May 17th, 2012 by ROBERT RUNYON
Requirements for loan approval will differ from company to company, but the basic requirements are:
That the credit card receipts of the merchant does not go below 50 transactions in a month;
That the company has reached a minimum of $5,000 in credit card sales;
That the business has been in existence for at least 12 months; and
That the company has not experienced any foreclosures or bankruptcies.
Applying for payday loans is pretty easy. First, you need to look for a company that allows you to take out loans. Don’t be afraid to shop around to see which company offers the best rates. Once you’ve selected the lending company, you will then need to fill up and then submit an application form. This can already be done online, so you don’t have to go to the physical office of the lending company to file your application. You will then be contacted by the lending company and informed whether or not your application has been approved. Upon approval, your future credit card receivables will then be purchased by the loan company, and the money you borrow will then be sent to your account. The credit card processing company will then take out a fixed percentage of your daily sales to the loan company until the debt has been paid.
Payday loans are a great option you can turn to in order to get funds quickly and easily. Be sure to check out the different packages offered by the different lending companies before you file your application. That way, you will be able to see which among these offers the most reasonable rates.