Select several safe ways to escape from mca cash advances. Get on a cash flow path your business not only can survive, but have a healthy cash flow back!
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FAQ: Frequently asked questions on picking your escape from mca merchant cash advances
What ways can we get out of our cash advances?
There are both unsecured and secured options. Terms are available up to 10 years and may be a consolidation, if qualified. The business can also use qualifying equipment for a payoff. Real Estate can be use for very high total balances.
Can I get out of the advances with low credit scores?
Several low credit score programs are available for approval. These do not all require a high bureau score to refinance, consolidate or payoff your remaining payments. Scores can be as low as 500 and below for some programs.
Will I get a monthly payment to pay these off?
Monthly payments with credit scores down to 500 and lower are available for secured programs. Unsecured monthly payments need scores 600 or higher to pre-qualify.
Do I have to be current on my advances right now?
Options are available if your business is not current on its advances at this time. Being current qualifies you for more programs. If you expect go past due soon, take action before the payments are behind.
Choose your escape from MCA merchant cash advances.
Permanent relief from your mca merchant cash advance problem:
1) Call the merchant cash advance companies and negotiate a solution.
Tell them the pressure on your cash flow has been far greater than you thought and ask if you can negotiate the terms.
If the Merchant Cash Advance company agrees, they normally lower the daily or weekly payment and the term is extended.
2) Try to qualify for a different loan to payoff the merchant cash advances.
Options are an asset based loan such a loan against real estate. There are other loans that may be able to help business cash flow such as Factoring.
Factoring helps you get money owed to you much sooner.
If you cannot get one of these loans and the time left on your advances is only 2 or 3 months, another option is a bank statement loan.
If you can get approved for 6 to 10 month funding that pays off advances you only have 2 to 3 months left on, then you may be able to extend the term of your existing debt by 7 or 8 months. This can cut your daily payment by 75%.
3) Ask for a pause in your merchant cash advance payments.
This works best if your business only needs a pause in the payments. In most cases, the mca merchant ash advance companies will stop the payments completely for 1 or 2 weeks.
If you know your business needs much more relief than this, you probably should not request this option as it will not be enough to solve your problem.
If you request temporary relief, then ask for a permanent reduction right away.
Tips and information
Reduce your payments be as much as 25% to 50%. Some funders give merchants more time to pay it back or a permanent reduction in the payments.
First decide if lower payments are enough. Will you be able to handle lower payments permanently?
Do cash flow calculations to determine if your business can afford the payments, even if they are lowered as much as 50%.
4) Find a traditional consolidation program
Such a program will payoff the other advances at closing. This is not a program that advertises consolidation but then sells another cash advance.
If you can qualify for such a consolidation program, it will often be the best choice. The terms will vary greatly depending on the strength or weakness of your profile.
These programs also have the biggest advantage because they almost always extend the term and lower your payment a lot at the same time. Break away from merchant cash advances.
More drastic measures
5) Hiring and involving an Attorney.
This option can be considered if you have tried your best to work with the merchant cash advance companies and they did not offer a solution that would allow you to stay in business.
If this happens, consulting an attorney and considering your options may be in your best interest. It could be that having an attorney contact the merchant cash advance companies to request terms that are sustainable for your business brings you a better offer.
This may be a final but viable option. In the event you cannot work anything out and you will go out of business, bankruptcy may be the best choice.
Contact a bankruptcy attorney to discuss this. If you have signed a COJ confession of Judgement, then make your attorney aware the merchant cash advance company has a COJ from you.
Another power the confession of Judgement also gives a creditor is to immediately access and also debit from any bank account you have an any bank. Bankruptcy may be able to prevent this and allow your true escape from mca merchant cash advances.
Choose one of these options and start on your path to escape from mca merchant cash advances. Break out and escape from merchant cash advances today!