How Does a Loan on Credit Card Sales Work?

The process of receiving a loan against credit card sales is very simple, consisting of only four steps; application, review, funding and renewal.

Application

Our application is short and simple and can be completed in less than two minutes. Provide us with basic information about yourself and your business and submit the application along with a copy of your business lease, a voided business check and a copy of your driver’s license. You will be linked with one of our many well-trained funding specialists, who will guide you through the entire process and answer any questions that you may have about your loan on credit card sales.

Review

As soon as you submit your application, your personal funding specialist, along with our team of underwriters, will review your documentation. During this time, we will determine if your business qualifies for an advance against credit card sales. If you are eligible, we will also determine how much money your business qualifies to receive.

The review process only takes 48 hours. Therefore, you will know how much business money MRI can advance you within the first 48 hours after you submit your paperwork.

Funding

After approval, we will wire your business money into the account of your choice in 7 to 10 business days. In some cases, we can wire your funds into your account in as little as five business days. Once you receive your funds, you may use them however you choose.

Every day, when your customers make credit card purchases, a small percentage of those sales will go toward repaying your advance. This small deduction of daily credit card sales will take place until the advance is fully repaid.

Renewal

You become eligible to renew your advance when you have paid off at least 60% of your advance. If you would like to renew your advance, simply contact MRI and we will wire another sum of cash into your account within 48 hours. There is no application required to renew your advance and you can renew your advance multiple times (80% of our merchants renew their advances at an average rate of four times each).