Merchant Cash Advance(MCA) – There are a number of questions regarding this in people’s minds. Whether MCA is a loan or not? How can one borrow it? Is it for merchants only? There are numerous questions that are required to be clear.
So, let’s dive deep into this article and explore everything about Merchant Cash Advance Blursoft.
What is Blursoft?
Blursoft is a leading provider of Merchant Cash Advances (MCAs) that lends a lump sum of money to small businesses. Well, if you don’t know about MCA, then we want to let you know that it is a type of short-term financing that allows businesses to borrow money. Well, a condition is applied here because businesses can only borrow money against their future credit card sales. Blursoft offers Merchant Cash Advance in different ranges from $5,000 to $250,000.
How to get Merchant Cash Advance from Blursoft?
In order to get an MCA from Blursoft you must have your own business. In addition, you have to show a good credit history along with a steady stream of credit card sales.
Now, what is the role of credit scores and credit card sales in getting an MCA from Blursoft? Well, the amount of money you can borrow will depend on your credit scores and credit card sales.
So, these are interlinked with each other. The more credit score and the amount of monthly credit card sales you have, the more amount you can borrow from Blursoft.
Repayment Rate on Merchant Cash Advance from Blursoft
This is the most common question that is asked by thousands of individuals. Well, you need to know that the repayment to Blursoft is paid as a percentage of credit card sales. Moreover, the repayment rate on MCA from Blursoft is 10%-20%.
Let’s understand this with the help of an example. Suppose, if a business has borrowed $20,000 from Blursoft, it needs to repay $2,000-$4,000 per month.
Interest rate on Merchant Cash Advance from Blursoft
Is there any interest rate on MCA? Of course, yes! Well, the interest rate is almost 40-60% which is quite high when compared to the loans taken from a bank. Still, MCA is the high priority for those who want to grow their business by getting quick access to the cash.
Pros of Getting Merchant Cash Advance from Blursoft
Here are some advantages of getting Merchant Cash Advance from Blursoft. If you are running a business and want to get a loan, these benefits will convince you to get an MCA from Blursoft.
- The application process for MCA is very easy.
- The approval process of MCA is very quick.
- No collateral is required to get an MCA from Blursoft.
- Repayment terms are very flexible.
- Funds are available within 24 hours after approval.
- Friendly and Helpful Customer Service
Cons of Getting Merchant Cash Advance from Blursoft
Although there are many benefits of getting an MCA from Blursoft, it has disadvantages as well. So, let’s have a look at the cons of getting Merchant Cash Advance from Blursoft.
- Interest rates are quite high i.e. 40-60%.
- Getting out of the contract would be really challenging.
- Daily payment could be frustrating for businesses.
Steps to Get Merchant Cash Advance from Blursoft
Here are the steps you can follow to receive Merchant Cash Advance from Blursoft:
- Visit the official website of Blursoft and fill out the online form.
- Make sure to enter correct information about your business, credit score, monthly credit card sales and so on.
- Enter the amount of money you want to borrow.
- Submit the application.
- Once submitted, a representative from Blursoft will review your application and contact you.
- If your application is approved, you will need to sign a contract to receive the amount.
- After the contract is signed, you will receive money within 24 hours.
Conclusion
To conclude, Merchant Cash Advance is a good option for those who are running a small business. Although, Blursoft is a leading provider for MCA, make sure to compare the interest rate and repayment terms with other lenders to make your final decision.
FAQs
Ques 1) What is the interest rate for Merchant Cash Advance from Blursoft?
Ans) The interest rate for Merchant Cash Advance from Blursoft is 40-60%.
Ques 2) What is the rating of Blursoft for Merchant Cash Advance?
Ans) The average rating of Blursoft for Merchant Cash Advance is 4.5 out of 5.0.
Ques 3) Is customer service good at Blursoft?
Ans) Yes, customer service at Blursoft is quite good as the staff is supportive and friendly.
