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To apply for a merchant cash advance, you'll need to provide a valid driver’s license, a one-page application form, and 3 to 6 months of business bank statements, along with a voided check. In some cases, additional documentation may be required, such as proof of ownership, financial statements (including profit and loss and balance sheets), tax returns, and accounts receivable reports.
A business loan, also known as a term loan, is designed to be repaid over a specified period, or term. Similar to a mortgage, the borrower receives a lump sum upfront and repays both the principal and interest in regular installments, typically monthly—though some lenders may offer more frequent payment schedules. Most business loans are amortized, meaning the payments remain consistent throughout the life of the loan, especially when paired with a fixed interest rate. However, some loans may feature interest-only payments or balloon payments. Business loans typically carry a fixed interest rate for the entire term, though variable-rate options are also available. These loans are often secured by the borrower’s business assets, such as real estate, equipment, or inventory.
A business line of credit functions like a cash advance on a credit card, offering a revolving loan. This means you can access funds up to your credit limit whenever needed and as often as you like. You repay the borrowed amount under flexible terms and can borrow again as soon as you’ve repaid previous balances. Interest rates for lines of credit are typically variable, meaning they can fluctuate over time. Most lines of credit are unsecured, requiring no collateral, though securing a credit line with assets can result in lower interest rates. Unlike a term loan, there’s no fixed repayment schedule—you just need to make minimum monthly payments. Plus, you only pay interest on the amount you actually borrow, so if you never use your credit line, you won’t incur any interest charges.