The good news about merchant cash advance is that some lender can offer it within 24 hours. You cannot predict emergencies and at that point of time, you need to have enough funds. In this situation, you can apply for the same day loan. Here are a couple of the tips, which will help you get money the same day you apply.
Make a list of lenders
Whether you do it off-line or online you are supposed to make a list of lenders who are willing to give you money in this situation. With the help of Internet, it is a lot easier for you to conduct the research and make a list of the names of some lenders. A list of genuine lenders will give you peace of mind.
Check the loan terms
Even if you have genuine lenders list, you need to check the loan terms and conditions before you apply for the loan. Check hidden costs, interest rates and the payment terms and then analyze whether you will be able to pay it in accordance to the terms or not. How you will pay the loan back is more important than applying for it. This will save you from unnecessary situation, which may arise if you failed to give the installment of loan within the timeframe. Have a look at the penalties or other incurring costs, which may be levied on you if you failed to pay the loan.
Provide correct information
Make sure that you have proofread all the documents, which you are providing at the time of applying for merchant cash advance. Your lender will grant you loan on the basis of these documents and the information you have submitted. Incomplete application for a loan will bring negative effects and your lender will give it a red flag.
What you will do with the money
Remember that when you are applying for same day loan, you have to pay higher rates of interest. If there is an emergency, then you cannot avoid the situation and you do not have any other option except to take the money on higher rates. On the other hand, if you are using merchant cash advance in your business make sure that this is a short-term loan. You need to have cash flow to pay the amount back on time.
Make payments on time
If you have a poor credit rating and want to improve it, then pay the installments on time. When you will pay the money back on time, it will help you to get the loan again. This will help you develop a healthy relationship with your moneylender.