Best 5 Low Interest Merchant Cash Advance Loans Georgia for Bad Credit Score and Easy Approval

Many Georgia business owners face the challenge of getting quick access to working capital, especially those with poor personal credit histories. Traditional bank loans usually require strong credit scores of 650 or higher, a solid revenue history, and valuable business assets to secure financing. For newer ventures or those with prior credit issues, merchant cash advances (MCA) can provide an alternative solution when funds are needed fast.

Best 5 Georgia Online and Fast Approval Merchant Cash Advance Providers

• GreenDayOnline: Offers easy approval for small businesses seeking unsecured funding without extensive documentation.
• PaydayChampion specializes?in fast approval and same-day funding for merchants with bad credit, providing an online application process.
• RixLoans is a no-credit-check?solution for companies in need of quick financial support. Their online service ensures same-day approval.
• PaydayDaze: Offers a streamlined application process for easy approval of merchant cash advances, catering to small businesses with immediate funding needs.
• GadCapital provides low-interest merchant cash advances with no documentation requirements. It targets online applications and fast approval for underserved businesses.

This guide reviews 5 top merchant cash advance lenders in Georgia that offer easy approvals for applicants with bad credit. We'll examine key features like minimum/maximum funding amounts, repayment terms, acceptance of prior bankruptcies, approval times, and more. Read on for an in-depth overview of the best options for securing fast business financing, even with poor personal credit scores.

How Do Merchant Cash Advances Work?

Before reviewing lenders, it helps to understand what an MCA is and how the financing works.

A merchant cash advance provides a lump sum of capital to a business in exchange for a percentage of future credit card or debit card sales. Repayment amounts fluctuate based on monthly sales volume until the balance is satisfied.

Unlike a small business loan, the MCA agreement doesn't specify interest rates or payment due dates. Rather, the fee for the capital is deducted as an established percentage of each transaction.

For example, a 10% deduct rate would withhold 10 cents from each dollar of sales processed until the advance is repaid. The deduct rate, combined with the repayment period and amount advanced, allows the total fee for the capital to be calculated as an Annual Percentage Rate (APR) for comparison purposes.

Compared to term loans, merchant cash advances have some advantages for cash-strapped business owners:

• Faster funding - MCAs can provide funds in as little as 24 hours since there is less paperwork.
• Flexible payments—Repayment amounts adjust based on sales volumes, allowing seasonal businesses to manage slower sales months more easily.
• No collateral required - MCAs are unsecured, so no business assets are put at risk as collateral.
• Fewer qualifications - Personal credit scores and business revenue history are less emphasized.

However, there are some drawbacks to weigh as well:

• Higher costs - APRs for MCAs are almost always higher than term loans, often falling between 120-350%.
• Early repayment challenges - Agreements usually don't allow prepayment, so the total financed amount must be repaid.
• Daily repayments - Deducted amounts can be withdrawn daily rather than monthly, which some owners dislike.

Overall, MCAs offer a viable short-term financing option for business owners unable to qualify for more conventional funding sources due to bad personal credit or limited operational history.

Now, let's examine five of the top merchant cash advance lenders serving applicants in Georgia.

GreenDayOnline

GreenDayOnline is one of the longest-operating MCA lenders focused on the Georgia market. It funds cash advances ranging from $5,000 to $250,000.

Key Features:

• Funding amounts - $5,000 to $250,000
• Term length - 90 to 180 days
• Rates - Starts at 125% APR but can exceed 250% for riskier applicants
• Qualifications - Minimum six months in business. No minimum FICO score.
• Approval time - Within one business day
• Funding speed - As soon as one business day after approval

GreendayOnline doesn't perform hard credit inquiries as part of its underwriting process. This allows applicants with low credit scores or even bankruptcies to be approved. They also don't require any business assets to secure the cash advance.

While their rates exceed most term loan options, the ability to access capital quickly makes them one of the top choices for bad credit applicants needing funds fast in Georgia.

PaydayChampion

Specializing in small business cash flow gaps under $10,000, PaydayChampion is a top pick for "micro-merchant" financing. They offer "cash advance loans," ranging from $500 to $10,000.

Key Features:

• Funding amounts - $500 to $10,000
• Term length - 30 to 90 days
• Rates - 150% to 300% APR
• Qualifications - 3 months operating history minimum. No credit check is required.
• Approval time - Within one business day
• Funding speed - As fast as 24 hours after approval

PaydayChampion doesn't review personal or business credit reports as part of their application process. This allows easy approvals for startups and applicants with prior bankruptcies or other negative credit events.

The application can be completed quickly online or over the phone. For approved applicants, funds may be available the next business day. This rapid access to capital makes them a top choice for covering temporary cash shortfalls or unexpected expenses.

While their rates are higher, the short repayment terms help minimize overall financing costs. PaydayChampion is an excellent alternative lender for bad credit business owners needing small amounts of fast financing in Georgia and nationally.

RixLoans

RixLoans has carved out a niche for merchant cash advance loans between $5,000 to $100,000. They market themselves as specialists in "character over credit" lending.

Key Features:

• Funding amounts - $5,000 to $100,000
• Term length - 120 to 240 days
• Rates - 125% to 250% APR range
• Qualifications - 12 months operating history. Flexible credit requirements.
• Approval time - Often same-day decision
• Funding speed - As soon as two business days after approval

While RixLoans examines personal credit reports and business bank statements during underwriting, they emphasize consistent income sources and on-time rent, utilities, insurance, and other business expense payments.

Applicants with a history of timely payments and steady revenue can offset poor personal credit scores or past bankruptcies. RixLoans markets its ability to look at an applicant's full financial picture rather than relying solely on FICO scores.

For approved applicants, RixLoans can provide access to capital quickly. Funds are often wired within two business days of finalizing paperwork.

The mid-sized MCA loans RixLoans offers and their flexible underwriting make them a strong choice for Georgia merchants needing capital quickly despite having bad credit histories.

PaydayDaze

In business for over a decade, PaydayDaze is a steadily growing MCA lender known for customer service and fair lending practices. They provide merchant cash advances from $5,000 up to $500,000.

Key Features

• Funding amounts - $5,000 to $500,000
• Term length - 90 to 180 days
• Rates - Starts at 199% APR
• Qualifications - Minimum 12 months in business. Minimum 500 credit score.
• Approval time - Within one business day
• Funding speed - Funds disbursed within 72 hours of approval

PaydayDaze does examine personal credit reports and business financials during underwriting, but tries to take a holistic view. Late payments in the past don't automatically disqualify an applicant if overall revenue trends and cash flow appear strong.

They market their high approval rates and customized financing solutions for each unique borrower. An extensive referral network allows them sometimes to finance applicants when their direct lending limits are reached.

For approved borrowers, PaydayDaze strives to fund within three days of approval. They also offer flexible payment options, including automated ACH debits, which many owners prefer.

Their responsible lending practices and rapid access to capital make PaydayDaze a trusted choice among Georgia merchants needing financing quickly despite having less than stellar credit.

GadCapital

GadCapital's partnerships with multiple banks and alternative lenders allow it to fund larger merchant cash advances, from $50,000 to $500,000. It serves startups and more established businesses nationwide.

Key Features:

• Funding amounts - $50,000 to $500,000
• Term length - 180 to 360 days
• Rates - 180% to 350% APR range
• Qualifications - Minimum two years operating. Minimum 500 credit score. Case by case on bankruptcies.
• Approval time - Within two business days
• Funding speed - As fast as five days after approval

GadCapital has some of the most flexible approval guidelines for larger advance amounts. While they emphasize strong business financials and at least a 600 credit score, they review applications with prior bankruptcies on a case-by-case basis.

With an efficient underwriting process, they strive to provide approval decisions within two business days. Once approved, funding can be secured in as few as five additional days.

The larger MCA amounts offered and flexible qualifications requirements make GadCapital a top choice for more established Georgia businesses that need substantial working capital quickly.

What to Look for When Choosing an MCA Lender in Georgia

If your Georgia business needs quick access to capital but your credit score is less than ideal, a merchant cash advance may be your most viable option. While more expensive than conventional bank financing, MCAs offer faster and more flexible access to funds.

When evaluating potential MCA providers, here are some key considerations:

• Minimum/Maximum Advance Amounts -?Make sure the lender offers funding within the size your business needs. Capital needs above $100k will require more specialized lenders.
• Approval Criteria -?Many MCA providers cater to bad credit applicants, but minimum time in business and revenues may apply. Review qualifications closely.
• Funding Speed -?The fastest lenders can provide access to capital within 1-3 business days of approval. Slower funders may take 7-10 days.
• APR Rates—The cost of an MCA is primarily driven by the deduct rate, not the APR. However, reviewing rates can provide a baseline for comparing offers.
• Deduct Rate Percentage -?The percentage withheld from each credit card sale has the largest impact on overall cost. Seek the lowest deduct rates.
• Repayment Term Length -?Shorter terms minimize total financing costs but mean larger daily payments. Match terms to your specific cash flow needs.

By researching lenders using these criteria as a guide, Georgia business owners can identify the ideal merchant cash advance source based on their unique situation.

FAQs on Merchant Cash Advance Loans in Georgia

What credit score is needed to qualify for an MCA in Georgia?

While specific requirements vary among providers, most will work with credit scores under 600 or applicants with prior bankruptcy. The fastest approvals typically require a 500 FICO minimum. Startups may qualify if they have been operating for 6-12+ months with steady revenue.

How long does it take to get funded with an MCA?

The fastest Georgia lenders can provide access to capital in as little as 1-3 business days after application approval. Funding typically arrives via ACH transfer or wire to your business checking account.

Do I need collateral to get a merchant cash advance?

No, merchant cash advances are unsecured financings so no business or personal assets are required for collateral. This makes them more easily accessible funding options.

Are there prepayment penalties for repaying an MCA early?

Unfortunately most MCA agreements do not allow prepaying the balance early without significant penalties. The total financed amount must be repaid via the agreed-upon deduction rate terms.

Can an MCA hurt my credit?

While business revenue and assets are considered, MCA lenders place less emphasis on personal credit scores. They typically only perform a "soft" credit check that doesn't impact your score.

Are MCA payments made daily?

Usually, the percentage deduction is withdrawn from credit/debit card sales receipts daily until repaid. Arrangements may be made for weekly payments in some cases. Daily payments help speed up repayment.

Will a prior bankruptcy prevent an MCA approval?

While each lender has their requirements, many work with applicants who have faced prior bankruptcies. Strong current business finances can offset credit challenges in some cases.

Key Takeaways

• Merchant cash advances allow Georgia small business owners nearly as fast access to capital as a payday loan, but at lower costs.
• Approvals focus on consistent business revenue rather than personal credit scores.
• MCA repayments adjust based on credit card sales volume to provide more flexibility.
• Lenders featured in this guide cater to applicants with bad credit and can fund in as little as 1-3 business days.
• While costly, MCAs remain significantly more affordable than merchant loan sharks and high-interest payday loans.

In summary, a merchant cash advance (MCA) offers an accessible financing solution for Georgia small business owners with poor personal credit who need working capital fast. With a reputable provider, costs are high but regulated, and the funding timeline is far quicker than traditional bank loans. Consider alternatives like credit lines, SBA, and term loans before pursuing an MCA. But when you need cash immediately and can't wait on other options, this guide highlights reputable MCA sources capable of quickly funding bad credit applicants in Georgia.

Disclaimer: The reviewed loan websites are loan-matching services, not direct lenders, with no direct involvement in loan acceptance or influence over APR and fund deposit speed. Requesting a loan does not guarantee approval, and some lenders may perform credit checks. Loans may not be available in all States. This article provides general information, and although we strive for accuracy, we are not liable for errors or omissions. Some links may be affiliate links; we may earn commissions if clicked. Verify information independently and seek professional advice before making decisions; use of this article implies acceptance of these terms.