Ticket #2126 (new enhancement)

Opened 6 years ago

Rapid Advance

Reported by: IRGHuey935776 Owned by: eskil
Priority: minor Milestone: Version 1.0
Component: Bookmarks Version: 0.9.825
Severity: Must Have Keywords: Rapid Advance Rapid Advance Rapid Advance
Cc: Fixed in Version: 0.9.827

Description

Merchant Cash Advance from  Rapid Advance. Rapid Advance Merchant Cash Advance. Rapid Advance Rapid Advance Rapid Advance Rapid Advance Rapid Advance Rapid Advance Rapid Advance Rapid Advance Merchant Cash Advance.

With this type of financing, you get a cash advance _ usually approved and funded in just a day or two _ with very little  paperwork involved. In turn, you agree to pay back the advance, plus a fee, by letting the funding provider take a portion of your credit card sales each day until the entire amount has been repaid.

While a merchant cash advance can certainly be a quick way to get cash, it can also be quite expensive. Fees can range from 15% to 80% APR of the amount financed. However, merchant cash advance providers measure their fees as a factor rate, which can range from 1.14 to 1.48. The advance amount you receive is multiplied by that factor rate to determine the total amount you_ll pay back. You_ll pay this back by giving the funding provider a  fixed percentage of your credit card revenues each day until the loan has been settled, meaning you actually repay a lower amount of money during slower months. Average repayment time frames are 8 _ 9 months, but can be as short as 4 months and as long as 18 months. The higher the fixed percentage of your credit card sales you_ll share, the shorter the repayment time frame will be.

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