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When you have bad credit, it’s hard to get funding even if your business is going pretty good. Maybe that’s why so many folks query the search engines on a daily basis with terms like “merchant cash advance bad credit” and so forth. These are businessmen and women whose credit histories leave much to be desired. If you’re in this category of people, you know how tough it is coming by a second chance. Whether or not someone is in dire need of small business loans, keep in mind that owning a business requires many loans sometimes which may, shall I say, be an obligation unfortunately.

In addition to this scenario, the basics as we all know presumably, requires an entrepreneur to sacrifice lots of cold hard cash either scavenged from family members and friends or a direct loan from the lovely banks. Small business loans are ready to do their thing to help out the newborn business but how should it bloom? Well that is indeed the determination of the owner, but just to keep in mind a small business loan is given without any emotions at all, strictly business.

But a second chance is precisely what a merchant cash advance is when you have bad credit. After all, what is credit but a kind of faith, a kind of confidence? It is nothing less than your good name – your financial good name. And so what all those Googling “merchant cash advance bad credit” every day are really doing is asking for a second (or third or fourth, as the case may be!) chance, asking it of the impersonal anonymous resource that is the worldwide web. But while it is ironic indeed that so personal an appeal should be made of anything so impersonal, such things do exist – second and third and fourth chances. At least in the case of the merchant cash advance.

In the case of at least one such offer, it is simply getting the money you need but having a convenient flexible repayment schedule. What happens is that money is advanced against your anticipated monthly credit card sales. In this particular program, there is no fixed monthly payment to meet; you simply pay a previously agreed upon percentage of your monthly credit card receipts. Thus, say you borrow a hundred thousand dollars to expand your business. You can simply pay five percent of your monthly credit card sales – or whatever is agreed to – and that’s it. There is nothing else to worry about!

Business a little slow this month? No problem. It’s just a percentage, or proportion, of your credit card sales. Only made three hundred bucks in such sales all month? That’s okay. You’re only paying five percent (or whatever); that’s only fifteen dollars due back! How’s that for flexibility?

And notice that it’s only credit card sales – you would keep all other income, such as cash and checks. Unlike traditional small business loans, this kind of merchant cash advance practically accommodates you and your business every step of the way! So forget about dealing with a traditional lending institution such as a bank. Bad credit is no problem at all because it’s all based on your monthly credit card sales!

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Do you have a bank account?

In the current world of online banking and high technology it is unheard of not to have an account. How can you function without a bank account? There are millions of people that conduct their financial business every day by utilizing alternative financial institutions.

The Center For Financial Services Innovation estimated that there are over 40 million U.S. households, about 106 million Americans, that are underbanked consumers. CFSI added that this sector of the market spends over $13 billion on approximately 340 million transactions. These consumers patronize local companies for their financial needs such as check cashing, money orders, bill payment and international remittances.The mainstream banks have previously overlooked this market . There is a stigma or perhaps a prejudice at the root of the decision making by senior bank executives. Consumers in this market are seen as poor, immigrant, living in underserved neighborhoods, no social security numbers and no legitimate papers.

Mainstream banks have finally seen the writing on the wall. And that writing says big profits. They are examining several profit centers.

Prepaid cards.

In 2007 the Federal Reserve Payments Study estimated the over $26.76 billion was loaded onto 45 million prepaid cards in 2006.Since 2006 the prepaid card market has exploded. The Mercator Advisory Group, a leading research company in this area, released the Seventh Annual Open-Loop Prepaid Market Assessment study in August 2010. It showed that in 2009 the total load for all the prepaid card segments was $330.03 billion.

Government agencies have embraced the prepaid card market and see it as a safe channel to get money to American consumer who desperately need help. Social Security benefits are being loaded onto prepaid cards. Unemployment benefits are also loaded onto a prepaid card.

Small dollar credit.

Typically loans under $1,000 that are made to consumers and businesses are considered small dollar credit. To rate the credit risk, a lender would ask for a report from a company such as RentBureau, Pay Rent or Build Credit. The borrower would most likely not have a report with any of the traditional credit bureaus. If by chance there is a credit report it might be incomplete and lacking a history, or simple derogatory. Consumers need this service to fund purchases that require more than one pay check, or to meet emergencies.

Alternative credit.

Pay day lending brings in over $2 billion in fees on loan volume of $12 billion. Add cash checking fees of about $1.5 billion and we can see how attraction this market has become.

Local and international remittances.

Remittances account for about $50 billion annually and the fees generated are about $3 billion.Visa, Mastercard and Discovery see potential in the unbanked market, specifically the prepaid cards, and have lent their brands to the cards. This is a booming endorsement. We can expect more global companies to jump on the bandwagon in the near future.

Europe has shown tremendous growth in prepaid cards alone. The market is currently $22 billion annually. By 2017 this figure will explode to $156 billion according to a study by Boston Consulting Group. I might add that the study was commissioned by MasterCard Worldwide.

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