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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.

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.

If your business has several short term advances, contact us and get this solved today.



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Pick your escape from MCA merchant Cash Advances

Select several safe ways to escape from mca cash advances.  Get on a cash flow path your business not only can survive, but have a healthy cash flow back!

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  • Preserve Your Credit
  • No Defaults!
  • Longer Terms
  • Sustainable for your Business: Payments you can make

 Apply Now

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FAQ: Frequently asked questions on picking your escape from mca merchant cash advances

What ways can we get out of our cash advances?

There are both unsecured and secured options. Terms are available up to 10 years and may be a consolidation, if qualified. The business can also use qualifying equipment for a payoff. Real Estate can be use for very high total balances.

Can I get out of the advances with low credit scores?

Several low credit score programs are available for approval. These do not all require a high bureau score to refinance, consolidate or payoff your remaining payments. Scores can be as low as 500 and below for some programs.

Will I get a monthly payment to pay these off?

Monthly payments with credit scores down to 500 and lower are available for secured programs. Unsecured monthly payments need scores 600 or higher to pre-qualify.

Do I have to be current on my advances right now?

Options are available if your business is not current on its advances at this time. Being current qualifies you for more programs. If you expect go past due soon, take action before the payments are behind.

Choose your escape from MCA merchant cash advances.

Permanent relief from your mca merchant cash advance problem:

1) Call the merchant cash advance companies and negotiate a solution. 
Tell them the pressure on your cash flow has been far greater than you thought and ask if you can negotiate the terms.  If the Merchant Cash Advance company agrees, they normally lower the daily or weekly payment and the term is extended.

2) Try to qualify for a different loan to payoff the merchant cash advances.

Options are an asset based loan such a loan against real estate.    There are other loans that may be able to help business cash flow such as Factoring.
Factoring helps you get money owed to you much sooner.
If you cannot get one of these loans and the time left on your advances is only 2 or 3 months, another option is a bank statement loan.  If you can get approved for
6 to 10 month funding that pays off advances you only have 2 to 3 months
left on, then you may be able to extend the term of your existing debt by 7 or 8 months.  This can cut your daily payment by 75%.

3) Ask for a pause in your merchant cash advance payments.  
This works best if your business only needs a pause in the payments.  In most cases, the mca merchant  ash advance companies will stop the payments completely for 1 or 2 weeks.  If you know your business needs much more relief than this, you probably should not request this option as it will not be enough to solve your problem.   If you request temporary relief, then ask for a permanent reduction right away.

Tips and information

Reduce your payments be as much as 25% to 50%.   Some funders give merchants more time to pay it back or a permanent reduction in the payments.    First decide if lower payments are enough.  Will you be able to handle lower payments permanently?
Do cash flow calculations to determine if your business can afford the payments, even if they are lowered as much as 50%.

4) Find a traditional consolidation program
Such a program will payoff the other advances at closing.  This is not a program that advertises consolidation but then sells another cash advance.    If you can qualify for such a consolidation program, it will often be the best choice.   The terms will vary greatly depending on the strength or weakness of your profile.    These programs also have the biggest advantage because they almost always extend the term and lower your payment a lot at the same time.   Break away from merchant cash advances.

How would you like to escape your mca merchant cash advances?

More drastic measures

5) Hiring and involving an Attorney. 
This option can be considered if you have tried your best to work with the merchant cash advance companies and they did not offer a solution that would allow you to stay in business.   If this happens, consulting an attorney and considering your options may be in your best interest.   It could be that having an attorney contact the merchant cash advance companies to request terms that are sustainable for your business  brings you a better offer.

6) Bankruptcy.
This may be a final but viable option.  In the event you cannot work anything out and you will go out of business, bankruptcy may be the best choice.   Contact a bankruptcy attorney to discuss this.   If you have signed a COJ confession of Judgement, then make your attorney aware the merchant cash advance company has a COJ from you.   Another power the confession of Judgement also gives a creditor is to immediately access and also debit from any bank account you have an any bank.   Bankruptcy may be able to prevent this and allow your true escape from mca merchant cash advances.

Choose one of these options and start on your path to escape from mca merchant cash advances.   Break out and escape from merchant cash advances today!

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Stacking Merchant Cash Advances – Fast Fix!


What is stacking merchant cash advances?

Businesses that take multiple short term cash advances are stacking and hurting overall revenues in a huge way.

Don’t let multiple short term debt ruin your business! Fix it now with several choices:

Pay them off  –  1 Loan
Pay them down – Shorten the term
Extend the term – 1 to 5 years

Apply BelowNow!

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Need emergency rescue from stacked merchant cash advances? Complete fast online app or click on image

FAQ Frequently asked questions about stacking merchant cash advances

What is stacking merchant cash advances?

Stacking is when a business gets more than 1 merchant cash advance at the same time. Businesses sometimes need
more money and can get a 2nd or 3rd advance.

Is stacking merchant cash advances legal?

It is legal to take out multiple merchant cash advances. Some advance companies prohibit you only in their contract from taking out any additional advances. State and federal laws do not prohibit multiple advances.

Can you take out a loan if you already have one?

You can can take out more loans if you already have one. We can get your business more funding with the cash flow to pay a new loan. Take the monthly cash flow you have to pay a new debt and multiply it times 10 for an approval amount.

Can I get a loan from two different places?

Your business can get a loan from two different lenders. We can approve you for funding even if you have a loan with another company.

How can I get out of stacked merchant cash advances?

There are several options. You can pay them off through a loan, consolidation or a reverse consolidation in which the advances are paid off daily from the new loan. This avoids past dues and defaults.

Can I consolidate my advances into a longer term?

We can consolidate and reduce your daily payments between 35% to 75%. If you currently pay $1,000 per month, your payments can be lowered down to $250 to $600 without defaulting or damaging your standing on your current
advances.


First know what counts as an existing mca position.  Get a 2nd position cash advance or a 3rd position mca advance if your company can handle the payments but did not get enough funding from the 1st position short term loan.

Need saving from merchant cash advances? Programs now to get out of multiple loans and save your business.

Get a consolidation loan to payoff the advances

Through a consolidation loan for instance, the daily debit payment is lowered and term extended.
How can my business be approved for a consolidation?   Contact lenders that specialize in consolidating mca’s.   They should be able to give you criteria over the phone.   If you and the lender agree you have a strong chance of qualifying, consider applying for the consolidation.

Example of too many stacked cash advances:

A company obtains a first position Merchant Cash Advance, then a 2nd one after the 1st one.   The second (2nd) advance is stacked on top of the first.  Then they get a third.   The third (3rd) is now behind the first and second position.
The company’s income is too restricted because it may not be able to pay other critical business expenses.  For instance, the business may not be able to pay for advertising, product development and expansion plans it has.

Stacking Example

Below is an example of how consolidating stacked merchant cash advances works.  The required multiple daily payments that are now being debited from your business checking account take away from critical marketing, inventory, and even being able to meet payroll.

Acme, Inc.  has 2 merchant advances.
# 1  current balance  $10,000  @ $100 per day.

# 2 current  balance $10,000 @ $100 per day

This merchant has 100 days left paying on these 2 advances.   They are paying $1,000 per week and about $4,000 per month.   On a typical consolidation, they will lower their payment by about 50%, thereby lowering their daily payment from $200 to $100.    This lowers their monthly repayment from $4,000 to $2,000 and saves them $2,000 per month.   Sometimes the savings is even more.

Negotiate with cash advance companies to lower the daily payments

How do you negotiate with cash advance companies to lower the daily payments?

Each lender may have a different policy on negotiating to lower your daily payment.   The Lender will consider your specific situation,  and how the request is handled by the borrower.

Review the basic terms of each current advance because funding source has stipulations in the contract you may violate.  The stipulations may say the borrower cannot obtain another advance until the contract is paid off.   This is an example of how you may have already violated the terms of the contract.   As a result, the lender may have the option of declaring a default.  For instance, they may require or demand full payment of the remaining balance immediately.  So review the contract carefully before contacting the lender.

Ask for a lower daily payment

Your business can contact the lender and let them know you cannot handle the daily payment.   You need to have it lowered for your business to be able to continue making the payment.    You will be asked questions and may have to complete paperwork.  Ask for a pause or break in the payments

Ask for a pause in payments

If your business is only going through a short term slow period in business, it may be better to ask for a pause in the payments for a week or two.   Funders are less restrictive on pausing payments than they are on lowering the daily payments.

Pay them off with other loans

If the problem of multiple loans cannot be solved through a consolidation or negotiation with the lender, another solution is to pay them off because that will fully solve your problem.   For example, some other types of loans are:
–  Asset based loan.   This can be based on Real Estate, Equipment, or both.
Accounts receivables financing.

You can use the proceeds from one of these other loans to payoff your existing short term debt.    You may be able to extend the term to several years, which can dramatically lower your monthly payments.

Using these strategies and tips are the best ways to lower your daily merchant payments.

The SBA has tips, suggestions and hints at finding solutions to cash flow problems as well as how to create business plans and other business statements that may be requested for any type of financing transaction.

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Consolidate Merchant Cash Advances – No Defaults!

The best and safe options to consolidate merchant cash advances.  Many businesses have multiple mca’s by stacking cash advances. Get  immediate relief to lower their daily and weekly payments.

A regular and reverse consolidation will improve your cash flow up to 50% or more for some programs, thereby reducing your number of positions   Apply below now!

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How to get a merchant cash advance consolidation:

  1. Calculate how much you can afford to pay per day, week and month compared
    to what you are paying now.
  2. Research and contact companies that offer consolidation programs that match your business needs and daily budget.
  3. Review the qualification requirements and choose from programs that you have the best chance to qualify for.
  4. Do not get another mca during the term of the transaction.

FAQ Frequently asked questions.

How much can I save daily?

Your business can lower the daily or weekly payments between 25% and 50%. Some programs can lower them as much as 75% and convert into weekly or monthly debits.

How does the consolidation work?

A merchant cash advance consolidation is usually one large loan used to payoff several smaller ones. The goal is to lower total daily payments by extending the term, lowering the rate, or both. Some programs are structured differently or give you a longer term to payoff the current debt while others have a shorter term.

How do we qualify?

If you can simply make the new payment, then you can qualify based on cash flow. It should be 30 days since your most recent advance closed and you should be current. Lenders want to know you can meet your obligations now before being approved.

How can I get the best terms?

Apply for the longest term program available because the payment will be the lowest. The lower the payment, the more likely your cash flow will qualify.

How does a reverse consolidation work?

A reverse consolidation covers the payments on your existing advances while you make a much lower one on the reverse. During the term of the transaction, the other daily debits you had before drop off until you only have one payment left.


How we can help

Your business may be in a position where it must extend out the term of current positions.   We can assist in paying off 2, 3 or 4 other mca’s and lowing your payment as much as 50% or more.

Tips on how to get approved:

–  Make all of your payments on time.
–  Wait until 30 days after the most mca closes to apply.   Most requests are declined if new funding is deposited into your account in the last 30 days.   Lenders want to see how a business is paying it’s most recent debt before it approves.
–  Don’t have more than 5 overdrafts or 5 NSF’s per month.

Consolidate your merchant cash advances today.

Program Features:

– No net funding requirement.
– No maximum number of positions.
– Daily, weekly, bi-weekly, and monthly repayment programs.
We try to tie payment frequency to your deposit volume.  The main things looked at are:

The repayment history on current advances.

– If we are materially cheaper, and if your business has been able to pay your existing higher cost mca’s with minimal NSFs, we will aggressively pursue a consolidation.
– Deposit volume and consistency are reviewed.  If deposits vary significantly from month to month, we will typically look at the lowest month when calculating an amount to offer.  Up to 1.25 times your deposits with a 6 to 12 month term are offered.
– (NSF) insufficient funds and overdraft frequency are looked at.

Other features and products:

1. Advances are available in almost all states EXCEPT California.   Term loans are available.

2. Your future consolidation is more like a like of credit. A merchant can request additional capital at anytime from us.  We will quickly re-underwrite it with no fee and offer additional funds and keep your scheduled payment the same.

Renewals

You do not have to pay off our loan to get more capital.  This holds true if your business requests more capital after one month, or after six months.  Your business saves money at renewal. Your business will not pay interest on interest if you renew for premium programs.

– Low or no origination and underwriting fees.   Fees as low as $250 to consolidate 3 to 4 positions, $500 to $750 for 5 or more.  No NSF fees or other junk fees are charged.
– The maximum initial funding is $100,000.
– This is first position funding only.   This funding can be the only funding following a consolidation.  A standard line of credit, credit card split loan, traditional bank loan.
– SBA loan, car loan, student loans and home loans can be left in place.
– Daily, weekly, bi-weekly, and monthly payment options are available.
Your business may need help creating a business plan.  The SBA can also assist with ideas and programs to develop a business plan.