HOW IT WORKS
What is a Business Cash Advance?
With a business cash advance – you usually will get approved and funded within just a day or two – with very little paperwork involved. In turn, you agree to pay back your cash advance, plus a fee, by allowing Maverick Capital Funding to take a portion of your credit card sales each day until the entire amount has been repaid.
While a business cash advance is a quick way to get cash, it can also be a little expensive. However, Maverick measures our fees as a factor rate, which can range from 1.15 to 1.45. The advance amount you receive is multiplied by that factor rate to determine the total amount that you’ll pay back. By paying us a fixed percentage of your credit card revenues each day until the loan has been settled, means you’ll actually repay a lower amount of money during slower months. Average repayment time frames are typically 6 – 8 months, but can be as short as 4 months and as long as 12 months. Usually the higher the fixed percentage of your credit card sales is, the shorter the repayment time frame will be.