2 Ways to Repay
There are two way to repay your cash advance or loan with eMerchantBroker so you can choose the one you are more comfortable with. You can repay by either choosing Percentage Hold Back or Fixed Daily Payments. The names speak for themselves but here is a quick run through of each method so you get a better idea of what they are.
Percentage Hold Back: This is for those with merchant accounts as eMerchantBroker would hold a specified percentage of the daily credit card transactions of the business. That percentage goes to the repayment of the cash advance automatically.
Fixed Daily Payments: This is for those with a merchant account and those without. eMerchantBroker would automatically deduct the specified amounts from the business’ checking account as payment for the cash advance.
eMerchantBroker offers excellent customer support with email, telephone and live chat support. There is even a blog and various social media accounts like Facebook and YouTube so customers can connect to the company easier.
What You Need
It is important to know exactly what you need to apply for a loan or cash advance as there are certain requirements that must be met. Even if companies such as eMerchantBroker offer loans to businesses and owners with less than ideal credit scores, does not mean that everyone automatically qualifies for a loan.
If you have a merchant account with eMerchantBroker, all you need is to have at least $2,500 in revenue a month to qualify for a cash advance. If not, you would need to submit the following for evaluation:
- Copy of your driver’s license
- Copy of a voided check or bank letter
- Copy of your lease and landlord contact information (for those leasing their business space)
- 3 months worth of bank statements for the business
- 3 months worth of credit card processing statements (for those with credit card transactions)
Aside from that, all that is left is to wait and see if you qualify for a loan. Those that have bad credit, have filed bankruptcy before or have unresolved tax liens may still qualify for a loan. The best way to improve your chance of being approved is doing a lot of credit card transactions with customers and increasing the amount in your bank accounts for 3 months before applying.
What's the Verdict on eMerchantBroker?
eMerchantBroker Review 2020 – Conclusion
If you are already a customer of eMerchantBroker credit card processing services, then it would be easy to apply for a loan or cash advance. Should you need emergency funds for a repair or supplies, eMerchantBroker has the means to provide you with them. If you are not a customer then it is also good that the company offers its cash advance services to non-merchant account holders. Application takes minutes so go ahead and check out this company and see if you qualify for a loan with them for your business’ needs.