How to repay the cash advance?
Ani asked:
Hello frds..
I need business cash advance but I don’t have proper idea about the repayment. How could I repay the cash advance?
Thanks:)
Have you talk with business banking? As personal and business account is different.
If you need business lending, there's a thing called line of credit, the bank set a limit to how much you can borrow and you only be charge interest on the money you use.
As with most loans you have to proof to the bank you have a stable income, from your income you use it to make repayments just like you do to pay for living cost.
It's up to the bank how much they can loan you, the term length and the interest so it's hard to say how much the repayment is.
But mostly with line of credit you pay within a year or two.
Best people to ask is your business banking manager.
no such thing as a "business cash advance"
only business loans or cash advances against a Visa or Mastercard credit card (at very high interest rates)
Your business cash advance can repay only when your business processes credit card sales. A small percentage of your business’s daily credit card sales will be automatically deducted until your business cash advance loan is completely repaid. It usually takes about six to eight months for a business cash advance loan to be repaid.