Cash flow is super important for any business to survive. But sometimes, the revenue stream does not reach the goal or there is a need for an immediate investment. In this situation, getting a loan seems to be the best thing to do.
One lender that is popular nowadays is Blursoft, which offers Merchant Cash Advance or MCA to business owners. But is it worth it?
Well, Merchant Cash Advance is definitely legit. Small and new companies prefer it to keep the cash flow moving and stay in business. However, it may not suit everyone. Furthermore, MCA has a few problems that you must know if you decide to apply.
Want to know everything? Then, stick to the end.
- Merchant Cash Advance is a good choice for small businesses, entrepreneurs, contractors, and even uber drivers.
- You can get from $5000 to $50,000 loan within 24 hours without any collateral.
- You can enjoy flexible repayment benefits and pay back the amount within two years.
- The application process is simple- Go to the website, click “Apply Now,” fill in the details, and wait for the response.
- Getting in touch with Blursoft is easy. You can do this in three ways.
|You can visit the contact page and leave your message there.
Let’s delve into the review!
Merchant Cash Advance or MCA is a flexible way to get loans a company needs to grow. It is, in fact, a first choice for those businesses whose cash applications have been rejected elsewhere.
In this, you get up to $50,000 capital and repay through a percentage of your sales. Since the capital is borrowed to increase the revenue, paying the money back in the future becomes easier.
According to the official website, Blursoft has been offering loans to companies since the 1990s. As a matter of fact, it is now a network of more than 47 lenders.
The businesses that usually apply for funds are:
- Those businesses with bad credit.
- Young entrepreneurs.
But your company can also apply if it fulfills the eligibility criteria. The requirements are:
- Your business must be four months old.
- At least $10,000 in sales every month.
- A credit score of 500 at least.
- You must be 18 or more.
- A series of documents, like a driver’s license, social security number, etc.
Merchant Advance Cash offers lots of benefits for small-business owners. Let’s have a look at them.
If your application has been turned down by banks, but you and your company fulfill eligibility criteria, Blursoft can still give you the loan.
Note that most banks usually don’t give loans unless the businesses are at least five years old. But you can get capital from Blursoft if your company is four months into the business.
According to the official website, Blursoft has already funded more than 50,000 emerging businesses, with a total amount being more than one billion dollars.
Merchant Cash Advance does not make you wait for weeks to get the money you requested. It will be transferred to you within 24 hours.
This immediate financing helps with the following:
- Inventory management
- Paying business debts
- Payroll management
- Getting a new technology
- Service expansion.
In comparison, the bank loan application can take months. You will have to choose from different types of loans and then prove to the bank that you can repay them on time. Plus, they analyze your tax returns and balance data sheet, which can also take considerable time.
So, you can scale up your business right now with the MCA.
Lenders usually ask for collateral before allowing for loans. It gives them a sense of security (because if you are unable to pay the money, the collateral will cover up).
But Merchant Cash Advance does not set this restriction.
Merchant Cash Advance has a flexible repayment system, unlike other lenders that want you to pay a fixed amount on the same day every month.
The MCA repayment system works differently. But long story short- If you make low sales in a month, you will have to repay less money. But if you make more, then you will have to repay more. It’s simple.
Experts have also called this financing system ideal for those businesses that have poor credit scores. But keep in mind that you will have to pay within two years of taking the loan.
Some banks/lenders only accept applications from a particular state. But Blursoft can give you a loan no matter which state you live in. Plus, it also accepts applications from Washington, DC too.
Businesses are reluctant to share the details about sales/purchases, which is understandable. But there is no need to worry about data leakage if you go for Merchant Cash Advance.
Your details will be encrypted and in safe hands.
Blursoft offers exceptional customer service. In case of any queries, it is easy to get in touch with any representative.
So, these factors make Merchant Cash Advance a great choice. However, there are a few issues.
Merchant Cash Advance is not free from things that might hurt your business. Let’s discuss them now.
Those who went for Merchant Cash Advance have complained about the high-interest rate and fees (origination, prepayment etc.). Some have even said that they were charged twice more than what traditional banks charge.
According to the official website, the interest rate is not fixed. It varies depending on your business’ performance.
The repayment, interest, and fees can bankrupt your company if you don’t manage the finances properly.
The repayment is indeed flexible, but you will have to do it within two years. Also, there is no guarantee the money you borrow will generate revenue for the company.
So, financial setbacks can really hurt the future of your company.
Also, note that if you stop paying, Blursoft will consider it a breach of conduct and start legal action against your company.
Blursoft can deny anyone’s financing request without explaining any further. This can cause somewhat uncertainty among the applicants.
But they will get a reply within 24 hours. So they don’t have to wait for long to know whether they will be getting the money or not.
Blursoft’s MCA finance process can negatively impact your credit history if you don’t stay careful. This will become a major hurdle in getting any loans approved from conventional banks in the future.
So, consider these issues before you decide whether you should apply for Merchant Cash Advance.
If you think MCA is best for you, then you can apply for the loan straight away. It only takes three steps:
Go to the Blursoft official website and click on the “Apply” buttonon the right.
First, you will be asked about how much loan you want, what the company’s annual revenue is, and how old it is.
After this, you will be asked to provide more information, like your legal business name, your finances, etc. Plus, you must also put important documents near you as you will also have to input details about them.
Lastly, you will have to sign on the screen to complete the application process.
If you face any issues or get concerned about anything in this step, simply call (888) 412-4412.
A Blursoft agent will check your details and get back to you within a day. If your application gets accepted, you will then have to sign more paperwork. After this, you will receive the money within a few hours.
If your application gets rejected, contact Blursoft to inquire about the reason. Then, rectify it and reapply again.
All-inclusive, Merchant Cash Advance or MCA is definitely legal, but whether it suits you or not depends on your company’s status.
If your business is new (only four months old), then you will have a hard time getting loan approval from traditional banks. In this situation, lenders like Blursoft are the best choice left.
But if you have a well-set business, then choosing banks over Blursoft is probably a smart decision because MCA has problems like high-interest rates, negative impact on credit history, etc.
That’s the Merchant Cash Advance Blursoft review!