The best and safe options to consolidate merchant cash advances. Many businesses have multiple mca merchant cash advances by stacking cash advances. Get immediate relief to lower their daily and weekly payments.
A regular consolidation and reverse consolidation will improve your cash flow up to 50% or more for some programs. Apply below now!
How to get a merchant cash advance consolidation:
- Calculate how much you can afford to pay per day, week and month compared
to what you are paying now.
- Research and contact companies that offer consolidation programs that match your business needs and daily budget.
- Review the qualification requirements and choose from programs that you have the best chance to qualify for.
- Do not get another mca merchant cash advance during the term of the consolidation.
FAQ Frequently asked questions on merchant cash advance consolidation.
How much can I save with a consolidation?
Your business can lower the daily or weekly payments between 25% and 50%. Some programs can lower payments as much as 75% and convert them into weekly or monthly payments.
How does the consolidation work?
A merchant cash advance consolidation is usually one large loan used to payoff several smaller cash advances. The goal is to lower total daily payments by extending the term, lowering the rate, or both. Some programs are structured differently or give you a longer term to payoff the current debt while others have a shorter term.
How do we qualify?
If you can pay the new consolidation amount while not paying the others, then your cash flow can qualify. It should be 30 days since your most recent advance closed and you should be current on the advances you have now. Lenders want to know your business has been able to pay the most recent advance before a consolidation request is approved.
How can I get the best terms?
Apply for the longest term program available. If you have several advances now then the best terms will be the consolidation that has the longest term. The longest term means your payment is lowered the most.
How does a reverse consolidation work?
A reverse consolidation covers the payments on your existing advances while you make a much lower payment on the reverse. During the term of the consolidation, your other advances drop off one by one until you only have the consolidation payment left.
How we can help
Your business may be in a position where it must extend out the term of current advances. We can assist in paying off 2, 3 or 4 other advances and lowing your payment as much as 50% or more.
Funding can be advanced to allow your business to consolidate merchant cash advances into 1 loan.
Tips on how to get approved for a cash advance consolidation:
– Keep paying all your current advances on time before applying for a consolidation.
– Wait until 30 days after the most recent cash advance to apply for a consolidation. Most consolidation requests be declined if a business took out it’s most recent
advance in the last 30 days. Lenders want to see how a business is paying it’s most recent debt before it agrees to approve a consolidation application.
– Don’t have more than 5 overdrafts or 5 NSF’s per month.
– No net funding requirement.
– Any number of positions consolidated.
There are daily, weekly, bi-weekly, and monthly repayment options for several consolidation options and loans.
We try to tie payment frequency to your deposit volume. In consolidations, the main things at are looked at are:
The repayment history on current advances.
– 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.
– Deposit volume and consistency are reviewed. If deposits vary significantly from month to month, we will typically look at the lowest month when calculating an amount to offer. Up to 1.25 times your deposits with a 6 to 12 month term are offered.
– (NSF) insufficient funds and overdraft frequency are looked at.
Other features and products:
1. Advances are available in almost all states EXCEPT California. Term loans are available.
2. Your future consolidation advance acts like more of a line of credit than a typical advance — a merchant can request additional capital at anytime from us. We will quickly re-underwrite it with no fee and offer additional funds and keep your scheduled payment the same.
You do not have to pay off our advance with us in order to get more capital. This holds true if your business requests more capital after one month, or after six months. Your business saves money at renewal. Your business will not pay interest on interest if you renew for premium programs.
– No origination or underwriting fees unless three or more advances are consolidated. Then those fees are still lower, $250 to consolidate 3 to 4 advances, $500 to $750 for 5 or more advances). No NSF fees or other junk fees are charged.
– The maximum initial advance or loan is $100,000.
– This is first position funding only. This funding can be the only funding following a consolidation. A standard line of credit, credit card split loan, traditional bank loan.
– SBA loan, car loan, student loans and home loans can be left in place.
– Daily, weekly, bi-weekly, and monthly payment options are available.
Your business may need help creating a business plan. The SBA can also assist with ideas and programs to develop a business plan.