Read up on tips, how to’s and steps on how to get a small business loan.
Small business loan articles and resources. Information including tips and steps on how to get a small business loan. Find articles on different types of small business loans including asset based loans as well as loans on equipment. Other articles cover mca merchant cash advances and accounts receivables financing. Merchant cash advance information includes getting low rate cash advances and how to get out of a merchant cash advance if they are causing your business a cash flow problem.
Did your business default on an mca merchant cash advances in the past? If your business wants to get a cash advance again, consider new program options here.
Some businesses that have defaulted on one or several mca cash advances in the past decide they want to get advances again because they now understand the amounts and daily payments they can handle and make. Programs are also available for businesses that have missed cash advance payments, or have had delinquent or lapsed payments.
How to get another MCA Merchant Cash Advance after a default
Step 1: Research companies online that offer merchant cash advances to businesses that have a previous default on an mca cash advance. Closely review restrictions for terms and conditions of approval.
Step 2: TIP – Repayment of a previously defaulted merchant cash advance as well as the amount of time since the default may affect your ability to be approved under different programs. Ask if there is a minimum time requirement since the cash advance default. Know the month and year your business first officially defaulted and the amount of the default. Default reporting drags on time wise in business and personal credit reports and makes it look like the default was much more recent than the original date the merchant cash advance company declared a default. Any payments you made on the default often do not appear on the business and personal credit reports a lender looks at and you will not get credit for any payments made. Provide documentation of the payments made.
Step 3: Select the programs that your business will most likely qualify for.
Step 4: Make contact with these lenders that fund with previous defaults. Try to verify how likely your business is to meeting the funding program conditions and requirements.
Step 5: Submit an application for funding. Provide all documentation you have that improves your chance for an approval. Provide documentation that proves the time since the default and if any payments were made.
Step 6: If approved, review terms and conditions. Rates and terms will not be as favorable for some time on your advances after defaulting.
FAQ Frequently asked Questions on getting an mca merchant cash advance after defaulting
Why will most cash advance companies not fund me after a merchant cash advance default?
If your default was within the last two years, almost all cash advance companies believe your chances of going past due again are too high. Lenders want to see an extended period of time after a default before giving your business funds again. That often is two years. A few programs will consider funding again after approximately six months. The amount of time may be shorter based on your businesses situation. Does your business generates over $50000 per month in revenue? Then it will be more likely to get another cash advance sooner after a default.
Can I get a merchant cash advance after a default?
Yes. In about 6 months after a default your business may be considered for another cash advance and other types of financing. Approval depends on how well your business has recovered and also how much revenue it now has per month.
How long after a default can I get another cash advance?
Your business can be considered for another cash advance and other funding types 6 months after a default. Keep good records and documentation on the exact time you were formally declared a default by the previous cash advance company.
How do I know if I defaulted on a cash advance in the past?
You should have received correspondence through the mail or email or by telephone that your delinquent cash advance was declared a default.
What if I did not repay any of the the defaulted cash advance?
It may be easier to get another cash advance if you repaid or settled the defaulted cash advance. This is because future lenders would rather know that your business made an effort to repay some of the advance or tried to reach a settlement to pay a lower amount to try to satisfy the debt.
Can I get more if I repaid the merchant cash advance that I defaulted on?
The dollar amount of a future advance after a default depends more on your current revenues and situation rather than if you repaid the merchant advance you defaulted on. Partially or fully repaying a cash advance after a default will play a bigger role on whether you will be approved or declined.
I defaulted on more than 1 cash advance. Can I still get another mca cash advance?
Yes. You may still be able to qualify for a new advance. Approval depends a lot on how many advances you had as well as how long it has been and the total amount you defaulted on.
Does it matter how much the amount of the defaults were?
The amounts of the defaults do matter and will be looked at along with other things such as how much revenue your business is making now.
I am still in collections on my old merchant cash advances. Can we still be approved for funding?
Yes, your business still has a chance to qualify for more funding. Provide the details of the collection activities and they will be reviewed.
I am still negotiating with attorneys on my previous defaults. Can I still qualify for a new advance?
Your business may still qualify for a new advance if you are still negotiation on your previous defaults. Collections and negotiations on old defaults and non payments can go on for months or years. Any repayment or settlement will be looked at along with how much time has gone by since the original default.
Definition of business location. What is proof of business address?
Proof of business location are documents provided that prove the physical address of a business. What can a business owner show as proof of business location or proof of business address? Learn which documents you can use to prove to prove the business address or business location, and how to get them.
Common problem: I can’t prove my business address or business location. Contact us or apply below today. We are experts and can easily show you how to prove business address and business location. You will learn what the easiest and fastest way is to show proof of business location for your business.
Examples of proof of business location and proof of business address.
A business owner applies for a small business loan and is approved.
Closing requirements almost always require the owner to provide documentation of proof of the address of the business, or location of the business. There are several options in showing proof of business address.
The business owner can submit any of the following because almost all are accepted.
Business rental lease agreement, or a copy of the business rental lease agreement.
Mortgage statement showing the business address. If the business purchased the real estate through a commercial real estate loan, then a current mortgage statement can be provided.
A current business license if the business address has stayed the same since
the business was established and the original business license was obtained. An option a sole proprietor can provide is a business license or a schedule C.
Articles of Incorporation or a partnership agreement that has the same address on it.
The most recent business tax return if the address is the same as the address of the business loan application and approval.
How to prove your business address and business location
Step 1: When making any request or application in the name of your business, review in advance what may be required to prove your business location or business address.
Step 2: Tip: Gather information you have on your business location and business address in advance. Have the items available or make a list to discuss.
Step 3: Do business with companies that will accept the proof of business address that you have, or can get.
Step 4: Make contact with funding programs and confirm your business address information will be enough.
Step 5: Submit a request or application.
Step 6: If you receive an offer, first review the terms including the items required to prove the location and address of your business. If ready to complete an offer, submit the required items. Get final questions answered before closing. Finalize the transaction.
If you do not have, or cannot provide the types of documentation for proof of business location or business address, contact us below. We can guide you, and give you tips on how you can get proof of your business location.
You don’t have any proof of business location and don’t know what to do and how to get it?
Sometimes business owners cannot prove the address of a business that is required to close a business loan.
How to prove business location. Are there other ways? What is the lender asking for? There are other options in addition to the ones listed above.
If you cannot prove your business address now, review your options and fixes below:
How you can fix the following problem: “I can’t prove my business address and business location.”
Get an updated business license. Your city or county can reprint or resend a copy of your business license that shows the updated business address. If the city or county shows a previous and outdated business address, then provide the current address before requesting a reprint of the business license.
Review the address at the secretary of state to see the current business address and business location listed. If the current business address is wrong, contact the secretary of state and update the articles of incorporation to update and list your current address.
Remember: Evidence of your business address and business location is often required for small business loans. The person applying in the name of the company has to be able to prove where the business is located. This prevents mail correspondences from going to the wrong address and also helps prevent owners from making changes without the knowledge of the other owners.
F.A.Q., Frequently asked Questions:
The following are frequent requests and statements:
Question: How can I prove my business address? I don’t have proof of my business location and cannot provide it. What can I do?
Answer: Find and provide either a copy of the business lease, rental agreement, business utility bill, mortgage statement, business license or articles of incorporation.
Question: I’m having trouble getting proof of my business location. The lender will not accept my website as proof of business location. What should I do now?
Answer: If you are close to an approval, ask the lender for all the options they will accept to provide the location of your business. The lender may accept more for proof of business address than what they are saying. If you are still having trouble, contact us. We can provide information on you will need to get what are want – “Proof of my business location” and “proof of my business address”. You can apply with us for a small business loan. We have the expertise to best solve this problem.
Examples of what generally will not work for proof of address:
Virtual office address
P.O. Box: post office box
Address to a vacant lot
Address to a physical location that does not have a building or structure on it
An out of state address. This happens when the business is located in one state but a business address to a different location or another location in another state is provided.
When the business address is in one state and the owners home address is in another state. This is referred to as an absentee owner or out of state owner.
There are exceptions to some out of state owner situations. If the business address is on the border of one state and the owner lives within a reasonable distance in a neighboring state. A business owner that lives less than 50 miles from their business is usually acceptable. Examples are a business that is listed in Kansas City, KS, and the owner lives in Missouri. Other examples are a business in Chicago, IL, and the owner’s home address is in northwest Indiana, less than 50 miles away.
Business loans with very low credit scores. Credit scores below 500 and as low as 383 are considered for a small business loan. This low fico credit score business loan program is a good match for below 500 and sub 500 credit bureau fico scores for small business loans.
Many programs do not offer small business loans with the owner’s credit score below 500, or have limited offers. Get up to $150,000 in business funding with credit bureau and fico scores below 400 and down to 383. Business funding is based mostly on the revenue of the business, not the credit score.
Contact us below or first read the “Howto” section steps, direction and tips to getting low fico credit score business loan and also other business financing and then apply below. so call us. We will be happy to discuss your situation first. Almost all callers will find out if they have a strong chance for approval after calling in.
How to get a very low fico credit score business loan
Step 1: Research companies that have low fico credit score business loans as main programs. Review minimum funding amounts, rates, features and benefits and processing time from application to completion.
Step 2: Tip: Prepare explanations or documentation for any unfavorable or incomplete information in your business profile. This can be slow business periods or limited information on your business.
Step 3: Choose the program that most fits your very low fico credit score and overall customer profile.
Step 4: Make contact with funding programs and confirm your business criteria meets minimum funding program requirements.
Step 5: Submit an application for funding. Provide documentation you have that improves your chance for an approval, higher offer amounts and better terms. This can include financial statements, additional bank statements or tax returns.
F.A.Q., Frequently asked Questions:
Question: Will you really approve customers with credit scores that low?
Answer: Yes. Not all applicants will qualify. Many will qualify because approval is based more on the stability of the cash flow of the business, not the credit.
Question: I have terrible credit and a very bad credit score, maybe under 400. Do I have a chance to get funding?
You have a chance. The reasons for the low credit score will be looked at to see what is happening currently. The raw score is not the reason for any denial.
Question: My credit was hurt due to a divorce and is also severely damaged. Does that disqualify me?
Answer: Not automatically. While approval is not guaranteed and the credit will still be reviewed, this program is focused on the ability of your business to pay, not focused on credit.
How to get same day business loans and next day business loans. The following are steps, direction and how to tips:
Search online for lenders that specialize in getting a business loan the same day you apply. Consider reviews if available.
Read program requirements to determine if you qualify to get a business loan the same day or the next day. Verify they are not payday loans or title loans.
After reviewing, make a list of the top two or three funding programs that best match your business.
Contact those funding programs. Verify features, benefits and requirements with a representative. Ask if there are cut off times or deadlines during the day for providing information, documentation, or other stipulations.
If your business meets the requirements, consider applying for the program that best aligns with your business.
On any offer made to your business, review the terms with a representative. Before closing, verify with the representative that you will be funded by the day and time of day your business needs to receive funding into your business account. Confirm that funds will be wired by a certain time and that your bank immediately credits incoming wires into your business account. Complete the transaction and receive funding.
F.A.Q.: Frequently asked same day and next day business loan questions:
How fast can I get funding for my business?
Application to funding for your business can be as fast as three or four hours
How do I know for sure I will get a business loan the same day or the next day?
Ask your representative for specific details. Ask about cut off times and deadlines for business being funded the same business day or next business day
I wont need the money if I do not get it by a certain day. What if I get the money for my business too late?/h4>
Ask if you can return the funds and cancel the contract if funds are not sent out by an agreed day and time. If the lender agrees to void the contract, try to get the agreement in writing. If you do not get it in writing, then you will have to decide whether to accept a verbal promise. Some programs are automatically set up by law to allow you to return funds or cancel the contract up to 72 hours after closing. it is called right of recission. This can vary by lender and by state. If you recind the contract you must return all of the funds by that deadline.
I did not receive my business funding through ach or wire yet. What can I do?
contact your bank. Find out what their rules and regulations are for incoming Ach and wires. How long does it take them to process and credit an ach or wire once it is received. ask if an incoming wire goes directly into your business account or if it first goes into a general wire account at your banK? Does your bank have to transfer funds from a general wire account into your business checking account? How long does that take?
Does your business need money to pay business taxes? Funding programs are available that cover federal IRS taxes, state taxes and local taxes. The money can also be used to pay quarterly tax payments , OIC offer in compromise settlements, and income tax settlements.
Contact us below or follow the “Howto” section, steps and tips on how to get funds to pay business back taxes here:
Identify business funding programs that offer money to pay IRS Taxes, including business back taxes, tax liens and OIC, offer
in compromise, and tax settlements.
If your business has the cash flow, select programs are available to satisfy the need to pay your specific tax debt. Tax debt and liens of all amounts are usually considered by these specialty programs. Some may require additional collateral such as real estate, listed stock, or other collateral that covers the amount of the tax debt. Open tax liens over $10,000 are more difficult to get funding for without collateral.
After evaluating, choose the program that is most likely to provide the funding needed for your business to pay and satisfy the required tax debt.
Contact the lender. Check features, benefits and program requirements. Ask about restrictions, including what is needed for approval and closing.
When you determine your business meets the requirements, apply for funding.
For any offers made, review the full terms and determine if your business can make the payments. If so, provide the items needed by the funder to close the transaction.
F.A.Q. Frequently asked questions on how to get money to pay irs business taxes and business back taxes:
Do I have to be in a payment plan to pay back business taxes?
If you cannot pay the amount of the back business taxes plus interest plus penalties then you will need to get a payment agreement with the IRS or state for state taxes.
Do I have to provide information on the IRS payment plan to the lender?
If you or your business has an IRS or state payment plan it is better to provide the payment plan documentation. Doing so may help you secure the funding you need. Provide information on an OIC offer in compromise if you have that.
What if I have an open tax lien?
Programs are available to allow your business to payoff or settle an open tax lien if approved. Approval depends on the amount of the open tax lien as well as the cash flow of the business and the owner’s credit score. Other factors include the average daily balance of the business as well as the time in business and assets of the business and owner. .
If the cash flow and revenues of your business show that you can handle the payment amount needed for funding to payoff the open tax lien, then your business has an excellent chance of being approved.
How long does it take to get funding?
Processing time from application to funding on approvals is usually 2-3 business days. Time to funding may depend on how many tax liens you have and if there are state and federal tax liens.
What if I have an IRS tax lien on my credit already? Can I get funding to pay the IRS if there is a lien listed on my credit bureau?
Having a lien on your credit is usually not the deciding factor. You still often have an excellent opportunity to get money for your business. The cash flow of the business and being able to show documentation on the lien is more important. The information from the IRS or state on the lien will provide all the details needed on the lien. There are programs that will payoff irs or state back taxes directly with a lien on your credit report. The lien can be on any bureau report including Equifax as well as TransUnion and Experian. The owner can use the funds to pay off and satisfy or settle the lien.
Is the tax lien paid off at closing or do I payoff the IRS or state tax lien myself?
This depends on the program. In most cases you are funded into your business checking account and payoff and satisfy the IRS or state tax lien yourself. A requirement for closing your business loan may be to provide documentation on the lien so funds funds can paid to the IRS or state directly. This applies to IRS tax liens as well as state tax liens and real estate taxes.
Do I need collateral for a business loan to pay back IRS taxes?
You do not have to have collateral to try to qualify for funding to pay IRS business taxes with many programs.
If you do not qualify for programs that do not require collateral there are programs available that use commercial or residential real estate with equity. Other programs may use equipment owned outright such a construction equipment or tractor trailers
F.A.Q. Frequently asked questions, comments and inquiries on how to get a used car dealer business loan.
What types of car dealer loans are available?
Buy here pay here used car dealer loans, new car dealer loans , specialty car dealer loans, luxury car dealer loans, exotic car dealer loans and short time in business car dealer loans, and new used car dealer loans. Newer programs include small car dealer loans, auto sales loans, used car lot loans, and longer term used car dealer loans.
What are the rates for your used car dealer loans?
Rates depend on the time in business, the cash flow and credit. Rates start in the low teens on up
How long does our car lot have to be in business? We have only been open 5 months.
Your Dealership needs to have at least three months time in business and 3 months business checking account statements to pre-qualify.
My credit is bad. How much does credit matter?
Credit scores are a minor factor. Credit scores can be as low as 383.
We are a small used car dealer. How much can we qualify for?
The amount you can get depends mostly on the average daily deposits. Most offers are between 35% and 75% of average monthly deposits.
as an example we can calculate the following:
ABC Auto Sales has the following total monthly business checking account Deposits:
July business checking account Deposits = $30,000
June business checking account Deposits = $20,000
May business checking account Deposits = $25,000
Based on the mathematical formula first add each months deposits and get a total.
$30,000 + $20,000 + 25,000 = 75,000
So it follows that:
$75,000 % 3 = $2500.
If an offer is 50% of monthly deposits then:
$25000 X .50 = $12500.
Therefore a typical offer with these numbers would usually
be approximately $10000 – $15000.
Because this is the average offer the maximum and minimum expected offers can be calculated.
The maximum expected offer is calculated as $25000 X .65 = $12250.
The minimum expected offer is calculated as
$25000 X .35=$8750.
We sell our used car dealer notes. Does that matter?
Selling notes does not affect an offer amount because notes are future income. offers and approvals are calculated using the most recent cash flow.
If the car lot has been selling notes for some time then the recent cash flow already takes that into account.
Our dealership specializes in exotic cars. Can we still get financing?
Yes. specialty used car dealers fall into the same used car dealer business loan funding program and are not restricted.
Can we use this financing to buy more cars?
Yes. The working capital can be used to buy cars at auction or anywhere your dealership wants to buy cars from. YOu can also use the loan proceeds. For example, you can use the proceeds to buy cars from wholesalers and customers.
Do you have longer term used car dealer loan programs?
Yes. One used car dealer loan program offers terms up to 10 years. This program is only available in certain states. Ask if your state is in the program.
We want to buy a lot for our used car dealership. Can we use this financing for that?
Yes. This financing can be used to buy real estate as well as a building, including repairs and improvements.
We hope our “How to get a used car dealer business loan” tips and direction have been helpful. Contact us with questions. Fast turn around and quick funding.
FAQ Frequently asked questions for a large business loan.
How can we qualify for a larger business loan?
Businesses that have revenues over $50000 per month with credit scores over 600 and time in business over 1 year may qualify for a larger business loan
Do we need to provide more financial information to get higher amounts?
For amounts over $250000 more financial information may be required. This can include the most recent years business tax returns and interim financial statements.
How many months bank statements do you need?
Between 3 and 12 months of the most recent business checking account statements are needed.
We are a startup business. Can we get a higher amount for a business loan as a start up?
A start up can get large business funding amounts if they have had significant revenue in the first few months of operation. The business will need to have been operating and generating significant revenue for at least three 3 months.
Our business will keep needing higher amounts of business funding in the future. Can we use this like a business line of credit?
yes. When the business pays the balance down to 50% or more it may qualify for more funding immediately. Programs are available that allow businesses to draw funds after every 30 days of repayment.
Do larger business loans take longer to close?
Larger business loans often do not take any longer than smaller business loans to close. the repayment will be based on the cash flow of the business so most of the same information is reviewed.
Will Real estate and other assets be required?
Real Estate is not required but it may allow for an approval and a higher approval amount. Most businesses take the maximum they qualify for without involving real estate or their other assets.
We filed an extension and do not have the most recent business tax return available yet. Will this be a problem?
amounts less than $100000 do not require a tax return in most cases. Amounts over $100,000 may require the most recent tax return.
What are the main reasons businesses are declined for a larger business loan?
The main reasons are low business revenues as well as very low credit scores and a short time in business.
My business partner has very bad credit. Will that keep us from getting a larger business loan?
Business owners with bad credit that have less than 20% ownership should not cause a decline. over 50% ownership percentage may cause a lower approval amount or a decline of the request.
Can we get a big business loan with a month repayment?
Yes. monthly and weekly repayment business loans are also available for larger business loans and may be up to 36 months or longer.
For other financing options, please review other alternate financing programs that may better match your business needs, below:
Get excellent merchant cash advance renewal terms your business will qualify for.
Get terms as long as 12, 16, and 18 months and lower rates. In some cases, 24 months and low rate factors.
How to get the best merchant cash advance renewal terms, lower rates and longer terms. How to Direction:
Step 1 Talk with a representative at your current mca company. Give them your most recent three months business checking account statements and ask them to review your file in advance of their underwriting reviewing your request.
Step 2 Ask the representative to estimate the renewal amount, the number of months and rates. Ask for a better rate on a renewal.
How to Tip: If a renewal offer is made, ask for at least a 2% lower rate on each renewal. Some cash advance companies will not pre-review your file. If they won’t, let underwriting process your file.
Step 3 Tell your current cash advance company that you are shopping for a better offer and are comparing their offer to others.
Step 4 Apply with one or two competitors. If they beat your current mca cash advance companies rate and terms, take their approval offer and ask your current cash advance company to beat that offer. Review the funding stipulations to make sure you can provide everything needed to close.
Step 5 Decide on the best of the offer terms, complete the transaction and receive funding.
People also ask, F.A.Q.’s frequently asked questions and comments.
Why is my renewal not longer than before?
In most cases, the cash advance renewal term will be the same as the one you originally took out. You must ask for a longer term.
If you have had a good pay history or your credit score has gone up, then the funder may give you a longer term on a renewal, but only if you request it.
Do not expect the funder to offer you longer terms on their own. MCA Companies want to put you in the shortest term possible and the shortest term you will accept.
Many businesses believe that if they had an excellent repayment history on their first cash advance, then they should get a much longer term and much better rates on all renewals. Your business may qualify for a longer term on a renewal. Request that immediately when you request the renewal.
What if my company’s situation has gotten worse since I took out the advance? Should I even apply for a renewal of my cash advance?
Contact your representative before you apply for a renewal and ask them, “what would prevent my company from getting another cash advance renewal?”
Listen to what the Representative says. Ask him what are the most common reasons companies are declined for a renewal. If he does not mention decline reasons that your company has, then you have already gone through a partial pre-review.
What can I do myself to get a better offer for my mca cash advance renewal?
Review your most recent 3 months business checking account statements yourself.
If the numbers are better than they were when you received your first advance and your credit is the same or better, then you have a good chance to qualify to get a better renewal offer from your current mca cash advance company, or a competitor.
Make a list of this specific information. Discuss it in advance of applying with all cash advance companies you want to talk to. You may be able to either pre-approve yourself or pre-decline yourself before applying. It is better to know you will likely be declined before applying, rather than applying and being declined.
If the cash advance company is not willing to seriously pre-review your file, you can choose to apply anyway. Your goal is to get as many cash advance companies to pre-assess your file as possible. Do not demand they do in order to apply. If you demand that the cash advance company pre-reviews your file, you may be eliminating yourself from the best option available.
If your business was turned down for a business loan for having low deposit volume, programs are now available to get approved for business funding. You can get approved with deposits of less than $10,000 per month. Your business can even get funding with deposits as low as $7,500 per month and as low as $5,000 per month.
How to get a business loan with low deposit volume
Step 1 Look at your last 3 months business checking account statements and document your total deposits.
Step 2 Search for a business loan program that specializes in funding with average deposits of less than $10,000 per month.
Step 3 Review approval requirements and terms and conditions as much as you are able prior to applying
Step 4 If satisfied, apply for funding. When you are approved, review approval terms. If you want to close the transaction, request and complete closing documents.
People also ask, F.A.Q., Frequently asked Questions
My business deposit volume is less than $10,000 per month. Can I get business funding with deposit volume that low?
Yes. Your business can get funding with monthly revenues as low as $7,500. In some cases, low business revenue can be as low as $5,000 per month and your business can still get funding.
Why do lenders require $10,000 per month in deposits?
Many funders believe that after a business deducts basic expenses such as lease rental payments, utilities, insurance and inventory, they will not have enough revenue to repay any loans or advances of any kind. Many funders believe a business has to have at least $10,000 to $15,000 or more per month in gross revenues to be able to handle any kind of funding.
Lenders believe if revenues are less than that, a business will get behind on payments and default.
How much can I get if my deposits are minimal or reduced amounts?
It depends on how low the deposits are, your personal credit score, average daily balances, time in business and some other approval requirements.
In most cases, if your average monthly deposits are between $5,000 and $10,000 per month, an approval offer will in the $2,500 to $5,000 range. It is not as likely to get approvals in the $10,000 or higher range.
My business needs more than what we were approved for. The approval amount was too low and we need more. Can we get more funding for our business?
Your business may be able to get more funding. If your business needs more funding than the approval amount, you can either get a 2nd position funding or another type of funding. Bank statement loans often allow for a supplemental funding. Consider other funding programs. Your business may be a good fit for other options that are based on Accounts Receivables or Real Estate and others.
Our deposit volume is under $5,000 per month and we had some overdrafts. Can we still get funding?
There are other programs your business may qualify for. If your credit score is high enough, or your business has accounts receivables or other assets, you may be able to qualify for these other programs. Contact us to discuss and review.
Do you need to lower daily mca merchant cash advance payments immediately? Is your account overdrawn because the mca companies keep debiting the daily payment? What can you do? Apply for one of several options below that do not involve settlements, closing your bank account, being declared in default, nor having a cash advance company file a coj certificate of judgement against you.
How to lower daily mca merchant cash advance payments
Can I get a monthly payment loan to pay these off?
Yes. One of the ways to lower your daily mca merchant cash advance payments is to get an alternative loan to pay off the mca cash advances. By doing so, you will be lowering the payment because your monthly payment on the loan to pay off the mca’s will be much lower than the monthly amount you were paying on the daily cash advances.
Usually, you will be paying 50% to 75% less if you are successful in securing a monthly loan to pay the mca’s off.
What if the cash advance companies do not want to lower the payments?
You may have to push hard to get a concession. If your business had a true hardship, such as a hurricane or another type of hardship, make that known.
If that fails, read the mca merchant cash advance contract in detail.
Make sure you know exactly what can happen if you do not pay. It may be advisable to seek legal advice through an attorney if you know you cannot repay the advances.
If you know in advance your business will not be able to repay the advances, you can use the time in advance to:
– Determine what your options are
– Know what actions you can legally take
I cannot pay my advance. What can I do?
Check your state laws to find out if your state has special protections and laws. Some laws vary by state. Negotiate with the cash advance company either directly final options may include bankruptcy.
Should I get my Attorney to contact the mca merchant cash advance companies?
Whether you should get an Attorney involved in talking with the cash advance companies varies on a case by case basis. In some cases, having your Attorney contact and negotiate with the cash advance companies is a good idea.
If you are offering to work with the merchant cash advance companies and they are not working with you, this may be a good situation in which your attorney contacts them.
Some mca merchant cash advance companies are more willing to work with customers than others.
If you do not feel comfortable negotiating or discussing your past due debt with mca merchant advance companies, this may be another reason to involve an Attorney.