What You Need To Know
It’s inevitable that you’ll incur some debt if you’re a business owner. It takes a lot of time, effort and money to keep your doors open, and sometimes, it’s much harder to make it back.
This can leave businesses (especially new businesses) in particularly sticky situations; their monthly repayments can cost more than the business might make a month, leaving them with a cash deficit. In many cases, this can cause a business – or even the individual owners – to be in more debt than they can manage, ultimately leading to closures.
A credit card split is an alternative lending solution that can provide helpful financial support to any business. Rather than having to close the doors to your store, you can take out a credit card split agreement. Monark will pay off your existing business debt (up to the loaned amount), freeing up more cash for your company
How does it work?
A great alternative to a Merchant Cash Advance is a standard Credit Card Split Loan – it works in a very similar way; Monark will lend your business an up-front amount of cash in order to clear your current debts, and in turn, we will regularly take a split of your credit card payments.
Repayments will be a calculated percentage of your credit card takings, so you’ll never have to worry about not having enough custom one month to clear the bill. This creates a stress-free, flexible payment schedule that can really help you to find the vital resources you need to run a business.
$5,000 to $2,000,000
5-15% of sales until balance is paid off
You Get Funds
As fast as 48 hours
Why choose a Credit Card Split
The primary appeal towards a credit card split is that there is no set value of a monetary contribution; you will only pay what you KNOW you can afford! With traditional loans, you’re expected to pay a certain amount of money back, every single month. We know that this isn’t always possible, though – especially if you’re running a business.
A credit card split allows the business to only have to pay a certain percentage of their credit card bills each month rather than the full amount.
That’s what a credit card split is for; it’s a simple payment system that can work alongside your business to assure that your debts are cleared in a professional, timely manner. It’s incredibly flexible, and will allow you to focus on the things that really matter.
How much can you borrow?
Applicants can borrow anywhere from $5,000 to $2,000,000 – it depends on your business needs, what the funds will be used for and how established your business is. We will not lend you an amount if we feel that you can’t repay it in the agreed time scale.
As low as 550
Time In Business
6 months minimum
When will you get the funds?
All successful applicants will receive the funds within 48 hours! That means that you can immediately put the money to use.
In some cases, you may receive the money even sooner.
Payment terms will vary based on the total amount that you borrow, and how long you’ll need to pay the balance back. The good news is that there is no specific timescale – we will continue to take a split of your card payments until the balance has been paid in full.
We will take between 5% to 15%, based on what is agreed at the time.