There are several ways to escape from mca cash advances. The livelihood of your business may be at risk. Choose from several options. Get your cash flow back. You will get you the best merchant cash advance relief program for your business. Smallbusinessloansdepot, the first choice for safe merchant cash advance. Apply below now.
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Pick your escape from MCA merchant cash advances.
Permanent relief from your mca merchant cash advance problem:
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.
Faq frequently asked questions on picking your escape from mca merchant cash advances
What ways can my business escape cash advances?
There are unsecured and secured options. Terms are available that go up to 10 years in some states.Your escape from the cash advances could be a consolidation or a term loan. If the balances are very high then real estate can be used. If the business has extensive and valuable equipment then it can be used to payoff the short term advances.
My credit score is very low. Can I still get out of the advances?
Yes, even with a low credit score you can get out of the daily advances. Many of the other options do not require a very high credit score to either refinance, consolidate or payoff your existing payments.
I want a monthly payment for my business. Will this be a monthly payment to pay these off?
Your business will get the most and best option it qualifies for. Whatever your business qualifies for you will be offered that and you can choose the best option
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%.
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
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!