How to get a third MCA Cash Advance
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;
Video Description: How to get a third position mca cash advance
Want to just watch the Video only? Watch above or go to the Video only page here
Supply: Last 3 months business bank statements
Tool: Desktop, laptop, tablet or phone
STEP 1: Check if you can afford another Daily payment.
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 another Daily payment. The Lender will be checking your profile closely.
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 Amount 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.
VIDEO CLIP below: Calculate MCA Affordability: 17 Seconds – 46 Seconds in Clip below.
Review your Last 3 Months Business Bank Statements, or 4 Months in States that require 4 Months like California. 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.
VIDEO CLIP below: Check Total Monthly Deposits: 52 Seconds – 63 Seconds in Clip below.
Average Daily Balance:That is the average balance per day for the month.
TIP:
You want your Average Daily Balance to be at least $750, but better $1000 or higher.
VIDEO CLIP below: Review Average Daily Balance 63 Seconds – 74 Seconds in Clip below.
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.
VIDEO CLIP below: Overdrafts or NSF’s 73 Seconds – 87 Seconds in Clip below.
STEP 2: Match with a Lender
Match with a lender that fits your business type.
TIP:
Talk to a Representative first, that often avoids unnecessary declines.
STEP 3: Apply.
If approved, request the closing docs.
STEP 4: Close
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.
VIDEO CLIP below: Approval and Closing 94 Seconds – 111 Seconds in Clip below.
TIP:
If you have repayment problems with 3 Advances, communicate with the Lenders immediately and consistently[ desert wind blowing ] to protect your business’ ability to borrow again in the future [ wind continues ]
VIDEO CLIP below: Repayment problems with 3 Advances 110 Seconds – 119 Seconds in Clip below.
Show Video Transcript
how to get a third position MCA Cash Advance
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
[ 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.
But how do you get an initial, or first advance? Go to how to get an mca cash advance here for the steps.
We will help you structure your existing business cash flow as well to insure your payments can safely be made. Apply below now to get your offer and cash quickly!
Call 919-771-4177 for more info.
F.A.Q.’s, Frequently asked questions
How much can we get on a 3rd position MCA?
You will get the highest offer that your business budget can handle which will be reviewed through the bank statements. If the balance on one of your other advances is low enough, it can be paid off to get an ever higher offer.
What is the longest term we can get?
Payments and terms on a 3rd funding can go up to 1 year, though most are 6 months. The longest term depends on the balances of your current MCA’s, your available funds and the ability to handle the new payment.
How fast can I get funded?
Submit your application and last three months statements in the morning and it is possible to be funded the same day.
Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
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