In the business world, having access to capital is essential. For small businesses, however, that access can be more complicated than for larger companies. This was certainly the case for me before I discovered FairFigure. FairFigure offered a perfect solution to my liquidity needs and access to cash advances without damaging my credit score or requiring collateral. In this article, I will explain how FairFigure changed my business and my credit score.
What Is FairFigure?
FairFigure is an online platform that offers working capital solutions to small businesses like mine in the form of merchant cash advances (MCAs). MCAs are short-term financing options that enable borrowers like me to get quick and easy access to funds without risking their credit score or providing any collateral. With some net 30 vendors offering up to $250,000 per advance with no restrictions on how you spend it, FairFigure has become one of the most popular alternatives for SMBs seeking quick access to cash.
How Did It Improve My Cash Flow?
The key benefit of using a merchant cash advance from FairFigure was its impact on my company’s cash flow. By getting access to money quickly when I needed it most allowed me to make necessary purchases and investments that would have otherwise been impossible due to a lack of liquidity. Furthermore, since there were no restrictions on what I could use the money for – such as hiring new employees or expanding operations – I was able to take advantage of opportunities as they arose without worrying about where I would find the funding.
No Impact On Credit Score
Another major benefit of using an MCA from FairFiguer is that it had no impact on my credit score, as there was no need for a credit application or hard inquiries into my personal credit profile. This meant that I didn’t have to worry about potential lenders seeing negative information regarding past loans or other financial obligations that would negatively impact my eligibility for funding in the future, giving me unfettered access to funds when I needed them without fear of repercussions from creditors down the line.
What was the process like?
The process of applying for an MCA through FairFiguer was simple and straightforward – much easier than applying for a traditional bank loan! All I had to do was complete an online application with basic information about myself and my business and wait for approval within 24 hours – which usually came much sooner than expected! Once approved, all the documentation relating to the repayment terms and conditions was clearly outlined, so there were no surprises along the way. In addition, the customer support staff were always available if any questions or concerns arose at any stage of the process, which made things even easier!
Repayment flexibility
One thing that really stood out when dealing with FairFiguer was their flexible repayment plans – something not typically seen when dealing with traditional banking institutions! Instead of fixed monthly payments over a set period of time, as other lenders might require – repayments could be adjusted based on our current sales volume, making it easier for us to manage our finances accordingly and still meet our debt obligations each month! What’s more, they even offered payment holidays should we ever fall behind on our repayments, which gave us added peace of mind knowing that help was never far away if we needed it!
Improved credit score
Finally, after several months of consistently paying back our advances on time – we began to see improvements in our overall credit scores, both directly and indirectly due to using FairFiguer’s services! Indirectly – having regular positive entries reported on our accounts helped raise our overall scores by showing creditors that we could manage our debts properly, while directly – many merchants reported their experiences with us whenever asked, leading those same creditors to see us in a good light too! Needless to say – this improved standing with the banks made it much easier to obtain additional funding in the future, allowing us to continue to grow our business beyond what we previously thought possible!
Conclusion
Writing this article has left me reflecting positively on just how much difference a solution can make towards improving your business prospects as we advance; especially when said solution provides more than just immediate relief from current liquidation issues, but also long-term benefits such as improved reputation with creditors leading to potentially better terms negotiated in future deals down the road! If you are looking for a reliable source of fast working capital solutions then definitely consider giving Fairfigurer a try next time you need to fund activities quickly – you won’t be disappointed, the results are sure to come!
