Get excellent merchant cash advance renewal terms your business will qualify for.
Get terms as long as 12, 16, and 18 months and lower rates. In some cases, 24 months and low rate factors.
How to get the best merchant cash advance renewal terms, lower rates and longer terms. How to Direction:
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.
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.
Step 3 Tell your current cash advance company that you are shopping for a better offer and are comparing their offer to others.
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.
Step 5 Decide on the best of the offer terms, complete the transaction and receive funding.
People also ask, F.A.Q.’s frequently asked questions and comments.
Why is my renewal not longer than before?
In most cases, the cash advance renewal term will be the same as the one you originally took out. You must ask for a longer term.
If you have had a good pay history or your credit score has gone up, then the funder may give you a longer term on a renewal, but only if you request it.
Do not expect the funder to offer you longer terms on their own. MCA Companies want to put you in the shortest term possible and the shortest term you will accept.
Many businesses believe that if they had an excellent repayment history on their first cash advance, then they should get a much longer term and much better rates on all renewals. Your business may qualify for a longer term on a renewal. Request that immediately when you request the renewal.
What if my company’s situation has gotten worse since I took out the advance? Should I even apply for a renewal of my cash advance?
Contact your representative before you apply for a renewal and ask them, “what would prevent my company from getting another cash advance renewal?”
Listen to what the Representative says. Ask him what are the most common reasons companies are declined for a renewal. If he does not mention decline reasons that your company has, then you have already gone through a partial pre-review.
What can I do myself to get a better offer for my mca cash advance renewal?
Review your most recent 3 months business checking account statements yourself.
If the numbers are better than they were when you received your first advance and your credit is the same or better, then you have a good chance to qualify to get a better renewal offer from your current mca cash advance company, or a competitor.
What is interest on interest on an mca cash advance?
Interest on interest on a cash advance is when you renew your cash advance before it is paid off but you still pay interest or finance charges on the amount you have not paid yet. Even though the old contract is ending the interest on that old contract is not forgiven and it is rolled into the new mca contract. Some funders will forgive the remaining amount owed but most will not.
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.
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. You can get approved with deposits of 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.
How to get a business loan with low deposit volume
Step 1 Look at your last 3 months business checking account statements and document your total deposits.
Step 2 Search for a business loan program that specializes in funding with average deposits of less than $10,000 per month.
Step 3 Review approval requirements and terms and conditions as much as you are able prior to applying
Step 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.
People also ask, F.A.Q., Frequently asked Questions
My business deposit volume is less than $10,000 per month. Can I get business funding with deposit volume that low?
Yes. Your business can get funding with monthly revenues as low as $7,500. In some cases, low business revenue can be as low as $5,000 per month and your business can still get funding.
Why do lenders require $10,000 per month in deposits?
Many funders believe that after a business deducts basic expenses such as lease rental payments, utilities, insurance and inventory, they will not have enough revenue to repay any loans or advances of any kind. Many funders believe a business has to have at least $10,000 to $15,000 or more per month in gross revenues to be able to handle any kind of funding.
Lenders believe if revenues are less than that, a business will get behind on payments and go into default.
How much can I get if my deposits are minimal or reduced amounts?
It depends on how low the deposits are, your personal credit score, average daily balances, time in business and some other approval requirements.
In most cases, if your average monthly deposits are between $5,000 and $10,000 per month, an approval offer will in the $2,500 to $5,000 range. It is not as likely to get approvals in the $10,000 or higher range.
My business needs more than what we were approved for. The approval amount was too low and we need more. Can we get more funding for our business?
Your business may be able to get more funding. If your business needs more funding than the approval amount, you can either get a 2nd position funding or another type of funding. Bank statement loans often allow for a supplemental funding. Consider other funding programs. Your business may be a good fit for other options that are based on Accounts Receivables or Real Estate and others.
Our deposit volume is under $5,000 per month and we had some overdrafts. Can we still get funding?
There are other programs your business may qualify for. If your credit score is high enough, or your business has accounts receivables or other assets, you may be able to qualify for these other programs. Contact us to discuss and review.
Do you need to lower daily mca merchant cash advance payments immediately? Is your account overdrawn because the mca companies keep debiting the daily payment? Do you have multiple advances and do not know what to do? What can you do? 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.
How to lower daily mca merchant cash advance payments
Can I get a monthly payment loan to pay these off?
Yes. One of the ways to lower your daily mca merchant cash advance payments is to get an alternative loan to pay off the mca cash advances. By doing so, you will be lowering the payment because your monthly payment on the loan to pay off the mca’s will be much lower than the monthly amount you were paying on the daily cash advances.
Usually, you will be paying 50% to 75% less if you are successful in securing a monthly loan to pay the mca’s off.
What if the cash advance companies do not want to lower the payments?
You may have to push hard to get a concession. If your business had a true hardship, such as a hurricane or another type of hardship, make that known.
If that fails, read the mca merchant cash advance contract in detail.
Make sure you know exactly what can happen if you do not pay. It may be advisable to seek legal advice through an attorney if you know you cannot repay the advances.
If you know in advance your business will not be able to repay the advances, you can use the time in advance to:
– Determine what your options are
– Know what actions you can legally take
I cannot pay my advance. What can I do?
Check your state laws to find out if your state has special protections and laws. Some laws vary by state. Negotiate with the cash advance company either directly final options may include bankruptcy.
Should I get my Attorney to contact the mca merchant cash advance companies?
Whether you should get an Attorney involved in talking with the cash advance companies varies on a case by case basis. In some cases, having your Attorney contact and negotiate with the cash advance companies is a good idea.
If you are offering to work with the merchant cash advance companies and they are not working with you, this may be a good situation in which your attorney contacts them.
Some mca merchant cash advance companies are more willing to work with customers than others.
If you do not feel comfortable negotiating or discussing your past due debt with mca merchant advance companies, this may be another reason to involve an Attorney.
Close my business account to stop a mca merchant cash advance? If you are considering it, it is usually the worst way to get out of a merchant cash advance.
Some companies such as debt settlement companies recommend doing so as part of their settlement process. Business owners should know that intentionally closing your business checking account is considered a default by many merchant cash advance companies and lenders.
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The following is what many debt settlement companies tell customers to do.
Sign a contract with the debt settlement company. The contract often allows the debt settlement company to represent your business in communications with lenders and mca merchant cash advance companies.
Pay the debt settlement company to start the process.
Close your business checking account per the instructions or advice of the debt settlement company
Allow the debt settlement company to continue to represent you in settlement talks.
There are several problems and possible severe consequences to closing your business checking account to stop paying cash advances or loans and signing a contract with a debt settlement company.
The lender can also consider this an intentional default or fraud.
The lender or mca company can file a certificate of judgement and may also be able to debit funds in other accounts you may have at the same bank or other banks
You may not be able to talk to the lenders or cash advance companies directly any more even if you want to. Language in the contract may not allow you to talk contact the funder directly
You may not have influence over the final settlement agreement.
The contract you sign take power and decisions out of your hands and puts much of it in the hands of the debt settlement companies.
Other options and alternatives to contracting with debt settlement companies and closing your business checking account
Contact the lenders directly and try to discuss your financial situation and reach an agreement with the lenders yourself.
Payoff the merchant cash advances with other loans if the balances are low enough
Discuss your financial situation with a business attorney
The advantage of some of these options in general is that they either show you are sincerely trying to work with your lenders to settle your debt, are forming a coherent strategy to do so, or have officially determined that you cannot pay. These also have advantages over closing your account.
FAQ – Frequently asked questions.
Question: Why can’t I close my account? I don’t have the money. The merchant cash advance companies will overdraw my account. I have to close my account.
Answer: There are cases when the mca merchant cash advance companies or other lenders may overdraw your account too much and too severely in a few days. You may feel this is a reason you have to do something. This can be a very valid concern. Anticipate in advance your account being overdrawn.
You should know several days in advance that your account may be overdrawn. Look at alternatives. If it is too late and you know the daily payment will overdraw the account, consider contacting your bank and change your account to not pay any items that will overdraw the account.
Follow the steps on how to get approved for a small business loan. The steps below increase your chance of being approved.
How to get approved for a small business loan
Step 1 Search online for lenders that allow you to leverage the strengths of your business when you apply for a small business loan. Consider your revenues and type of business as well as credit and time in business.
Step 2 TIP: Picking a program that matches your business strengths will go a long way towards getting approved.
Step 3 Review the criteria from different lenders needed for approval. Make a list of the top two or three funders and their best matching programs.
Step 4 Contact lenders online and by phone. Review as much approval criteria as you can with a representative. Try to get the best idea possible how closely your business profile matches the requirements for approval.
Step 5 Settle on the best match between business loan programs and your business strengths. Also consider your business requirements and time for funding. Apply for those programs that are the best match.
Step 6 Read the terms and conditions on any approval to make sure your business can make the payments and meet all the requirements. Complete closing requirements to fund the transaction.
Need to get approved for a small business loan? Apply now below:
FAQ Frequently asked questions on how to get approved for a small business loan:
Question: How do I qualify for a small business loan?
Answer: Know what your business strengths and weaknesses are. Look up funders that appear to best match your business strengths. Contact funders that your business appears to qualify with. Apply for those programs that are the best match.
Question: I do not like the business loan programs my business qualifies for. How can I get a business loan with terms and rates I want?
Answer: Your profile determines the business loan programs your business qualifies for. Evaluate and make a list of the programs your business is most likely to get approved for based on the company strengths and weaknesses. Pick a program from that list. The programs you want may not be the programs you qualify for.
Question: My business did not get approved for enough money. How can I get more money or how can I get it increased?
Answer: Ask the lender to increase the approval amount. The funder will sometimes increase the approval amount slightly just by asking. Your business may have strengths that were not known at the time of application. Give the lender any information that makes your application and request stronger. This includes the previous years bank statements and also tax returns or additional owner credit and new worth information. Other strengths include providing information on existing contracts and accounts receivables your business has. This proves revenue you expect to generate in the future.
Question: I was declined for a small business loan. How do I get approved?
Answer: Follow the steps listed in the how to section to increase your chances of being approved after your business was declined. Contact us to review best tips when applying. We will review your profile with you and also discuss the best programs your business is most likely to get approved for.
Question: How much can I get approved for?
Answer: The amount you can get for a business loan depends on several factors. The main things that are looked at is business revenues and credit. Other important factors are time in business as well as the type of business and the assets of the business.
Information on how to get a soft pull business loan. Soft pull merchant cash advances also available.
What is a soft pull business loan? Definition of a soft pull: In general, a soft pull is when personal credit is pulled and checked but does not show as a credit inquiry and does not lower your credit score.
How to get a soft pull business loan
Step 1 When applying for any type of credit or funding, review the website to see if credit pulls will be a soft pull or hard pull. If it does not state such and you are interested in the service, call a representative and ask.
Step 2 Once credit will be pulled, ask if it will be a soft credit pull or a hard credit pull.
Step 3 Some lenders will review your information and can pre-approve you or make a pre-assessment without any credit being pulled. Ask for a pre-application review.
Step 4 When it is a soft credit pull and the lenders criteria matches your need, consider applying.
Step 5 If approved, review final terms and conditions. If acceptable, complete transaction.
F.A.Q.’s, Frequently asked questions, comments and requests.
I need a soft pull. Can you do that?
This will be a soft pull. When you apply tell the representative that you want to have a soft pull.
I have a recent credit report already. Can I just provide you a copy of my credit report and get a decision using the report I already have?
When your credit report is less than 30 days old, it can be used. We will get back to you with an assessment or pre-approval, after which you can decide to proceed with a full review and a soft pull can be done to try to make an offer.
I have to have a soft pull. The last company I used pulled my credit so many times. They were a broker. Can I get approved with just a soft pull?
You can get approved with just a soft credit check. We will make sure it is a soft pull and not a hard pull. Tell us immediately you only want a soft pull and we can arrange for the credit pull to not affect or lower your credit score.
If a previous company ran your credit 5, 10 or more times, then we will keep help you keep your credit from taking more hits.
We will work with you step by step to make sure the process has the minimal affect on your credit and credit score.
Can you review my file before you pull credit or before you do a soft pull?
Yes. We will review your file before credit is pulled and respond to you with either a pre-approval or assessment of your file. After the review, processing can be completed to try to make an offer or give an approval.
A free detailed review can be discussed with you before your file goes into underwriting.
Am I limiting my options by not allowing a hard credit pull?
You may be denying yourself better rates and longer terms when applying for a small business loan if you do not allow a hard credit pull.
How much do hard credit pulls hurt versus a soft pull?
Hard credit pulls hurt your credit score little and for only a short amount of time. Credit scores going down from too many inquiries pulled in the span of a few weeks will recover within two or three months.
Description: How to get a soft pull business loan when applying for any type of business credit or funding. Review the lenders programs to see if credit pulls will be a soft or hard pull. If it does not state which and you are interested in the program call a representative to discuss. Once credit will be pulled ask if it will be a soft or a hard credit pull. Some lenders will review your information in advance and can preapprove you and make an assessment without any credit check. Ask for such a review in advance of an application. When it is a soft credit pull and the lenders criteria matches your business need then consider applying. If approved review the final terms and conditions. If the closing terms are acceptable complete the transaction
F.A.Q.’s, Frequently asked questions, comments and requests.
“Need an mca merchant cash advance renewal with better rates”.
Also frequently requested:
“I want an mca merchant cash advance renewal with lower rates and better terms.”
Answer: Your business can get an mca merchant cash advance renewal with lower rates and longer terms by choosing one of several programs available here.
The same programs also offer mca merchant cash advance renewals with rates as low as 12% to 15% and up rate factors and longer terms if your business qualifies.
Click above to complete 15 second request form.
How low of a rate can I get?
The lowest rates Start at approximately 8% to 12% rate factor for the best credit, longest time in business and strongest cash flow. For most businesses, rates in the low teens and higher are the lowest rates for merchant cash advances.
My mca merchant cash advance rate is super high. How can I lower my rate right immediately? I need to get a lower payment today or by the end of the week.
Lower your mca merchant cash advance rate right now by paying it off with a lower rate advance. Use the funds from your lower rate advance to payoff the remaining balance on your new advance. This works especially well when the balance of your existing advance is low.
There are some merchant cash advances that are similar to and work like a line of credit. Your business can borrow, repay, and re-borrow over and over. With these programs, your business can repay before the financing is paid off. By repaying before your balance is $0 (zero), you are able to use the product like a business line of credit.
Can we get a business loan instead of an mca merchant cash advance?
Yes, for many program options, your business can get a business loan instead of an mca merchant cash advance. Business loans will require a higher personal credit bureau score, usually around 575 to 600 or higher. A regular business loan may also require a longer time in business of longer than 1 year or longer than 2 years.
Yes, your business can get a business loan instead of a merchant cash advance if you qualify. Like the line of credit option, a regular business loan usually requires at least 1 year or more time in business and at least a 575 – 600 credit bureau score. Contact us for details.
How to get a 3rd position mca merchant cash advance:
Decide how much money your business needs. Then calculate how much the business can afford to pay each day. For a 3rd position advance, figure out how much is the maximum you can afford per day and the total your business can pay for cash advances overall.
Apply for the cash advance program that best matches your business cash flow.
If approved, review all closing documentation and requirements. If needed have a specialist review the contracts and return completed contracts and all documentation for funding. Complete merchant funding call with the funder.
Funds are deposited into your business checking account the same day or next day.
F.A.Q.’s, Frequently asked questions, comments and requests.
My business needs capital. We already have 2 merchant cash advances but need more capital. Can our business get another cash advance? We need a 3d position merchant cash advance.
Answer: yes. Your business can get another merchant cash advance. We will also assist you in making sure your business has the cash flow to handle and pay the cash advance. If so, your business will be made an offer.
“What are the terms? How long can we get the cash advance for?”
Payments and terms can be between 60 and 180 days. The terms offered will depend on your business’ cash flow, and ability to handle the debt and repay.
Will the funder decline me because I already have cash advances?
No, the funder will not decline your business because you already have cash advances. The funder will review your cash flow and determine how much more funding your business can handle.
I want the maximum I can get. How do I know if the lender is offering the most I qualify for?
Your business will always get the highest offer it qualifies for. Whatever your business profile can be approved for, your business will receive that offer for funding. There are not any limitations on the program. You do not have to worry that you should have received more funding under another program. Your business will always get the maximum it qualifies for. Final offers will depend on the cash advance company’s guidelines.
Are there other programs available for funding instead of getting another advance?
Yes, there are several other programs that your business might qualify for instead of a cash advance. Some of those that many businesses might qualify for are listed below.
Accounts Receivables Financing is a type of financing through which your business can get paid now on invoices for payment that have already been sent. This works especially well if your business often has to wait 20, 30 or more days to get paid.
The cash flow of millions of businesses suffer because they are paid 2 to 6 weeks after issuing an invoice for payment instead of immediately after an invoice has been sent.
Real Estate Leaseback
Funding based on the real estate you own, commercial or residential. Take the equity out of Real Estate and also get a tax write off in many cases.
Step 1: Review your business funding needs and cash flow. How much more can your business afford to repay per day and per week?
Step 2: Determine the approval amount your maximum daily repayment equals. The average cash advance is 9 months or 189 days. If the maximum additional daily payment your business can afford is $100 per day then $100 X 189 = $18900.
Step 3: Select the funders with the products that best match your businesses needs as well as credit and time in business.
Step 4: Contact the best second position cash advance options. Discuss your business profile with the representative. Select the best matching program for your business and apply.
Step 5: When approved look at the daily or weekly repayment and the mca loan contract. If you want to close, then provide all the required closing documentation and complete the transaction.
Step 6: Complete the transaction and receive funds into your business checking account.
Are you looking for a second position merchant cash advance?
F.A.Q.’s, Frequently asked questions, comments and requests.
What is a second position mca merchant cash advance?
A second position mca merchant cash advance is when a business takes out a cash advance while having one advance they are already paying on. In doing so the business will have a second cash advance that his considered to be behind the first advance. The business will then be making payments on two cash advances. The second merchant cash advance company considers the existing advance payment into their decision to approve a second advance as well as for how much and how long.
I want a second position merchant cash advance with low rates. Do you offer second positions that have longer terms?
You can be approved for another mca cash advance position and get rate factors as low as 1.19 if your business qualifies. If you already have a first position now, you may be able to payoff your existing first position cash advance and have just one advance.
How do renewals work ?
Renewals are available when your existing cash advance is 50% to 75% paid down.
What are the longest terms?
Terms are usually a maximum of 360 days. In some cases up to 10 years is available if the business qualifies.
Can you payoff my existing advance and make it into one loan?
your existing position can be paid off if your balance is low enough. Estimate the balances on your existing advances when applying.
How important is credit?
Credit is not the main factor. strength of cash flow is more important.
I need a low daily or weekly payment and for my daily payment to be lower than it is now. Can I get a lower payment than I have now?
The lowest daily and weekly and also monthly payments are available. terms as long as 24 months or longer are available to lower your payment.
Do I have other options if I do not qualify for a second position?
Other options include accounts receivables financing and asset based loans. For accounts receivables financing, your business can get paid about 80% of the face value of the invoice immediately. Once the company you have invoiced pays then your business will get the remaining amount owed less a 1% to 5% fee. Asset based loans can be against real estate or certain types of equipment.
Why is my second position less than my first position?
The second position is almost always less than the first position. This is because the first position approval amount was supposed to represent the most your business was able to handle and repay. So a second position would be less unless your business revenues increased since your business took out the first position.
Why is my 2nd position cash advance a higher rate than the 1st position?
A 2nd position is considered a higher risk than the first position
My offer for a second mca cash advance is too low. Why is it not higher?
Your second cash advance offer is probably lower because it is additional funding behind an existing cash advance.
Review your funding requirements. Calculate how much you can afford to pay per day or per week.
Apply with a merchant cash advance company or funder that offers the best products that match your businesses’ cash flow, credit and time in business.
If your business is approved, review the daily or weekly repayment terms and the merchant contract. If you agree, submit all the required closing documentation and close transaction.
Receive funds into your business checking account.
Need a 1st position merchant cash advance?
F.A.Q.’s, Frequently asked questions, comments and requests.
I am looking for a 1st first position merchant cash advance. Do you offer a 1st first position with lower rates?
Answer: yes. You can be approved for a 1st first position and also get rates as low as 1.18. If you have an existing position now, another benefit is paying off your existing 1st first position cash advance. Buying out your existing 1st first position will mean you will still only have 1 merchant cash advance position after funding.
We may need funding again later. Can you help ?
Yes. Renew at 50% and 75% paid down.
“How long is the cash advance for?”
Terms are usually 60 days to 360 days. Options are available for 3, 4 and 5 years if your business qualifies.
More F.A.Q’s. frequently asked questions, requests and comments:
What if I have an existing merchant cash advance and also want to pay it off ?
If your balance is low enough your existing position can be Paid off. You will still have only one advance.
I only need funding now and do not want funding in the future. Can I get longer term ?
There are longer term programs between 1 year or 252 business days, 18 months or 378 business days, or 2 years and 504 business days available. Fast funding. 1 to 2 hour approvals and same day funding available in many cases.
Is credit important when applying for?
Credit is not a main factor. The company’s cash flow is more important.
I need a lower daily payment or a lower weekly payment. Can I get a lower daily payment on a first position cash advance?
Lower daily, weekly and monthly payments are available. Terms can also be extended up to 12 or 15 months or longer to lower your payment.
How can my payment be lowered?
Your payment can be lowered by buying out your 1st first position merchant cash advance. If the balance of your first position has been paid down more than 50%, then the 1st position can be paid out. A longer term of 12, 15 or 18 months can be approved and your daily payment will be lowered as much as 25% to 50%.
If I do not qualify, what other programs can my business be approved for?
If your business does not qualify for this program , there are other programs you may also qualify for to.
Accounts receivables financing
If a merchant cash advance cannot be obtained, a further option is also accounts receivables financing. When your business has to wait more than 2 weeks to get paid on invoices but needs funding in one or two days, review accounts receivables financing. Get paid about 75% of the face value of the invoice immediately. Once the company you have invoiced pays, get the remainder less a 1% to 4% fee.
Asset based loan
Get funding for your business based on the assets. Assets can be real estate or certain types of equipment. Find out more