evaluating an application as a bank does for bank loans or other business funding programs. The application can typically be finished and approved in one day if you are very organized with your documentation and your business does not have any underlying issues (more on that below) that could extend the underwriting timeline. Approval rates are usually high and funding can take place within a day or so. 

Business owners looking to apply for an MCA should be ready to provide the following items

• Loan application
• Last 6 to 12 months bank statements
• Last 6 to 12 credit card statements
• Photo ID
• Business License
• Recent years business tax returns

Things that can slow down or stop the process

• Bank statements do not list your business name
• Business not Active with the Secretary of State
• Unresolved Liens & Judgements
• Have not fixed tax returns
• Credit score too low
• No business credit
• Recent bankruptcy
• Not enough business revenue
• Business industry doesn't match lenders risk tolerance