How to Get an MCA Cash Advance
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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.
If approved, request the closing docs. Get a Copy of your Driver’s License,
Voided Business Check and Proof of Ownership.
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 ]