Today we are going to talk about instant cash advances and what they are and how they can help you really fast with working capital. So they are trending right now and for good reason because so many people are working from home now. In fact, just a couple of months ago, 7 million people left their jobs and came home. There are over 53 million independent contractors in America, there are over 59 million freelancers and anyone who makes a 1099 income instead of a W2 income can apply for this.
Our Instant Cash Advance Review
So we are going to go over the requirements and what you can get. So even if you work for DoorDash, Uber, Lyft, or Instacart – all of these independent drivers can get this type of money. As well for emergencies. They might have a flat tire, they, you know. They are just breaking even with what they make and their rent is really high.
So if there is an emergency, their laptop breaks down or they want to advertise, do whatever, they can get up to $5,000 almost immediately, eight minutes from application to funds in your account 24/7.
So even on a Saturday night, you can get up to $5,000 in 10 minutes, if you have a flat. So it is really good money and that is why instant cash advances are really skyrocketing right now.
Instant Cash Advance Requirements
So I am going to go over the requirements really fast. Like I said, you need to be doing at least $3000 a month with your business. This has to be business revenue. It can’t come from a traditional job. It can’t be W2 income, it has to be all 1099 income.
So $3000 or more per month, and you have to be in business for at least three months, and you have to be making four deposits into your checking account each month for your business. It has to be business revenue.
How Much Can You Get with an Instant Cash Advance
Now, we can loan you up to 25% of your monthly revenue. So, if you are earning $5000 a month with your business, you could probably get up to $1,250; if you are generating $10,000 a month you could probably get up to $2,500.
Now we do have other loans. So if you have a business checking account, and you are bringing in over $5000 a month, then this application will lead you to that loan program. It is not instant like this one. So I am not going to go into the details of that one. But we do have other loan programs that you will be automatically pointed to if you need more than $5,000 and you have a business checking account.
Only Need Personal Checking for Instant Cash Advance
But with these instant cash advances, you only need a personal checking account – that is the main selling point of this program. Because in the past, 80% of our clients got declined because they did not have a business checking account.
That doesn’t matter anymore. With this instant cash advance, you can have a personal checking account. You can just be doing $3000 a month with your business and you can apply as long as you’re getting those four deposits.
If you aren’t, if you are only let’s say you only work for one company, Lyft. Let’s say you’re driving for Lyft and they only pay twice a month. That is not enough because you need four deposits in your checking account.
But if you are working for Lyft and DoorDash and you are getting four deposits a month then this is great. This is perfect and now you can now get a Doordash loan.
Now I do have to give you a caveat. This is not in New York or California right now. The instant cash advance. Now our other loans are in other states. So again, you can apply and see what loan you can qualify for. But with the instant cash advance, it is in the other 48 states right now but not those two. So keep that in mind.
Qualifying for the Instant Cash Advance
Now these are cash advances. So we are looking at the health of your checking account. Are you making steady income, are you putting steady revenue into your checking account? Do you know if you have negative days in the checking account? We look at that, if you apply and your account is negative right now you probably won’t get the money.
If you have other loans out there you probably won’t get approved. If you just transferred money from one checking account to another to try to make it look like you made $3000 a month you won’t get approved.
So you can’t sneak around this application. The algorithm is so accurate, and they know how to detect any type of fraudulent behavior. So just don’t do it. All right. There are many people that apply several times because they don’t like the criteria. They forged the numbers and they tried to fake it, but you can’t fake your checking account. So don’t even try it.
What Businesses Can Get the Cash Advance
So what types of businesses use this money? Our number one client is trucking companies because most of them use their personal checking account for their business.
Another industry would be the auto repair industry. A lot of those auto shops use their personal checking account. Salons – there are over a million salons in America. Many of them use a personal checking account.
And then you have the 2 million DoorDash drivers, you have a million Uber drivers. You have 1.7 million Lyft drivers and you have like 500 to 700,000 Instacart drivers and so much more.
So many people are driving for a living now, but they have two or three different jobs, and they are maxed out. If they live in the city where rent has skyrocketed, they don’t have that extra $500 to $1,000 for emergencies and that is what these instant cash advances are for primarily.
How to Use the Instant Advance for Your Business
You can use the money for anything business related. If you want to increase your bottom line you can use the money for advertising. You could advertise on Facebook like so many people do. Try Google, Bing, or you can invest the money into social media training and learn how to use Tiktok for your business.
There’s so many ways you can use the money. But you know most people are going to use the instant cash advance for emergencies. So I hope this helps.
Instant Cash Advance Terms
So the term is eight to 10 weeks. If this is an additional funding meaning your second or third then you have almost up to 16 weeks to pay that off the payments. Payments come out weekly through your checking account through ACH. So it is pretty hands off. You don’t have to go into the bank and pay it or you don’t have to mail in a check. It comes out automatically through the account you used to apply for this advance.
The factor rate we use factor rates rather than interest rates, which is very common in the Merchant Cash Advance industry, ranges from 1.2 to 1.6. So the faster you pay it off, the better. There are no hidden fees, no collateral, no credit needed, and Bad Credit is okay.
The FICO really doesn’t matter in this type of loan. We are looking at the health of your checking account and if you are making those consistent deposits into it each month. So I hope this helps if you need money, like in five minutes and you are in the 48 states of America. Go ahead and apply. You can just click the link under here and good luck with your future finances.