If you are a business owner you can use a Ace Biz Funding cash advance to cover unforeseen costs or additional money so that your business can continue to grow. A cash advance from Ace Biz Funding can provide ongoing working capital for your business and for future needs. Cash advances provide the funding you need to achieve business goals, but what is the difference between a Ace Biz Funding cash advance and a loan from a bank? How do you know which is right for your business?
Ace Biz Funding knows that there are many pros and cons to cash advances and bank loans. The best option is dependent on your business, industry, and financial history. Ace Biz Funding wants to help you find the best funding option for your business, so here are the pros and cons of a cash advance versus a bank loan.
- Speed and Qualifications.
- Bank Loans- lenders will ask for extensive documentation and qualifications, the review process can take weeks or months, and a bank loan can be denied if credit history is less than perfect.
- Ace Biz Funding Cash Advance- you will be asked to provide bank statements and account history. Many companies qualify and receive cash within two weeks.
- Interest Rates and Repayment Terms.
- Bank Loans- Typically have set monthly payments. They are harder to secure but can be more affordable in the long term, depending on interest rates and payment plans.
- Cash Advance– Ace Biz Funding provides multiple offer and you can choose the plan that is best for your business.
- Financing Availability.
After the financial crisis in 2008, even credit-worthy borrowers were unable to secure traditional financing since banks were simply not lending. Ace Biz Funding provided funding options for businesses since they are a private lender.