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Fitness, wellness, and cosmetics companies all benefit from PaydayNow.

Many months have passed since PaydayNow embarked on the path to provide our qualified customers with simple, fast, and transparent access to financing to help them manage their short-term cash flow needs and make investments in their fitness studios, gymnasiums, salons, spas, and wellness businesses for growth.

You’ll hear more about PaydayNow in the coming months as we prepare for a full debut later in the year. ‘ Here’s an overview of PaydayNow and how it differs from other funding sources while you wait for further information.

The concept of “PaydayNow.”

Cash advances, not loans, are also available via paydaynow.net.

Isn’t taking out a cash advance a terrible thing? Payday loans and predatory lending may come to mind when you see them. However, do you think the same way when you hear Square Capital, PayPal Working Capital, or Shopify Capital?

If established banking institutions aren’t helping, small companies turn to the internet or payment processors for support. Enter the payday loan. Customers of Square, Shopify, and PayPal accepted and invested over $40 billion in their companies within a few years after they started cash advances. Mindbody clients, thanks to PaydayNow.

What is the difference between a loan and a cash advance?

This kind of financing relies only on sales history rather than credit scores or personal information, which is repaid by a proportion of future sales. Women and people of color are often denied access to finance in today’s financial sector, with a long history of discrimination. That’s all there is to it when it comes to financing offerings.

When a company owner accepts a financing deal, they agree to pay a flat charge for the cash advance part of the overall payback amount. PaydayNow clients’ fees will fall within the industry-standard range of 6% to 15% of the cash advance amount. These are referred to as factor rates.

In the case of a $10,000 cash loan with a 10% capital charge, the total payback amount is $11,000.

Payment terms and interest rates will be included in the proposal. A percentage of your daily payment processing sales will be taken each day. To save money, cut back. Is this a big day? Pay a little extra.

In the absence of a credit history check,

There is no requirement for collateral.

Pay no less than the whole amount due at all times.

A fixed price with no interest

Flexible and easy to understand.

All financial advances are not created equal.

Cash advances have a negative image because of this. Cash advances have a poor reputation solely in a few places because of the higher factor rates charged by specific lenders to compensate for the greater risk (i.e., more than 30 percent ). You may also be asked to sign a personal guarantee, which might endanger your credit.

The benefits of PaydayNow

PaydayNow, apart from other venture capital firms, focuses on holistic health. Because PaydayNow has a strong relationship with you, our customers, and a direct line of sight into your sales performance–this is not the case with an “off-the-street” cash advance provider–the cash advances offered by our capital partner are significantly less expensive (6 percent -15 percent versus more than 30 percent). It’s impossible to find something like this on the market, yet PaydayNow customers have a low-cost, non-recourse financing option.

Thanks to their company management software and payment service providers, it is becoming simpler for small companies worldwide to receive the financing they need to thrive. To support the wellness business and all of our dedicated consumers, we created PaydayNow.

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