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Video

How to Get an MCA Cash Advance: Video

Video Description: How to get an MCA cash advance. Calculate affordability and payments. What is needed to close and what to do if you miss payments.

How to Get an MCA Cash Advance

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how to get an mca cash advance.
How to get an MCA Merchant Cash Advance

Complete the application below or Call us at 919-771-4177!

For Full information, visit the How to get an MCA Cash Advance Page, or apply using the secure application button below.


Show Video Transcript

Transcript: How to Get an MCA Cash Advance

[ city street sounds ] Will Sanio, SmallBusinessLoansDepot.com

Today’s Video: How to get an MCA Cash Advance.

What could be your first Merchant Cash Advance.

Start the process anytime by Tapping apply on the Bottom right of this Screen,
or tapping on the end screen of this Video, or on the Apply Button on the Webpage.

See if your Business can afford a daily, weekly, or monthly payment.
First, calculate an estimate of what your new daily Cash Advance Payment will be.

Let’s take an example:

Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 Payment Days most Months.
If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days.
Take the $14,000 Total Repay and Divide it by 147. That Equals $95.23 Per Payment Day
for Every $10,000.

Look at the Total Deposits of each of your last 3 Months Business Checking Account Statements.
Some States require 4 Months Business checking account statements.
[ ocean surf ] Currently California, New York, Florida, Virginia and Utah.

The minimum total deposits into your Business Checking Account should be
$5,000 a Month or more. The higher the Deposits, the more options are
available. Especially beginning at $10,000 a month.

Average Daily Balance: That is the average balance per day for the Month. [ teller counting cash ]
You want your Average Daily Balance to be at least $750, but better $1000 or higher.

Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s
in any 1 Month, or it is more likely you will be declined.
If you have more, it is better to wait until you get your next statement and those are gone.

Find a Lender

that fits your Business type and talk to a Representative before applying.
That will help your business avoid unnecessary declines.

Next, apply.

If approved, request the closing docs. Get a Copy of your Driver’s License,
Voided Business Check and Proof of Ownership.

Next, Close.

Review the Contracts, and if you’re satisfied, complete the contracts and expect
funding into your Account in 2 to 4 hours. [ clock ticking ]

If you ever have repayment problems, call the Lender to discuss. That will help your business keep [ desert wind blowing ]
it’s ability to borrow again in the future.
[ city street sounds ]

Categories
Articles

How to Get an MCA Cash Advance: Video

Video Description: How to get an MCA cash advance. Calculate affordability and payments. What is needed to close and what to do if you miss payments.

How to Get an MCA Cash Advance

START NOW

 How to get an MCA Cash Advance

How to get an MCA Merchant Cash Advance

Supply: The last 4 months business bank statements

Tool: Desktop, laptop, tablet or phone

Step 1: How much are the Payments?

VIDEO CLIP below: See if your Business can afford a daily, weekly or monthly payment:   18 Seconds –  50 Seconds in Clip below.

Will Sanio, Smallbusinessloansdepot.com. Today’s Video: How to get an MCA Cash Advance.  What could be your first Merchant Cash Advance.

Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen of this video, or the apply button on the webpage.

See if your business can afford a daily, weekly or monthly payment.

First, calculate an estimate of what your new daily Cash Advance Payment will be.

Let’s take an example:
Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 Payment Days most Months.
If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days.
Take the $14,000 Total Repay and Divide it by 147. That Equals $95.23 Per Payment Day
for Every $10,000.

MCA Total Cost Example

Step 2: Review your Company’s Cash Flow

VIDEO CLIP below: Review Company Cash Flow:  CLIP:   80 Seconds –  93 Seconds in Clip below.

Look at the Total Deposits of each of your last 3 Months Business Checking Account Statements.

Some States require 4 Months Business checking account statements. Currently California, New York, Florida, Virginia and Utah.

The minimum total deposits into your Business Checking Account should be $5,000 a Month or more. The higher the Deposits, the more options are available. Especially beginning at $10,000 a month.

TIP: Average Daily Balance: That is the average balance per day for the Month.  You want your Average Daily Balance to be at least $750, but better $1000 or higher.

TIP: Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined.

If you have more, it is better to wait until you get your next statement and those are gone.

What is the Average Daily Balance in your account?

 


Step 3: Apply

VIDEO CLIP below: APPLY:  CLIP:   Seconds –  Seconds in Clip below.

Find a Lender that fits your Business type and talk to a Representative before applying. That will help your business avoid unnecessary declines.

Next, Apply. If approved, request the closing docs. Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership.

Ready? Apply

Step 4: Close

VIDEO CLIP below: CLOSING:  CLIP:   Seconds –  Seconds in Clip below.

Next, close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours.

If you ever have repayment problems, call the Lender to discuss.

That will help your business keep it’s ability to borrow again in the future.

closing the transaction

Complete the application below or Call us at 919-771-4177.

Go to the Video Page: How to get an MCA Advance

Or apply using the secure application button below.

START NOW


Show Video Transcript

How to Get an MCA Cash Advance

[ city street sounds ] Will Sanio, SmallBusinessLoansDepot.com

Today’s Video: How to get an MCA Cash Advance.
What could be your first Merchant Cash Advance.

Start the process anytime by Tapping apply on the Bottom right of this Screen,
or tapping on the end screen of this Video, or on the Apply Button on the Webpage.

See if your Business can afford a daily, weekly, or monthly payment.

First, calculate an estimate of what your new daily Cash Advance Payment will be.

Let’s take an example:

Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 Payment Days most Months.

If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days.

Take the $14,000 Total Repay and Divide it by 147. That Equals $95.23 Per Payment Day for Every $10,000.

Look at the Total Deposits of each of your last 3 Months Business Checking Account Statements.
Some States require 4 Months Business checking account statements.
[ ocean surf ] Currently California, New York, Florida, Virginia and Utah.

The minimum total deposits into your Business Checking Account should be $5,000 a Month or more. The higher the Deposits, the more options are available. Especially beginning at $10,000 a month.

Average Daily Balance: That is the average balance per day for the Month. [ teller counting cash ]

You want your Average Daily Balance to be at least $750, but better $1000 or higher.

Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined.

If you have more, it is better to wait until you get your next statement and those are gone.

Find a Lender that fits your Business type and talk to a Representative before applying. That will help your business avoid unnecessary declines.

Next, apply. If approved, request the closing docs. Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership.

Next, Close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours. [ clock ticking ]

If you ever have repayment problems, call the Lender to discuss.

That will help your business keep [ desert wind blowing ]
it’s ability to borrow again in the future. [ city street sounds ]


For additional help building your business, visit SCORE.org

Categories
Video

How to get an Alternative to a Cash Advance MCA: Video

Video Description: How to get an Alternative to a Cash Advance MCA.Learn about LOC Line of credit style offers, term loans, asset based and personal loans.

How to get Alternatives to a Cash Advance MCA

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Discover other options to an mca cash advance.
Show Video Transcript

In minutes and seconds. 0:16 look at alternative options 0:56 gather all documents 1:23 find a lender match 1:34 Apply 1:56 Close

[ city street sounds ][ introduction sound effect ] Will Sanio, SmallBusinessLoansDepot.com. Today’s video: How to get an alternative to a cash advance mca. Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen of the video, or on the apply button on the webpage.
Look at alternative options that include a line of credit style or term loans, asset based, government spa, and larger personal loans. Line of credit style and term loan options offer a weekly, bi-weekly or monthly payment.

Asset based alternatives are offered if your company has free and clear equipment, vehicles, or accounts receivables that do not have liens or money owed on them. Personal loans for higher amounts, up to $50,000 and more are another option. These look mostly at income, background and credit score. Your total annual business revenue, monthly deposits, average daily balances, overdrafts and nsf’s do matter. Make sure these look good in the weeks or months before applying for funding.

For asset based equipment requests, make a list of your equipment, including the make of your equipment. For Example: John Deere, Caterpillar, Kubota. Then add the year, model number and hours. For vehicles, include the mileage. Find copies of titles for all vehicles and take at least 1 or 2 good pictures. For accounts receivables, make an aging schedule. This is just the name and contact information of the company paying, the amount owed to your company, and the date you issued the invoice.

Match with a lender that fits the alternative to cash advance mca options your business should qualify for. Talking with a representative before applying usually can pre-qualify your business for specific programs.

Next, Apply. If approved, request the closing docs. Proof of business income, ownership, and address may be required. This means business bank statements or business license to prove your business exists legally, and who all the owners are. If the request or approval amount is high, up to $100,000 or higher, more items may be requested.

Close the transaction. For asset based loans, including equipment or vehicles, a site inspection and pictures or video of the collateral may be required. GPS installation on the equipment is usually a condition of funding vehicles such as trucks and also construction equipment. After reviewing the contracts, if you’re satisfied, complete them. Funding usually takes place within 24 hours by wire transfer or ach deposit.

Find out how much Money you can get TODAY. Call 919-771-4177.

START NOW

For the full length article, visit getting a Alternatives to a Cash Advance MCA.

Categories
Video

How to Get a Third MCA Cash Advance Position: Video

Video Description: How to get a third position mca cash advance

Get a Third MCA Cash Advance: Video above

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Call 919-771-4177 for more info.

Get a Third MCA Cash Advance position today. The highest offers with 2 existing MCA’s on the books. Same day funding available.

Get a 3rd!
Show Video Transcript

In minutes and seconds.
0:17 Calculate if you can afford a third daily payment
0:52 Total Monthly Deposits: increasing or decreasing
1:03 Average Daily Balance: Minimum amount needed
1:13 Overdrafts or NSF’s: How many can I have?
1:34 Approval and Closing: What do I need?
1:50 How to avoid repayment problems: Multiple Advances
0:25

[ city street sounds ][ introduction sound effect ] Will Sanio, SmallBusinessLoansDepot.com. Today’s Video, how to get a 3rd position MCA Cash Advance.
Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen of this video, or on the apply button on the webpage.
Make sure you can afford a third daily payment, The Lender will be checking your profile closely. [ woman giggling ].
Let’s review an example. Multiply a $10,000 offer amount times a 1.35 rate factor. There are 21 payment days most months. If your Offer is for 8 Months, that’s 21 times 8 = 168 payment days.
Take the $13,500 total repay and divide it by 168 payment days.
That’s $80.36 Per payment day for every $10,000.
Review your last 3 months business bank statements, or 4 Months in States that require 4 Months like California. [ ocean surf sound ]
Your total monthly deposits should have increased or stayed the same. Total monthly deposits that have been increasing in the last 3 months may bring a higher offer amount. Decreasing may bring a lower offer amount.
Average Daily Balance: That is the average balance per day for the month. You want your average daily balance to be at least $750, but better $1000 or higher.
Overdrafts or NSF’s. You should not have more than 5 to 7 overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined. If you have more, it is better to wait until you get your next statement and those are gone.
Match with a Lender that fits your business type. Talk to a representative first, that often avoids unnecessary declines.
Next, apply. If approved, request the closing docs.
Get a copy of your driver’s license, voided business check and proof of ownership.
Next, close. Review the contracts, and if you’re satisfied, complete the contracts and expect funding into your account in 2 to 4 hours.
If you have repayment problems with 3 advances, communicate with the lenders immediately and consistently to protect your business’ ability to borrow again in the future.

Find out how much Money you can get TODAY.
Call 919-771-4177.

START NOW

  • High offers on additional positions
  • The Longest Terms
  • Fast Offers and Funding

Getting a third mca cash advance isn’t too hard. Just check a few things beforehand.

These include: knowing how to calculate affordability, knowing what your minimum average bank balances need to be, and how many overdrafts and NSF’s are accepted before you will be declined.

For the full length article, you can also visit How to get a third cash advance position..

For help with other aspects of your business, such as Marketing and Government contracts, visit a SBA Small Business Administration

 

Categories
Video

How to Get Another 2nd Position MCA Cash Advance: Video

Video Description: How to get another second position mcas cash advance. Get approved and how to avoid declines. Information on calculating daily payments and terms.

Get another 2nd Position MCA Cash Advance with longer terms, lower rates and a daily payment you can afford.

Show Video Transcript

How to get another 2nd position MCA Cash Advance

In minutes and seconds.
0:23 Example: Calculate MCA Affordability
1:02 Average Daily Balance
1:12 Overdrafts and NSF’s
1:26 Approval and Closing
1:42 repayment problems with 2 Advances

[ city street sounds ], [ introduction sound effect ] Will Sanio, SmallBusinessLoansDepot.com, today’s topic, how to get another MCA Cash Advance, also known as a second position.

Start the process anytime by Tapping apply on the Bottom right of this Screen, or Tapping on the End screen of this Video, or on the Apply Button on the Webpage.

Check if you can afford another Daily payment, because the Lender will check. [ woman giggling ] First calculate an estimate of what your new daily Cash Advance Payment will be. Let’s take an example: Multiply a $10,000 offer amount times a 1.4 Rate Factor.

There are 21 Payment Days most Months. If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days. Take the $14,000 Total Repay and divide it by 147. That Equals $95.23 Per Payment Day for every $10,000.

Review your Last 3 Months Business Bank Statements, or 4 Months in States that require 4 Months like California. [ ocean surf sound ]

Your total Monthly Deposits should have increased or stayed the same.

Average Daily Balance: That is the average balance per day for the Month. You want your Average Daily Balance to be at least $750, but better $1000 or higher.

Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined. If you have more, it is better to wait until you get your next statement and those are gone.

Next, apply, if approved, request the closing docs. Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership.

Next, Close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours.

If you have repayment problems with 2 Advances, communicate with the Lenders immediately and consistently to protect your business’ ability to borrow again in the future. [ desert wind blowing ]

How to get a 2nd MCA Cash Advance

Find out how much Money you can get TODAY. Call 919-771-4177.

START NOW

 

Want to just watch the videos?  Go to the Smallbusinessloansdepot.com Video page here, or go to specific topic pages such as  how to get a large business loan video page, or  how to get an mca cash advance video.       Also watch how to get a loan on a truck video page,  and  bank statement loans for business video page,    Continue with the   loans against equipment video page  as well as a Truck repair loan video pagerestricted industry business loans video pagebusiness loans with a felony or misdemeanor video page and more.

  • High offers on additional positions
  • The Longest Terms
  • Fast Offers and Funding

We specialize in offers for more cash advance positions when you already have one. We will help you can afford it and  make payments at the time of funding. Apply above now to get your offer and funding quickly!

For the full length article, visit getting a How to get Another Cash Advance: 2nd Position here.

For help with other aspects of your business, such as Marketing and Government contracts, visit a SBA Small Business Administration

 

Categories
Video

Bank Statement Loan

How to get a bank statement loan: What is needed, Qualifications and Closing requirements.

 

Get a Bank Statement Loan using the last 3 months business checking account statements.

  1. Soft Credit Pull Only
  2. Low Credit Score Programs 500 and below are considered
  3. Only 3 months Time in Business is the minimum requirements


START NOW

Want to just watch the videos?  Go to the Smallbusinessloansdepot.com Video page here, or go to specific topic pages such as  how to get a large business loan video page, or  how to get an mca cash advance video.       Also watch how to get a loan on a truck video page,  and  continue with the   loans against equipment video page  as well as a Truck repair loan video pagerestricted industry business loans video pagebusiness loans with a felony or misdemeanor video page and more.

Show Video Transcript

How to get a bank statement loan

Will Sanio, Smallbusinessloansdepot.com. Today’s topic: How to get a business loan using bank statements. Start the process anytime by tapping apply on the bottom right of the screen or tapping on the end screen of this Video or the button on the Webpage. Get the last 3 months statements for your Company. [ water splashing ] Some States like California may require 4 months. Match with a Lender that best fits your business type and monthly deposits. You can often avoid declines by first talking with a Representative. Apply. Approvals are based mostly on your Company’s total monthly deposits, Average Daily Balances, Time in Business and Credit.
[ water gurgling ] Low credit score programs are available. Transfers into the business account may not count such as transfers from Savings accounts. If approved, get your closing documents. Copy of your Driver’s License, copy of a Voided Business check, Proof of Ownership may be required. Complete the closing docs and expect funds [ woman laughing ] to be wired into your Account within 2 to 4 hours.

Find out how much Money you can get TODAY.
Call 919-771-4177.

To read the full length article, visit Bank Statement Loans for Business here.

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Video

Restricted Industry Business Loan Video Page

Restricted industry Business Loans: Financial services, check cashing, attorneys, used car dealers and adult porn and many more.

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Get funding for your type of business that is usually declined for a business loan because of industry. You can watch the Video above for specific details.

Find out how much Money you can get TODAY. Call 919-771-4177.

Lenders “Restricting” you? We say “APPROVED”.

For the full length article, you can also visit restricted industry business loans/.

Categories
Video

Bank Statement Loans

Bank statement lending for businesses. Get Funding on bank statements fast and easy. Credit scores 500 and below are considered. Minimum revenue of $4,000 per month required. Provide the last 3 months statements with short application, and only 3 months time in business needed.

START NOW

Show Video Transcript Details

bank statement loan

Stop worrying about Credit. Get a Bank Statement Loan with just your Business Checking Account Statements [ kitchen noises ]. Get the last 3 months statements for your company. Some States like California may require 4 Months. Tap the Apply Button or Formsite Link or the endscreen of this Video, or Call 919-771-4177.

For the full length article, visit getting a Bank Statement Loans for Business here.


Personal Loan Options

 Finally, For more Funding,: Up to approx $20,000 –

 You can also choose to apply directly at Upstart.com.

Categories
Video

How to Open a Business Checking Account Video

Video Description: How to open a business checking account. Info on Tax ID number, Articles of Incorporation and licenses. Tips on Company Structures.

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Show Video Transcript Details

How to Open a Business Checking Account

How to open a business checking account. Decide on what you will name your business. Shorter relevant names are easier to remember. Avoid changing your business name in the future. Step 2: Register your Business. Go to the Secretary of State for your State. You can use this online tool, https://publicrecords.searchsystems.net/ to Search. Find your State. Choose the Company Search Option and do a Name Search to see if your chosen Business Name, or similar name, is available. If it is available, decide on a Sole Proprietorship, Partnership, LLC or regular Corporation setup. An LLC is popular with Small Businesses for the legal protection it provides it’s Owners. Purchase your Business Name. Ask your County, or City, if they require any separate Licenses. Next, get an EIN Number for your Business through the IRS. This is needed for all Businesses except Sole Proprietorships that use their Social Security Number for Taxes and Tax Returns. Gather all Documentation from Business Registration. Have your Business Name, Articles of Incorporation, or Business License and EIN Letter ready. Contact the Institution and Open the Account. Go to the Bank or Online to Open the Business Account with all of your Information: EIN Letter, Articles of Incorporation or Business License, and Business Name. All Owners need to be available and show Identification. Acceptable Identification is a valid Driver’s License, or a valid Passport. Complete setup and enjoy the account.

 

Find out how much Money you can get TODAY.
Call 919-771-4177.

For the full length article, you can also visit how to open a business checking account.

So, do you need more money than your Assets can get ? Get extra funds without putting up your equipment here using a bank statement loans option.


Personal Loan Options

 If you need funding for your new business: Up to approx $20,000 –

 You can also choose to apply directly at Upstart.com.

Categories
How-To

How to Open a Business Checking Account

Video Description: How to open a business checking account. Info on Tax ID number, Articles of Incorporation and licenses. Tips on Company Structures.

START NOW

Watch Video above. Click or tap arrow to play. Call us at 919-771-4177 with any questions. 

 

How to Open a Business Checking Account

How to open a business checking account

How to Supply: EIN Letter, but not for a Sole Proprietorship using their SSN. Similarly, articles of Incorporation if Incorporating, or a License. Also Money to open checking Account, ID (Identification).

How to Tool: Desktop, laptop, tablet or also phone.

Estimated Cost: Approximately $100 minimum to start a checking account but the amount will depend on the Institution.

Step 1:  Pick a Business Name

Choose a Business Name

Decide on what you will name your Business.

Choose a name that is relevant to your business type and easy to remember. Shorter business names that the public will easily identify can help build brand awareness.

Also decide if you will be 100% Owner or if there will be additional owners.

TIP: Avoid changing your business name in the future.

Step 2: Register Your Business

Go to the Secretary of State to Register your Business.

Go to the Secretary of State for your State. You can use this online tool, Searchsystems.net to Search. Find your State. Choose the company search option and do a name search to see if your chosen business name or similar name is available.

If it is available, decide on a Sole Proprietorship, Partnership, LLC or regular Corporation setup. An LLC is popular with small businesses for the legal protection it provides the owners.

Ask your County or City of they require any separate licenses.

Next, get an EIN number for your business through the IRS. This is needed for all businesses except Sole Proprietors that use their Social Security Number for taxes and tax returns.

Step 3: Gather all Documentation from Business Registration.

Gather all documents needed to register the business checking account.

Have ready your business name, Articles of Incorporation or Business License, and EIN Letter.

Step 4: Contact Institution and Open the Account.

Open your business bank account.

Go to the Bank to open the Business Account with all of your information: EIN Letter, Articles of Incorporation or Business License, and business name. If the bank is online, begin the process online.

TIP: All owners need to be present and show Identification. Acceptable identification is a valid Driver’s License or State ID Card or a Valid Passport.

Complete setup and enjoy the Account!


Conclusion: How to open a business checking account.

If you follow the steps above, then you can open a checking account for your company with no hassles.

If you have been using a personal checking account to run your business, then begin depositing funds into your new company checking account immediately.

Finally, you can use the cash flow in your new checking account to obtain services in the name of the business, such as bank statement loans, credit, credit card processing and other services.


Show Video Transcript Details

How to Open a Business Checking Account

How to open a business checking account.

Decide on what you will name your business. Shorter relevant names are easier to remember. Avoid changing your business name in the future.

Step 2: Register your Business. Go to the Secretary of State for your State.

You can use this online tool, https://publicrecords.searchsystems.net/ to Search. Find your State. Choose the Company Search Option and do a Name Search to see if your chosen Business Name, or similar name, is available. If it is available, decide on a Sole Proprietorship, Partnership, LLC or regular Corporation setup.

An LLC is popular with Small Businesses for the legal protection it provides it’s Owners. Purchase your Business Name. Ask your County, or City, if they require any separate Licenses.

Next, get an EIN Number for your Business through the IRS. This is needed for all Businesses except Sole Proprietorships that use their Social Security Number for Taxes and Tax Returns. Gather all Documentation from Business Registration. Have your Business Name, Articles of Incorporation, or Business License and EIN Letter ready.

Contact the Institution and Open the Account. Go to the Bank or Online to Open the Business Account with all of your Information: EIN Letter, Articles of Incorporation or Business License, and Business Name.

All Owners need to be available and show Identification. Acceptable Identification is a valid Driver’s License, or a valid Passport. Complete setup and enjoy the account.


To get a business loan, business credit or simple credit card processing for your business complete the contact form below.

This Article covers how to open a business checking account. Documents needed such as Tax ID number and getting a Secretary of State Listing is included.

To obtain needed services such as bank statement loans, asset based financing, or learn other self help for business issues including videos here. Watch just the Video Page here.

 

Categories
Video

Closing Stipulations for Business Loans Video

Video Description: Closing stipulations are the documents the lender requires to close the loan, or they will decline you. This Video will show you what you need. Then apply with us. Don’t have them all? Call us, we will get you past the problems and funded.

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Closing Stipulations for Business Loans

[ race car engines ] Its time to close your business loan now, and get the funds you need.  But then the lender sends you a list of closing stipulations they need before you get your money, and you don’t have them. [ desert wind blowing ] Call us for fewer stips and the most help with documents like, proof of ownership, Tax ID and EIN, [ wind blowing ] proof of business address, passing DecisionLogic bank verification. We will get you past all the Hurdles [ motorcycle engines ] and to the Funding Finish Line. [ water bubbling ] Low credit scores OK. Apply at SmallBusinessLoansDepot.com, Or Call: 919-771-4177.

Find out how much Money you can get TODAY.
Call 919-771-4177.

For the full length article, visit Closing Stipulations for Business Loans here.

Personal Loan Options

 Finally, if funding on your Truck is not enough: Up to approx $20,000 –

 You can also choose to apply directly at upstart.9c65.net/KjBRBy.

Categories
Video

Loan on a Truck

Video Description: Get a Loan on a Truck. If you own your truck, big rig, Ford F-Series, Dodge Truck, Semi Truck, Bow, Tow, Pick-Up, Diesel, Mac, Dump Truck, Cement, Car Carrier, Cement, Delivery, Moving, or other Truck outright, this program is for you!

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Loan on a Truck

Mike drives a Kick [beep ] Truck! But fuel prices, repairs, and tires were high, and going up ! So he called us and we got him money with a loan on a truck. Get Money against any Truck. Ford F-Series, Dodge, dually, Semi Truck, delivery, box and cargo, over the road heavy haulers, dump trucks and many more. Low credit scores OK. Do you own that truck? Find out how much money you can get today. Apply at SmallBusinessLoansDepot.com, or Call: 919-771-4177.

For the full length article, visit getting a Loan on a Truck here.

Use your Free and Clear Truck that you own outright to get money with a monthly payment.

Find out how much Money you can get TODAY.
Call 919-771-4177.

 If funding on your Truck is not enough Money: Up to approximately $20,000 –

 You can choose to apply directly at Upstart.com.

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Video

Loan on a Trailer Video

Video Description: Your Flat Bed Trailer and any other trailer you have is a source of money for your business. You can get up to $25,000 against it and the Trailer stays with you! Get a picture of the unit and the title to get an offer. Low credit scores OK.

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Get a Loan on your Trailer now.
Show Video Transcript

Loan on a Trailer

In minutes and seconds. 0:00 Introduction 0:08 Qualify 0:14 Trailers accepted 0:16 Credit 0:25 How to apply

[tires rolling on gravel road] Where does this Trailer think it’s going? It’s going to get it’s owner Kyle money for his business.
Kyle needed a Business Loan fast and had no assets. But he had a Trailer.
So we got him a Loan on his Gooseneck. Get Funds against any Trailer. Flatbed, Gooseneck, Semi Trailer, Enclosed, Lowboy, Dump, Hydraulic, Car Carrier, and many more!Find out how much Money you can get TODAY.
Apply at SmallBusinessLoansDepot.com, Or call 919-771-4177

Find out how much Money you can get TODAY.
Call 919-771-4177.

For the full length article, visit getting a Loan on a Trailer here.

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Video

How to Get a Large Business Loan: Video

Video Description: How to get a large business loan. Includes options, programs, requirements, approval and the funding process.

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How to Get a Large Business Loan

Some Lenders give you Loans so Small and Tiny, you can’t see them. [ vault door opening ] So, Let’s look at How to Get a Large Business Loan. First decide, how much do you need ? $50,000, $250,000, $500,000, $2,000,000 or more? [ street noises ] Search for a Lender that offers Large Business Loans. [ desert wind blowing ] Call and ask about Qualifying and Terms. Apply and get your best Chance for Approval by working closely with a Rep. Provide Cash Flow Information to show you can Repay. If you’ve been Denied, [ water splashing ] try to correct the decline reasons and get approved. After an approval, close the Transaction. Gather all Closing Items Required, Proof of Ownership, Bank Account Verification may be Required. Sign the Contracts [ woman giggling ] and get funded into your Account

Find out how much Money you can get TODAY.
Call 919-771-4177.

Go to the Full Length Article How to get a Large Business Loan

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Video

How to get a Loan Against Equipment Video

Video Description: Use Business equipment to get money for your business. Construction Equipment such as Yellow Iron, Trucks Rigs, Vehicles, and Trailers. Low credit scores OK.

Find out how much Money you can get TODAY.
Call 919-771-4177.

For the full length article, visit how to get a loan against Equipment.

Show Video Transcript

Loan against Equipment

Video Transcript: In minutes and seconds
0:00 Introduction
0:02 Make a List of Your Free and Clear Equipment
0:14 Provide Cash Flow Information
0:17 Match with a Lender that Offers Loans on Equipment
0:22 Apply
0:26 Gather required Documents and Close Transaction

[ desert wind whistling ] How to Get a Loan Against Equipment.
[ engine running ] Make a List of your Free and Clear Paid Equipment.
Get Pictures and Info on [ engine idling ] Vehicles,
[ engine revving ] Rigs and Semi’s, [ revving continues ] Pick Up Trucks,
[ pressure releasing ] Construction Equipment,
[ duck quacks ] Trailers and Other Equipment.
[ counting money ] The Lender may pay off valuable pieces with a low balance.
Provide your Last Few Months Bank Statements to show Cash Flow.
Match with a Lender that Offers Loans Against Equipment.
[ desert wind blowing ] Call and ask about Amounts and Terms.
Apply and Get Your Best chance for Approval by working closely with a Rep.
[ race car engines ] Close the transaction and Gather all Closing Items.
Proof of Ownership, Titles, Pictures or More.
[ water bubbling ] Low Credit Scores OK.
Finish by signing the Contracts and getting Funded.

Need more money than your Assets can get ? Get extra funds without putting up your equipment here using a bank statement loans option.

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Video

Evening & Weekend Business Loans

Video Description: Get a business loan in the evening or on the weekend.

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It’s late and you can’t reach a real person for a business loan? Call Us. Talk to real people.
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evening and weekend business loan

Stop calling companies that give you [ woman growling ] Thank you for calling, leave a message [ echo ] What should you do when you need a business loan, But it’s late in the Evening, or on the Weekend ? [ wind blowing ] Apply now or Call us to get a Representative and your funding started. [ water bubbling ]Low Credit Scores OK. While other Lenders have [ desert wind blowing ] stopped their processing, [ rocket engine roaring ] We are open and going strong. We have several funding options for Businesses. Line of Credit Style, Term Loans, [ restaurant sounds ] Cash Flow Based [ truck engine ] and Asset Based up to 60 Months. [ woman giggling ] Apply at SmallBusinessLoansDepot.com [ street sounds ] Or Call 919-771-4177.

Find out how much Money you can get TODAY.
Call 919-771-4177.

For the full length article, visit getting a Background check for Business Loans here.

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Video

Truck Repair Loan Video

Video Description: Get a Truck Repair Loan now

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Truck Repair Loan

[ tires skidding.] Kyle’s Truck was in Trouble. [ truck crashes.] kyle’s truck broke down and he needed money to fix it, fast. He used our truck repair loan to get the work done. You own the truck or make money hauling? [radiator hissing] Your’e pre-qualified. F-Series, dodge, [desert wind whistling] big rig, box, any kind of truck or trailer. Really tough credit o.k. so you can get it back on the road, today. Click the application button below and apply, or call 919-771-4177 [engine knocking] [engine revving] or go to smallbusinessloansdepot.com and get it repaired today!.

 

Find out how much Money you can get TODAY.
Call 919-771-4177.

For the full length article, visit getting a Truck Repair Loan here.

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Video

Background Check for Business Loans: Video

Video Description: Programs for business owners that have Felonies or Misdemeanors in their background record, but still need financing options. Learn about realistic but doable options and amounts you can expect and programs that will work.

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What to do when there is a background check for a business loan.
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business loan with criminal record

Lee had a Criminal Record in his Background from an incident 4 Years go. Now he needed a business loan with a Felony. Lenders keep declining him, after the closing background check before funding. But he had a Good Cash Flow Business. He Could Have Given Up…..but He Didn’t. Then he Called Us. We Stood by him to Get his Business Money. Apply Now, to Get a Business Loan with a Criminal Record. Including felony, DUI, Misdemeanor, Marijuana, Cannabis, Drug Convictions and More! Low Credit Scores OK. Find out how much Money you can get TODAY. Apply at SmallBusinessLoansDepot.com, or Call: 919-771-4177.


Business Loans for business owners that have Misdemeanors, Felonies, and Drug convictions on their record.

This also includes people who have served in prison, including those that were incarcerated and did significant jail time.

Find out how much Money you can get TODAY.
Call 919-771-4177.

For the full length article, visit getting a Background check for Business Loans here.

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Video

Loan Killed Just Before Closing? Video

Video Description: If your small business loan got killed in final underwriting just before closing and funding, call us. We will get you past the problems and funded.

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killed just before closing

[ swords clanking ] Did your business ever fight to get A Business Loan or MCA, And then, right before closing, get Killed in final underwriting? Apply with us instead. [ race car engines ] We’ll get your Loan past the finish line, and Funded.[ cash rustling ] From low current month deposits, low bank balances,[ police siren ] Background problems and more,[ desert wind ]We’ll get you back up [ water splashes ] And on to Smooth Sailing and Funding. [ water bubbles ]Low Credit Scores OK. Find out how much Money you can get TODAY. Apply at SmallBusinessLoansDepot.com, Or Call: 919-771-4177.

Find out how much Money you can get TODAY.
Call 919-771-4177.

To read the full length article, visit killed just before closing here.

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Cash Flow Loan

Business Loan Killed Just Before Closing?: Video

Our Business Loan was Killed just before Closing!

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We keep your loan from being killed just before closing and funding!  No more last minute turndowns for low or negative balances, low month to date deposits, overdrafts, background problems and defaults.  We stop it all for customers and brokers.

Watch: Denied and died just before being closed, above! Apply below now or call 919-771-4177. 

Call 919-771-4177 for more info.

How did your Loan die right before closing?

Killed for low month to date deposits.   Your account did not have have enough revenue since the beginning of last month.

Most applicants provide the most recent (3) months statements and not the current month.

Killed because your current balance was too low.    Your balance must be 2 to 3 times the payment amount.

Negative account balance (Overdrawn).   An overdrawn account is a reason for a last minute decline for most business loans.

Killed at the last minute for personal Background history. Your personal history has either a Felony, Misdemeanor, drug charges, or other convictions.

Died after the Decisionlogic bank verification.  There was some problem with the account.

Previous defaults.   Your business has an old default and it was discovered during the final check before completion.

New recent funding since the beginning of last month.  Your company just borrowed before now trying to close out the current request.

This is in the last 30 days or during the current month.

What are the top closing stipulations? Watch the 14 top closing stipulations for business loans Video!

How do WE save your Commercial Loan?

  • We ask you the RIGHT questions before funding.
  • We prepare you for closing.
  • Instruct you on what to fix.
  • Any other challenges?  We will solve those too! 

How do you win?

  • Get funding instead of a shock at the last minute.

Apply above so you can get fixes and expert guidance to help you get results immediately!

Conclusion

In summary, your deal died in final underwriting because no one was looking out for you.

There is much more than credit, start time and recent monthly deposits to getting an approval, and funding.

Start now!

Show Video Transcript Details

killed just before closing

[ swords clanking ] Did your business ever fight to get A Business Loan or MCA, And then, right before closing, get Killed in final underwriting? Apply with us instead. [ race car engines ] We’ll get your Loan past the finish line, and Funded.[ cash rustling ] From low current month deposits, low bank balances,[ police siren ] Background problems and more,[ desert wind ]We’ll get you back up [ water splashes ] And on to Smooth Sailing and Funding. [ water bubbles ]Low Credit Scores OK. Find out how much Money you can get TODAY. Apply at SmallBusinessLoansDepot.com, Or Call: 919-771-4177.

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Articles

Top 9 Reasons Why Your MCA was Declined

The Top 9 Reasons your MCA was Declined!

So your mca was declined.   Ouch!!  Here is what you should do about it and turn a denial into an approval offer,  closing and funding!.

The list includes decline reasons that happen during final MCA underwriting and just before funding.

Apply below to get APPROVED, now!


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Data Secure 15 Second Application here.

Call 919-771-4177 for more info.

  List of the Top 9 Reasons why your MCA was declined

Top 9 Reasons Your MCA was Declined:

1. Affordability

This MCA decline reason means your company cannot handle the new payment without significant problems.

If you know you can manage the payment, then prove it!  Provide your current bank statement, other accounts you may have, or tax return that shows you have the cash flow.

2. Low or Inconsistent Sales: 

Recent monthly sales have been up and down too much.

Make sure the investor isn’t using the lowest month to make their decision.   Ask them to use the average of your deposit totals for your most recent 3 months.

3. Failed Bank Verification:

Your MCA was declined because the company failed the pre-funding final bank verification requirement, such as DecisionLogic.

This almost always happens when the business has cash flow problems during the current month.

The verification failed for either low deposit volume, overdrafts and NSF’s, or not enough individual deposits.   It is usually some combination of these issues.

Ask specifically what they saw in the current Month that they don’t like.

Decide if this can improve enough to qualify in the next few days.  If not, apply above to get another funding option.

4. Credit Score Too Low: 

Some programs require a minimum credit score of 550, 600, or even 650.

Find out what score is required.  If it is too high, apply for a program that will accept your credit score before you apply.

5. Low Current Month To Date Sales:

Your current month’s cash flow was too low.

Ask the lender what minimum sales amounts are they looking for?

Also ask how much do you need to put into your account in the next week or two to qualify.   By doing so, you may be able to qualify before the current month is over and not have to wait until the next month.

6. Recent Overdrafts or NSF’s:

Overdrafts or NSF’s in your checking account in the last 3 months were excessive, and why your MCA was declined.

Add up exactly how many Overdrafts and NSF’s you had.    Ask the lender what the maximum is and how long before you will qualify.

7. Not Enough Deposits Per Month:

There were not enough individual deposits.    Some funders require 5 or more each month.

Make more frequent smaller credits if possible.

Find a source that will accept the number per month you are now making until you can start making more.   Ask in advance what their mimimum is.

8. Time in Business Too Short:

The time in business is not long enough through the Secretary of State or on your License.

Ask the funder how long they require.  If you are within 30 days of the minimum,  then ask for an exception.

If they refuse, then find a program that will accept how long you have been operating.

9. Background Check Failed:

A background check revealed something they didn’t like.   When you get this MCA decline reason, learn more about a Business Loan with a background problem here.

Ask the MCA company specifically what the problem was, and if that matches what you know to be true.

Shop other MCA companies that have programs that accept your background issue before applying.

Want to learn more about getting a business loan with a background problem?   Read the full Business Loan with a Background problem Article here, or go to the business loan with background problem Video page and just watch the Video.


Still Don’t Qualify?   NO problem either.  Apply Below Now for a different unsecured or secured alternative.


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Why choose an MCA option anyway?

    • Unsecured financing has less risk.   You do not need to offer collateral with a loan against your assets.
      • Up to 18 Month Term options for 600 and 1 Year in business and higher.
      • Get money against your cash flow again after payoff.  Use it to get money more than once.
      • Programs for as low as $2,000.
        Lower offers makes this a better option than regular title loans.  No need to risk your vehicle or equipment for a small amount of money.

      Need more general info on developing your business? Visit the SBA for resources
      such as local assistance, business guides and business plans.

      Conclusion: Why your MCA was Declined.

      Your MCA was declined for one of these reasons listed above.

      Take the actions listed and you can still get an approval offer and funding quickly!

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Articles

Loan On a Trailer Video: Easy & Fast

Video Description: Your Flat Bed Trailer and any other trailer you have is a source of money for your business. You can get up to $25,000 against it and the Trailer stays with you! Get a picture of the unit and the title to get an offer. Low credit scores OK.

Get a loan on a Trailer, now.   Do you own it outright ?   Then get money against the Trailer, fast. Even more, very low credit scores will work.

Watch: Video above. See trailers in action!  Click or tap arrow to play. Apply below now or call 919-771-4177.

Loan Against A Trailer

Apply below now or call 919-771-4177.  

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Data Secure 30 Second Application here.

So which Trailers Qualify to get a loan on a trailer?

Aluminum
ATV
Cargo
Custom
Dump
Enclosed and Open Car
Equipment
Gooseneck
Flat bed
Heavy Duty
Landscape Utility Trailers
LivestockTilt
Low Boy
Low Profile
Motorcycle
Refrigerated
Semi-Trailer
Tandem axel deckover and Dual Deck
Used Trailers
Utility
Racing
Vending
AND MORE!

Which Manufacturers? American Hauler, ATC, Big Tex, B Wise, Bri-Mar, CAM Superline, Car Mate, Cargo Pro, Carry On, Covered Wagon, Diamond Cargo, Homesteader, Master Tow,  Premiere, Sno Pro, Sport Haven,  US Cargo and more.

Bad credit and low scores down to 500 may still qualify.

So do I qualify? Do you own your Trailer outright and have a free and clear title ?  Then you pre-qualify.

You don’t own it outright?   Ask for our straight cash only program.   Even when you still owe on your trailer! However, do you also have other equipment?

Additionally, get more working capital with a loan against equipment.

Get a loan against your Flat Bed Trailer!

  Get Money Against It!

What is good about this program?

  • This is NOT a Daily Payment.
  • Your paid for Trailer is all you will need.
  • Monthly Payment Program option.   Terms are 12 to 18 months.
  • Get money again, against the same piece, after payoff. 
  • Up to $25,000.    These offers are much higher than standard title loans.  Need a higher amount but don’t have more trailers?  Another option is a bank statement loan for extra funds, or add other Trucks and vehicles you have.
Show Video Transcript

Loan on a Trailer

In minutes and seconds.
0:00 Introduction
0:08 Qualify
0:14 Trailers accepted
0:16 Credit
0:25 How to apply

[tires rolling on gravel road] Where does this Trailer think it’s going? It’s going to get it’s owner Kyle money for his business.

Kyle needed a Business Loan fast and had no assets. But he had a Trailer.

So we got him a Loan on his Gooseneck. Get Funds against any Trailer. Flatbed, Gooseneck, Semi Trailer, Enclosed, Lowboy, Dump, Hydraulic, Car Carrier, and many more!Find out how much Money you can get TODAY.

Apply at SmallBusinessLoansDepot.com, Or call 919-771-4177

FAQ’s

How does this program work?  Provide proof of the asset and ownership.  Get a monthly payment offer and then close.

How much can I get? Get up to 50% of the Forced Liquidation Value of the trailer.

Conclusion

The asset you own is usually all you will need to qualify for a loan on a trailer!

Good credit, revenue and time in business are NOT required to get offers.   So use the title, or revenue the trailer brings in to get the funding you want.

 

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Articles

What is Non-Business Revenue?

All revenue is not equal, especially for your business.   Lenders considering small business loans such as bank statement loans often look in detail at where sales came from in your business statements.  They are looking to see if the revenue is from the operation of your business, or not.

What if your business has been denied because the lender did not accept a large part of your business sales?

Then Apply below for programs that count the maximum amount of your sales and deposits instead of deducting them and declining your business!

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Data Secure 15 Second Info Form Here.

What isn’t business revenue: Types of Non Business Revenue

4 Main types of true Business Revenue that lenders accept.

1. Income from Sales to Customers and Vendors:

Revenue from the normal sales your business has is the most preferred and accepted income any business can have.  Your  business model is succeeding and can repay debt.

2. Income from Affiliate Partners. 

Some businesses have affiliate relationships.   Affiliate partners secure customers on behalf of another business.    This income may come from the affiliate partners rather than those customers directly, but it is still valid receipts.

3. Money from Collections

Many businesses have delinquent accounts they collect on.  Collection receipts are valid business income, even if they are from charged off accounts.

4. Money from the sale of business assets

When a business sells hard assets such as commercial real estate, business equipment or vehicles, it is considered business revenue and should be counted that way by lenders.

This includes soft assets such as proprietary software, intellectual property and patents.  Any of these can have great value and be sold for significant amounts.   When this happens, it is counted towards business sales and included in the annual income of the business.

Windfall from court decisions or judgements

Monies from court decisions or judgements is a grey area when it comes to lenders considering this as revenue for a business. Most will give this credit as true income from the business.   Money from successful court litigation is considered monies that are truly owed to the business.

However, it is still a large one time event that will not be repeated. That makes it considerably different than money from sales which does constantly repeat, such as from a retail store.

What isn’t Business Revenue?

Transfers between business accounts or from other accounts

Transfers between accounts are not revenue for the business.  The lender analyzes them to answer the following questions:

Was the transfer from another business account of the same business?  If so, what has been the recent cash flow of that other account?

Savings Accounts:
Savings account transfers into a business checking account are not business income received by a business.

Personal Accounts:
Transfers from any personal account into a business accounts will not be considered business sales.   Claims that they are must be documented and proven to the lender.

Business Loan Proceeds

Loan Proceeds are NOT considered business income.  Money that comes from lenders cannot be added to the gross receipts of the business.   It did not come from sales, so it is not business income.

Tax Refunds

Tax refunds are not part of  business sales.   Money back from the IRS is usually from taxes paid for previous sales, so the income has already been counted.

Rebates

Rebates is money a business gets back from an old purchase.  It shows in the deposit section of a business checking account statement.    Money had to be spent in the first place to get the rebate or refund and will not be counted.


FAQ on Business Vs Non Business revenue.

What is non business revenue ?

It is money that is not earned by the business from sales, sale of business assets, collections or the regular operation of the business.

Why is the lender not counting some of my business income?

The lender has decided that some of the money coming into your business is not consistent, or not the type they can count on to repay their loan, so they don’t count it.

How can the lender decline my business by not counting revenue that I earned?

The lender can count, or not count funds they see coming into your business for any reason.   Their credit standards and criteria is not subject to law.  It is based on their internal guidelines.

Conclusion

Some of your income may not be accepted as business income and may even be deducted resulting in a denial of your loan request.

Consider other lending programs when much of your revenues may be disputed as true business income.   Contact us to match your business to programs that are not as strict in this type of review.

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Articles

Declined For Drop in Month To Date Revenues? 7 Ways to Fix Your MTD

Was your business loan declined for a drop in mtd month to date revenue?   Review 7 ways to improve your numbers now and get approved as soon as possible by Applying below!

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1. Understand your Statement.
2. Why were you declined for your MTD? 
3. Total Deposits.
4. Average Daily Balance. 
5. Number of Deposits.
6. Overdrafts or NSF’s.
7. What can I do?

7 Ways to Fix a drop in deposits and get approved ASAP!

1.  What do lenders do with that Statement? 

The statement is used to review your cash flow as of the beginning of the new banking cycle, or your most recent cycle date.  Follow the link here to get a Month To Date (MTD) Statement in a PDF form.

2. Why were you declined for your Month To Date?

The statement used to decline your business will have lower than average deposits and be weaker overall than prior statements.  Lenders ask for recent statements when applying and do not usually ask for interim information.

They only request it approaching the end of the month, or if the most recent statement was weaker than older ones before it.   After the 20th, lenders may ask for the current cycle business account activity statement because a lot may have changed in those last 3 weeks.

Expect a request for the current statement when the last full statement was lower than average.   Lenders are looking for trends in your business revenue, especially negative ones.    Declines are not the end of the line.     Consider the top decline reasons as well as other loan types such as a loan against equipment.

3. Total Deposits in the current month.

Your current monthly totals from business revenue is the most important information mca lenders review in the current statement cycle.

Prorate your revenues to estimate what the full numbers will be for the entire current 30 day cycle.

Example:

Your company had $35,000 in revenues from March 1st through March 12th.    What is the company be expected to do for the full 30 days if they maintain the same revenue pace?

$35,000 X (31/12) =  $90,417.     To breakdown the math in simpler fashion,  31/12 = 2.58333.    Since there are 31 days in March and it is the 12th of the month, the prorated fraction is 30/12.    To express that as a % , 1/2.5833 = .387.  This means that .387% of March has gone by.

Almost the same prorated amount is derived by dividing the $35,000 interim deposits instead of multiplying, as follows:

$35,000 % .387 =$90,439.   The $22 difference is due to rounding.

4. Average Daily Balance.

Why is it important?  When your account’s average daily balance is low, then payments are more likely to bounce.

Average balances below $1,000 and especially below $500 are red flags in credit review and will get your request declined fast.
Work hard to keep a minimum balance of $1,000 and higher because it increases your chances of approval.

Lower average daily balances in the current cycle are very closely looked at in the review process.

5. Number of Deposits.

At least 5 deposits per month are desired for cash advances.  Other types of loans do not have this requirement, but more are better.

More usually means you have a higher number of customers which is considered a lower risk.

6. Overdrafts or NSF’s.

Overdrafts and NSF occurrences hurt the most in the current month.   Many customers say they do not want to keep money in the account.

There is a difference between not keeping excess money in an account and having overdrafts because of it.     Negative balances come from not having enough money and bad money management.

7. What can you do about a drop in month to date sales ?

Try to increase your deposit totals before the end of the cycle.  Deposits made just prior to the end of the statement cycle instead of the first day or two of the next one help current numbers.

Don’t let your balances get too low causing returned payments that show as NSF or overdrafts.

Ask what you need to have for a chance at an offer now and you may be given target numbers.   These will let you know if the numbers are achievable.   If all else fails, consider a micro business loan.

START NOW

Data Secure 30 Second Application here.

Call 919-771-4177 for more info.

FAQ’s: 

Can my business be declined for low current month’s sales? 

Your business can be declined for having a drop in revenue even in the current month that is less than a 30 day cycle.

Is there anything I can do to get approved now?

Following the cash flow strategy outlined here gives your business a chance of getting funding now.  There is still be time to correct the numbers in the same statement cycle.

Are there options that do not look at the most current deposits?

There are asset based options with a monthly payment that usually do not look at the most current deposits.    Those merit a close look for businesses that cannot wait for their cash flow to recover.

Conclusion

Declines for a business loan due to a drop in month to date revenues is a real possibility.   Most lenders do not look closely at current 30 days, but some do.

Understanding what the threats to an approval are and the actions to take.   Help your business steer clear of an unexpected turndown due to dropped revenues in the last 1 – 3 weeks.

Keeping a close eye on total and average balances and overdrafts during the current 30 day cycle can make the difference between an approval and a last minute decline.

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Articles

What Are Bank Statement Payback Months?

Payback months are the business bank statements for the same months 1 year ago. Lenders use these to help predict your company’s revenues in those months in the current year.

Apply below: for programs that increase approval amounts with strong payback months, but don’t lower offers with weak numbers a year ago.

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Lenders may request the Payback Months bank statements from a year ago.

Data Secure 30 Second Application here.

Call 919-771-4177 for more info.

4 Steps to understanding and handling this request

1. Understand Payback Months.
2. How to analyze your payback months statements .
3. Evaluate your requested amount.
4. Negotiation.

1. Understand Payback Months:

Lenders evaluating a loan request may ask for payback months statements for the previous year.   This means they want the same months from 1 year ago that you would pay back any new loan this year.   They use to check if you can afford an mca merchant cash advance.

Example #1:

Your business applies for a loan with a business lender.   The lender is considering a 6 month loan for a bank statement loan to your business and asks you for payback months.

A 6 month loan will have a payback from March 2021 through August 2021.   You will give the lender payback months bank statements from March 2020 through August 2020.

They want to see what your business revenues were for the same months last year.    This forecasts what they expect your business to do in revenues during those same months this year.

Seasonal businesses are very susceptible to large swings in revenue during the year and can expect lenders to ask for bank statements from the previous year to compare.

2. How to analyze your payback months statements.

For 6 month loan requests, take the same 6 months from the previous year.   Add up the total revenues and divide by 6.

Example:

From March through August of 2020, your company had a total of $120,000 in revenues.   The average monthly revenues are $120,000 % 6 = $20,000 per month.  Lenders offer 50% to 100% of average monthly revenues for most offers.  $20,000 x .5 (50%)= $10,000.  $20,000 x 1 (100%) = $20,000.

Offers should be $10,000 to $20,000, but may be less.

3. Evaluate your requested amount

Match your request closely with your business revenues.  Do not ask for more than you can qualify for because it could cause an unnecessary decline or delay.

Ask for $20,000 if 50% of your company’s average monthly revenues = $20,000.  Don’t ask for $100,000 unless you have assets to leverage for the request.

Do not state any amount and let the lender make an offer as an alternative.   Lenders usually make the maximum offer regardless of your request.

4. Negotiate

Maybe your business qualifies for $20,000, but you need $25,000.  Should you accept the $20,000?  No!  Ask for $25,000.

How? Get 2 or 3 offers from different lenders and leverage those offers with each to extract the maximum.  Take the offer from 1 lender and show it to the other two.

This way, you are greatly increasing your chances of a better offer.  Because 3  lenders have proof of a competing offer, they have more incentive to match and exceed their competitors.

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Call 919-771-4177 for more info.


FAQ:  Bank Statement Payback Months.

<What are statement Payback Months? 

Bank statements for the exact same months last year that lenders are considering a business loan to your company for this year.

Why am I being asked for Payback Months?

Lenders look your sales last year to help them understand if your business could make a new loan payment this year with the same sales.

Can they decline me for low revenue a year ago?

They may.   The lender can decide that your business cannot afford the new payments with similar sales from last year.   Explain why your sales will be higher for the same period this year, if so. 

Conclusion

Understanding and reviewing your bank statement payback months from last year will pay off.  Why?  First of all, you can help avoid a decline by reviewing last year’s statements.  If they are very low, go to another lender.

Also because you will have a better idea how much you qualify for,  should ask for, and how to negotiate.

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PPP Loan Was Not Forgiven? 4 Options and Funding Alternatives


You complied  with the rules.  Now you have been told you did not meet the conditions and your PPP loan was not forgiven.

Consider 4 ways below to deal with this along with other funding options if needed. Apply Below Now for Alternative Funding Solutions such as bank statement loans!

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How to Deal a Repayment Demand when your PPP loan was not forgiven:

Was your ppp loan not forgiven?

1. First Look For Mistakes.

The government and large bureaucratic processes often make mistakes.  Look through all of the guidelines and rules.   Try to pinpoint how they came to their decision, and if it was correct.

Read their own official rules in detail since analysts make mistakes.   But don’t just claim a mistake.   Find their mistake, detail it, and also state why it does not apply to your case.

2. Appeal the Decision. 

Appeal the decision regardless of whether you find a mistake or not.   This also applies even when you are not likely to win.     Many times  having another representative review your case results in a different decision.

Find out the details of the appeals process and follow it precisely.   Also followup during the process to make sure all your borrower rights are being met per legal requirements.    Backed up government processors often cannot meet certain time requirements.   Failure on their part may be a basis for a reversal in the decision.

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Basis for Appealing an unforgiven PPP loan 

Minor violation

Lack of proper documentation is the easiest problem to fix.  Provide the proper payroll expenses, rent roll, utility and other statements. Submit any missing information as part of the appeal.

Incorrect Decision

Funds not used as intended is a common denial reason.   As mentioned above, look for errors in their process.   People do not find mistakes when they do not look, so review their response in detail.

Look for mistakes in the rational for why your ppp loan was not forgiven and then attack denials that are weak.

Did not fully understand

This basis for appeal is not a strong reason. However, it may be enough to a reversal of the decision in some cases.

3. Gather All Documentation to Support your Appeal.

Documentation is key, so gather and review all you information.   Take a second look at your PPP expenses such as Payroll, Rent and Utilities.

Appeal Denied

Confirm whether appeals that are denied can also be appealed.  Ask for time to respond to any denial in writing and also request an in person hearing.

Settlements

Make a formal counter offer in writing for a settlement and also document why your business cannot pay a forgivable debt. Provide cash flow statements such as tax returns, bank statements, Profit and Loss statements and Balance Sheet supporting your argument.

4. Find other Funding Alternatives

Look for alternative funding options to shore up cash flow shortfalls from unforgiven PPP business loans.

A business’ cash flow is impacted because they did not expect to have to repay a forgivable loan.   Many other small business loans can be a good fit.

Asset based loans are also a great choice to assist with cash flow until the business adjusts to the partial repayment of their ppp loan.


FAQ:  Why did they not forgive my ppp loan? 

Why was my PPP loan not forgiven?

PPP loan forgiveness is not granted when you do not meet the usage conditions of the ppp loan stated in the contract.     The most common reasons are incorrect use of funds and time deadlines for usage.

What can I do about it? 

Carefully review the reason for the decline.  Read the rules for ppp funds use and check for mistakes in the decision.   Sometimes decisions are flawed or not clear cut.

How can I get the decision reversed? 

Appeal the decision.   Prepare all the documentation needed and submit a formal appeal.

Conclusion

A decline of forgiveness for your PPP loan may be a shock.  Take action to challenge the decision that may lead to at least a partial reversal.

Since these loans can be for large amounts, it is worth the time to see if you can change the outcome.     Look for mistakes in the process, prepare your paperwork and request an appeal.

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What is MCA Percent Of Monthly Revenues?

MCA lenders look at percent of monthly revenue to decide if your business can afford a cash advance, and for how much.

Apply below for programs that offer the highest cash advance percentage of monthly revenue. This means the largest approval amounts because the highest percent of your business revenue is allowed for an mca.

This is about affordability, which is the #1 reason of the Top 9
Reasons why your MCA was declined.

MCA Percent of Monthly Revenue

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What is an mca percent of monthly revenue?

Programs above offer the maximum approvals for mca’s as a percentage of your monthly business revenues.

  1. How it Affects Your MCA.
  2. Why it is Critical.
  3. How it is Calculated.
  4. Should You Care?

1. How it affects your MCA:

The percent of monthly revenues that an mca merchant cash advance can be is what drives the amount of the advance offer much more compared to other qualifiers.

It also tells you the maximum amount in advance that a specific lender allows for bank statement loans.    Businesses that have an existing mca with a balance will therefore know how much more that lender can offer them.

Example:

An existing advance has a daily payment of $100 per day.   The cash advance company you apply with allows businesses to have a maximum 30% of their monthly gross business revenue in cash advance payments.

Further, your business has monthly revenues of $25,000.   So the total amount the lender allows your business in advance payments  is $25,000 X .25 = $7,500 per month in payments.   $7,500 per month % 21 days = $357 day.
An approval for 9 months should therefore render a maximum $48,000 offer by that lender.

While telling the mca company about advances with a few payments left seems like a risky thing to do, they will probably not include existing advance in their calculations.

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2. How it is calculated.

Example # 1:

Your business has average monthly deposits in the last 3 months of $50,000 per month.    The lender you apply with allows the total monthly amount
you pay on MCA advances to be a maximum of 25% of your monthly revenues.

As a result, they calculate the maximum approval as follows:
$50,000 x .25 = $12,500 per month and there are 21 daily payments or
4 weekly payments per month.   So using daily payments, $12,500 % 21  = $591 / daily payment at 5 business days per week.

Another critical step in the offer amount will be how long that lender will make an offer for.   Longer terms result in higher offers, so a lender that offers a 9 month term can issue an approval of approximately $80,000.

This is because the math calculated to arrive at this approval amount is as follows:
$591 x 21 = $12,411 x 9 = $111,699, so a rate factor of 1.4 means that
$111,600 % 1.4 = $79,785.

3. Should you care? 

You should care because it allows you to do 2  important things:

1. Calculate what percent of your monthly business revenue any mca will be before you apply.    Also calculate whether you can afford the mca based the percent of monthly sales it totals.  You will also better understand what your affordability limits are for this transaction and for all future borrowing.

2.  Ask the lender before applying what the maximum is they allow.   You may exceed the maximum and therefore do not need to apply.    Also, the maximum amount they will approve you for may be too low.    This will save you time,  credit inquiries, and direct you to the best small business loan options.

FAQ on mca percent of monthly revenue for an advance.

What does percent of monthly revenue for an mca mean? 

It means the maximum percent of your monthly business revenue
that can be allowed for a cash advance.    Most lenders cap it between
20% and 30% of your monthly business revenue.

How do I know what my maximum approval will be for?

Take the average of your last 3 months total deposits.  Multiply it times .25.  This is the maximum amount per month many lenders  allow you to pay for a cash advance.

What if I already have an advance ?

Calculate the maximum your business can afford per month.   Deduct the monthly amount you already pay from that figure.   That is the difference you can still afford on a new cash advance with many programs.

Conclusion

Calculating the percent of monthly revenues an mca will be as a percentage of your monthly business cash flow helps you make several important decisions.

You know in advance if you are applying with a lender that can help and approve you for the entire amount needed.   You can ask lenders before you apply what their maximum percentage is and go to another lender if it is not high enough.

Another benefit is it helps you get the highest offers and saves maximum time by applying with the right funders.

For these reasons, know the maximum percentage of your business’s gross monthly revenue  lenders generally will allow in mca cash advances.   Also check back here on how to calculate approval and offer amounts needed to qualify for using the lenders maximum percentages allowed.

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4 Top Ways To Get a Better Business Loan Offer

Learn the Top 4 ways to get a better business loan offer.   Use this current program to max out the most favorable terms and conditions.   Apply below now.

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How to leverage a higher quality business loan offer.

    • Give your preferred lender a copy of any competing approval. 
    • Ask for better terms.
    • Leverage your broader relationship with the lender.
    • Find out why the approval was not better. 

Get better business loan offers now!

1. Show the lender a competing offer. 

Give the funding source information on any other approvals you have to negotiate with them.

Example:

You are approved for  $25,000 in bank statement funding, but you wanted a higher amount for more months.  Your request was turned down.

However,  you have existing offers from other funders.  Send your preferred lender the actual approvals from another institution if it matches or beats theirs.

Effectiveness:  This is often highly effective because it proves that you have multiple options.   You have more negotiating power when other lenders know they are not your only choice.  Providing documentation increases the pressure on your preferred lender to make concessions.

Rarely Done:  Very few people think of showing one lender competing offers.   The do not know that you have options from other investors.   Stand out above other applicants and show competing offers.

Confidentiality:   Is this confidential information?  It is the same you gave the other lenders, so there isn’t anything confidential you are giving away.  Your current lender already has the information, so it is not confidential.

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2. Ask for better terms.

The key conditions of the business loan offer are:

Amount:  You can ask for approximately a 10% increase since some funding programs have the discretion to increase the approval by a small amount.  Give a relevant reason why your business is asking for the higher amount.

Number of Months: The number of months often has some room for negotiation.   Ask for a 3-6 month bump instead of 12.

Rates:  Better rates are often hard to negotiate.   The funding source will generally give you the rate that matches your risk profile.  Negotiating rates may be easier when it is a brokered transaction and there are points or fees in the deal.

Check to see if there are different programs with the same funding source that would be a better fit.  Doing so may give your business better terms automatically just by switching to another program.

Also ask the representative about features and benefits.  There may be incentives and benefits in the existing approval that are already available just by asking for them.

3. Leverage any broader relationship with lender. 

Applicants often have an existing relationship with the lender they apply with.

Deposit Relationship:  Make sure the funding source considers any deposit accounts into their decision because automated programs skip this review in their processing.

Borrowing History: Any good previous borrowing history should factor into the approval decision.

4. Find out why the offer was not stronger. 

Contact a loan officer and ask them why terms were not more favorable, such a higher loan amount, number of months and rate.  Take a close look at those reasons and decide if you can overcome them right away rather than taking more time to fix them.

Example:
Getting your credit score increased will take too long to help you right now.   Getting updated financials showing your business in a stronger financial situation is faster and therefore could be used to get an improved business loan offer quickly.

For more ways to get the most out of your approvals, check out 7 ways to boost your borrowing power.


FAQ: Frequently asked Questions on getting a superior business loan approval:

How can I get a better offer?

You may get better terms if you have multiple offers and show them to the lender you want.  Tell them they need to beat the other offers in order for your business to close with them.

Will the Lender negotiate?

They are most likely to negotiate if they are given an incentive to do so.   Applicants who prove they can close with another funding source and are prepared to do so will often get a negotiated closing.

What if I don’t get better terms from the lender?

Apply with other programs if you are likely to get multiple offers.    After getting 2 other approvals, go back to the lender you want to close with and negotiate to get better terms.

Conclusion: Take advantage of easy ways to get better terms.

Most applicants do not push for better terms from lenders and as a result, sometimes miss easy chances to get a stronger deal.

Taking other approvals and asking your favorite lender to beat them always gives you a strong chance of getting concessions.   Ask for better terms and use any existing and previous relationships when negotiating. You will probably greatly increase your chances of getting an improvement on the original approval!


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Articles

Business Ownership Percentage For Loans

Business ownership percentage is very important for obtaining small business loans.  If one person has less than 80%, they usually cannot close the loan by themselves.  Many lenders want 100%.

Apply below for programs that allow less than 100% to complete funding.

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How much of the business do you have to own to get a loan?

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100% Business ownership NOT required for financing.

  1. 100%  is not needed.
  2.  Shareholders as low as 25% for some bank statement loan programs.  Most options require at least 51% to 81%.
  3. 1 Owner can sign in many cases.
  4. Remaining shareholders do not need to sign for some programs.

Top 7 Benefits:

1. Financing programs that fund with less than 100% ownership.

Get approved and also be able to close the loan with less than all the owners applying and signing on the note.

2.  1 owner may be able to close by themselves.

Another benefit is the other owners do not need to sign. Therefore, you don’t have to negotiate with them and convince them to sign on the loan.

3.  1 Shareholder may be able to make decisions.

You can make the decisions on the company loan even though you are only one of the shareholders for some options. Decide how much to borrow, for how long and any other options offered by the lender.

4.  The other partners do not provide a personal guarantee.

The personal assets of the non signing partners are protected. Many are not spouses or family members and their assets are separate when applying.

The personal assets of other shareholders will not be at risk under the loan, which is significant. Others often hold Real Estate and other assets separately.

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Related Business Ownership percentage issues

Decision making.

When there are several owners with similar shareholder percentages, it is difficult to complete many basic transactions such as sales with vendors, contracts and contract changes.

Shareholder percent of assets.

Assets that are in the company name are owned by all of the owners.

There is excellent business financing against vehicles with monthly payments.  Carefully review how shareholders are specifically listed on all assets, including on titles for loans against vehicles.

Selling, negotiating, or transferring joint business assets

Assets in the company name with multiple owners must have the approval of all of them for any changes. Everyone must agree and sign for the sale, transfer and any loan against an asset.

Anyone excluded from the sale invalidates that sale.

Selling  with multiple owners.

All must approve and sign any sales contract when the company is sold.   One party cannot sell it alone.

Ownership control of Checking and savings accounts

Checking, savings and other commercial accounts can be opened without all owners.  Authorized signer information is keep on file by financial institutions.

One signer also cannot remove another signer from the account. Other signers must agree to their own removal.   If one owner wants to be on an account alone, they can open a business checking account with themselves as the only signer.

They should check what the banks’ rules are for making changes.  Changes such as closing an account, withdrawing money are difficult later without specific documentation.

Changing stakeholder percentage.

Update the articles of incorporation or organization to increase or decrease these sipercentages. The articles may vary by state.
Many times, corporate articles do not list share percentages.  Most articles list principals such as President, Vice president, CEO and officers.   The lender does not have the breakdown.

A big reason businesses fail is disputes between owners, including who has the authority to make decisions and complete transactions.  Including specific percentages and shares owned eliminates many future disputes.  New corporations should include this information in their paperwork.

Use addendums and corporate change paperwork to add this information.  Another option is to add a notarized corporate change resolution or additional information page.  File these with the Secretary of State.


FAQ: Frequently asked Questions:

Do I need 100% ownership to get a business loan?

100% is not always needed to get a small business financing. Programs are available with percent ownership below 80% and as low as 25 in some cases.%.

Does my business partner have to sign if they don’t want to?

Partners do not have to sign when one has enough ownership.  Ask the lender what is required for closing.

Can I remove my partner from the business to get a loan?
No, and you cannot remove your partner without their approval in general.  Lenders do not want quick changes just to get the funding.  Get approval from the funding source first before attempting this.

Conclusion: Business loans closed with one signer has major advantages

As described, one company shareholder with the authority to close a loan has many advantages. They can make all the decisions on their own. They do not have to discuss and get agreement from others, which is often a major hurdle.  This  includes financing and applying for working capital loans.

Choose financing that funds and closes with one owner. Find out the requirements from the lender and make changes to your company profile for insufficient shareholder percentage, if needed.


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Articles

How To Reverse a Business Loan Decline Fast

There are several ways to reverse a business loan decline into an approval fast.  A lot depends on the reasons.   Some can be handled in days and you can change a denial into an approval with these easy fixes.

Apply below now for programs such as bank statement loans that specialize in dealing with common decline reasons.

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Reverse a Business Loan Decline: 7 common denial reasons

    • Derogatory Credit 
    • Debt to Income Ratio too high, or cannot afford new payment 
    • Insufficient Cash Flow 
    • Too many recent inquiries
    • Ownership percentage not enough
    • Unacceptable or no Financial Statements and Tax Returns
    • Recent overdrafts or low bank balances

Turn these Denials into Approvals now

Denied? How to change that into approved!

1. Derogatory Credit .

Bureau scores that are too low are among the most common declines.   Many people believe it takes years to improve their file and that they have to pay a credit repair agency to fix their negative reportings.

Incorrectly Reported Bureau Information:

Many times, information reported by the consumer reporting agency is incorrect.    Review your report and look for inaccuracies.   You can often get corrections and deletions updated within weeks.   Once you have identified the incorrect trade line reports, you can dispute it yourself with the reporting agencies, or hire a credit repair agency.

You will have already done much of the work just by reviewing your file in detail.    Doing the rest yourself lets you follow up faster and dispute it again if the reporting agency puts the same slow pay items back on your file.

Outdated Bureau Information

Sometimes outdated information hurts your scores.   An old account may still be showing on your report that has been paid.   A balance on a current account can be much higher on the bureau than the true balance.    Some creditors do not report every month. Disputing or updating outdated trade lines in your file can often increase your bureau scores.   Tell investors when you really owe less than what the bureau shows.   That improves your ability to pay new debt.

Scores Too Low:

Often, your current scores are too low.   Taking the actions above should increase your score because fewer derogatory and outdated items will be on your file.    Your bureau scores will jump quickly and may trigger a reverse of a loan decline.   Other funders may approve your company with higher scores as well.

2. Debt to Income ratio too high or cannot afford new payment.

Debt to income ratio is the percentage of fixed monthly debt divided by monthly gross income.    This is often calculated as part of the credit review process.

For example:   A borrower has monthly income of $5,000 and fixed obligations of $2,000.  Their d/i ratio is $2,000 % $5,000 = 40%.

If a borrower’s percentage is too high, they may be rejected.  Businesses with higher gross sales than others are likely to have more discretionary income with the exact same debt ratio.    If you can afford the payment, then document your cash flow.   Contact the lender and show them your company’s disposable income figures.  Prove that you can make the payment and ask to appeal the denial.

3. Insufficient Cash Flow 

Lenders may look at your overall cash flow.    Many require a minimum amount of annual company sales to even be considered for financing.  Many calculate the maximum loan or mca as a percent of your monthly revenue.

Funding sources that reject for this reason often do so in part on the most recent tax return figures.    Your most recent business tax return is already dated.   Provide a year to date YTD Profit & Loss statement and Balance Sheet when the current year is stronger than the previous one.   Doing so may justify approving a request that originally did not pass the approval process.

If your current year is about the same as the previous, then you would need to figure out other debt or income information that could potentially reverse the denial.   For example, large new customers that are new will increase revenues substantially.

4. Too many recent inquiries. 

Denials from inquiries can happen if the owner(s) have recently been making purchases that require financing, or new services that require a credit check.  Lenders have become more savvy at assessing these, but their automated reviews are not perfect and may not account for inquiries that should not be counted.

Many financing programs use a soft pull instead of a hard pull.   However,  some programs use a soft pull initially to make an offer but still do a hard pull later before closing.

If a lot of your inquiries are from shopping for consumer goods, or related to living expenses such as utilities, then document these.   Contact the funding source and show them what the inquires were for, and they may re-consider their original decision.

5. Ownership percentage not enough. 

Applicants must have at least 80% or higher ownership in the company to be able to close most financing on their own.   Many lenders require a higher  percentage such as 95%, and often full 100% ownership.

Discuss this with the other owners.    100% ownership is required for most financing so they may be required to sign.   Your enterprise will eliminate itself from good options if one owner with less than 100% ownership wants to get funding on their own.

There are exceptions for owners with very strong credit and assets. Owners with bureaus over 700  and a strong personal financial statement may be offer a guarantee by themselves with less than 100% ownership.  However, many investors will not consider any request with less than 100% of the owners applying, no matter how strong any one owner is.

6. Unacceptable or No Financial Statements or Tax Returns.

Some financing requires financial statements that the applicant does not have and is rejected as a result.    This usually includes the most recent 2 to 3 years personal and business tax returns, current interim financial statements and bank statement payback months for the same repayment months the new financing will be for.

Gather and provide the missing items and request your application to be reconsidered.

In other cases, financial statements were not acceptable.   This normally means the gross or net  income was not high enough, or not enough the cover the new payment.  A decline may result from just having one lower sales year out of the last three.    They want to see steady or increasing business revenues annually or they will not approve the request.

Alternative Options: Look for other programs if this is required.

7. Recent Low Bank Balances or Overdrafts. 

Even with a strong company and personal profile, recent low bank balances or overdrafts may be a source of rejection.

Your may need the cash because of a recent slow sales.  Many lenders are not forgiving to recent slow cash flow and overdrafts.  Applicants believe recent low sales is why they should be approved for funding.   Funding sources believe low sales in the last quarter is why a borrower wont’ be able to pay and therefore don’t make the offer.

Alternative Option:   Look for another lending program, or wait 30 to 60 days for your cash flow to rebound some, then apply.     If you can wait, first ask if it will make a difference.   Consider other sources when your request will not be reviewed again later.

Discuss your recent cash flow or overdraft issues in depth with the lender that rejected your business.  They will tell you they will reconsider it, but are very unlikely to change their original decision to an approval.   Many investors must consider all requests, whenever made.   Talk to them about fixes to previous issues before re-applying.


FAQ: Frequently asked Questions on how to reverse a business loan decline fast:

How can a decline be reversed?
The reasons can very often be quickly corrected or improved by making relatively easy updates or changes, such as ownership percentage.  Ask the lender if the changes you make may cause them to change their decision before you re-apply.

Can the decision be overturned into an approval fast?

Many changes can be made within days that allow a lender to reconsider the request.   Other changes will take longer but may still be accomplished within 30 or 60 days.

What if I can’t wait?

If you do not have the time to make corrections, then the best approach is to consider another type of funding that will not give you the same negative result.    Talk to other lenders in advance before applying.

Conclusion: Change a business loan decline into an approval

Do not believe that nothing can be done after your business does not get an offer.   Reverse a business loan decline into an approval today.  Having documentation, a strong rationale and persistence are key to turning a no into a yes.

Sometimes the wait may be weeks, but the result can be reversed in the end.

You will understanding what can be corrected and this is information to use in your favor to get the funding needed!


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What Counts as an Existing MCA Position?

When applying for a merchant cash advance, funding sources look at the current loans you have to see if you already have an existing advance.  But what counts as an existing mca position?

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What is an existing mca cash advance position?

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Other funding types that may be considered an existing position by lenders:

Daily repayment advances such as
bank statement loans

Weekly payment financing.

Monthly payments loans from certain lenders.

Programs that accept existing positions

Multiple existing positions O.K.

No penalty for other debts that are not mca’s.

Business funding that do NOT count as an existing mca position.   

1. Installment:

Monthly or weekly installment transactions should not count as an existing position when applying for a cash advance.

Example:Monthly payments for car and personal loans are almost never included in the approval process.

2. Monthly repayment:

Anything that is repaid monthly is almost always considered a separate type of financing.

Most installment loans also have monthly repayment, but not all.  These will not be counted against your existing debt on an mca application.

3. Secured:

Secured loans are not considered in your businesses’ ability to repay a short term unsecured advance.    It is a different type of debt and not calculated in the analysis.

Existing real estate and equipment debt, as well as accounts receivable financing are not counted against you.   As a result, they will not affect your ability to get an advance, nor affect the amount of the advance.

4. Unsecured Revolving Lines

Unsecured lines such as credit cards and personal lines of credit are not included.     You can have multiple credit cards or lines of credit because they don’t affect your ability to get an advance against future receivables.

Different terms between the two are a main reason they are separated because  unsecured revolving lines usually remain open for years.

Short term advances are paid off in 3 to 9 months.    Underwriting knows that you will continue to have that unsecured debt with a minimal monthly payment that is low compared to the advance.

Make sure the new lender is not counting loans or advances you have already paid off.    Provide them with a payoff letter on all previous debts that no longer have a balance but may still show one on your credit bureau.

FAQ: Frequently asked Questions on an existing mca position.

What is an existing mca position?

An existing mca position is business financing that is considered the same type as a cash advance.   This is usually any financing with a daily or weekly payment.  Some monthly payment options may count as an advance, depending on who the lender is.

What business loans count against me when applying for an mca ?

Any business financing that has a once per business day repayment is almost always considered an existing cash advance position.

Do other monthly payment loans count against me?

Other monthly payment business debt does not count against your mca application.

Why does it matter if my business already has cash advances?

New lenders need to know if your business will have the cash flow to pay the new debt.   They also consider if you are a habitual cash advance borrower.  Lenders probably consider you may take another advance behind theirs.

Conclusion

Short term daily, weekly and sometimes monthly business financing do count as an existing mca position and therefore, your business may not be approved or for lower amounts.

Know the types of loans you already have when applying for cash advances and which one will count against.    This will help you understand which type of business loan to apply for and what to expect.

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Too Much Collateral! 4 Ways to Stop Lender Asset Hoarding

Too much collateral is required for a loan.  What can you do?

Consider 4 ways to push back.  Make your case and keep as much as you can.

Apply below for either bank statement loans that do not need any of your company’s assets.

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Call 919-771-4177 for more info.

Make sure you’re covered, not just the lender!

How to keep a lender from taking too much collateral:

    • Ask about collateral requirements.
    • Don’t offer all of your assets upfront.
    • Negotiate the requirements. 
    • Negotiate lien releases during the loan.

1. Ask for all collateral requirements before  you apply

Finding out during the loan process that collateral you don’t have is required is too late. Ask what is needed before you apply.

2.  Don’t offer all of your Assets up front. 

Do not voluntarily offer too much collateral at the beginning of the process.  You may be required to provide a listing of what you own later.   First give a general description or possibly a personal financial statement.

This prevents the lender from automatically taking all of your assets as security for the transaction.      Don’t give them something valuable upfront they did not ask for.  Use this as a negotiating chip.  Compare their loan offer to the value of your assets.   Calculate the loan to value, or LTV.

3. Negotiate the assets required 

Many investors will automatically take as much as they can, even if it may not be required to cover their risk and exposure.  Banks and the SBA do this commonly.   Many will take 5 to 10 times as much collateral as they need just because they said they wanted it.  This contradicts what is expected with ethical business loans, but is standing in traditional banking.

After you have gotten an approval, push the funding source to take only the security they need.   They may refuse, but you should ask anyway.   Calculate the dollar amount of the principal + interest.   Figure out how much in assets they need to cover the debt and how much more they are requiring.   Check if assets are jointly owned if you have less than 100% ownership percentage in the business.

If their request far exceeds what they need to protect themselves, then present them with your calculations and valuations.    This will be your proof, best case, and put the most pressure on them to lower their requirements.

4. Negotiate a release of lien during pay down.

You pay down the balance during the term of the loan, beginning with the first payment.     The balance usually goes down much faster than the value of the assets.   Sometimes, asset values go up instead of down.

If multiple pieces of Real Estate are being held, then negotiate before closing.  Try to get them to agree in writing to release pieces after the balance has been paid down enough to still cover their debt.    A condition may be timely payments and no other violations of the contract on your part.

Another option is getting a lender to subordinate their debt . This may be required because the new funder may not want to take a lien position behind the others.    If you want to close the transaction, then you can approach the existing lien holders and ask them subordinate their position.  They will then need to complete a subordination agreement.

Equipment transactions can be handled the same way.   Ask for agreement ahead of time that pieces of equipment will be released from the lien as the balance is paid down.   It is tough to get this approved but make the request because late in the loan the balance will be low.

Since the balance will go down faster than the value of the collateral,  remind them that their risk position gets better every month after closing.


FAQ:  Keeping a Lender from taking too much Collateral:

What is too much collateral?

When lenders approve a loan and take much more collateral than they need to safely cover the balance if you default.  Banks routinely take excessive security on their transactions.

Can the lender take as much collateral as they want?

Funding sources take as much collateral as they want or you are willing to give them.   Do not offer all of your assets in advance without negotiating for less.
How can I keep the lender from taking all my assets for the loan?

Find out program collateral requirements from the lender ahead of time.  Negotiate the collateral terms right after an approval.  This is when you have the most leverage to get changes.

Conclusion

Many lenders often ask for all the collateral you have available.

Most people and businesses believe they do not have any say, influence or choice in this decision.   They do.   The borrower may not get the lender to lower their collateral requirements much, but they sometimes have success.  It depends on the source, the transaction, and how you negotiate.

Ask for reasonable concessions and justify your request.   This may include calculations, valuations and other proof.    You will get some of what you want more often than you think.

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Loan To Value: 7 Ways To Boost Your Borrowing Power

Understanding Loan to Value and how to use it helps you borrow more money with better terms.

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Consider 7  ways, detailed further below to maximize your borrowing strength.

1. Understand Loan To Value, also called LTV. 
2. How to use the equity in your assets.
3. Negotiate.
4. Know the risk of loss.
5. Get the highest % funding against collateral.
6. How does credit affect the percentage?
7. How can an appraisal help?

Get the most out of your assets

7  ways to use loan to value to help get the money you want.

1. Loan to value: How it works:

LTV is the amount a lender offers as a percent of the value of any asset they take as collateral.

Example #1:

Your business applies for capital.   The lender wants collateral as security and tells you real estate is required.   Because you need a large business loan, you agree and pledge residential real estate.

Your home is worth $300,000.   The lender has a maximum LTV policy of 75% against real estate.

In this example, the maximum amount would be $300,000 X .75%
= $225,000.    If your home is free and clear and the lender agrees to a 75% LTV, then expect $225,000.

Example # 2

Instead of real estate, you put up equipment or vehicles.   The amount offered will be much lower.    35% to 60% is the most common range, depending on the lender and only based on the equipment they choose to accept.   Lenders rarely are interested in all of the equipment available but may take a blanket lien anyway.

You provided an equipment list with $100,000 in equipment.   The maximum Loan to value, LTV is $30% but you are only getting $15,000.    What happened?   The lender likely only is interested in $50,000 of the $100,000 in equipment.   As a result  $50,000 X .30% = $15,000.

2. Use valued assets to boost your Approval amount. 

Example # 1:

A business loan applicant qualifies for $25,000 in business bank statement loans,  but they really need $75,000.    The borrower pledges their vehicles and construction equipment to try to get more.

The retail value on the equipment is $150,000 and the lender comes back with a 40% LTV.   This equals $60,000 combined with the $25,000 the unsecured option.    Combining the two, the lender is agreeing to a maximum of $85,000.    By using the 40% loan to value against the equipment, the borrower is able to boost the offer by $60,000.

Knowing this, applicants can estimate what lenders will do in advance for the collateral they have.    The borrower can use that information to decide if they should apply for an unsecured line, or secured with assets.

3. Negotiate

Almost all borrowers think they cannot negotiate and do not have any power when it comes to the borrowing process.    The borrower does not have the upper hand, but they can get a lot by taking the right steps at the right time.

Negotiate during the request.    Even if they decline what you are negotiating for,  you may still get other improved terms if you had only asked for them.

Ask for higher amounts,  longer terms, better rates and early payoff terms.  The lenders is not going to give you better terms unless you ask for them.

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4. Risk – You can lose your valued assets! 

First decide if it is worth it to use your assets to get money?

If you must have more money, then you must use your assets.    Strong cash flow and credit are the best ways to get an unsecured business or personal loan instead.

The borrower has to decide if the risk they go past due is high and whether they can afford to lose the collateral.    The risk is high when the borrower cannot run the business without the equipment.

5. How to get the highest % Loan  against the value of assets.

Listed stocks, certificate of deposits and any other liquid security usually brings the highest loan amount.   This can be up to 100% because while the balance owed goes down, the value of this collateral does not.  Listed stocks is an exception that can decrease in value.

Real Estate also brings a high loan amount as a percent of it’s market value.  Most real estate backed transactions are in the 65% to 85% of the market value.

After real estate, percentages drop down a lot.   Equipment usually brings between 35% and 50%.   Traditional banks rarely makes these types of deals and usually only offer 10% to 15%.

6. How credit affects LTV Loan to value

Credit scores have a strong impact.    The same applicant with a 700 credit score may get a higher approval than a 575 credit score with the exact same profile.

Lenders will approve more on secured transactions for borrowers with a higher credit score.     Lower credit scores are always considered a higher risk and the numbers go down.

Example:

An applicant with a 725 bureau score uses their free and clear commercial property to get financing.   The property is worth $1,000,000.    They go to a bank that approves a maximum 75% loan to value against real estate.

This applicant that has a 725 credit score gets funding with a 75% LTV, which equals $750,000.

An applicant with a 600 credit score gets a 60% LTV maximum, which equals $600,000.    This is common in practice.   In this case, an applicant can get $125,000 more or less, depending on their credit score.

7. Valuations:   How appraisals fit in 

Many asset based loan offers use valuation tables and market estimates to arrive at the amount.

Provide any recent appraisals you have that are less than  6 months old.  Doing so should protect you from getting low balled.

Consider ordering an appraisal when you get an approval you think is too far below market value.     Lenders tend to make conservative estimates that help them, not you.

FAQ on Loan to Value.

What is Loan to Value? 

The amount a lender will offer as a percentage of the market value of  assets.  Collateral valued at $100,000 with a 60% loan to value may result in an offer of up to $60,000.   

How can loan to value help me?

It helps borrowers decide whether to apply for secured or unsecured financing.  It also helps them understand what types of collateral give the lender.    The biggest benefit is that is brings larger approvals.

What can I do to get a higher offer?

Call the lender and ask what types of collateral they will accept and what percentage they will loan against it.     Real Estate will bring the highest amounts.

Why is the lender approving such a low amount compared to the value of my asset?

It is usually because they only offer a maximum percent of the value depending on the type.  They want to get their money in case of a default by approving far less than the market value.

Conclusion

Negotiating after you have been approved may get you some concessions in terms from the lender.     Ask for a higher amount when you know the offer is too low compared to the market value.

Understanding what loan to value is and how to use it can help you get approvals for higher amounts and terms more favorable to you!

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How to Use an Asset With a Lien to Get a Business Loan

Do you want to get a business loan using assets with a lien?

How to unlock your Assets!  Here are 3 ways to use an asset that has a loan on it now as collateral for a new business loan.

Apply below:  Expert programs that include guidance getting the maximum out of your collateral.   Even if you still owe on it right now!

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1. Request a lien release. 
2. Lender takes a 2nd lien position
3. Payoff the lien with proceeds. 

3 Ways to use an asset with a loan on it as collateral for a new loan. 

1. Ask for a release of lien:

Call the existing lien holder and ask them to release the UCC lien.   Read here for more about what UCC Liens are.    Lenders often take much more collateral than they need because they want to cover any losses on defaults.  They sometimes even take all of a business’ assets instead of only they need.  They over collateralize the loan and improve their loan to value position.  Most borrowers think that is only way it will be and do not object.   The lender wins by default just by asking for more than they deserve.   

The lender may agree to release a certain piece or more of the collateral they are holding.  This works best when they have many pieces of collateral and you have already paid a lot of the loan down with timely payments. 

Push the lender hard on loans you have paid down significantly as agreed.   

Negotiation Example:  2 years ago, you took out a 4 year business loan for $100,000 and your current balance is $40,000.   The lender took 4 pieces of construction equipment worth $25,000 each and all payments have been on time. 

Telling the loan company they still have enough collateral  and maybe more than when the loan was originally closed.

The loan to value, LTV, may now be lower than when the loan closed.    In those cases, you have paid the loan loan down faster than the equipment depreciated during that time.

If they agree, follow up to verify your asset has been released at the Secretary of State, also known as the SOS.    Push hard to get a release as you may need the extra collateral, especially for a larger business loan.

2. New lender takes a second position. 

They can take a 2nd position lien on the collateral.

This works best with real estate that has a lot of equity in it.  The new loan provider can be the 2nd lien holder against the Real Estate.

Example:  A first position lender has a lien on commercial real estate.   The property is worth $500,000 and the current balance is $100,000.   The new lender makes a loan for $50,000 and then takes a 2nd lien on the property behind the 1st lien holder.   2nd and even 3rd positions are usually limited to real estate or cash flow financing.

3. New loan proceeds are used to payoff the loan

The existing loan balance on the asset is paid off.   This happens most often when the balance on the loan is very low.  As part of closing, the 1st lien is paid off and that amount is debited from the proceeds of the new loan. 

For Example:  Your business is closing a loan for $50,000 using equipment as collateral.    There is a first lien holder on the equipment and that loan has a payoff balance of $10,000.  At closing, the new lender sends a check for the payoff amount to the first lien holder and takes a 1st position on the collateral.
 

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FAQ on getting a business loan using assets with a lien .

Can I use equipment with a loan on it as collateral?

Lenders may take a 2nd position on the collateral.  In most cases, they will not make a loan if there is a lien on the asset and it is not paid off.

Do I have to payoff the loan first?

You will have to payoff the loan in many cases.   Some real estate and cash flow loans may not require a payoff of the 1st lien holder.   This will vary by lender depending on their guidelines.

Can a lender payoff the loan on my collateral?

Lenders can payoff the loan on your collateral.   The process is faster when the lender pays off the loan because they will verify and also handle the payoff. 

Can I get a loan before I have the title in hand?

Ask the lender if they are willing to close the loan and request payoff and title from the lender holding the title as part of closing.    You will have to have the title in hand if they are not willing to do that.

Conclusion

Getting a business loan using assets with a lien is possible.

Find out the lender’s requirements early in the process.   If allowed, there may be extra steps that can take a few days.   Start right away and you can close a few days sooner.

Between a release of lien, a 2nd position, or payoff, there are several creative ways you may be able to use collateral that has a loan on it right now to get a new loan.

If not, find out if other lenders have different criteria that will allow you to use encumbered collateral.    Checking into these options often lets borrowers get loans they never would have gotten otherwise.

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Business Tax Extension Loan For IRS October 16th 2023

Do you need a business tax extension loan to pay IRS taxes by an extension date and haven’t come up with the funds?

Leverage the assets or cash flow of your business to pay IRS business taxes by October 16th, 2023.   Several unique programs available, below now!

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Apply above to: Pay IRS business taxes by the October 16th, 2023 extension. 

Multiple Programs to get approved through. 
Flexible criteria. 
Fast funding and closing. 

Get a business loan to pay the IRS extension deadline of October 16th 2023

Need the money to pay the IRS October 16th 2023 deadline?  Get your business tax extension loan now!

Several relatively unknown programs available. April 18th 2023 is the regular filing date.   The extension date is October 16th 2023.

1. Funding against the equipment your business owns. 

Businesses that have construction equipment or over the road tractor trailers can use their equipment to pay tax extensions.

You can get between 40% and 60% of the retail value of the equipment, depending on the year, make, model & condition.

Example: Your business owns a 2010 John Deer Front End Loader with a retail value of $60,000.    Based on a 40% Loan to Value, the offer would be $24,000.    The percentage will depend on the condition of the asset, maintenance records and the results of a site inspection.

A 60% valuation would give an offer of $36,000.    These ranges may vary from lender to lender.   The difference is that most lenders will not make this type of loan at all and it is also considered a specialty business loan.

Traditional banks will rarely make this type of loan.  When they do, they typically only offer approximately 10% – 20% of the value of the equipment and require real estate as part of the loan.

Therefore, if your business has to have money to pay the IRS extension amount and gets any offer close to that range, it should be strongly considered.

2. Funding against business property. 

When the IRS amount your business has to pay is high, then you may need to use business real estate.

The real estate will need to have at least 50% equity in order to have a chance to get the amount you need.    A 50% equity requirement seems like a high number.   Most lenders do not loan against 100% of the value of real estate and 65% to 85% is the maximum.

It is hard to qualify to get a loan to value higher than 70% or 75% of the appraised value.

3. Funding based on the cash flow of your business.

Another option is to fund against the cash flow of your business.  This may be the best option for businesses that are asset poor.

For Example: Your business has limited assets but strong business revenues.  You need $25,000 to pay by October 15th,  and business annual sales are $300,000.

Based on getting approximately 50% of monthly sales, $25,000 X .50 = $12,500.     An average offer will be approximately $13K.    Offers in this example could range from $10K to $30K depending upon other factors.

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FAQ Business tax extension loan 

Can I get a loan to pay business taxes by October 15th ?

There are several programs your business can choose from to pay
October 16th, 2023 business taxes.    Consider programs based on your company assets or cash flow. 

What if we can’t pay the full amount of the extension?

Refer to your Accountant.   Typically,  accountants recommend filing the return, paying as much as you can and communicating with the IRS on a payment plan.  

What can we do if we don’t qualify for enough to pay for the October 15th extension?

You may qualify for more than 1 type of loan.  A 2nd type of loan may allow your business to get the extra amount needed to pay the IRS extension balance.

Conclusion

If you need a business tax extension loan to pay October 15th, 2020 quarterly taxes quickly, look at alternative solutions.

Getting a business loan approval when the use of funds is to pay business taxes is harder to get than for other reasons.   Look at less well known options mentioned above, including  based on assets and cash flow.

Leverage the strengths of your business to get as many options as you can.  The business loans you qualify for may not be the ones you prefer.   Be open to alternatives and your business has the best chance to get money to pay the IRS or State tax extension balance!

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Lowering MCA Payments: Pros and Cons

Lowering MCA Payments.    Is it a good idea, or not?  Why would you not lower your cash advance payments if it will help your cash flow?

There are significant advantages, and disadvantages to lowering your daily cash advance payments.    Disadvantages can include large extra fees, difficulty getting future business loans and being declared in default.

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Apply Above!:For business loans  to help your business get funding without the problems after lowering payments.  Payoff options also!

Get the payments down

The lender has agreed to lowering  mca payments for you.  …….But should you do it?

Pros to Lowing MCA Payments: 

1. Immediate Cash Flow Relief: 

Lowered payments will give your business the immediate relief it needs from  daily advance payments.   How much it helps will depend on how many advances you have, how much the payments are lowered, and for how long.  Switching to fluctuating payments based on sales is another solution.

2. Saving Your Business

If you have stacked daily advance payments, first find out from all the advance companies if they will lower the payments, for how much and how long.  It may turn out that the savings are not enough.

Calculating this ahead of time will help you figure out if you should go forward or not.   Some advance companies may lower the payments and others will refuse.  The amount they will lower and for how long is different from one company to another, but the savings can be significant.

Example:

Acme inc has 2 daily cash advance payments.   Each payment is $200 per day.   $200 per business day times 21 business days per month = $4,200.      Two advances means $4,200 times 2 = $8,400.

Each cash advance company agrees to lower the payments in half,  to $100 per day for 21 days.   $100 per business day times 21 = $2,100 per month.   2 advances = $2,100 times 2 = $4,200.

The total savings is $8,400 – $4,200 =  $4,200 per month.  This is significant and your business may need to go this route if it makes the difference between staying in business or going out of business.

3. Avoiding Default

Lowering payments may prevent an outright default.  It will depend on what your contract says and discussions with each lender.    Many official defaults can be avoided by negotiating with the lenders and having a clear agreement that they will not designate and list your account as a default.   Check with the other owners when your business ownership percentage is less than 100%.

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Cons of lowering daily payments:

1. A Derogatory Listing with Business Lenders

Lowering cash advance payments will be considered a negative to funding companies.  Your account will be flagged.   Other lenders will see that your payments were lowered and may decline future requests.

2. It can still be a Default. 

Lowering cash advance payments almost always is a default per the original contract you signed.

It is very important to negotiate a non default  into your agreement when you lower payments.  Your account may be tagged and put into a database that still lists your business as a default account.   You may not even know this happened in spite coming to an agreement with the lender. 

3. Additional fees and other charges.

Lowering payments still means that your business did not meet the terms of the original agreement.    The advance company did not get payments they originally required.

They may impose a large additional fee as part of the agreement to lower payments.    This fee is often added to the end of the contract.    Your payments are temporarily lowered but the number of payments is extended.

This may still be better than missing payments and having an outright default, but factor this possibility into your decision.   The fees can often be significant, so ask about them when negotiating.

4. Trouble getting money later.  

Lowering cash advance payments will be considered a negative to other funding companies.  Your account will be flagged.   Other lenders will see that your payments were lowered and may decline any request.

This is basically a delinquency on your record and will make future borrowing harder.   Your business  will be declined more often.    This derogatory on your record may last for years.  As a result, your business may have additional problems getting financing.


FAQ on Lowering cash advance payments.

How can I lower my cash advance payments?

Call the merchant cash advance company and ask for your payments to be lowered.   You must provide a verifiable and critical business reason.   So make the request before you start missing payments.

Does it hurt me to lower payments?

Your account may be listed as having lowered payments in databases that can be seen by other lenders.  It can hurt future requests for business funding depending on the lender and type of financing. 

Does lowering payments mean I defaulted?

It depends on the lender, as well as the original contract  and your negotiations with them.  Read the contract first before contacting the lender.   Make sure they do not declare a default, otherwise your account may still be declared that way without you even being aware of it.

Conclusion

Lowering mca payments should only be done as one of the later stage options you choose to improve your cash flow. There are negative consequences that can be significant.

Once you choose this option, it needs to be handled  in a systematic way.  Decide which advances you need payments lowered on and make a plan to show the lender.  Explain why you need payments lowered, how much and for how long.

Prove to the lender that you will be able to resume regular payments and then keep making those regular payments.

If you have multiple advances, it is critical to take them all into consideration. Address them all at one time, rather than a scattered approach and your cash flow should be sustainable for the long term!

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Declined For Missed MCA Payments? Get Money Now!

Has your business has been declined for missed mca payments?  You don’t need to settle for a denial anymore.   There are other creative options to get approved and funding, today!

Choose from a loan against equipment and even a large business loans that you can still get even with missed cash advance payments.  Apply below.

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How to get a business loan with missed MCA payments:

Steps and tips on how to get a business loan after missing mca payments.

Tools needed: internet connection, computer, phone.
Supplies needed:  Time available

Step 1 Evaluate your missed payments.

The number missed is important. Missing 1, 2 or 3 payments is considered minor and should not prevent your business from being approved for more unsecured type bank statement loan funding.

Missing more than 3 consecutive daily advance payments may trigger denials with other lenders.  Bringing your account current is the best first step to get new funding.

Communicate with the lender during the process.   Regardless of the outcome, it almost always causes the lender not to take more adverse action against you when behind.  It will also make new funding much easier.

Evaluate your missed payment status

Step 2  Match funding options

Tip: Begin a search for other funding options. Start the search broadly with other programs that your business may qualify for.  Decide which programs are the best fit for your business.

Look at the qualifying requirements for other programs.  Eliminate those programs that your business likely could not qualify for.   Prioritize and choose programs you can get approved for instead of programs you prefer.

Match the best programs that best fit to your business.

Step 3 Apply

Apply for the best matching program that allows for recent missed payments on other financing.  Talk to a representative before applying when possible.

Tip: Give them information on your overall profile and discuss your chances. If it is still a good fit, then apply.

Step 4 Close approval 

Review terms and conditions of any approval offer. Close the transaction if your business can handle the payments and the funding will assist in generating future revenue.

Step 5 Make a plan after denial. 

If the request remains a denial, then make a plan. Understand the decline reasons.  There may still be a chance to reverse the decision and get an approval.  Try this first.  Consider applying with other lenders when you cannot get approved.

Apply with other lenders.   If that still does not work, do not stop the process.
Begin working on correcting the reasons that were used for denial during the first funding request.   Whether it is credit, financials, or cash flow, try to improve this month over month until your profile meets the requirements of the previous lenders.

Make a short term plan if the denial remains in place.

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FAQ: How to get a business loan with missed mca payments:

Can I get a business loan with missed mca payments?

Yes, you can get a business loan with missed mca payments.   Review the decline reasons with the lender to see if the decline can be reversed.  Finally, you can work on correcting the denial reasons to get funding.

Can I get another cash advance after missing payments?

It is possible to get another approval.  An offer will depend in part on how many were not made, when they happened, and if they are still past due. Getting the account current is the most important step. Staying in frequent communication with the lender will help your chances as well.

Do missed cash advance payments show on my credit?

Untimely payments do not show up on your personal credit report if the lender has not declared a default.   Default accounts may show up on personal or business credit.  Check your contract.   It may provide information on how and when the lender reports delinquencies.

Conclusion

Being declined for missed mca payments is something that can be overcome.  Don’t wait several months to get funding.

Try to reverse the decline decision with any current lender.   Look for lenders that will approve your profile the way it is now.   Then work on correcting all your main decline reasons for the future.

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Business Loans: Just 1 Month Time in Business Required!

One Month Time in Business  Loans

Brand New businesses!
Business loan program available now with one month’s bank statement and just one month’s time in business!

Complete the one page application below & provide the first month’s business bank statement. This is a start up specialty bank statement loan program.   Visit our homepage for more programs.

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1.Only 1 Month’s bank statement required.
2.New Businesses.
3. Fast offer and closing.

Apply above:

New Business:  Loan program

New businesses can get approved with just the most recent month’s statement and the fast 15 second application.   Renew the loan and increase the approval amount as your sales increase.

A short time in business is also #8 of the Top 9 reasons why your MCA was declined.

This program is excellent for
New Businesses.
Companies that expect to have big swings in business revenue due to the covid-19 pandemic after they open.
Businesses that want to establish a partner relationship with a lender.

With this program, the most recent 3 months bank statements are not required.

Typical Existing Programs

Almost all current programs require the most recent three months bank statements and a month to date statement.

Why?    Underwriting wants to see how the company’s cash flow has been over the most recent months.    They take the average of those 3 months and issue an approval based on the average.

Example: A business provides statements for the last 90 days and has the following total deposits during that time.

July:  $10,000
June: $15,000
May:  $10,000
The average per month is calculated as follows:
$35,000 % 3 = $11,666 per month.   In this example, the lender can make an offer knowing that the business brings in an average of $11,666 month.

Lenders cannot calculate an average with only the numbers for the last 30 days.  If the business deposited $10,000 in July,  then the lender will make an offer based just on that 30 day total.

An offer may be slightly lower, but the business has the opportunity to get a higher renewal offer quickly.   As sales increase, the business can get a much higher renewal offer.

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FAQ on business loans with only 1 months bank statement.

Can we get a loan with just 1 month’s bank statement?

Yes. You only need to provide the first month’s statement as a brand new business.  Businesses that had a strong month since the 1st of the current month can provide a month to date statement to get a higher offer.

What if our first month had low sales?

You may still be able to get a starter offer.   As your sales grow,  you will be offered higher amounts quickly.   This is a relationship product that your business can use like a Line of Credit.

Can we get approved with only a few weeks in business?

You only need 4 weeks or more in business.   If the business began the previous month, then provide information since the beginning of the new month.   This can be a MTD Month to Date statement.

Conclusion

New businesses have limited or no funding options.   This new program allows them to get capital after only 1 month.

Even better, a relationship is established with the lender.   The borrower can get more working capital sooner and for larger amounts as the relationship is developed.

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Merchant Loan Closing Call: Top 4 Tips

A merchant loan closing call is often required before the lender will wire funds into your account.    They will alert you when you need to take and complete the call.

But what exactly is a merchant call?   Why is it important?    How do you pass it,  – or fail it?

Consider the top 4 ways, detailed further below, to easily handle a merchant closing call.

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1. Give fully accurate information.
2. Don’t withhold anything critical.
3. Do not volunteer information.
4. Do not answer if you are unsure. 

Apply above:  For business loans with expert guidance to help your business get past ANY issues and get funding today!

How to pass a merchant loan closing call

The lender is making the borrower closing call to you.

4 Top ways to insure the merchant loan closing call is successful and you get funds. 

1. Give fully accurate information: 

When the lender calls, always accurately answer every question.

Even for minor issues, always give completely accurate answers. This also includes clarifying things.     You may be asked about the most recent cash flow in the account since the beginning of the most current month, also known as month to date or MTD statement.   The lender may want to know if your cash flow has changed since the beginning of the month.   Make sure your balance is not low when the loan closes.   Having about three times the daily payment is safe.

Example #1:

The business address on the application is a mailing address rather than the physical address.    The lender confirms the business address with you.    Let the lender know the address listed on the application is not the physical address for the business.    Give them the physical address if they ask for one.

Another example is if the lender asks if you are the owner.   If there are more owners, let them know about each one.

Other examples can include giving updated information on the company such as product lines, website detail and a full explanation of what the company does.

2. Don’t withhold critical information

If you have important updates that the lender does not know, tell them or give them an update during the live merchant loan closing call.

Any updates not provided before closing can backfire and cause major problems later.    Even if one of these reasons means your business loan does not close, it is better to work through the issues now.

Example # 1:

A company buyout.   You are in negotiations to sell the company and have not told the lender.    This is critical information they would definitely want to know and likely would not approve the request if they knew.

Example # 2:

You are 1 of 2 owners of the business guaranteeing the loan.   You plan on buying out the other owner after closing.   It would be advisable to tell the lender what your plans are.    The lender approved the funding based on the current owners of the business.   If the lender knew one of the guarantors will be bought out shortly after closing, they may not approve the request.

Example # 3:

The IRS or state is filing a tax lien against you personally, or your business.
If you need money to pay irs business taxes and the IRS or State is about to file a lien against you or your business, it is risky not to tell the lender about this.

The loan contract may say the lender needs to be made aware of any impending liens that may be filed against you.    Not disclosing this type of information could be considered a violation of the contract.

Example # 4:

Outstanding liens on assets.   The lender does a search of existing liens and may not find your listed assets as encumbered.   The lender must be told about any liens they did not find in their search.

Sometimes previous lenders may have put a blanket lien on assets and those assets are not itemized at the Secretary of State.   Such liens are sometimes called a lien on all assets, including furniture, fixtures and equipment.    This type of lien may not list a specific asset, but still includes that asset.   Tell the lender which specific pieces of equipment are encumbered.

3. Do not volunteer information

In general, do not give information that you are not being asked about.

Providing anything not asked for has the potential of stopping the closing. You may be telling them something they did not know about and will not like.   Even if it is minor, it may be enough to cause the loan status to be put on hold and then declined.

4. Do not answer if you are unsure.

Many times we want to get tasks over with. This causes us to sometimes answer questions when we are not completely sure about our answer. Don’t do this! If you are not sure, tell the lender you will check and call them back.

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FAQ on Merchant Loan Closing Calls.

What is a merchant call?

A merchant loan call is when a lender is about to close and fund a loan.  One of the closing requirements is they call the borrower just before funding to confirm their identity and the loan request.

What do I say on a loan closing call?

Always give correct information.  Do not withhold anything critical.  Also do not volunteer any information or answer questions when you are unsure.

What if I fail a borrower closing call?

Call the lender to find out if the problem is something that can be corrected in the short term to still fund the loan.   If not,  get a full understanding of why the call was not satisfactory.

If you cannot get the decision reversed, apply with other lenders and eliminate the issues on your next approval before the closing phase.

Conclusion

Loan closing calls for businesses are a quick,  but important part of the completion process.

Do not take the call when you are in the middle of another task.  Try to find out when the lender will call and what the questions will be about.

Mostly, just answer the questions accurately and thoroughly. If there is a misunderstanding or the lender does not know something important, correct and update them.

The lenders want to close the transaction.   They are looking for every reasonable way to close rather than decline.  If there are still issues, then discuss them with the lender.    They will give you the best plan to get past any hurdles and send funds to your account.

This should result in a quick closing process and funding!

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How to Pass Bank Verification: DecisionLogic

You are trying to close a business loan. The lender says you have to pass a bank verification, very often a DecisionLogic check.

How to Pass a Bank Verification for a Business Loan:

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STEP 1: Total Deposits:

Don’t get declined for failing a bank account verification or Decisionlogic to get a business loan or a Cash Advance. Total Deposits.  Look at the total deposits into your business checking account for the current month.

You want the dollar amount to be on track for the current month or not more than about 25% less than the average for the last 4 months. If it’s much more than that your offer may be reduced or declined.

STEP 2:  (Part 1) Minimum Balance

TIP: Know the minimum amount you need to have in your account at the time of the bank verification or decision logic. Often it’s a multiple of the payment, either daily, weekly, bi-weekly Or monthly.

Example: If your payment is $90 per day 5 days a week, then the minimum you should have in your account is about $270 for a cash advance and many other business loans. If the payment is $500 per week, then you should have at least $500 in the
business account but better $1,000 or more. If the payment is $1,000 a month, then you should have at least $1,000 but
Better $2,000 or more in the account.

TIP: If you do not have the minimum amount needed to close, it is better to wait few days or longer until you do, or you may be declined right before closing.

STEP 2: (Part II) Overdrawn:  video says step 2

Review recent overdrafts for the last 4 months in your account. Your account should not be overdrawn at the time you do the bank account verification or Decisionlogic, your business will be declined if you are.

TIP: If you are overdrawn, you must wait until the account has a positive balance. If you’ve recently been overdrawn more than 2 or 3 days in a row, the lender may decline for that reason.

TIP: If your business account was overdrawn a total of 5 days or
More per month during each of the last 4 months, that may trigger a decline.

Step 3: Review NSF’s for the last 4 months in your account.

TIP: NSF’s: Also known as insufficient funds are charges that were rejected by your bank or debits that were paid but overdrew the account.

TIP:

The bank account verification looks at the NSF’s since the beginning of the month.   You should not have more than about 5 or 6 average per month NSF’s during the current month.
In summary, the lender will look at your current balance, and for the month to date since the beginning of the month, your total deposits, NSF’s and overdrafts and make a pass or fail decision.

STEP 4: Complete

TIP: If you pass, this is often the last step. In some cases, final verifications of the business and owners are completed. If it is the last step, you will be funded.

If you fail the bank account verification, try to find out from the lender what the problem was. You may be able to fix it in a few days such as low current balance or too many overdrafts or NSF’s in the current month.  The lender may be able to fund you after a week or two of good balances and cash flow.
If your cash flow had more problems, the lender may tell you to wait longer and do the bank account verification after that. Work closely with the lender to find out how long that is. For more details tap on the end screen or go to smallbusinesssloansdepot.com

 

A Failed Bank Verification is #3 in the Top 9 reasons your MCA was declined.

What is DecisionLogic?  DecisonLogic is a company that many lenders use to verify a bank account and it’s activity.   They review the current month to date , recent negative days or overdrafts, the current and average balance, and other factors. If you have recently opened a new business checking account, let the lender know.    Apply Below now!
How to Pass a DecisonLogic Bank Account Check:

Have at least 2 to 3 times the new payment available.   
No negative days, NSF’s or Overdrafts in the last week and less than 5 in any of the last 3 months.
Recent average numbers should be strong.  
No new loans taken out in the current month.

Review

1. 3 Times the Loan Payment.
The current balance must be positive. An overdrawn will result in an immediate decline.

At the time of the check, have at least 2 to 3 times the amount of the new payment.  If you do not, you may be declined. Do not move forward with the review with less than twice the new payment.    For more info on how to successfully get a loan of this type, you can watch the How to get a Bank Statement Loan Video.

For Example:

If the new payment is $400, then you should try to have $800 to $1,200 available to help insure you will pass a Decisionlogic verification.  If you have less, it puts the closing at a higher risk and your recent activity will then be very closely reviewed in the decision process.
2. No Negative Days.
The most recent week should have no negative days.  On statements they usually appear towards the end of the statement.

Don’t worry too much.  Any in the last week will not automatically result in your approval being reversed and declined. One overdrawn for a small amount and NSF will often be overlooked. If you had more than one overdrawn day, the risk of a reversal of the approval increases. You want a maximum of 5 total negatives in any of the last 3 months bank statements to get funding.
3. Strong Average Balances
The current month’s average daily balances should be strong.  The  amount depends a lot on your overall business sales and any new debt.   For smaller businesses getting less than $25,000, it can be as low as $1,000 and still be approved.    Pay close attention to this if your business has had recent low sales.

Businesses with higher annual revenues must have higher average balances in their checking account.

Lenders look at this number to help them decide if the business will have the cash flow to handle expenses and all required payments.   Strong average balances will help you successfully pass a decisionlogic review.
4. No New Loans
Your business should not have taken out any new loans during the last 30 days. The lender can see any new debt through the end of the previous month, but not the current month.

Did you take out a new loan in the current month?   Approvals will be re-evaluated if you have taken out a similar loan since the 1st of the month. .

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FAQ: How to pass a DecisionLogic Check:

What is a Decisionlogic check?

The lender securely reviews the current and most recent cash flow in your business checking account. They use that information as part of their final closing items to decide if the loan will close and fund.

What can I do after failing DecisionLogic?

Talk to the lender. Try to find out as much as you can about why you did not pass the account verification review. Also ask if you can wait a few days and try DecisionLogic again. Some declines are based on low balances and very recent NSF’s.
New deposits coming in during the week along with a clean account can change a decline back into an approval.

How do I pass a DecisionLogic check?

Discuss with the lender in advance what will be required for you to pass. They may not tell you but find out as much information as you can. If you are not given the criteria, tell them what your current and recent balances are and ask if that will be good enough to pass and close the loan.

Conclusion

If any lender wants to do an account verification such as Decisionlogic, ask beforehand what they are looking for and also what will be required for your request to be completed and funded.

If you fail DecisionLogic, ask if you can try it again after you make substantial deposits or overcome the obstacles that caused the verification to fail. These 2 main ways should allow you to overcome the verification hurdle and get funding!

 

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Top 3 Actions: The Bank Has Called Your Loan Due

Has the bank called your loan due immediately?  It is a very stressful scenario.

You may have received a letter or call demanding that you payoff your business or personal loan immediately.  Very few businesses can afford to satisfy a debt from one day to the next.

Consider the top 3 ways further below to fix the problem, avoid a quick default, and save your collateral.

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Apply above to: Payoff or Refinance your company debt now – before it is in default.

Payoff the Full Balance
Refinance and Extend the term
Negotiate to Restructure or Settle

Bank delinquency rates have gone up in the 1st Quarter of 2020. You can review the Federal Reserve’s Charge-Off and Delinquency Rates report on loans and leases at commercial institutions below.

Quarterly financials, credit score checks and other reviews are often requested.

If your overall situation has deteriorated, you may be at a high risk of a traditional financial institution calling your loan payable immediately.

Familiarize yourself with your best options beforehand.

The Bank has called your loan due and payable, immediately

3 ways to work it out

1. Attempt to renegotiate the contract:

Call and ask for extra time to respond to them.  When ready, ask if they will restructure the existing debt and extend the terms.

Calculate in advance the highest payment you can afford and ask if they can extend the contact to match that.  Provide data and documentation to support your request. This can include recent bank statements,  a current budget such as a profit & loss statement, or tax returns.

Show your calculations for the maximum payments you can make. Provide your supporting documentation and make your request.  Ethical lenders will arrange a workout to avoid a quick payoff demand you cannot meet.

Negotiation Example:Your monthly payment is $800 and you have 30 more to make.  The balance is $24,000.   After looking at your current and future cash flow, you calculate that you can afford $500 per installment.  Ask if you can extend the term of that contract from 30 to 48 and counter that you can manage  $500 per month. If they will not agree, contact or apply with us for payoff or refinance options.

2. Payoff the Loan

Paying off the loan is usually the best option but the hardest to do within days.   Borrowers that have this option available sometimes do not choose a payout.

Many do not want to sacrifice their hard earned assets and liquidity to payoff a debt that is already in default.   At that point, some borrowers would rather negotiate a settlement or protect their assets through a bankruptcy filing.

Primary real estate held as collateral will make the borrower want to avoid a default, if they can. When the borrowers home, stocks or other valuable collateral is at stake, then borrowers strongly consider a payoff using other resources. This avoids a larger loss through total forfeiture of their collateral.

3. Refinance the Debt

Paying off the existing balance is also the hardest way. A refinance can often be approved by using a longer term asset based program to refinance.  Borrowers that qualify for 24 months or longer improve their cash flow up to 75% or more every month. They also may get a weekly or monthly payment.

For Example:The original amount of $50,000 has been delinquent. The current balance is $15,000 and the bank has called the loan due.  Regular payments are $1,500 per month. You have 10 installments left but cannot make them. It will take your business at least 90 days for sales to get close to normal, but the lender won’t give you the extra time to recover.

If you can refinance the contract with a 24 month asset based loan, then your monthly amount due is $625 per month.  You have reduced and improved your cash flow by 140%.   A refinance can be very successful in this type of situation.

Warning Signs

With the nation’s top economists forecasting that the economy will contract 6% overall in 2020 including a sharp 2nd Quarter decline, bank delinquency rates have increased. The chances are higher for personal and business loans to be called by lending institutions to protect their portfolios.

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FAQ Bank called loan due.

Can the bank call my loan due?

Many banks have provisions or covenants in their contracts that allow them to call the loan anytime and for any reason. Most borrowers are not aware of this.

What should I do if I get a payoff demand letter?

Always negotiate professionally and in good faith regardless of the situation. If you end up in court this can help your case. Make a documented case for why you cannot pay. Offer to renegotiate or settle the debt if you are able to. Use any professional legal assistance available.

What can I do if the bank wont negotiate or settle?

Pay the loan off or refinance if you can. If you cannot, then get legal representation to represent you and continue to negotiate. Often the lender will make a final offer before a court case. Arbitration written into the contract may call for a different strategy.

Why won’t the bank negotiate with me?

Willingness to negotiate varies from one institution to another. Large lenders may be less willing to negotiate because it is often a very bureaucratic process. A decision to declare a default is harder to solve after a default status.

Conclusion

If the bank has not called your loan yet, take action as soon as possible. A decision to move towards a default status has already been made when your loan has been called.

Each lender has different levels of flexibility in how they will handle the process going forward. Your responses can influence their actions and final outcome.

Do not assume that your collateral will be taken and you cannot do anything about it. If the bank believes you have a viable plan to repay or reach a workable settlement, then you may be able to get them to settle or restructure the debt.

You must, however, provide a viable, realistic plan and documentation of how you can get back on track quickly. If you cannot, then planning now on how to handle a possible default status may be your best option.

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Restarting Daily Payments: 3 Ways to Best Handle It

Is your cash advance company restarting your daily or weekly mca payments but you still cannot pay them?  Your business may need weeks, even months for sales to recover from the virus lockdown and make the payments.    Consider 3 ways to avoid defaulting, further below.

Restarting daily payments: How to make it work

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Complete the application above to:

    • Extend the terms by refinancing
    • Consolidate your advances
    • Payoff the advances

Is your mca cash advance company restarting your daily payments? Top 4 options if you cannot repay

1. Extend the terms and refinance the contract:

Tell your cash advance company that you need more time for your sales to recover.     Ask if they will refinance the existing mca contract and extend the terms.   Calculate the highest amount you can afford to pay daily and ask if they can extend the contact to match that amount.  Provide data and documentation to support your request. This can include recent bank statements and a current budget such as a profit & loss statement.  Include your specific calculations showing the maximum amount you can pay. Call the advance company,  and use your supporting documentation to make your case.

For example: Your regular daily payments of $100 per day for the remaining 50 days of the contract are being debited again.  The remaining payments still total  $5,000.   After looking at your current and estimated future cash flow, you calculate that you can afford $60 per day for that contract.   That equals about 83 more payments.   Ask if you can extend the term of that contract from 50 days to 83 days and confirm you can handle a $60 per day. If they will not, contact or apply with us above. We will help you get through this process.   The lender will also verify balances and what your business can afford. 

If you have more than one cash advance, then do the same calculations for the other contract(s).    First calculate the total of daily cash payments you can make.    Then figure out the maximum you can pay daily for each contract .

2. Consolidate your advances

You can consolidate multiple advances with one loan. This helps you because the new loan will be a longer term than the ones you have now.  Most have a term at least 50%, and up to 100% longer than the current positions.  A condition written into the contract does not allow your business to take any more new debt without permission.

Consolidators take this condition seriously. Taking new loans violates the terms and puts you in default. It is then up to the lender to enforce a payoff demand of your contract.

A variation is known as a reverse consolidation. This is easier to be approved for and could improve your cash flow by 25% to 50%.

3. Payoff the advances that have started debiting

Paying off the existing advances usually is the best way, but also the hardest way. A payoff happens by using a longer term asset based program to payoff existing positions. Borrowers that qualify for 24 months or more improve their monthly cash flow as much as 75% or more every month. They also get a weekly or monthly payment.

For Example: Your business has a cash advance originally for $50,000 that was paused. The current balance is $15,000 and the mca company is going to restart the payments that are $550 per day. You have to pay 27 more but still cannot make them. It will take your business at least another 2 to 3 months for sales to get close to normal.

With the current payments, you have about 5 weeks left in contract. If you can pay the contract off with a 24 months asset based loan, then your monthly obligation is $792 per month = $37 per business day.  $37 % $550 = 7%.  You have reduced and improved your debt by approximately 93%.!   Your monthly outflow on this debt went from $11,500 down to $792.  

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FAQ: Frequently asked Questions on restarting daily payments:

Can the cash advance company restart my daily payments even though I can prove my sales have not recovered?

They can restart your daily payments even if your sales need much longer to recover. Calculate what you can pay per day and propose a current and increasing payment to them as sales continue to increase. Provide them the documentation to support your numbers and proposal.

What can I do if the mca advance company won’t negotiate a payment I think I can handle?

Consider a consolidation of multiple advances or a refinance buyout of one of the positions. Another option is a payoff with an assed based longer term product which may be 12 to 24 months or longer and have a monthly payment.

What is the best way to get the mca advance company to work with me in taking the full payments out of my account again?

Tell them what is the most you can pay and give them reasons why. Give them data and documentation to back up what you say. This can include the most recent 3 months bank statements, a month to date statement, interim profit and loss, and balance sheet statements. Calculate and itemize your business income and expenses to prove your claim of the maximum daily payment you can make now.

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Three Times the Daily Payment: What is it? How to Handle It

The lender says you need two to three times the daily payment to close a business loan such as a bank statement loan, cash advance or loan against on equipment.

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What is three times the daily payment?

Your business needs three times the daily payment.  A once per day payment of $150 requires $450 to be in the business account at closing.  How do you close this loan when you do not have the funds?  Our funding experts will guide you through the process.

Complete the application below or contact us.   Our hands-on representatives will get your business through this problem, avoid a decline, and get funding now.

Example of needing three times the daily payment to get funding

Road Runner Roofing receives a $50,000 merchant cash advance offer.  The payment is $200 per day.  Just before closing, the advance company does a standard bank account verification check.  One of the items reviewed is the current balance, and Road Runner roofing has $400 on deposit.   The cash advance company declines the loan.  They have $200 less than the $600 the lender wants.  What should they do?  Contact us now at Tel: 919-771-4177

So what else is the lender is looking for?   The lender looks at excessive recent overdrafts, low balances,  and low average balances.  Recent negative balances lasting more than a day or two are also a problem.  Take another look at these other cash flow trouble spots.  They can bring funding to a stop immediately and permanently.

Three times the daily payment: How to make sure you have it and get your deal done.

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FAQ: Frequently asked Questions:

Question: What is three times the daily payment?

Answer: Three times the daily payment refers to a frequency requirement for closing an mca merchant cash advance. Take the payment your business has to pay and multiply it times 3. A once per business day payment of $250 would require a balance of $750 at closing to avoid a decline for not enough money in the business account to cover the payments.

Question: Will we be declined for having less money in the account at closing than what is required?

Answer: Your business may still be funded, but the account balance is compared to the amount the lender wants to see. Your current and recent balances, average daily balances, overdrafts and nsf’s will also be reviewed.

Question: I don’t have the required closing amount in the business account for a cash advance now. What should I do?

Answer: Wait until you can make a deposit to meet the amount required for the mca cash advance company to fund. If that will take too long, then call the lender and tell them how much you have on deposit now. Ask them if that is enough before the closing department does the account verification. Transferring money from another account is an option.

In conclusion:

You should be aware of the importance of how much money is in your business checking account while applying for a business loan.

As discussed, if your balances are too low, your business may get declined at the last minute, just before closing. Once you are declined, it is difficult to have the decline decision reversed. Make sure you know what account balances the lenders want to see!

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Declined for a Small Business Loan for Recent Low Sales?

Are recent low 2022 sales keeping your business from getting a loan? 📉

For many businesses, the low May through July 2022 sales months are keeping are keeping businesses from getting approved for loans.

There is an approval fix to reverse a business loan decline!  Choose from several small business loans  your business can get with revenue drops as much as 75%!   Good sales this month?  Provide a MTD Month to date bank statement.

It is also the # 2 reason of the Top 9 reasons why your mca was declined.

✅ Complete the secure application below.

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FAQ Frequently asked questions on getting a business loan with low recent sales

What are slow sales considered?

When sales are less than normal for a specific time period. Lenders consider any reduction of sales of more than 25% to be a significant reduction.

How do lenders look at a major decline in sales?

Lenders want to know why were sales low and for how long. They also want to know when sales are expected to rise again and how much. Lenders also look at the percentage drop in sales. If the business can survive, pay all expenses and make a profit are then evaluated in the loan decision.

How can I get a business loan when we are operating at 50% capacity?

There are several other types of financing a business may still be able to get now even with a big drop in sales. Asset based financing is the most likely, including using receivables, equipment or real estate.

My business tax returns last year were good. Why did the lender still decline us for the recent drop in business sales?

The lender is looking closest at the condition of your business right now and in the future. Lenders see a recent big downturn without knowing when sales will go back to normal as very high risk.

Have your business sales been low in the last few months?

Many businesses have had low or no sales in the last few months because of the Covid-19  lockdown.   Their many challenges include not being able to get financing.

Save your  time.   Don’t spend weeks racking up hours and inquires applying with lenders and programs that are almost certain to decline your business.   Apply with programs  that will lend even with much less demand during the virus. Get funded now.   Apply above.

Can we get business funding with no recent sales?

What are examples of declines in demand?:

March, April & May were much slower sales because of covid-19.
The most recent (3) months sales are looked at.   The total deposits per month are reviewed to determine trends.   Questions by the lenders include:
Is there a downturn?   If so, how much?   What were the customer’s average daily balances?   Were they overdrawn with NSF’s and overdrafts?

50% or 60% reduction in sales
Lenders look at how much of a reduction in business your business has had.  How steep of a reduction, how quickly, how long and has the business started to recover?   The main thing lenders will look at is the percentage sales drop.  Any drop in sales over 25% is considered significant.  Funding may still be possible with drops of 50% to 75%.    If a business has had a major drop in month to date revenues but still needs a larger business loan, then they can add real estate to back the funding and get a much higher loan loan.

Some segments of your business were strong while others had very low sales.
Example:  A retail store’s overall sales in March, April & May were down 50%. In store customers dropped to almost 0 because of the lockdown.    However, because their website offers shipping and delivery of products, online sales were up 75%.

How to get a small business loan in spite low recent sales?

– Make your case.   Don’t just say business was bad.  Say more.
Example:   Explain why.  You can say “We had a drop in business and purchases because of the virus. In spite of that, we are now open and sales are increasing”.

Tips and steps to explaining low recent sales to lenders to help get a business loan

In the example above, provide the information when applying.  Explain how it was not the fault of your business, and you still had sales that are now increasing, both positive current trends. This shows that your business overcame obstacles and is rebounding.

Have all the following questions already answered about the slowdown in business and provide them when you apply.
Why?
How bad has it been?
What is the situation now?
How has it affected your business?
What are you doing about it?
When do you expect sales in rebound and increase?
How can you show the business will survive?

If your business has started to recover in May, consider loan options now.

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Declined For Not Enough Collateral? Take these Steps

Has your business been declined for not having enough collateral?

Then choose from a small business loan that has 5 very flexible no collateral options.      Click on the Info Form below because fast as same day funding is just a click away.

You may still able to negotiate.   Lenders often want too much collateral and borrowers do not push back.   Sometimes lenders won’t accept high value vehicles because they need repair.   Use a truck repair loan to get broken down assets in operation again and qualify as acceptable collateral.

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Business funding does not have to be hard to get.   Does your business have collateral or cash flow?   If so, there is a program that will fund your business. Requests for higher amounts are much more likely to be declined for the applicant not having enough collateral.     Denied for not enough collateral?  See Tips, FAQ questions and answers below.

The most flexible business loan collateral options of all programs. If it can be used as collateral for a business loan, it will be!

 

Frequently asked questions FAQ declined for a business loan for insufficient collateral.

What does insufficient collateral mean?

You or your business did not have the assets that lender wanted to approve a loan. We specialize in funding business loans against collateral large and small using many asset types and with the toughest credit a borrower can have.

What can be used as collateral for a secured loan?

We can use equipment, vehicles, semi-trucks, trailers, and real estate for hassle free and quick funding.

What if I don’t have collateral?

A cash flow or unsecured loan can be approved. Pre-qualify immediately and get an approval and funding within hours in many cases.

Why do some loan companies want collateral?

To approve a business loan instead of declining it.   The lender can sell the collateral if a borrower defaults and recover what is owed to them. This lets them make more and higher offers.

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How to Get a Hot Shot Truck Loan

Get a hot shot truck and trailer loan now!

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Hot Shot Truck Loan: Easy Steps and Tips

Steps and tips on how to get a hot shot truck and trailer loan. With a hot shot truck loan a driver can get a big rig tractor and trailer on the road.  Loans also include trailers such as gooseneck trailers, car haulers and semi -trucks.    Low credit scores may qualify and some start up options are available.   Need some repairs done?  Learn about a truck repair loan today.     For funding on a trailer, read about getting  loan on a trailer that you own outright, or just watch the loan on a trailer video here.

Need something without putting up your vehicle?  Consider our bank statement loans page, or just watch the bank statement loans video here.

Does your Hot Shot Truck down need a truck repair loan for mechanical or body work? Use this program for:
Transmission repair
Body Work
Engine work
Upgrades

Get back on the road asap by completing the short Info form below now!

Data Secure 15 Second Info Form Here
Call us at Tel:  1-919-771-4177, or Question? Contact us here.

Estimated Cost: $0
Total Time: 1 Day
Supplies Needed:  time available.
Tools needed: Internet connection, phone, computer

 

How to get a hot shot truck loan

Step 1. Make a list of the trucks needed.

Include description, manufacturer, year and model numbers. Have your information on the hot shot trucks you need ready to go.

Have the description, manufacturer, year and model number ready for each tractor trailer truck and trailer.

Look for lenders that specialize in hot shot truck and trailer financing.

Step 2. Contact lenders that finance hot shot truck loans on trucks and trailers that you are looking for or already have.

Tip: Programs lend up to 95% maximum on qualifying trucks and trailers.
The vehicles and trailers must be free and clear. Have the information on the seller ready and whether the seller is a vendor or private party.  It is easier to get approval for financing from a deal than a private party.
Ask about their approval requirements and program options including credit scores, down payment needed, documentation required, time in business and time to close.   Decide which programs are the best match for your business based on the requirements and your own profile.  Give the funder basic information on the trucks and trailers.   Ask what your chances of approval are and if they can pre-qualify you.

Call the lenders that specialize in this financing

Step 3. Provide income verification to strengthen your request.

List the stronger credit owner first because you will increase your chances for approval and also get higher offers.  If your credit score is low but you can make a higher downpayment, tell the lender.
TIP:Higher down payments increase the chance of approval and more favorable terms.

Step 4. Complete application for funding.

If you are approved,  review terms and conditions including down payment requirements, fees and time to close.   If you are not approved contact the lender to discuss available options.

Once you have matched the best program to your profile, complete the application.

Step 5. Request closing documents

Complete all closing stipulations and lender closing call with the customer.
Confirm the funded amount to you as well as when and how your business will receive funds.

Look over all terms and conditions on offers. Consider early payoff options and compare terms on multiple offers. If declined, then apply with other programs. Ask what the decline reasons are and whether your application can be reconsidered if you resolve any decline reasons.

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FAQ Frequently asked questions on how to get a hot shot truck loan

How can I get a hot shot truck Loan?

To get a hot shot truck loan, provide information on the vehicle and trailer. The year, manufacturer, model number, cost and amount you have down are needed to start. An invoice or bill of sale may be required.

Do I need a down payment?

You will need at least a 5% to 10% down payment. A lower credit score requires a larger downpayment. Newer business less than a year old and up to 5 years may need 10% down.
Credit scores over 650 and 2 years in business can make a lower down payment or two payments at closing.

Can I buy my semi truck from a private party and not a dealer?

Lenders prefer or require the purchase to be from a licensed dealer. Private party purchases are scrutinized more. Proof of the current value, purchase history, lien history and current condition will be closely looked at on private purchases.

Need other options?  We have several unsecured options that offer working capital based on the cash flow of the business.
Check here for other small business loans without vehicles.


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What is a Concurrent loan? (Easy Business Funding)

Why get a concurrent business loan?

A concurrent loan is when your business continues to get more money while you pay down the original business loan.
Get new funding soon after you start paying down your new loan.   Your business is likely to qualify for new funding several times during the same loan through concurrent funding.

Apply below and say you want concurrent funding options.  Read more if a larger business loan is needed.

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A concurrent loan allows your business to get fast new business funding with the least amount of review and paperwork

FAQ Frequently asked questions on a concurrent loan for businesses

What is a concurrent loan?

A concurrent loan is when the same lender makes another separate loan to a business before their existing loan is paid off. A concurrent loan can be as soon as 1 month after funding. A majority of lenders do not issue more funding shortly after an initial business loan is made.

Why get a concurrent loan instead of redoing the same loan for more money?

Lenders do not want to refinance the existing loan after only a month or two. The numbers in the contract would be wrong. As a result, it is easier to do another stand alone business loans separately. This is especially true if the lenders want to extend more funds often, such as monthly.

Won’t my existing lender give me less money because I already owe them?

The lender will give your business less if you still owe on the first loan. If you have a good payment history, they usually give you more than other lenders because you have a proven record with them. If you need more than they will give, then you can consider other lenders.

How can I get a concurrent loan?

Find out the balance on your current loan and requirements for getting more money.  Some contracts allow you to get more business funding after paying on your loan for just 1 month.  Many other contracts require your business to have paid the loan down 40% to 50% or more.

Conclusion

By knowing what your contract says, you know whether you may be eligible for concurrent funding.

Contact the lender if you are not sure and ask them how they handle a request for more money while your current loan still has a balance.  First check that your payments have been on time. You may find this the easiest business loan you have ever asked for!

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Top 3 reasons: Why Don’t Banks Lend to Small Business?

The reasons why banks will not lend to small business

Small businesses cannot get loans from banks. There are several reasons. The top 3 further below.

Choose from excellent alternative programs here to get approved for funds.
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1. They charge rates too low to take almost any losses

The lowest rates for business loans are at banks, savings and loans, credit unions and the sba.  Because rates are low, they make much less interest income.    What can you do about it?   Get working capital that a traditional source will NOT approve.   Review more small business loan options here.

2. Federally regulated

Traditional institutions are also heavily regulated. Through state commissions, the federal reserve and fdic, the level of risk in their lending programs is often reviewed and restricted.  They put depositor funds at risk if they make loans that are too risky, especially larger commercial debt. If those loans default it could compromise the financial stability of the institution and depositor funds.

3. They are much more risk adverse

They are risk adverse because of their low rates.  By earning less on each loan, these lenders have to have more loans paid as agreed to make up for even one default.   Traditional lenders are also adverse to many other risks, including economic cycles, natural disasters, health pandemics or outbreaks, stock market fluctuations and many more.  As a result, there is a long list of why banks don’t approve and close business loans.

What are other reasons banks do not lend to small companies? Borrowers have to have strong credit, financial statements and good collateral to even be considered. 

Company owners who do not have a high credit score, strong collateral,  strong financial statements or tax returns and will probably not be approved.   As a result, your business needs a lot more funding options.    Apply above.

For instance, other funding options include a bank statement loan and also a loan on equipment.   Both have fast funding and little paperwork.

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FAQ frequently asked questions:

Why won’t banks lend to small businesses?  Banks, savings and loans and credit unions only accept the lowest risk companies because they offer the lowest rates. Their default rate has to be very low,  so they can only underwrite the lowest risk customers.

What do they need to approve a business loan?

Banks look for excellent credit, collateral and the ability to repay. Cash flow as shown through cash flow statements, financial statements and tax returns verify if the company can repay. The collateral needs to be the type they will accept and they closely look at the intended use of funds.

What are my options after the bank says no?

It depends on your credit, cash flow and collateral. Strong cash flow may qualify you for cash flow funding. If your credit is not good, then your business may need to get asset based funding in which the collateral is the basis for approval.

Will another lender approve us if we have already been declined?

A bank may decline you, but others lenders may offer an approval.  Chances are they reviewed your net income and decided there isn’t enough profit left to make another payment.    Look for lenders that don’t consider net income as closely.

Why banks don’t lend to small businesses and how small businesses can get a business loan.

Additional Factors: Why banks don’t warm up to small businesses.

Net income for the new payment
Your most recent tax return or bank statements are used to calculate if your company can handle the new payment. Not all lenders look at this, but some do.

2 to 3 year cash flow history.
Traditional lenders also ask for company financials including tax returns for the most number of years, usually 2 or 3 years.

Industry Type
Banks consider the industry in their commercial loan decisions. They prefer certain industry types over others because some industries are considered risky and restricted.

Time in business
Less than 2 or 3 years time since the official start date will often be a decline reason.  New companies have a very hard time getting approved.   Check on some limited options for a new business of 1+ month time in business.

Existing Loans
If your company has other loans now,  that may be a reason to be denied. This is often called over, or sufficiently obligated.

Lack of financials such as interim financials
Not having the requesting financial statements can be a decline reason.

Not a homeowner.
If you are not a homeowner, some lenders may decline you. Being a renter instead of a homeowner can be a decline reason.   Banks may see renters as less stable and therefore riskier.

Time at current business location
If you have been at your current location for less than 2 years may be denied by many low rate lenders.   Lenders will decline if they feel that stability is lacking.

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Business Account Transfers: Affect on a Business Loan

Has your business been declined for a business loan for having non revenue business account transfers?

Certain transfers between business checking accounts are not counted as deposits or true business revenue by many lenders.
Get business funding programs that consider many transfers that are  automatically declined by most lenders.   Click on the application contact form below to get funding started today.   Same day and next day funding available.   Don’t be declined for having transfers between accounts.

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FAQ’s Frequently asked questions on being declined for a business loan for transfers between checking accounts that are not revenue from sales.

Question:   My business has transfers between business accounts each month. Can you still fund a business loan with transfers between accounts?
Answer:   Business revenue transfers will be kept as part of the deposit totals and used to make an offer. Transfers that are not business revenue are deducted from total business deposits for the month.

Question:   Our business was declined for transfers into our business account. Why would the lender decline our business for that?
Answer:   Transfers into an account may not be business income from a customer. The lender believes those deposits did not come from a sale or service provided and are not true business revenue.

Question:  I was denied for a business loan because the loan company did not count transfers between business accounts that were business revenue. Why didn’t they count and include those transfers?
Answer: The most likely reason is that the repayment of the loan usually comes from one business account even when the business has more than one account.

Question: Our business makes transfers between accounts for payroll and other needs. Why are we penalized for that by lenders for a business loan?
Answer: Business revenue transfers will be counted by us towards your total revenue during the loan review. For other lenders you will have to ask them to review their decision. Provide documentation and evidence that those transfers are business revenue. Invoices and deposit detail may help.

How to get approved after being declined for having unacceptable transfers between business checking accounts. — Click on image to get started!

Customer examples of businesses that were declined and we were able to get an approval for and funded.

Example 1 :  A construction company had 7 deposits in May into their main business operating account.  During the month they had 5 transfers into that account from the other business account they have.   One of the remaining 2 deposits was for only $200.    The lender only gave the company credit for 1 deposit that month and declined them for not enough deposits due to transfers.
The customer came to us asking if we could help.  The transfers were true business revenue from their other account and we were able to get them approved for  $35,000 funding.   Why were we able to help them?   We looked at the account they transferred funds from and counted those funds as real revenue.   As a result, the fact they transferred funds did not matter.

Example 2:  A manufacturing company had 8 deposits into their account in May.   All 8 of those deposits were showing on their bank statements as
“E-mail money transfer in”.   Three funders declined the business for non business revenue transfers.   The customer told us those were payments from customers and not transfers between his business checking accounts.   The customer does not accept payment by visa or master card and needed to give his customers more payment options than  only being able to pay by check.    Through his bank, his company began offering a very convenient payment via E-mail option after which most of his customers switched to and began using.  The other lenders did not consider this and immediately declined him.

Was your business declined for a business loan due to transfers between accounts?  What can you do now?
Contact the lender to discuss this decline for having business account transfers.

Communicate with the lender and find out which transfers were not counted as revenue.  The decline reason probably did not have enough information.  Ask about the details.   Also ask about the specific policy that does not allow transfers between accounts to be considered business revenue in a loan evaluation .

How can you advocate your business to the lender?
Ask the lender what it will take to get approved.  Also ask if there are any changes you can make immediately that will change the decline to an approval.

When can you apply again?
Ask how long you have to wait before you can apply again.  Most lenders will make you wait at least 30 days before you can reapply.    As mentioned earlier, if you can determine what changes you need to make with your business as well as the type of of deposits,  then make those changes before reapplying.

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Missed MCA Payments? Take These 4 Steps Now to Fix the Problem Fast

Don’t panic: How to handle missed mca payments

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Missing just 1 mca payment should not cause your business problems.   But what if you have more missed mca payments? What can you do to avoid problems?    In this post we will talk about 4 initial steps further below to take if you cannot pay cash advance payments. 

Also consider if you can instead get out of your merchant cash advances now.    Payoffs may be possible through a longer term loan that are asset based.   Also read what to do if you have been declined more funding due to missed mca payments

Apply below to get started now on safe ways to fix this problem before lenders take action against your business.

You have missed mca cash advance payments. What should you do now? Several immediate solutions to save your business.

What can you do after missed mca payments including due to Covid-19 Coronavirus?

1. Communicate with the lenders immediately.

Contact the cash advance companies right away. Do not think the problem will work itself out or that you will probably catch up in a couple of days. Communication is key. It is better if you contact them before you miss more payments. However, if you already missed a payment then contact the advance companies that day or the next day at the latest.   Maybe the missed payments are not your fault.   Missed mca payments due to the coronavirus covid-19 pandemic may have impacted sales causing your business to miss mca payments.

2. Tell the cash advance companies what has happened and why.

But how do I explain this to the mca companies?
It depends on your situation. What is your cash flow situation right now?  Can you begin making the payments again right away? Figure out what you can pay, when, and how often.   Let them know what is happening with your business.    If you have a good reason for missing payments, tell them that reason.   If you can back it up with documentation, all the better.    Being proactive and communicating will be your best option at the beginning.  If the lender has no coj confession of judgement, you will still want to work out a payment plan to avoid a default.

3. Can you start making payments again?  If so, make an agreement with the advance companies to begin.

Call the cash advance companies even when you can start  making payments immediately. They still want to know why you missed mca payments.  That will help your case.  You may end up missing another payment later you did not expect to miss.   It is better if you are already on record as being in contact with the lender.

4. Payment plans after delinquent mca payments

Payment plans are best when the business can neither keep making the daily payments or paying off the advance. The cash advance company may be very willing to set up a payment plan. They will be able to get payments in full and the merchant will make the total sum of payments.   It is up to the lender to do this.   If your business wants to go this route then be ready to explain to the cash advance company why a payment plan will work for both of you.

Other Considerations on handling your loan if it is past due

Missing consecutive payments

If you expect to miss more payments consecutively, then you want to decide if you can payoff the advances first. Paying off advances with another loan is better than continuing to miss payments.   You can choose from unsecured options such as bank statement loans and a large business loan if you need a lot.

Bouncing more mca payments.

If you know you cannot sustain your payments then paying off the advance may be the best option.   This is because missed payments will make it much more difficult for your business to borrow in the future and make this your worst option.    Many merchants would rather not take out a new loan.   However, if you are approved for a new loan that can payoff loans you cannot pay, you should strongly consider doing so.   Many businesses cannot even get approved for a payoff and don’t have that choice.

Payoffs

Paying off your merchant cash advances may be the best option.   But when is it better to payoff and when is it better not to?  It is usually better to payoff the cash advances when you know you cannot keep paying the current payments.   Paying the advance off with another loan works very well if you have less than 3 months or so left on the exiting advances. Taking out a loan to payoff a low balance is still much better than missing mca payments and defaulting.    You can avoid damaged credit, court action and trouble getting loans in the future.

When does it make sense to payoff one loan with another?

Example: A merchant has an advance with a daily payment of $100 and has a remaining balance of $3,000.  He has 30 payments left but he cannot keep making those last payments and will go past due and default. Before going past due the merchant is offered another loan for 6 months to payoff the $3,000. The new daily payment will be about $35 per day for 120 days.   The borrower can afford this easily.   Problem solved.   The business now has a payment they can afford and does not have to worry about paying the advance on time.

Extending the term

Extending the term and lowering the payments is usually similar to a payment plan. Sometimes it is more informal and the cash advance company will just let the borrower continue making payments past the term without a formal contract.  At other times a formal new contract will be written that replaces the old contract.    Expect the mca company to charge penalties, fees and more interest as part of the new contract.

Lowering Payments

Getting your mca cash advance company to lower the payments works best when your business just needs short term cash flow relief for a week or two. Your business may just have a brief cash flow problem it needs to work around.   Be aware that mca companies are not receptive to businesses calling in multiple times and asking to lower payments for a while.    It is supposed to be a rare request rather than one of convenience.   Some lenders may only do this once during the term of the contract.     If you think your business will need to ask for lowered payments several times then find a different option.

Pausing payments

A pause for one to three weeks may be all a business needs.  As with lowered payments, your business has to be sure it will be able to restart and continue payments when the payment pause is over.     You should not pause payments if you need a longer term permanent solution.    Sometimes businesses will ask to pausing payments when they know they will have a problem again when the regular payments start back up.   If this is you, then you should put all your efforts into solving the problem permanently on the front end.

Settlements after significant missed mca payments

A settlement directly with the mca cash advance company can be considered when other options will not work.  Settlements usually happen after a merchant has failed with a payment plan or lowered payments and not able to handle regular payments anymore.    It is a step before a default but still considered better than a default situation.
Beware of 3rd party settlement companies that tell you to put a stop payment on a merchant cash advance company.

We believe this is the worst choice in almost all cases.

Many settlement companies will tell you to do this to buy time for them to negotiate with the mca cash advance companies on your behalf.     However, they still want you to pay them a lot of money upfront before they start negotiations for you.    We believe this is a very bad idea for your business for several reasons.

Let’s break down why:

Your advance will be declared in default immediately when you put a stop payment on them.  You certainly will not want to even consider this if you have not read your MCA contract in detail.   The contract will tell you all the actions the advance companies can take when you put a stop payment on their daily Payments.  Putting a stop payment on a merchant cash advance will definitely result in the strongest response against you by the mca companies.   If they have a coj, then they will file it against you almost immediately.    The settlement companies telling you to do this do not have to deal with the problems you will have! Do not do this!

Beware of companies that tell you to close your business checking account

MCA companies will react in about the same way as when you put a stop payment on their daily payment. They usually consider closing your business checking account to stop an mca merchant cash advance as an intentional default.

What is an intentional default?

An intentional default happens when a borrower takes an intentional action not to make good on the contract.  This is almost always combined with little or no communication with the cash advance company. Lenders think of the borrower as trying to evade an obligation and contractual promise to pay. Worse, their contract usually includes specific language that talks about what actions and remedies they can take if the borrower closes their account. We believe this is a bad option for almost all borrowers. Contact us above for much better options!

Defaults

Defaults are the least desirable option.   The lender has declared that they are taking a loss on the loan.   The worst adverse action has already been taken against the merchant, which may include filing a coj confession of judgement. All efforts should be taken to avoid a default on a cash advance.
If the mca company has a coj confession of judgement, they can have it enforced through a court in one or two days.    Sometimes they can have it affirmed by a court the same day.

What can the cash advance company do then?

They can have the sheriff contact any bank they wish and demand that the bank verify if your business has a checking account there.   If so, the cash advance company can debit all the funds out of your account.

In conclusion

The tips above can guide you on how to handle specific situations with cash advance payments. If you continue to struggle with debt long term the National Foundation for Credit Counseling, NFCC can help with budgeting and strategic long term debt planning.

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FAQ Frequently asked questions on missed mca payments.

My business sales were down through covid-19 and I cannot pay my daily cash advance payments. What are my options?

Do not stop communicating with your mca merchant cash advance companies. Consider any ongoing relief programs they can offer. Look at asset based alternative programs to payoff your advances in the short and medium term if you have collateral.

I missed an mca payment. What can the merchant cash advance company do?

If you have only missed one or two payments then the mca companies are very unlikely to take action besides trying to contact you. If you have not talked with them yet and you miss more consecutive payments, then contact them asap.

My cash advance company has threatened to take action against me for missing payments. What can I do?

If your mca company has threatened to take legal action against you it means they probably have not done so yet. You still may have a chance for a good result. Look at what you can pay and consider offering to make the maximum payment you can.

If they refuse then put your offer in writing and email it to them certified. This may work strongly in your favor if there is future court action against you. It shows that you communicated with the cash advance companies and tried to work out a solution to fulfill your obligation to them with your worsened financial situation and they refused to work with you. Whatever your outcome ends up being, this action should put you in the best possible position later.

I don’t want to talk to the mca companies. They are very aggressive, rude and threatening. Why should I talk to them?

Talk with them because if you don’t they will take action against you. They may be able to put a freeze on your business checking account or block your account. You will not be able to use your business checking account if they do that. That will be the worst result for you and your business. Contact them to see if you can come up with a solution.

My cash advance company said they can lower or pause the payments. Which one is best?

Pausing the problems is best when your business has a short term cash flow problem for a few weeks and will be able to begin making the full daily payments again after that. Lowering the payments will be best if your business is going to keep having trouble making the regular payments later. If you cannot make the regular mca payments later then it is better to get the payments lowered long term until you have paid off the contract.

I have some delinquent mca payments right now. Should I payoff the mca payments or try to work out a compromise?

Payoff the cash advances if you are able through another loan when you cannot keep making the daily payments and will default. Work out a compromise with the lender when you have the cash flow to make a lower payment. Ask them not to declare you a default account.

Is it good for a settlement company to tell me to close my business checking account so that the mca companies cannot debit my daily payment?.

You should not close your business checking account to stop daily mca debits except in some rare cases. Closing your account automatically causes you to be in default. The mca company can also declare the act of closing your business checking account to stop the daily debit as an intentional default.

I missed some daily mca payments and the advance company is telling me I am in default. Can they declare me in default?

If the contract says missing a certain number of payments puts your account in default and you missed that number of payments then they can declare you in default. Negotiating is usually better even after you have been declared in default on a cash advance. Communicating with the advance company will usually get the best possible outcome for your business.

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How Can I Get Out of Multiple Advances?

What are multiple cash advances?

This is when a business has more than 1 cash advance.  Get started now on safe and fast solutions to multiple positions.

If your business has several short term advances, contact us and get this solved today.

Get a 1 large business loan to payoff the multiple advances or use different asset based options to payoff!    Apply below.

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Frequently asked Questions.

How can I get out my mca advances without defaulting?

You can either pay them all off through a consolidation, or refinance and extend the term several more months. You may even qualify to extend the term for up to 5 years with credit scores over 600 and strong sales.

How much lower can you get my payment if you pay them off?

Your payment is reduced between 35% and 75%. The fewer number of months you have left on your advances now, the longer your refinance can be extended on a payoff.

Do you negotiate with my current advance companies?

It is not necessary to negotiate with your current mca companies. They are fully paid off and satisfied so there isn’t any need to talk to them. There will not be any other outstanding debt with them.

Can I get my advances paid off if I am behind on payments?

Asset based programs can be used to pay off delinquent mca accounts. Some unsecured programs may qualify if you are not severely delinquent. If you have already defaulted, then the asset
based route will work best to clear out your balances.


Does the example below look like your business?:

Your company has three mca positions:
# 1:   Balance of $20,000 at $333 per day.
Merchant has 60 debit days left or approximately 3 months.
#2:    Balance of $10,000 at $166 per day.
Merchant has 60 days left or 3 months.
#3:  Balance of $5,000 at $83 perday.
Merchant has 60 days left which equals 3 months.

If your business has several mca’s from stacking, complete the secure 30 second application below for a rescue today!   Get payments you can afford that will not hurt your business, or credit or reputation.

Choose from several options to reduce your daily and weekly cash flow for short term debt.  Longer term options are also available, such as weekly and monthly payments.

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How can you pay them off?

  1. Add up and know your total daily, weekly and monthly payments on the advances as well as how much longer you have to pay on them.   Also get your total payoff balances.    Know your approximate credit score.
  2. Search for lenders that either payoff or restructure your debt as earlier options.    Funding programs that recommend you close your business checking account or negotiate a settlement hurt you the most and should be your last possible options.
  3. Choose a program that best matches your company profile for your amount of debt, ability to pay and urgency for a fast loan on any new program that allows you to reduce the number of short term loans.  Owners with less than 100% ownership percentage in their business need agreement from the other owners.
  4. Talk to a representative of the program.   Tell them about your situation and ask them about their underwriting criteria.   Try to assess what your chances of approval or being declined are for each program.   Once you find the best matching program, then apply.
  5. If approved, review the terms of the approval.   If you are satisfied, close the transaction.
  6. Receive funds into your main account and begin repayment with improved cash flow.

We have excellent programs with a high approval rate to fix your multiple mca multiple positions problem.  Almost all businesses can improve their cash flow.   Take actions before you have missed mca payments.   Apply above or call us at Tel: 919-771-4177.

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How to Get a Real Estate Merchant Cash Advance

What is a Real Estate Merchant cash advance? 🏘

A business loan with terms up to 2 years using real estate as collateral structured like an mca is considered a cash advance.  Use your home or property to get much higher approvals. Apply below today!

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  • Residential Home or Commercial
  • Lower Weekly or Monthly Payments
  • Higher Approval Amounts
  • Longer terms: 1 year to 2 Years

One of the closing requirements is residential or commercial real estate with enough equity in the property to cover the amount of the loan.  Want a regular advance without Real Estate?   Visit how to get an MCA Cash Advance.

Apply below for fast funding

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Frequently asked questions F.A.Q.: How to get a real estate backed merchant cash advance

Why should I offer my house?

Using Real Estate gets you much higher approval amounts many times. You can also get cash out in addition to paying off advances, and rates are lower.

What are the advantages of using property?

The term is much longer and so the payment is also. Much lower payments help consumers avoid delinquencies, defaults, charge offs and future collection efforts when they are sure they can make the payments. Protecting your credit means your entire credit file, score and history will be preserved for you to use in the future.

What is the approval process?
Provide only the application and basic information on your real estate initially, including any recent appraisal you have. After an offer is made, closing documents are issued. When you have sent in completed docs and closing items, a closing call is made to you. The transaction is funded after the merchant call.

What if I already have advances?
You can still qualify with advances on the books now. The new loan can be more capital and you can payoff all other short term loans. Traditional lenders rarely will approve customers with short term advances. This option allows you to have mca’s now.

Does my home or property have to be free and clear?

The real estate does not have to be owned outright and only needs enough equity for the new loan. You can have a 1st or 2nd mortgage on the property and still qualify if there is enough equity.


Real estate will not be required for other funding options such as a
asset  based loan, and accounts receivables financing.

Businesses commonly use commercial or even real estate to get a larger loan. Programs are available for businesses that need a larger business loan but do not have real estate to use as collateral.

How to get a real estate merchant cash advance:

        1. You must have property that has at least 50% equity or more.
        2. Tip: Higher loan requests over $50000 and land with a value over $100000 will work better.
        3. Do a search for lenders that offer business loans or mca merchant cash advances using real estate as collateral. Review the features and benefits and find the program that best matches your situation.

          Search for lenders that offer business loans or mca merchant cash advances using real estate as collateral.

        4. Contact the funder. Discuss your request and business profile with a representative. Try to prequalify and find out how likely your business is to meeting approval requirements.

          Call the funder. Review your profile with a representative to see if you may qualify or prequalify.

        5. If you prequalify consider applying and submit an application and required information. After an approval review the approval terms and conditions.

          Once you have determined that you prequalify or have an excellent chance of qualifying then consider completing and application.

        6. Complete the transaction when satisfied with the terms and closing requirements.  Provide any closing stipulations required.  Complete a merchant closing call and receive funding into your business checking account.

          Small Business Loans Depot

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How to get an MCA Cash Advance After a Default

Getting a merchant cash advance after a default: What to consider

Consider several programs your business can get real funding through.

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Some businesses that have defaulted on 1 + mca cash advances in the past now understand the amounts and daily payments they can handle, and make.  These programs are targeted for:

  • Defaulted payments
  • Missed cash advance payments
  • Delinquent or lapsed  payments.

How to get another Cash Advance after not paying a previous one.

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.

Decide on the programs that your business will most likely get an offer from.

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.

Contact mca default lenders. Apply here to begin.

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.

Apply and provide any documentation that show how long it has been since your business originally defaulted on the mca merchant cash advance.

Step 6: If approved, review terms and conditions. Rates and terms will not be as favorable for some time on your advances after defaulting.

Small Business Loans Depot

Small Business Loans Depot

FAQ Frequently asked Questions on getting an mca merchant cash advance after defaulting

Can I get a merchant cash advance after I defaulted on one?

About 6 months to 1 year after a default your business can be considered for financing, including a cash advance. Approvals and amounts depend on how well your business has recovered, it’s ability to repay and if any of the default was paid.

What if I did not repay any of the defaulted cash advance?

It is easier to get another cash advance if you repaid or settled the old defaulted cash advance. New lenders want to see your business made an effort to repay what it could or reach a settlement on the debt.

Does it matter if I defaulted on more than 1 advance?

You may still be able to qualify even if you defaulted on more than 1 previous advance. Approval depends a lot on whether you repaid any of the debt, how many you had, how long it has been.

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How to Prove Your Business Address and Location

What can you show to prove your company address and location?

Specific documents that prove the physical address of a business.  Learn which documents you can use, and how to get them.

If you cannot confirm your company’s address or location as proof the business exists , contact us.
We can easily assist you in verifying your commercial location.

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6 Examples of Proof of Address  you can use – Further below.

A company owner applies for a small business loan such as a bank statement loan and is approved.
Closing requirements require the owner to provide documentation of proof of location. For working capital, apply below now.

Accepted Documents

The following which will typically be accepted to confirm a company’s physical location.

1. Utility bills.

2. Commercial rental lease agreement.

3. Mortgage statement.  If the real estate was purchased through a commercial real estate loan, then a current mortgage statement can be provided.

4. A current business license. Often accepted if the address has stayed the same since inception and when the original license was obtained. A sole proprietor can provide a license or a schedule C.

5. Articles of Incorporation. A partnership agreement that has the same address on it may also be accepted.

6. Business tax return. Often accepted if the address matches the listing on the loan application.

FAQ Prove your business address

What is accepted for proof of business address?

A copy of a utility bill, lease, mortgage statement, landlord verification, business license or articles of incorporation should work. See a complete list on this page.

What can I do if my proof is not accepted?

Ask for all the options they will accept as proof of a commercial location. They may accept more than what they list. Pictures and videos of your business may be accepted. A site inspection can work as a last resort.

Why is a P.O. Box not acceptable?

P.O. Boxes are not usually accepted. Addresses that do not have a building or structure, vacant lots and raw land are not accepted as proof of the address and location.

What is a site inspection of my business?

A site inspection is when someone comes in person to inspect your location. This is usually done for loans, vendor relationships and when large contracts are signed between companies. The goal is to confirm the company’s address and that the business is open and operating.

How to prove your company address and location

Step 1: When making any request or application in the name of your company, review in advance what may be required to prove your location.

Step 2: Tip: Gather information you have on your company address in advance.  Have the items available or make a list to discuss.

Step 3: Apply with companies that will accept the proof of business address that you have, or can get.

Narrow down your list of lenders you apply with to those that accept the proof of business location you have.

Step 4: Make contact with funding programs and confirm your business address information will be enough.

Try to confirm ahead of time that the business address information will be satisfactory.

Step 5: Submit a request or application.

When satisfied you will meet the requirements, apply.

Step 6: If you receive an offer, first review the terms including the items required to prove the company location and address. If ready to complete an offer, submit the required items. Get final questions answered before closing. Finalize the transaction.

If you do not have the types of documentation for proof of 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 the owner cannot prove their address which may be required to close a loan.

Are there other ways to verify it?  What is the lender asking for?  There are other options in addition to the ones listed above.
If you don’t have proof now, review your options and fixes below:

How you can fix the following problem:

I can’t prove my business location.

  1. Get an updated business license showing that address. Your city or county can reprint or resend a copy of your permit to operate.  If it shows a previous and outdated location, then submit a correction before requesting a reprint.
  2. Review the address at the secretary of state to see the current information.  If the current information is wrong, contact the secretary of state and update the articles of incorporation.

Remember:  Evidence of your company’s current address and will be required for funding.    This prevents mail correspondences from being incorrectly sent and also helps prevent owners from making changes without the knowledge of the other owners.

Examples of what generally will not work for proof of address:

  1. Virtual office
  2. P.O. Box: post office box
  3. Vacant lot
  4. Raw land
  5. Any location that does not have a building or structure on it
  6. An out of state address.   This happens when the business is located in one state but was originally located in another.
  7. When the business address is in one state and the owners personal home is in another.   This is an absentee 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.    An owner that lives less than 50 miles from their physical operations is usually acceptable.  Examples is a company that is listed in Kansas City, KS, and the owner lives in Missouri.    Other examples are a company listed in Chicago, IL, and the owner’s home address is in northwest Indiana, less than 50 miles away.

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How to Get a Very Low Fico Credit Score Business Loan

Get a very low credit score business loan.

Business loans with very low credit scores below 500 and as low as 383 are considered.  This low fico program is a good match with bureau’s below 500 considered.

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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 funding considered with fico’s under 500 and down to as low as 383.   Approvals is based mostly on company revenue and time in business.

Contact us below or first read the “Howto” section steps, direction and tips to getting low fico credit score commercial loan.  Almost all callers discover they can qualify for some program.

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Call : 1-919-771-4177

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 company’s profile.   This can be slow revenue periods or not much reporting in the bureau.

Step 3: Choose the program that most fits your repayment history and overall customer profile.

Pick the program that you think is going to be the best match for your business.

Step 4: Make contact with funding programs and confirm your business meets minimum funding program requirements.   Discuss amounts with the lender representative.

Contact the lender and talk about whether your business meets the 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.

Get a higher offer by submitting documentation that shows your business to be stronger.

Frequently asked Questions FAQ:

Can I get business funding with a really low score?

Yes, your business still has an excellent chance of qualifying with strong cash flow and revenue. Providing the most recent bank statements showing you can make the payment will prequalify you.

Will we get less with bad credit?

Strong sales will still get the same or similar approval amount.

Can I get an offer with charge offs and delinquencies on my credit?

Your company can still get funding with the owner having charge offs or delinquencies. Programs include funding based on the monthly deposits or assets. Assets can be real estate or equipment.

Will my business need collateral with very bad credit?

Collateral is not required for approval with bad repayment history. Many customers qualify for unsecured programs.

Can a good credit co-owner get approved instead of me?

Another owner with higher scores can apply if they have 50% ownership. Strong co-owners with less than 50% ownership should apply under owner 1 and the other owner listed as 2nd owner.

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How to Get Same Day and Next Day Business Loans

The Fastest business loans: The options below:


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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 car title loans.
    • After reviewing, make a list of the top two or three funding programs that best match your business.

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.

Contact those funding programs. Verify features, benefits and requirements with a representative.

    • If your business meets the requirements, consider applying for the program that best aligns with your business.

If your business meets the requirements, consider applying for the best matching program

    • On any offer made to your business, review the terms with a representative. Before closing, verify 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.


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Call 919-771-4177 for more info.

F.A.Q.:

How fast can we get funds into our business account?

Application to funding can be as fast as three or four hours. Approvals completed by late afternoon can still be funded the same day.

When can I be sure I am getting the loan the same day or next day?

Ask if all of the requirements have been met and if there is anything else that needs to be completed before the funding wire is sent to your business account. Also ask for daily cut off times for funding the same day.

How do I know if I qualify?

Revenue over $5,000 per month and average daily balances over $750 are the most important qualifications. At least three months time in business and roughly 5 deposits per month are also important.

Do I have to send in a lot of paperwork?

Approvals require only a one page online application and the most recent three months bank statements. For asset based programs,
provide an asset list that includes description, year, manufacturer and model number for offers.

What if I get the money too late and don’t need it?

Request to return the funds and cancel the contract if funds are not wired out by an agreed day and time. Ask to have a cancellation agreement clause put into the contract. Right of rescission laws may allow you to return the money and cancel the contract up to 72 hours after closing.

Some examples of same day or next day business loans include merchant cash advances and loans against OTR over the road
tractor trailers and semi-trucks.

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Get Money to Pay IRS Business Taxes Today!

Money for IRS business taxes

Fast Funding takes care different types of taxes:
1. US Federal 
2. State 
3. Back Taxes & OIC Offer In Compromise
4. Payoff Liens
5. Settlements
6. Payroll

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The money can also be used to pay quarterly payments , OIC offer in compromise settlements, tax extension payments and income tax settlements.    Check out 10 uncommon reasons for needing a business loan, as there are quite a few.

How to get money to pay IRS and State business taxes:

Identify business funding programs that offer money to pay IRS business back taxes, open tax liens and OIC, offer in compromise, and settlements.

Select programs are available to satisfy the need to pay your specific tax debt.  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 upaid federal debt.   Open tax liens over $10,000 are more difficult to get money for without collateral.

After evaluating, choose the program that is most likely to provide the capital needed for your business to pay.

Choose the program to pay business tax debt

Contact the lender.  Check features, benefits and program requirements.  Ask about restrictions, including what is needed for approval and closing.

Check features, benefits and program requirements

When you determine your business meets the requirements, apply for funding.

Do you meet the guidelines? Apply for a loan to pay business taxes.

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.

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FAQ Frequently asked questions on how to get money to pay irs business taxes.

What are my chances to qualify for a loan to pay off my business taxes?

If you have sales then you have an outstanding chance to get approved. Unsecured loans are available with terms between 2 to 18 months. Strong credit may allow you to get up to 60 months based on the sales or collateral you have. Even more loan options include asset based against equipment or real estate.

How long does it take to get funding?

Processing time from application to funding on unsecured approvals is 2-3 business days. This depends on how many tax liens you have and if they are being paid off at closing.

Do I have to be in a payment plan to get the loan?

Being in a payment plan is preferred but not required. If you have a payment plan or OIC offer in compromise, then provide documentation to increase your approval amount.

What if I have an open tax lien?

We have programs for your business to payoff and settle an open tax lien. Approval depends on the amount of the lien and business sales. Other factors include time in business and assets.

Can I get approved if the IRS has already filed a lien against me?

A lien on you or your credit that is already in place is usually not the deciding factor. You still have an excellent opportunity to get money for your business. It is the cash flow of the business and being able to show documentation on the lien that is most critical.

Do I payoff the IRS or state tax lien myself?

You can be funded into your business checking account and payoff the IRS or state tax lien yourself. A requirement for closing your business loan may be for the lien to be paid off by the lender at closing.

Do I need collateral for a business loan to pay IRS taxes?

Having collateral is not a requirement. For larger tax liens the borrower may have to use real estate in order to payoff the full amount.

If I filed an extension can I still get a loan to pay business taxes?

You can still get a loan to pay even if you filed an extension and paid estimated taxes. Provide a copy of your completed IRS Extension form 4868 when you apply.

In conclusion, get money to pay IRS business back taxes, liens and OIC, offer in compromise, and settlements.

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How to Get a Used Car Dealer Business Loan

Used Car Dealer Business Loans

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Programs for:
Buy Here Pay Here Car Lots.
Start Up Car Lots.
Small and Low inventory Lots.
Low Monthly Sales Lots.
Bad Credit Owner down to below a 500 bureau.
Exotic and Specialty Care Lots.

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How to get a used car dealer business loan

Preparation

Step 1:  Research companies that specialize in used car dealer business loans. Decide which programs meet your dealership’s needs for the amount, credit, time in business and what you need the funds for.

Search online for used car dealer lenders

Prepare your documents

Step 2: Tip: Prep your information a few days before you need the funding. Amounts over $50,000 need more time to be approved and closed. Car lots selling more than $15,000 per month have a better chance of getting an offer.

Get company information, bank statements and business licenses together days before they are needed.

Look closely at the cash flow in your bank statements. Explain low sales months, overdrafts, nsf’s and low balance periods upfront when you first apply. This can help get approvals, better offers and help avoid declines.

Settle on Top Companies

Step 3:  Contact your preferred companies and ask about their approval criteria.
Tip: Ask if you can be prequalified. Some funders can either prequalify through an online application or a representative by calling in.

Contact the lender. What are their requirements? What are the most common reasons for denial?

Complete your application

Step 4: Apply with the programs the most aggressively solicit used car dealers while matching your needs. Complete an application for funding and provide all supporting documentation needed.

Apply with the best matching program.

Review Approvals

Step 5:  After approval, closely look at the terms and closing requirements. Get all of your closing documentation together and submit to complete the transaction.

If the closing terms are satisfactory, provide all remaining documents and close the transaction to receive funding.

The lender will usually make a final merchant call to you. They will verify that the owner completed the closing documents and is ready to start the transaction. Confirm this and receive the wired funds into your account.

Loans to used car dealers are considered restricted loans by almost all lenders.   We have programs for below 500 credit scores.

F.A.Q. Frequently asked questions

Can our car lot get fast funding the same day or next day?

Same day funding is possible for applications received by noon. After mid day, funding on approvals and closings is possible the next day.

How long does our car lot have to be in business?

Time in business of at least 3 months is needed. The most recent three months business checking account statements are then submitted to pre-qualify.

What types of car dealer loans are available and for how long?

Programs are for dealers that specialize in buy here pay here, new and used cars, specialty, luxury, exotic, and short time in business. There is an option for small lots with low inventory of less than 10 cars. The longest term option is up to 10 years and available in most states. Other programs are short term bridge loans from 3 to 10 months.

How much does bad credit matter?

Low credit scores and bad credit will rarely be declined. Scores can be as low as 400. Having cash flow and positive business checking account balances are the most important approval requirements.

What are the rates?

Rates start in the low teens and depend mainly on cash flow, time in business and credit.

Can we use this financing to buy more cars for inventory?

The working capital can be used for anything such as to buy cars at auction, from wholesalers, customer trade ins, or anywhere your dealership buys.
It can also be used to buy lot space, repairs and improvements.

Used car dealer loan financing. $2,500 to $1,000,000. Tips and steps on how to get a used car dealer loan.

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How To Get a Large Business Loan

Use your business cash flow or assets to get a large business loan.  How to search and contact lenders and learn how to get approved.   Get business loans of $50,000 and up to $1,000,000 through these programs.  Fast and easy process with 1 to 3 day closings may be available.

Very little documentation and financials in most cases.  Business loans up to 2,000,000 available with either real estate or unsecured with strong monthly cash flow.

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Call 919-771-4177 for more info.

Search and contact lenders that offer a big business loan and review their approval criteria

If your business generates more than $50,000 per month in gross revenue, or your personal credit score is over 600, then your business has a good chance to be approved.

How to get a large business loan: How to steps, direction, and tips:

How to get a large business loan fast and easy

Estimated Cost: $0
Total Time: 1 Day<
Supplies Needed:  Financia statements if available, Business bank statements, and Tax returns for requests over $100,000.
Time available.
Tools needed: Internet connection, phone, computer

Step 1:  Preparation

Research companies that offer big business loans. Search for programs that best match your business for the amount requested, your annual sales, credit, time in business and use of funds by your business.

Search for companies that offer specific programs that you are looking for.

Step 2: Have your business financial information ready to go.

Tip: Start the process a few weeks before needing business funding.  Larger funding amounts over $100,000 often require more time for an approval. If your business generates more than $50,000 per mont hin gross revenue and your personal credit score is over 700, then your business has a better chance to be approved.

Review your business bank statements and financial information before providing. If there are any problems then write an explanation for those problems before applying. This can include slower business periods during the year, low net income on financial statements or any other reason.

Start weeks before you need the loan if possible. You may need that time to get documentation together.

Step 3:  Settle on the top 2 or 3 programs that best matches your business for your profile and the reason you want the loan.

Contact qualifying companies and ask about their qualifying criteria

Try to find out if your business has a good chance to be approved.   Some lenders may be able to prequalify your business over the phone.

Call and talk with a representative of the most qualifying programs. Tell them your company’s main characteristics such as amount requested, time in business, credit and ask if you will qualify.

Step 4: Submit an application

Go with the most likely program you have determined can get your business a big business loan based on your review and any conversations you had with the lender.   Complete an application for funding and provide the supporting documentation requested to show business revenues such as bank statements or tax returns.

Is the program the best fit? Then apply!

Step 5:  Review approval offers

Once approved, review all details of closing terms and conditions. Make sure you can provide required items. Complete transaction and receive funding.
Was your business declined? Contact the lender and try to find out why you were declined.  Can you do anything to get the decision reversed?  If not, then go back to other lenders you looked at during your initial search. Ask the other lenders if the reason you were declined will be an issue for them.  If not, then consider applying with them.

Review approval terms. If you are satisfied, provide closing stipulations and get funding into your business checking account.

FAQ Frequently asked questions.

How can we qualify for a large business loan?

Time in business of 6 months and revenues over $25,000 per month are needed at a minimum. Higher credit scores over 600 will help get approvals and higher offers. Higher average bank balances also help.

Can we get a larger business loan with bad credit?

Your business can still get higher amounts with bad credit. Strong sales and time in business can overcome a lower credit score.

Can our start up get a bigger business loan?

Your start up will need about 6 months in business, strong sales and credit scores over 575 to have a chance at a higher approval amount.

Do we have to have collateral?

Your business does not need collateral to get a high offer. Strong sales are often enough. Time in business over 6 months and credit of 600 or higher can increase offers significantly.

Does the process take a lot longer?

The process often takes about the same amount of time. More documentation may be requested for amounts over $10000 and can take longer.

For other financing options, please review other alternate financing programs that may better match your business needs, below:

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How to Get the Best Merchant Cash Advance Renewal

Get the best and lowest rate merchant cash advance renewal terms that your business can qualify for. Terms as long as 12, 16, and 18 months.

Apply below now to get a better renewal offer.

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The best merchant cash advance renewal terms: Benefits and steps

  • More money
  • Longer Terms
  • Lowest Rates
  • Best Terms
  • Largest Early Payoff Discounts

How to Direction:

  1. 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.
  2. 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.
  3. Step 3 Tell your current cash advance company that you are shopping for a better offer and are comparing their offer to others.
  4. 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.
  5. Step 5 Decide which renewal is the better loan offer, complete the transaction and receive funding.

Complete the Secure Form here Data Secure 15 Second Request Form Here.


Call us at Tel:  1-919-771-4177, or Question? 

What are renewal options ?

Get a mca merchant cash advance or business loan with the best and longest renewal terms of up to 18 months.
Get a better and less expensive cash advance renewal.   Also available are  large business loans,   bank statement loans, loans against equipment, asset based loans and other options such as paying off your mca merchant cash advances.
Click and apply above now to get your longest merchant cash advance renewal terms.

What can you do to get the best cash advance renewal terms possible? Follow these tips.

FAQ: How to get the best merchant cash advance renewal

How can I qualify for more money on a renewal?

All programs have the most aggressive approval offers on renewals with fast funding. Submit your application and provide
the most recent statements for same day offers.

What are your longest terms?

The longest terms are up to 18 months. Your business will get the longest offer available.
Monthly payment programs are up to 60 months now for qualifying customers.

Can you approve me after I was declined by my current mca for a renewal?

Yes, these programs specialize in approval offers for customers declined for renewals with their current mca lender.
More customers get an approval with the highest offers compared to other advance programs.

Do you match or beat other offers?

We match or beat other offers. Provide the approval information from a competitor to get started on a better approval today.


Before applying for a the advance renewal

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.

Is your cash advance renewal not enough? Then a 3rd position cash advance for instance, is another option.

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How to Get a Business Loan with Low Deposit Volume

Low business deposit volume

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.  Your business can get approved with slow sales, and dropped deposit volumes down to 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.

START NOW

Call 919-771-4177 for more info.
Changes in volume could be from many reasons including low deposit volume from the coronavirus covid-19 pandemic.  If so then go with other loan options that are available now such as a loan on equipment.

How to get a business loan with low deposit volume

  1. Look at your last 3 months business checking account statements and document your total deposits.
  2. Search for a business loan program that specializes in funding with average deposits of less than $10,000 per month.
  3. Review approval requirements and terms and conditions as much as you are able prior to applying
  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.
  5. Close transaction

Does your business have low monthly deposit volume? Find a program that your business will be approved for.

Data Secure 15 Second Request Form Here.
Or call us at Tel:  1-919-771-4177.

FAQ Low Deposit Volume

Can my business get funding with less than $10000 a month in deposits?

Your business can get funding with monthly revenues as low as $5,000 per month. Average daily balances of at
least $1,000 per month will help offset low deposits totals. The deposits need to be from real business revenue.

Can we be approved with only 1 low month?

1 low deposit month can often be worked around if it was an exception. Providing the most recent 6 to 12 months business statements to show that the one month was unusual will strengthen your request. Also write an explanation for the low month at the time of application.

How much can we get?

Approvals depend heavily on how low the deposits are, your credit score, average daily balances, time in business and more. Average monthly deposits between $5,000 and $10,000 per month result in $2,500 to $5,000 offers.

How can my business get more money?

You can either get a second position funding or another type of loan. Your business may be an excellent fit for more options based on cash flow, credit, other assets or real estate.

Why do most lenders require $10,000 per month in deposits?

Many funders believe a business with $10000 in monthly revenues may not have enough money left after business expenses to repay loans. The biggest expenses include rental payments, payroll, inventory, utilities, taxes and insurance.

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How to Lower Daily MCA Merchant Cash Advance Payments

Do you need to lower daily mca merchant cash advance payments – immediately?

Is your account sometimes overdrawn because the mca companies keep debiting the daily payment?   Do you have multiple advances and do not know what to do if your daily mca payment is too high?  What can you do?

START NOW

🇺🇸 Call 919-771-4177 for more info.

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.   If your payments were temporarily lowered and the cash advance company is restarting the daily payments, consider term extensions or consolidations.

How to lower your daily mca merchant cash advance payments.

1:  Negotiate with the mca merchant cash companies to extend the term and lower the payments.  Offer to pay a lower amount for a longer amount of time or make changing daily payments based on a percentage of sales.

2:  Give the cash advance company solid reasons why you cannot pay the current daily advances.

3:  Get an alternative loan or consolidation loan to payoff the advances.

4:  Use the equity in assets such as a real estate loan or loan against equipment to payoff the advances.