Online Merchant Cash Advance With No Credit Check And Same Day Approval

Getting quick access to capital is often a challenge for small businesses and startups. Traditional bank loans can take weeks or months to get approved and require extensive paperwork. Merchant cash advances offer a faster alternative for businesses to get funding in as little as 24 hours without credit checks or collateral.

In this comprehensive guide, we will compare the top merchant cash advance lenders that provide same-day approvals and funding for qualifying applicants. Whether you need $5,000 or $500,000, these alternative online lenders promise to get working capital delivered in days, not weeks.

Best 5 Merchant Cash Advances for Small Businesses with Fast Approval

• GreendayOnline: Offering a no-hassle application process with no credit check, GreendayOnline is a top choice for small businesses seeking easy approval and same-day funding.
• PaydayChampion: Known for fast approval and bad credit accommodations, PaydayChampion provides an online solution for merchants in need of unsecured financial support.
• RixLoans: RixLoans boasts a quick, no-doc application system, making it a go-to for businesses that require same-day approval without extensive paperwork.
• PaydayDaze: Specializing in easy approval for small businesses, PaydayDaze offers a streamlined online process for merchant cash advances with the possibility of same-day funding.
• GadCapital: With a focus on low-interest rates and unsecured cash advances, GadCapital caters to businesses with bad credit, ensuring fast approval and access to funds online.

What Is A Merchant Cash Advance?

A merchant cash advance (MCA) provides a lump sum of capital to a business in exchange for a percentage of future credit card sales over a fixed term. Repayment is made automatically through small daily debits from the business's credit card receipts.

MCAs do not require fixed monthly payments like a bank loan. The flexible repayment structure makes them well-suited for businesses with irregular cash flows.

MCAs also do not involve hard credit checks or require collateral. Lenders evaluate applicants based primarily on credit card sales history. This allows many businesses that cannot qualify for bank financing to get approved.

How Do Merchant Cash Advances Work?

The application process is simple and conducted entirely online in most cases. Applicants provide details on their business, average monthly credit card volume, and amount of funding desired.

Lenders analyze monthly credit/debit card statements to determine the size of the advance they will extend. Approved applicants typically receive the lump sum funding amount within 24-48 hours.

The lender will deduct a fixed percentage of daily credit card sales - usually 5-20% - until the balance is repaid. For example, on $10,000 in sales, a 10% deduction would equal a $1,000 payment.

Terms are usually 3-12 months until the advance is fully paid back. The percentage taken each day may increase over the term if repayment slows.

Pros and Cons of Merchant Cash Advances

Pros

• Fast approvals and funding within 1-3 days
• No credit check is required
• Flexible repayments based on credit card receipts
• No collateral or personal guarantees are needed
• Funds accessible for any business purpose

Cons

• Very high APRs ranging from 50% - 350%
• Daily repayments can significantly reduce cash flow
• Costly fees if you repay early or default
• Not suited for businesses with low credit card volumes

Top Providers With Same-Day Approval and Funding

GreendayOnline

GreendayOnline is a leading MCA provider that promises funding within 24 hours of approval. They have delivered over $3 billion to small businesses since 2005.

Loan amounts: $5,000 - $250,000 Term: 3-12 months Rates: Vary based on amount, term, and risk profile. Typical APRs range from 50-300%. Time to funding: 24 hours

GreendayOnline evaluates applications based on business cash flow and credit/debit card sales history rather than credit scores. They offer transparent terms and do not charge any application or origination fees.

PaydayChampion

PaydayChampion focuses exclusively on small business merchant cash advances up to $250,000. They provide approvals in hours and funding in 1 business day.

Loan amounts: $5,000 - $250,000 Term: 3-6 months Rates: APRs from 120-360% based on risk assessment. Time to funding: 1 business day

PaydayChampion requests recent credit card statements and bank records to evaluate funding requests. No business plan or financial projections are required. Their quick underwriting process makes them ideal for pressing funding needs.

RixLoans

RixLoans partners with alternative lenders to deliver merchant cash advances with no credit check. Applicants can get approved in minutes and funded within 24 hours.

Loan amounts: $5,000 - $150,000 Term: 3-9 months Rates: Varies by lender, typically 100-300% APR Time to funding: 24 hours

RixLoans offers a fast online application with instant decisions. Their lending marketplace provides access to over 60+ lenders willing to fund new and high-risk businesses.

PaydayDaze

PaydayDaze provides both merchant cash advances and business lines of credit up to $500,000. They have an easy online application promising approvals in hours.

Loan amounts: $5,000 - $500,000 Term: 3-12 months Rates: 50-300% APR range Time to funding: 1-2 business days

PaydayDaze delivers large advance amounts to established businesses for growth capital and other needs. No collateral or business plans required. Funding can be used for any purpose.

GadCapital

GadCapital leverages relationships with alternative lenders to get businesses access to capital fast. They provide no credit check MCAs typically from $5,000 to $250,000.

Loan amounts: $5,000 - $250,000 Term: 3-9 months Rates: 150-350% APR range Time to funding: 1-3 business days

GadCapital focuses on cash flow analysis rather than credit scores for rapid approvals. Their network of lenders can accommodate urgent funding requests from growing companies.

What To Consider When Getting A Merchant Cash Advance

• Carefully evaluate your repayment ability based on average monthly credit card sales. Don't accept more than you can realistically afford to pay back.
• Negotiate the best possible rate and terms. Don't just accept the first offer.
• Read the fine print for hidden fees and penalties around early repayment or default.
• Have a plan to pay off the advance quickly to minimize interest costs. Prioritize repayment over other expenses.
• Consider other financing options and compare costs. MCAs should not be your only choice explored.
• Consult with a small business accountant or advisor before moving forward.

Eligibility Requirements: Who Qualifies For Same-Day Funding?

To qualify for fast approval and funding, businesses typically need:

• 6+ months in operation with steady revenue. Startups may not qualify.
• Monthly credit/debit card sales exceeding $5,000. Volume is a key eligibility factor.
• Valid business checking account, license, and tax ID.
• No outstanding unpaid advances with other lenders.
• Decent personal credit score of primary owner, 500+ minimum.
• No history of bankruptcy or tax liens against the business.

What Supporting Documents Are Needed To Apply?

To process applications quickly, lenders require:

• Recent merchant account statements showing credit card sales activity
• Last 3-months business bank statements
• Photo ID of owners/officers
• Voided business check
• Certificate of incorporation or other formation documents
• EIN confirmation letter
• Driver's license of authorized representatives

How Much Can You Borrow? What Are The Typical Loan Terms?

Loan amounts range widely but the most common advances are between $50,000 - $250,000 based on monthly sales volume. Startups or businesses with under $10,000 in monthly credit card receipts may only qualify for up to $50,000.

Terms are typically 3-12 months. The percentage of daily credit card sales deducted for repayment ranges from 5-20% based on risk profile. It may increase over the term if initial payments are missed or slow.

Some lenders may allow 6-12 month interest-only periods before principal repayment begins. This helps ease the initial cash flow impact but results in higher total repayment costs. Carefully evaluate the full terms before accepting an offer.

What Are The Rates And Fees Charged For Merchant Cash Advances?

Rates on merchant cash advances are expensive, with APRs ranging from 50% to over 300% typically. However, no interest accrues - the fixed fee amount deducted daily does not change based on any rate.

Unlike loans, MCA providers quote the total repayment amount, including fees upfront. For example, a $100,000 advance repaid at 1.1 over 6 months would equal $110,000 in total payments. This equates to an implied 60% APR.

Watch for account maintenance fees, late payment fees, or prepayment penalties that can add to the cost. Ask lenders to fully disclose all rates, terms, and fee amounts included before signing.

The Application And Approval Process Step-By-Step

The application process with online MCA providers takes less than an hour in most cases. Here are the typical steps:

1. Complete the online application providing business details, owner info, and funding amount desired. This takes approx. 10-15 minutes.
2. Submit required documents like bank statements, merchant processor statements, and ID verification via email or secure online portal.
3. Receive initial decision within 1 hour in many cases. If approved, you will receive a term sheet detailing the advance amount, fees, repayment terms, rates, and fees.
4. Review the offer and negotiate terms if desired. Many lenders allow you to request a lower repayment percentage or longer term if the initial offer doesn't align with your budget.
5. Sign the agreement electronically if you accept the terms. This commits you to repayment under the agreed structure.
6. The lender performs verification, including bank/credit checks and coordinating with your merchant processor to setup payment deductions.
7. Funding is deposited into your business checking account via ACH transfer within 24-48 hours in most instances. Some lenders may take 2-3 days to disburse funds.

What To Do If Your Merchant Cash Advance Application Is Denied

If your business gets turned down for a merchant cash advance, here are some steps to take:

• Ask for the specific reasons for the denial. Understanding this can help improve your chances if reapplying. Common reasons include low credit scores, new entities, or insufficient credit card processing history.
• Review your business financials and statements. Make sure all your documentation is accurate and represents the company's current status. Errors could trigger denials.
• Try other alternative lenders. With dozens of MCA providers, being turned down by one does not mean you won't qualify elsewhere. Each lender has different approval criteria.
• Improve your credit rating. Personal credit scores below 500 often result in denials. Pay down debts and dispute errors to boost your rating. Bring in a co-owner with better credit if possible.
• Wait and reapply in 6 months. Building a longer operating history, raising credit card volumes, and improving business financials can help you qualify down the road. Slow growth is ok.
• Get funded in smaller amounts first. Some lenders allow you to access lower advance amounts and then raise them over time as you build a repayment history with them.

Key Takeaways

• Merchant cash advances provide fast, small business funding in as little as 24 hours with minimal documentation.
• Approval is based primarily on credit card sales history rather than credit scores or business plans.
• Costs are very high, with APRs ranging from 50% to over 300% typically. Carefully evaluate repayment ability before accepting an offer.
• Leading providers like GreendayOnline, PaydayChampion, and RixLoans promise same-day approvals and next-day funding.
• Only established businesses with steady card volumes over $5K/month can qualify for larger advance amounts up to $500K.
• Read the fine print to understand repayment terms tied to card receipts. Consult advisors before accepting any offer.

Frequently Asked Questions

What credit score is required to qualify?

Most providers do not base approval strictly on personal credit scores. However, applicants with scores below 500 are often denied or quoted higher rates. Ideal scores are 600 and above.

How fast can I get funding once approved?

Leading providers can deposit approved funds into your account within 24-48 business hours. Some may take up to 3 days to disburse funds after all verification steps are completed.

Can I get an MCA with no credit card sales?

No consistent credit/debit card volumes are required to qualify. Monthly volumes below $5K often result in denials or very small approval amounts. MCAs leverage card receipts for repayment.

Do MCA payments affect my credit score?

Repaying as agreed can help build a business credit history. However, defaults or late payments will damage your personal credit profile with most providers. Carefully manage cash flow to avoid misses.

What happens if I can't make the daily payments?

Expect late fees of around 5% and increased repayment percentages deducted from card sales. Defaults after 60-90 days often result in the balance being sent to collections.

Can the repayment percentage or terms be changed?

Yes, some providers allow adjustments if the payments initially set exceed your ability to repay comfortably. Any changes should be negotiated upfront before accepting the advance.

Are there prepayment penalties if I repay early?

Some MCA agreements include prepayment fees to discourage early payoffs. Make sure to review the contract terms or ask your provider before signing to understand any early repayment penalties.

How long do MCAs take to repay on average?

Most merchant cash advances are structured for full repayment within 6-12 months. Payback periods exceeding 12 months often result in total costs exceeding 100% of the original advance amount.

What happens if my business closes before repaying?

You remain personally obligated for the outstanding advance balance. Providers can continue deducting percentages from any credit card accounts, or otherwise pursue collections against business owners directly.

Conclusion

Merchant cash advances offer small businesses a way to access capital quickly at relatively high costs. If you need funding fast and can manage the repayment responsibility, online providers like GreendayOnline and PaydayChampion provide a faster alternative to traditional loans. Just carefully consider total costs and cash flow impacts before moving forward. With the right planning, an MCA can provide short-term working capital to take advantage of growth opportunities at your business.

Disclaimer: The reviewed loan websites are loan-matching services, not direct lenders, and have 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, and 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.