Why Have Merchant Cash Advances Emerged As Popular Trucking Funding Solutions?

The commercial trucking industry offers great rewards – especially when business owners can obtain quick trucking business funding when they need it. Many business owners have found merchant cash advances helpful for swift and straightforward financing. Here are some reasons to consider cash advances as a funding solution for your trucking business.

Need For Fast Funding

There are many situations where a trucking business owner may need quick funding – for instance, when the best truck has a break-down when you need to purchase new equipment parts, when you need regular maintenance service for your fleet or when business is booming and you want to hire more drivers for your fleet. The situation may be an unforeseen one or it may be an anticipated one – however, quick trucking business funding is the need of the hour. Bank loans may not be the ideal solution as they involve complicated documentation and days or months of application processing before you see the amount.

Quick Transfer Of Funds

Trucking business cash advance is a sought after solution because of high approval rates and rapid disbursement. The beauty of this solution is that approval is not based on credit score but rather on the overall health of the business and the ability to earn. The application form containing basic business details can be submitted online and initial approval is provided within a few minutes. The lender will review your application and offer a contract for your approval. If you agree to the terms and conditions, funds can be transferred to your business bank account within hours, if required. Most approved funding requests are taken care of within seventy-two hours – no endless delays, no endless waiting!

Useful For Small Businesses

Trucking funding for business owners is a tricky affair because most traditional lending sources see the trucking industry as a high-risk one. Larger trucking companies may be able to secure business loans by putting up collateral. However, smaller companies and owner-operators may not be able to do this. The good news is that with a merchant cash advance, you don’t need to put up collateral. In the cash advance model, you commit to paying a certain portion of future receivables till the entire amount and applicable charges are paid back. This also provides flexibility as you can pay more when business is booming or pay less when business is slack.

No Restrictions On Usage

Another reason to consider trucking business cash advance is that there is no restriction on how funds can be used. Some business owners may want to use funds to cover urgent expenses such as repairs or regular expenses such as payroll, tolls, and fuel. Others may use funds for business growth activities such as purchasing a new truck, running new routes, hiring additional drivers, or implementing a marketing campaign. Furthermore, there is no restriction on the funding amount. It’s not only small trucking business owners who can avail a merchant cash advance – larger companies can apply for a cash advance as well.

In conclusion, trucking funding for business owners is easier and faster with a merchant cash advance. Fill out an online application form and get started!

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