Merchant cash advance in Magherafelt.
Magherafelt is a mid-Ulster market town in County Londonderry that serves as a busy commercial hub for the wider Mid Ulster district. Its broad main street and the Meadowlane Shopping Centre draw shoppers from across a large rural area, supporting independent retailers, clothing shops, cafes and barbers. The town has grown steadily and carries a strong base of takeaways, convenience stores and salons alongside pubs and restaurants that keep the centre busy in the evenings. Much of this trade is everyday spending that flows through card machines, with market and weekend days the busiest. A merchant cash advance provides a lump sum upfront, repaid as a share of daily card takings, so the amount collected each day moves with how busy the business is. For a growing market town whose trade rises on market days, linking repayment to card income can suit the natural ebb and flow. The cost is agreed as a fixed cost from the outset.
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.
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