Get the best merchant cash advance renewal terms your business will qualify for. Terms as long as 12, 16, and 18 months and lower rates. Get lower rates. Apply below today.
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.
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.
FAQ frequently asked questions on how to get the best merchant cash advance renewal
How can I get the best merchant cash advance renewal?
Review your most recent 3 months business checking account statements yourself. Compare the average monthly deposits, average daily balance and NSF Overdraft activity with the same numbers on the bank statements you provided when you were approved for your first advance. If the numbers or your credit is the same or better, then you have a good chance to qualify for a better renewal offer. For example, the amount may be higher. The term may also be longer and the cost lower.
Why is my cash advance renewal not longer than before?
The cash advance renewal term will be the same as the one you originally took out unless ask for a longer term. If you had a good pay history or your credit score has gone up, then the funder may give you a longer term on a renewal. MCA Companies want you to have a shorter term because the risk is lower to them. Because of this, ask for a longer term when you apply.
Can I apply for a renewal of my cash advance if sales and deposits have been bad?
Contact the lender before you apply for a renewal and talk to a representative. Tell them the problems your business has had since the you first took the advance and ask if it will prevent your company from getting a renewal
What is interest on interest on an mca cash advance?
Interest on interest on a cash advance is when you renew 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 may not be forgiven and rolled into the new mca contract. Some funders will forgive the remaining interest owed but many 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.
Is your cash advance renewal not enough? Then a 3rd position cash advance for instance, is another option.