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Merchant Money is a direct lender (not a broker) authorised and regulated by the Financial Conduct Authority. It was launched in 2013 in response to a decline in small business loans being offered by mainstream banks. It uses smart technology to evaluate risk, which enables it to give potential borrowers a decision on funding within 24 hours.
A small business loan is usually most effective for bridging short-term cash flow gaps.
You should only apply for a Merchant Money business loan if you are sure you can comfortably meet the repayments. You must also:
The interest rate you are offered will depend on factors like the amount you apply for, the term of the loan, the performance of your business and its credit rating. This may differ from any advertised “Representative APR”.
Merchant cash advances are most suited to small businesses with a seasonal trade, or an income that ebbs and flows (for example restaurants, retail, medical/healthcare or auto companies). With a cash advance, the repayments are directly linked to your cash flow. So on good days you pay more and on slower days you pay less. There is also no rush to repay the money as the total amount repayable is fixed. Whether you repay in 3 or 14 months, the total repayable that you have agreed on will remain the same.
You should only apply for a Merchant Cash Advance if you are sure you can comfortably meet the repayments. You will also need:
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