2nd position merchant cash advance programs with fast closing are available immediately. With good cash flow merchants can afford more than one advance. Funding the same day options are available. The most competitive rates available. Apply below.
Step 1: Review your business funding needs and cash flow. How much more can your business afford to repay per day and per week?
Step 2: Determine the approval amount your maximum daily repayment equals. The average cash advance is 9 months or 189 days. If the maximum additional daily payment your business can afford is $100 per day then $100 X 189 = $18900.
Step 3: Select the funders with the products that best match your businesses needs as well as credit and time in business.
Step 4: Contact the best second position cash advance options. Discuss your business profile with the representative. Select the best matching program for your business and apply.
Step 5: When approved look at the daily or weekly repayment and the mca loan contract. If you want to close, then provide all the required closing documentation and complete the transaction.
Step 6: Complete the transaction and receive funds into your business checking account.
More on a 2nd position cash advance, including specific cases and requests.
F.A.Q.’s, Frequently asked questions on a 2nd position merchant cash advance.
What is a second position cash advance?
A 2nd position merchant cash advance is when a business takes out a cash advance while having one advance they are already paying on. In doing so the business will have a second cash advance that his considered to be behind the first advance. The business will then be making payments on two cash advances. The second merchant cash advance company considers the existing advance payment into their decision to approve a second advance as well as for how much and how long.
I want a second position merchant cash advance with low rates. Do you offer second positions that have longer terms?
You can be approved for another mca cash advance position and get rate factors as low as 1.19 if your business qualifies. If you already have a first position now, you may be able to payoff your existing first position cash advance and have just one advance.
How do renewals work on a second position?
Renewals are available when your existing cash advance is 50% to 75% paid down.
What are the longest terms?
Terms are usually a maximum of 360 days. In some cases up to 10 years is available if the business qualifies.
Can you payoff my existing advance and make it into one loan?
your existing position can be paid off if your balance is low enough. Estimate the balances on your existing advances when applying.
How important is credit?
Credit is not the main factor. strength of cash flow is more important.
I need a low daily or weekly payment and for my daily payment to be lower than it is now. Can I get a lower payment than I have now?
The lowest daily and weekly and also monthly payments are available. terms as long as 24 months or longer are available to lower your payment.
Do I have other options if I do not qualify for a second position?
Other options include accounts receivables financing and asset based loans. For accounts receivables financing, your business can get paid about 80% of the face value of the invoice immediately. Once the company you have invoiced pays then your business will get the remaining amount owed less a 1% to 5% fee. Asset based loans can be against real estate or certain types of equipment.
Why is my second position less than my first position?
The second position is almost always less than the first position. This is because the first position approval amount was supposed to represent the most your business was able to handle and repay. So a second position would be less unless your business revenues increased since your business took out the first position.
Why is my 2nd position cash advance a higher rate than the 1st position?
A 2nd position is considered a higher risk than the first position
My offer for a second mca cash advance is too low. Why is it not higher?
Your second cash advance offer is probably lower because it is additional funding behind an existing cash advance. The amount offered matches what your business can repay./h6>