Merchant cash advance in Coventry.
Coventry is a young, student heavy city, with Coventry University sitting right in the centre and Warwick campus drawing thousands more out towards Cannon Park. That footfall keeps the cafes, bars and casual restaurants around the Cathedral Quarter, Fargo Village and Far Gosford Street busy through term time. Earlsdon high street adds a steady run of independent salons, coffee shops and neighbourhood eateries that live and die by card payments. A merchant cash advance suits businesses like these because it advances a single lump sum that is then repaid as an agreed share of your daily card takings. When the tills are busy you pay back a little more, and when trade is quieter the amount eases off with it. Merchant Business Loans arranges this commercial funding rather than lending itself, working with a panel of providers to match Coventry card taking businesses with a sensible offer. Repayment is set at a fixed cost agreed at the outset, so you know the total before you sign.
How a merchant cash advance works.
A merchant cash advance (MCA), also called a PDQ cash advance or card machine loan, gives your business an upfront lump sum repaid as a small percentage of your daily card takings. There is no fixed monthly repayment and no interest rate, just one fixed cost agreed upfront. MCA is unregulated commercial finance, business-to-business, and is unsecured against business assets. Most lenders ask for a personal guarantee from a director.
- Advance£10,000 to £1,000,000
- Fixed cost1.10 to 1.50
- Term3 to 18 months
- Daily repayment10% to 22% of card takings
- DecisionTypically 24 to 48 hours
Eligibility.
- Sole traders and UK limited companies.
- At least 6 months trading history.
- Active card machine (PDQ terminal) or online card processor.
- Typically 6 to 12 months of card transaction data shared with lenders.
Eligibility differs by lender. We compare a panel of UK MCA funders on your behalf to find the right fit.
Coventry sectors we fund.
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Up to 90% approval for qualifying businesses