What is a Merchant Cash Advance?
A merchant cash advance (MCA) uses a pre-set fraction of credit card sales as immediate repayment. We work with your merchant processor to automatically deduct a percentage of your sales, saving you time and energy. A merchant cash advance offers a distinct advantage over traditional loans: flexibility. As repayment is linked directly to sales, business owners have more flexibility with which to use their cash flow.
The flexible structure of MCA repayment is ideal for seasonal businesses or those developing new campaigns and initiatives that will affect sales. As with all of our cash advance products, we do not discriminate based on personal credit score or require collateral. Simply submit our one page application and 3 months of revenue statements to receive your cash offer. Upon accepting your offer, the funds will be directly deposited into your account within 36 hours or less.
Legend’s Competitive Advantage
Our company was founded on the belief that business funding should come with higher approval amounts, lower rates, more product options, longer terms, and genuine relationships. As a fully-functional direct lender, we staff our own underwriters and lend our own money. Our in-house structure greatly expedites the lending process, allowing our talented team to carefully consider each and every advance package.
Have a question regarding credit card transactions, your merchant processor, or cash advances in general? One of our expert lending specialists is always available by phone or by chat to answer whatever questions you may have and walk you through every step of the way. We pride ourselves on our accessibility and understanding, and strive to foster life-long relationships with our clients.
At a Glance
✓ Amounts from $5,000-$500,000
✓ Hassle Free Origination Process
✓ Access Capital Same Day as Approval
✓ True Purchase of Future Sales- (No Daily Withdrawals, rather a portion of each credit card sale).
✓ Obtain up to 200% of your monthly processing volume
✘ No Collateral Required
✘ No Lengthy Wait for Approval
✘ No Impact on Credit Score
✘ No Restriction on Use of Funds
Get approved in 3 easy steps:
Frequently Asked Questions
We will typically offer between 125-200% of you average monthly credit card sales. On the first advance we extend you it can be a little closer to 125%, particularly with those who have poor credit. However, once we establish a credit relationship with you, that percentage increases. So if you’re making $50,000 a month in credit card sales and its you first merchant cash advance with legend,we would offer you roughly $75,000.
Anywhere from 3-12 months typically, depending on the amount of the advance and a couple other variables like, for example, if you have copious levels of delinquencies on your credit report and it is our first time investing in your business- the turn-around time might be might be shorter, but remember that particular credit scenario would yield capital from no other type of lender. As as direct lender we ultimately make the determination, so terms can be customized to some extent, in specific situations.
We are purchasing your future sales and we hold back a small percentage on every sale. So, because the size of that percentage of every sale will define the length of the payback period, you can refer to Answer 3 when offered the term length and figure out the average dollar amount by dividing the payback amount by the daily dollar average. For a very basic example, if you had $20,000 to pay back and you figured your daily dollar average to be $200. The payback term on that would be 100 business days, which roughly equates to a 7-8 month payback period.
For tangible offer we will need:
- 3 most recent merchant processing statements (if available)
- 4 most recent bank statements (All pages-originals only -no internet copies accepted) Note: If the merchant’s business is seasonal we recommend providing 12 months of bank statements.
Additionally, before depositing capital into your account we’ll ask for:
- Copy of Lease (front page & signature page and or a signed lease extension letter if current lease has expired)
- Copy of Drivers License
- Copy of voided check for the business account where the money will be deposited and ACH’d.
Ready to get started?
it is free, and it won’t impact your credit score