Get out of Merchant Advance
How do I get out of a merchant cash advance?
Many businesses have taken out short term loans against their credit card sales, which are advances against their future sales. These loans are as short as 3, 6, and 9 months. By taking out this type of loan, your businesses cash flow during the term of the financing is substantially tightened. Take the get out of merchant advance path. The business not only has to use future sales to pay back the loan taken out, but has to do it in only a few months. Customers are requesting help on how to get out of a merchant cash advance through smallbusinessloansdepot.com.
We will help you get out of your merchant advance loan with several long term options of 24, 36, 48 or 60 months.
Many business owners situations have deteriorated into a merchant cash advance nightmare. They feel the merchant cash advance will put them out of business, and lock or freeze their business checking account. Some have said the Merchant cash advance companies threaten to sue for a default judgement against the business.
Many businesses in this situation would greatly help their short term cash flow to get out of these merchant advance loans. Businesses needed the funding at the time for critical reasons, but then they are finding that 6 and 9 month terms are too short term, and require them to pay far more per month than they can comfortably handle. If sales are not significantly on the upswing, cash flow can become even tighter than before the advance.
MCA Consolidation Features:
– No minimum credit score required.
– There is no maximum to the number of merchant cash advances that can be consolidated.
– Daily, weekly, bi-weekly, and monthly repayment options for consolidations and
– No net funding requirement. Many lenders require that you receive funding on top of the consolidation. We try to tie payment frequency to your deposit frequency. In consolidations, the main things we look at are:
– If we are materially cheaper, and if your business has been able to pay your existing higher cost advances with minimal NSFs, we will aggressively pursue a consolidation.
The good solution to the I want to get out of my merchant advance dilemma may well be to take the amount they owe, and extend the term out to 24, 36, or 48 months or longer. Businesses can take out an asset based loan against their equipment, or a general loan against the business. Smallbusinessloansdepot can help. We specialize in helping you get out of a merchant advance with often simple and easy loans that range from 24, 36, or 48 months.
Since most businesses have equipment and other assets, the vast majority of businesses will qualify asset wise.
Don’t remain in the restricted cash flow difficulty of a merchant advance loan. Pay this loan off, and add back hundreds or thousands of dollars per month into your businesses monthly cash flow by extending the term through a leaseback against equipment, or other longer term loans based on the strength of the business in general, not it’s future sales.
Call us today and get out of the Merchant loan advance circle with an asset based or revenue based term loan. Many business owners call us for help. They all have similar requests.
Business owners will say the need to get out of my merchant advance or payoff a merchant advance.
June 15th, 2016 – Jacksonville, FL, for immediate release. SunCoast Retirement Homes consolidates 3 advances totaling $175,000. The company retirement complex recently opened and ran into an unexpected cash flow problem. Due to their time in business being less than 2 years, they were not able to obtain conventional funding. They owner assessed the business is running out of money and resorted to short term cash advances, also know as merchant cash advances. Their cash flow began recovering, but not quickly enough so they ended up taking out a total of 3 advances before revenues were strong enough. At that point, the daily repayment on the advances now hurt their cash flow. They had 3 months left on their advances at $25,000 per month. They were profitable and their advances were paid off into 1 loan with a 12 month term. Their monthly payment was cut from $25,000 to $7,500. President Dalton Smith told the Jacksonville Business Journal, “These short term advances rescued us when we needed it but themselves turned into a cash flow problem for the business. Through a Consolidation loan, we were able to substantially reduce our cash flow by reducing our monthly payment by $12,500. This has had a huge positive effect on our business. We are now able to better address patient service needs and hire needed staffing. Our service levels have improved and customer reviews have steadily improved, greatly increasing our referral business. We look forward to working with Smallbusinessloansdepot.com in the future for our financing needs.”
February 25th, 2016 – Knoxville, TN, for immediate release. East Tennessee Fabrication closes to consolidate $150,000 in ACH business loans. CEO Harold Jennings told senior executives at a staff meeting, “We are pleased to announce that East Tennessee Fabrication has consolidated four short term ACH business loans. This consolidation will greatly improve East Tennessee Fabrication’s cash flow and ability to meet it’s short and medium business goals. We will increase our advertising in the East Tennessee area. This additional cash flow will allow us to purchase new Fabrication equipment. We will be the leader in Metal Fabrication in the East Tennessee area.
Get out of merchant advance Frequently asked questions:
Question: How do I know whether I can get a 24, 36 or 48 month term?
Answer: In most cases, if approved, the business can choose any of these
term options. Most businesses that do tell us “I want to payoff my Merchant
advance”, and are happy to be able to extend the term to 24 or 36 months, which
are the 2 most frequently chosen options.
Question: What do I have to provide to apply for this “get out of merchant advance” program? Do I have to provide bank statements for this type of loan also?
Answer: You do not have to provide bank statements for this request. All you need
is a simple one page application and one page equipment list. You can easily complete this online or print out the short application and equipment list and Fax it in.
Question: Do I have to provide any financial statement or any other cash flow information for this request?
Answer: In most cases, you do not have to provide any financial information. However, if you need a significantly larger amount and your financial statements are readily available and show good cash flow, you can choose to provide them as part of the request.
Whether your business wants to “payoff a short term business loan” or has more than 1 and you want to payoff short term business loans, your business needs assistance.
Get out of Merchant Advance Resources:
For more information on business in general and business loans, visit Planet Money
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