Hey everyone, this is Erik Johnson. Today, we’re going to talk about the best instant business cash advance online for 2023. Now this is new, this is going to be hot. A lot of people need this type of money. It is instant. It is a business cash advance, which means that it’s based on your future revenue, your cash flow, and what you’re doing in your bank.
Best Instant Business Cash Advance Online 2023
Now, the good news about this instant business cash advances is you only need a personal checking account, but it does have to be used for your business and you have to do four deposits a month, business-related income 1099 income.
All right, so if you’re an Uber driver, DoorDash driver, or any independent driver and you get a 1099 at the end of the year you can qualify for this if you have four deposits a month.
Network Marketers can even apply for this. You can use the money for anything from fixing a flat tire on a Saturday night to getting a new laptop or getting a new camera if you are a photographer, so long as you are making at least $3,000 a month with your business.
Best Instant Small Business Cash Advance Loans for Contractors
So we are gonna dive into it. There’s nearly 60 million Americans that are independent contractors, they get a 1099 instead of a W2 every single year. All right, I work for myself. I have been doing network marketing and affiliate marketing full time since 2016.
Now I could qualify for this cash advance if my laptop broke and I didn’t have an extra grand laying around. I could get this instant cash advance just like many other people.
Small Business Cash Advance Loans
So we’re gonna go over the numbers real fast but I want to show you how fast these independent driving companies are. DoorDash just went through the roof, Friday DoorDash soared on robust delivery demand drives sales. Their revenue rose 30% in the second quarter, that’s almost almost half of the company, so up to 1.6 billion in one quarter.
That’s because customers placed 426 million orders in the three months ending June 30. Jumping 23% Alright, so drivers are getting more and more prevalent as people come work from home.
Over 7 million people are quitting their jobs and coming home and working from home. So this instant cash advance is great for any self employed worker, getting those four deposits a month.
Instant Business Cash Advance Requirements
So let’s go over the requirements real fast. Now, this is something I’m excited about. I’m really happy to help people out with this. So “same day funding up to $5,000” is literally 10 minutes from application to funds in your account – in your personal or your business checking account.
Now the rule of thumb is we can lend you up to 25% of your monthly revenue. So if you’re doing $5000 a month with your business, you can expect to get up to 1,250.
Now if you have a business checking account and a FICO 450 you’re doing $5000 a month with your business you’ll go to our other program which you can get a lot more money and get up to probably 75% of your monthly revenue.
But this video/article is just talking about the instant cash advance but no worries. You can click the link under this video/article and apply and depending on your answers you put on the application and it will reroute you to the right program that is best suited for you.
So the terms for this one is three to six months. The factor rate is 1.29 to 1.69. That’s different from an interest rate – a factor rate if you are going to use this is you are gonna multiply this whatever your range is to the principle that you borrowed.
So if you borrow 2000 You’re gonna have to pay back 2700. If you are factor eight you know 1.17 or 1.7. All right. So the average factor is 1.35. These are some of the best business cash advance factor rates online.
So you need an online bank account, six months in business or more, doing $3000 a month of business revenue, 1099 income, then no more than five negative days in the last three months in your bank.
How to Qualify for a Business Cash Advance Online 2023
So we are looking at the health of your checking account. If you have any negative days, you know how steady is your cash flow? Are you bringing in steady income month after month?
We’re gonna look at the last three months of your revenue. So if you have been doing a solid 3000 a month or more in the last three months, that’s going to really help you all right. And as long as you don’t have any other outstanding loans or liens or felonies, you could really qualify for this. Thanks for reading Best Instant Business Cash Advance Online 2023. Click the links on our site to apply. It won’t affect your credit score since it is a soft pull.