Categories
Articles

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.

Apply Secure DocuSign Now

DocuSign Secure 15 Second Info Form Here.

Call 919-771-4177 for more info.

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.

Apply Secure DocuSign Now

DocuSign Secure 15 Second Info Form Here.

Call 919-771-4177 for more info.

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.



Categories
Articles

How to get an MCA Cash Advance > a default

Getting a merchant cash advance after a default: What to consider

Consider several programs your business can get real funding through.

Apply Secure DocuSign Now

DocuSign Secure 15 Second Info Form Here.

Call 919-771-4177 for more info.

Some businesses that have defaulted on 1 + mca cash advances in the past now understand the amounts and daily payments they can handle, and make.  These programs are targeted for:

  • Defaulted payments
  • Missed cash advance payments
  • Delinquent or lapsed  payments.

How to get another Cash Advance after not paying a previous one.

Step 1: Research companies online that offer merchant cash advances to businesses that have a previous default on an mca cash advance. Closely review restrictions for terms and conditions of approval.

Step 2: TIP – Repayment of a previously defaulted merchant cash advance as well as the amount of time since the default may affect your ability to be approved under different programs. Ask if there is a minimum time requirement since the cash advance default.  Know the month and year your business first officially defaulted and the amount of the default. Default reporting drags on time wise in business and personal credit reports and makes it look like the default was much more recent than the original date the merchant cash advance company declared a default. Any payments you made on the default often do not appear on the business and personal credit reports a lender looks at and you will not get credit for any payments made. Provide documentation of the payments made.

Step 3:  Select the programs that your business will most likely qualify for.

Decide on the programs that your business will most likely get an offer from.

Step 4: Make contact with these lenders that fund with previous defaults. Try to verify how likely your business is to meeting the funding program conditions and requirements.

Contact mca default lenders. Apply here to begin.

Step 5: Submit an application for funding. Provide all documentation you have that improves your chance for an approval. Provide documentation that proves the time since the default and if any payments were made.

Apply and provide any documentation that show how long it has been since your business originally defaulted on the mca merchant cash advance.

Step 6: If approved, review terms and conditions. Rates and terms will not be as favorable for some time on your advances after defaulting.

Small Business Loans Depot
Small Business Loans Depot

FAQ Frequently asked Questions on getting an mca merchant cash advance after defaulting

Can I get a merchant cash advance after I defaulted on one?

About 6 months to 1 year after a default your business can be considered for financing, including a cash advance. Approvals and amounts depend on how well your business has recovered, it’s ability to repay and if any of the default was paid.

What if I did not repay any of the defaulted cash advance?

It is easier to get another cash advance if you repaid or settled the old defaulted cash advance. New lenders want to see your business made an effort to repay what it could or reach a settlement on the debt.

Does it matter if I defaulted on more than 1 advance?

You may still be able to qualify even if you defaulted on more than 1 previous advance. Approval depends a lot on whether you repaid any of the debt, how many you had, how long it has been.

Categories
Articles

How to Get a Very Low Fico Credit Score Business Loan

Get a very low credit score business loan.

Business loans with very low credit scores below 500 and as low as 383 are considered.  This low fico program is a good match for bureau’s below 500.

Apply Secure DocuSign Now

DocuSign Secure 15 Second Info Form Here.

Call 919-771-4177 for more info.

Many programs do not offer small business loans with the owner’s credit score below 500, or have limited offers.    Get up to $150,000 in funding with fico’s under 500 and down to as low as 383.   Approvals is based mostly on company revenue and time in business.

Contact us below or first read the “Howto” section steps, direction and tips to getting low fico credit score commercial loan.  Almost all callers discover they can qualify for some program.

 Secure DocuSign 30 Sec App
Call : 1-919-771-4177

How to get a very low fico credit score business loan

Step 1: Research companies that have low fico credit score business loans as main programs.   Review minimum funding amounts, rates, features and benefits and processing time from application to completion.

Step 2: Tip:  Prepare explanations or documentation for any unfavorable or incomplete information in your company’s profile.   This can be slow revenue periods or not much reporting in the bureau.

Step 3: Choose the program that most fits your repayment history and overall customer profile.

Pick the program that you think is going to be the best match for your business.

Step 4: Make contact with funding programs and confirm your business meets minimum funding program requirements.   Discuss amounts with the lender representative.

Contact the lender and talk about whether your business meets the requirements.

Step 5: Submit an application for funding.  Provide documentation you have that improves your chance for an approval, higher offer amounts and better terms.   This can include financial statements, additional bank statements or tax returns.

Get a higher offer by submitting documentation that shows your business to be stronger.

Frequently asked Questions FAQ:

Can I get business funding with a really low score?

Yes, your business still has an excellent chance of qualifying with strong cash flow and revenue. Providing the most recent bank statements showing you can make the payment will prequalify you.

Will we get less with bad credit?

Strong sales will still get the same or similar approval amount.

Can I get an offer with charge offs and delinquencies on my credit?

Your company can still get funding with the owner having charge offs or delinquencies. Programs include funding based on the monthly deposits or assets. Assets can be real estate or equipment.

Will my business need collateral with very bad credit?

Collateral is not required for approval with bad repayment history. Many customers qualify for unsecured programs.

Can a good credit co-owner get approved instead of me?

Another owner with higher scores can apply if they have 50% ownership. Strong co-owners with less than 50% ownership should apply under owner 1 and the other owner listed as 2nd owner.

Categories
Articles

How to Get a Used Car Dealer Business Loan

Used Car Dealer Business Loans

Apply Secure DocuSign Now

Call 919-771-4177 for more info.Programs for:
Buy Here Pay Here Lots.
Start Up Car Lots.
Small and Low inventory Lots.
Low Monthly Sales Lots.
Bad Credit Owner.
Exotic and Specialty Care Lots.

Are you a used car dealer and need capital? Used car lots are welcome here. Aggressive funding programs for this industry are funded every day! Low volume dealer options.

Secure DocuSign 30 second application here
Call us at Tel:  1-919-771-4177, or Question? 

How to get a used car dealer business loan

Preparation

Step 1:  Research companies that specialize in used car dealer loans. Decide which programs meet your dealership’s needs for the amount, credit, time in business and what it needs the funds for.

Search online for used car dealer lenders

Prepare your documents

Step 2: Tip: Prep your information a few days before you need the funding. Amounts over $50,000 need more time to be approved and closed. Car lots selling more than $15,000 per month have a better chance of getting an offer.

Get company information, bank statements and business licenses together days before they are needed.

Look closely at the cash flow in your bank statements. Explain low sales months, overdrafts, nsf’s and low balance periods upfront when you first apply. This can help get approvals, better offers and help avoid declines.

Settle on Top Companies

Step 3:  Contact your preferred companies and ask about their approval criteria.
Tip: Ask if you can be prequalified. Some funders can either prequalify through an online application or a representative by calling in.

Contact the lender. What are their requirements? What are the most common reasons for denial?

Complete your application

Step 4: Apply with the programs the most aggressively solicit used car dealers while matching your needs. Complete an application for funding and provide all supporting documentation needed.

Apply with the best matching program.

Review Approvals

Step 5:  After approval, closely look at the terms and closing requirements. Get all of your closing documentation together and submit to complete the transaction.

If the closing terms are satisfactory, provide all remaining documents and close the transaction to receive funding.

The lender will usually make a final merchant call to you. They will verify that the owner completed the closing documents and is ready to start the transaction. Confirm this and receive the wired funds into your account.

Loans to used car dealers are considered restricted loans by almost all lenders.   We have programs for below 500 credit scores.

F.A.Q. Frequently asked questions

Can our car lot get fast funding the same day or next day?

Same day funding is possible for applications received by noon. After mid day, funding on approvals and closings is possible the next day.

How long does our car lot have to be in business?

Time in business of at least 3 months is needed. The most recent three months business checking account statements are then submitted to pre-qualify.

What types of car dealer loans are available and for how long?

Programs are for dealers that specialize in buy here pay here, new and used cars, specialty, luxury, exotic, and short time in business. There is an option for small lots with low inventory of less than 10 cars. The longest term option is up to 10 years and available in most states. Other programs are short term bridge loans from 3 to 10 months.

How much does bad credit matter?

Low credit scores and bad credit will rarely be declined. Scores can be as low as 400. Having cash flow and positive business checking account balances are the most important approval requirements.

What are the rates?

Rates start in the low teens and depend mainly on cash flow, time in business and credit.

Can we use this financing to buy more cars for inventory?

The working capital can be used for anything such as to buy cars at auction, from wholesalers, customer trade ins, or anywhere your dealership buys.
It can also be used to buy lot space, repairs and improvements.

Used car dealer loan financing. $2,500 to $1,000,000. Tips and steps on how to get a used car dealer loan.

Categories
Articles

How to get a large business loan

Use your business cash flow or assets to get a large business loan.  How to search and contact lenders and learn how to get approved.   Get business loans of $50,000 and up to $1,000,000 through these programs.  Fast and easy process with 1 to 3 day closings may be available.  Very little documentation and financials in most cases.  Business loans up to 2,000,000 available with either real estate or unsecured with strong monthly cash flow.

Apply Secure DocuSign Now

 Call 919-771-4177 for more info.
Search and contact lenders that offer a big business loan and review their approval criteria

If your business generates more than $50,000 per month in gross revenue, or your personal credit score is over 600, then your business has a good chance to be approved.
Complete the secure docusign
application now.
Or call us at Tel:  1-919-771-4177

How to get a large business loan: How to steps, direction, and tips:

How to get a large business loan fast and easy
Estimated Cost: $0
Total Time: 1 Day
Supplies Needed:  Financial statements if available, Business bank statements, and Tax returns for requests over $100,000.
Time available.

Tools needed: Internet connection, phone, computer

Step 1:  Preparation

Research companies that offer big business loans. Search for programs that best match your business for the amount requested, your annual sales, credit, time in business and use of funds by your business.

Search for companies that offer specific programs that you are looking for.

Step 2: Have your business financial information ready to go.

Tip: Start the process a few weeks before needing business funding.  Larger funding amounts over $100,000 often require more time for an approval. If your business generates more than $50,000 per mont hin gross revenue and your personal credit score is over 700, then your business has a better chance to be approved.
Review your business bank statements and financial information before providing. If there are any problems then write an explanation for those problems before applying. This can include slower business periods during the year, low net income on financial statements or any other reason.
Start weeks before you need the loan if possible. You may need that time to get documentation together.

Step 3:  Settle on the top 2 or 3 programs that best matches your business for your profile and the reason you want the loan.

Contact qualifying companies and ask about their qualifying criteria
Try to find out if your business has a good chance to be approved.   Some lenders may be able to prequalify your business over the phone
Call and talk with a representative of the most qualifying programs. Tell them your company’s main characteristics such as amount requested, time in business, credit and ask if you will qualify.

Step 4: Submit an application

Go with the most likely program you have determined can get your business a big business loan based on your review and any conversations you had with the lender.   Complete an application for funding and provide the supporting documentation requested to show business revenues such as bank statements or tax returns.
Is the program the best fit? Then apply!

Step 5:  Review approval offers

Once approved, review all details of closing terms and conditions. Make sure you can provide required items. Complete transaction and receive funding.
Was your business declined? Contact the lender and try to find out why you were declined.  Can you do anything to get the decision reversed?  If not, then go back to other lenders you looked at during your initial search. Ask the other lenders if the reason you were declined will be an issue for them.  If not, then consider applying with them
Review approval terms. If you are satisfied, provide closing stipulations and get funding into your business checking account.


FAQ Frequently asked questions.

How can we qualify for a large business loan?

Time in business of 6 months and revenues over $25,000 per month are needed at a minimum. Higher credit scores over 600 will help get approvals and higher offers. Higher average bank balances also help.

Can we get a larger business loan with bad credit?

Your business can still get higher amounts with bad credit. Strong sales and time in business can overcome a lower credit score.

Can our start up get a bigger business loan?

Your start up will need about 6 months in business, strong sales and credit scores over 575 to have a chance at a higher approval amount.

Do we have to have collateral?

Your business does not need collateral to get a high offer. Strong sales are often enough. Time in business over 6 months and credit of 600 or higher can increase offers significantly.

Does the process take a lot longer?

The process often takes about the same amount of time. More documentation may be requested for amounts over $10000 and can take longer.

For other financing options, please review other alternate financing programs that may better match your business needs, below:

Categories
Articles

Closing My Business Checking Account to Stop an MCA Cash Advance?

Is closing your business checking account to stop an mca cash advance a good idea?

Shutting down your account is a bad idea and the worst way to get out of a merchant cash advance.   Consider much better alternatives to stop an mca such as Payoff and Consolidation options.   Apply below.

Apply Secure DocuSign Now

 Call 919-771-4177 for more info.

Lenders may consider closing an account an intentional default.
Choose much safer alternatives, such as:

Refinancing
Consolidation
Payoff
Lower Payments
Longer Terms

Get started on safer, better solutions. Apply Now, below:
Secure DocuSign 30 Second Application
Call Tel:  1-919-771-4177.


FAQ frequently asked questions on closing a business checking account to stop mca cash advance payments

Can I close my business checking account to stop a cash advance daily debit?

Closing your account is not allowed and may be considered an intentional default. Call the cash advance lender and try to work out a solution. Payoff or consolidation options are available if you are not offered a repayment plan you can pay.

What will they do if I close my account without telling them?

It can be called an intentional default and you can be sued. They are much more likely to take legal action against you and your business through a lawsuit filed in state or county court.  There could be accusations of fraud if accusations of an intentional fraud are made.

What are better options?

Working with the cash advance lender to negotiate a lower payment is almost always better than closing the account. That should only be seen as a possible last option under extreme circumstances.    In many cases, the bank has called the loan due and you must come to a negotiated solution with the lender to avoid a default.

The following is what many debt settlement programs tell customers to do.

  1. Sign a contract which allow them to represent your firm in communications with lenders and mca merchant cash advance companies  after missed mca payments.
  2. Pay their company to start the process.
  3. Close your business checking account per their instructions or advice.
  4. Allow them to represent you in negotiations.

There are several problems and possible severe consequences to closing your business checking account to stop paying cash advances or loans and signing a debt settlement contract .

  1. The lender can also consider this an intentional default or fraud.
  2. 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
  3. 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
  4. You may not have influence or say in the final agreement.

The contract you sign take power and decisions out of your hands and puts much of it in the hands of a 3rd party.

Other options to closing your business checking account

  1. Contact the lenders directly and try to discuss your financial situation and reach an agreement with the lenders yourself.
  2. Payoff the merchant cash advances with other loans if the balances are low enough
  3. Discuss your financial situation with a business attorney
  4. Filing bankruptcy

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.

Have you been told to close your business checking account to get out of an mca merchant cash advance? Don’t do it.
Categories
Articles

How to Get Approved For a Small Business Loan


Follow the steps on how to get approved for a small business loan. The steps below increase your chance of being approved.

Apply Secure DocuSign Now

 Call 919-771-4177 for more info.

How to get approved for a small business loan

  1. Step 1  Search online for lenders that allow you to leverage the strengths of your business when you apply.   Consider your revenues and type of operation as well as credit and time established.
  2. Step 2 TIP: Picking a program that matches your company strengths will go a long way towards getting approved.
  3. 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.

    Make a list of the top two or three funders after reviewing the criteria.

  4. 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 profile matches the requirements for approval.

    Get the best idea how likely your business is to get approved for funding with approval criteria.

  5. Step 5 Settle on the best match between different business loan programs and your strengths. Also consider your business requirements and time for funding. Apply for those programs that are the best match.

    Choose the best matching business funding program then apply

  6. Step 6 Read the terms and conditions on any approval.  Make sure there are enough revenues to cover the payments and meet all the requirements. Complete closing requirements to fund the transaction.
    Small Business Loans Depot

    Small Business Loans Depot

Need to get approved for financing?  Apply now below:

Step and tips to help get approved for a small business loan.

Secure DocuSign 30 Second Application here.
Or Question, call us at Tel:  1-919-771-4177.

FAQ :

How can we get approved for a small business loan?

Complete an online application. Provide any additional information on your company’s strengths, such as sales or start date. Doing so gives you a better chance of being approved, for a higher amount, and with better terms.

Is there a minimum time in business required?

Three months are required. Programs with vehicles or accounts receivables do not require 3 months. With revenues, you may be approved right after setting up licensing.

Can we be prequalified to avoid being declined and credit pulled?

Call us and we can review your information and prequalify you over the phone. If your business does not qualify for one product, you may qualify for one of many other loan options.

Can we get a longer term?

Options for 1 to 2 years are available. 36, 48 and 60 month programs with a monthly payment are available for customers wanting a longer repayment.

Categories
Asset Based Loan

How to get out of an mca merchant cash advance

How do I get out of my merchant cash advance?  Many businesses have taken out short term advances against their future sales.  Stop your crushing merchant cash advance nightmare immediately and permanently.

There are several program options to eliminate advances, for instance, a payoff, consolidation and also asset based programs and more.   Get your freedom and business back. Apply now, below:

Apply Secure DocuSign Now

 Call 919-771-4177 for more info.

DocuSign 30 Second Application here.

How do I get out of my mca merchant cash advance?:

  • Search online for programs that will help you exit your merchant cash advances without defaulting or having problems with your existing merchant cash advance companies.   Also look at any reviews
  • Programs that will payoff your other advances while you pay a consolidation or business loan will be the best option.   For example, settlement programs are usually not the best choice.
  • Review the features and benefits of different cash advance consolidation relief programs so you can make sure they apply to your business.

    Read the features and benefits of each mca cash advance consolidation and relief program.

  • Pick the program that you feel is the best match to get your business safe from your cash advances and discuss the program details with the representative.

    Select the program that you think is the best one to payoff your cash advances and keep your business open

  • Apply. If approved then review terms and closing stipulations. If the new terms put your business in a cash flow position that will allow you to stay in business you can consider closing the transaction.

    Review terms and closing conditions. If the cash flow will help you stay in business consider closing the transaction. Review the closing conditions to get all the items needed to fund the transaction. This may include payoff letters from your current mca merchant cash advance companies. Determine the payoff for several days in advance.

  • When closing get all items needed to meet the closing conditions.  For example, this may include payoff letters from your current mca merchant cash advance companies.  Also get the payoff for a few days into the future.

FAQ Frequently asked questions on how to get out of a merchant cash advance.

How do I get out of my merchant cash advance?

The programs combine one or more advances into one loan and extend the term. It will improve your cash flow and not involve settlements or negotiations to lower payments. Your current advance companies will not be contacted and your credit will not be impacted.

Are there longer term options?

Terms are available up to 24, 36, or 48 months and longer in many cases. Businesses can take out an asset based loan against their main assets or a revenue based solution. Businesses cut their payments an average of 50% or more.

Can I get emergency cash to save my business?

Yes. Programs are available to allow your business to get instant relief from suffocating advances taking too much out of your account. Your business cash use the cash for basic needs such as payroll, utilities, rent, and inventory.

Can I get out of my cash advance and also get cash?

Your business cash flow will be reviewed. If the business can handle the new payment, it can be approved for a refinance plus cash.

How fast can I get out of my merchant cash advances?</strong

Processing time from application to funding is 2 to 3 business days and can be as fast as the same day. If you apply and immediately complete closing documents, it is possible to get funding within 24 hours.

Can I declare bankruptcy on my cash advances?

Bankruptcy is normally a filing on all or specific creditors rather than just merchant cash advances. You may still be required to make monthly payments during bankruptcy. Contact a bankruptcy attorney to get detailed information about your options

Can I stop payment on my mca merchant cash advances?

It is very much not recommended to ask your bank to put a stop payment on the daily or weekly payments. It may be considered an intentional default by mca cash advance companies. Significant default fees and penalties apply and advance companies will often seek a judgement against you if you stop payment on their daily debits. A better solution is to negotiate a payment you can handle.

Are there state or federal laws that protect me from merchant cash advances?

There generally are no state or federal laws to protect you specifically from mca merchant cash advances. However, compare any questionable contract terms to existing laws and seek legal advice if needed.

Other frequent requests for assistance:
– Help me save my business.
– I have a problem and need to escape my merchant cash advances.
– I need to stop my merchant cash advances.
Many customers don’t ask questions just and say they need to be rescued from their advance emergency immediately.
– I have a problem paying my mca’s.

Most common requests and comments by callers:
I need emergency cash flow right away. Most callers say they need immediate cash flow.    Some callers still have signifiant cash flow and say they need another advance asap.

1) These cash advances are destroying and ruining my life and my business.
2)  I am suffocating from my merchant cash advances and need to lower my merchant cash advance payments.  Also, I need emergency funds right now.
4) My merchant cash advance payments are killing me, so I can’t sleep and am also having night mares from what these cash advances
are doing to me.   Merchant cash advances are strangling my business cash flow.

 

Resources:

For more information on business in general and business loans, also visit SBA Information and Options

Thank your for visiting our resource page!