How can I get out of multiple advances?

What are multiple cash advances?

When a business has more than 1 cash advance, they have multiple advances

Get started now on multiple fast solutions that are safe for your business!

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Frequently asked Questions, FAQ How can I get out of cash advances?

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?:

A business has three mca positions:
# 1:   Balance of $20,000 with daily payments at $333 per day.
Merchant has 60 business days left or approximately 3 months.
#2:    Balance of $10,000 with daily payments at $166 per day.
Merchant has 60 days left or 3 months.
#3:  Balance of $5,000 with daily payments of $83 per business day.
Merchant has 60 days left which equals 3 months.

If your business has advances from stacking, complete the secure 30 second application below to rescue your business today!   Get payments you can afford that will not hurt your business, or credit or reputation.
Several options to reduce your daily and weekly cash flow for advances.  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 business profile for your amount of debt, ability to pay and urgency for a fast loan on any new program that allows you to get out of your advances.
  4. Talk to a representative of the program.   Tell them about your business 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 business 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.



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.   Credit scores below 500 and as low as 383 are considered for a small business loan.  This low fico credit score business loan program is a good match for below 500 and sub 500 credit bureau fico scores.

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 business funding with credit bureau and fico scores below 400 and down to 383.   Business funding is based mostly on the revenue of the business, not the credit score.

Contact us below or first read the “Howto” section steps, direction and tips to getting low fico credit score business loan and also other business financing and then apply below.   so call us. We will be happy to discuss your situation first.  Almost all callers will find out if they have a strong chance for approval after calling in.

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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 business profile.   This can be slow business periods or limited information on your business.

Step 3: Choose the program that most fits your very low fico credit score 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 criteria 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: How to get a very low fico credit score business loan

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 business bank statements showing you can make the payment will prequalify you.

Will we get less with bad credit?

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

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

Your business can still get funding with the owner having charge offs or delinquencies. Programs your business can still qualify for include funding based on the monthly business deposits or the assets of the business. Funding based on assets can be real estate or equipment.

Will my business need collateral with very bad credit?

Your business does not have to have collateral with bad credit to get approved for a business loan. Unsecured options are still available for many future customers.

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

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

How to get a used car dealer business loan

Your Source for Used Car Dealer Business Loans


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.

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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.

How to get a used car dealer business loan

Preparation

Step 1:  Research companies that specialize in used car dealer loans. Identify 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.

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.

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.
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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 I get a large business loan?

You need to be the majority owner of a business with time in business at least 6 months and revenues over $50,000 per month. Higher credit score will help get approvals and higher approval amounts.

How can we qualify for a larger business loan?

Businesses that have revenues over $50000 per month with credit scores over 575 and time in business over 6 months may qualify for a larger business loan. The higher the average bank balances or average daily balance the more your business can qualify for.

Do we need to provide more financial information to get higher amounts?

For amounts over $250000 more financial information may be required.  This can include the most recent years business tax returns and interim financial statements.

How many months bank statements do you need?

Between 3 and 12 months of the most recent business checking account statements are needed.

We are a startup business.   Can we get a higher amount for a business loan as a start up?

A start up can get large business funding amounts if they have had significant revenue in the first few months of operation.   Another requirement is the business will need to have been operating and generating significant revenue for at least three 3 months.

Our business will keep needing higher amounts of business funding in the future.  Can we use this like a business line of credit?

yes.  When the business pays the balance down to 50% or more it may qualify for more funding immediately.  Programs are available that allow businesses to draw funds after every 30 days of repayment.

Do larger business loans take longer to close?

They often do not take any longer than smaller business loans to close.  the repayment will be based on the cash flow of the business so most of the same information is reviewed.

Will Real estate and other assets be required?

Real Estate is not required but it may allow for an approval and a higher approval amount.   Most businesses take the maximum they qualify for without involving real estate or their other assets.

We filed an extension and do not have the most recent business tax return available yet.   Will this be a problem?

amounts less than $100000 do not require a tax return in most cases.  Amounts over $100,000 may require the most recent tax  return.

What are the main reasons businesses are declined for a larger business loan?

The main reasons are low business revenues as well as very low credit scores and a short time in business.

My business partner has very bad credit.   Will that keep us from getting a larger business loan?

Business owners with bad credit that have less than 20% ownership should not cause a decline.   over 50% ownership percentage may cause a lower approval amount or a decline of the request.

Can we get a big business loan with a month repayment and longer term?

Yes.   monthly and weekly repayment business loans are also available for larger business loans and may be up to 36 months or longer.

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

Can my business afford an mca merchant cash advance?

Simple calculation to determine if your business can afford any cash advance.   
See the 3 month average and 20% example below.

Or – We will do the math for you!

Complete the application below. We will work with you during the entire process to give you certainty that your business can handle the payment. We will show you the numbers and go over a budget. Get your affordable cash advance now.


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How to figure out what your business can pay.

  1. Find the lowest deposit month of your last 3 months business checking account deposit totals.   Example, $50,000.
  2. Take that figure and multiply it times .20.  This is approximately the amount you should conservatively be taking for an mca merchant cash advance.
  3. Contact mca companies and apply.   If you are approved for more than your recommended safe amount,  do not take more unless you are sure you can make the payments.
  4. Close the cash advance and funds are deposited into your account.

How to calculate the amount

Below is an example of how to estimate a conservative funding amount.

  1. Look at your most recent (3) months business checking account statements.  Find and add the amount of your total deposits.  Most banks give you one amount and list it as “total deposits”.   Some banks will also have a separate entry for electronic deposits.  If your bank itemizes different deposit types, add them up.  Example figures are below.
    December total Deposits $25,000
    January total Deposits = $15,000
    February total deposits = $19,000
  2. The lowest month is January at $15,000 in total deposits.   Multiply $15,000 X .2 = $3,000.     $3,000 is a safe and conservative amount.   
  3. A more aggressive amount is $15,000 times .5 = $7,500.
  4. Figure out your daily payment.   On average, the term of an mca merchant cash advance is approximately 6 months.  For $3,000,  your daily payment will be approximately $3,000 X 1.35 % (6 x 21) = $155.77 per business day.    There are approximately 21 business days per month.   The rate factor used here is 1.35.
  5. If you can handle this payment for 6 months, you can close the transaction.
calculate how much of an mca merchant cash advance your business can afford. Get conservative and aggressive amounts.

Other factors that affect offer and approval amounts:

Depending upon other factors such as time in business, average daily balances and amount of revenues, the funder may offer a much larger business loan or advance.    Your business may be able to handle a larger amount.   The purpose here is to determine what is a conservative and safe amount.

More net income with higher deposits

Businesses with higher gross deposits can often afford a higher advance. This is because the same percentage of disposable income equals a higher dollar amount. If your business has fixed total expenses of $7,500 out of $10,000, then it has disposable income of $2,500.
When gross deposits are $100,000 and fixed expenses are $75,000, then disposable income is $25,000.

In the later case, a business will be able to handle a larger merchant cash advance, because their total gross deposits are higher.

Many businesses continue to take out merchant cash advances by renewing them once they are paid off.  If your business is taking out a merchant cash advance for the first time, try a lower amount first to make sure your business has the cash flow needed and can handle it.   If so, you can take out a larger amount on a second advance.

FAQ, Frequently asked questions: Can my business afford an mca merchant cash advance?

How can I get an mca cash advance safe for my business with a payment I can handle?

Use the formula above to figure out how much of a daily payment your business can afford. Also consider if the amount per week and month fits into your business’s budget. Multiply the daily payment times 5 for the weekly total and times 21 for the monthly total. Daily mca cash advance payments should not be more than 20% of total business deposits.

Can I lower the daily payment when my business has a slow month?

Take the average monthly sales of your 3 lowest months per year. The cash advance approval you accept and close should be 20% max of that 3 month average and that will be affordable for your business during slow months.

How can we figure out if we can repay a merchant advance for our seasonal business?

Look at last years sales during the same months you would be repaying a new cash advance now. Take the average monthly sales during those same months last year and multiply it times .20, which equals 20%. That is the affordable approval amount a seasonal business can pay.

How to fix missed payments on a mca merchant cash advance or business loan


Have you missed payments on a cash advance or business loan?   This article will go over how to handle your business loan if it is past due.

There are several fixes you can take when you are behind on your mca merchant cash advance payments or business loan. These steps and others can  or make it much less severe.  One step is to payoff the past due loan by refinancing.
Contact us below for help on how to fix missed payments on a mca merchant cash advance or business loan you have missed payments on, or cannot pay any more on.
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How to fix missed payments on a mca merchant cash advance or business loan and what to do when you are behind.

  1. Step 1 Contact the lender.   Let them know you are having trouble paying the advance or loan.  Be prepared to answer why you cannot pay it and how you will plan to catch up.
  2. Step 2 Ask the lender to work with you.  Ask for lowered payments or suspended payments.   If they refuse ask them to offer you a plan for payments you can handle.   Determine in advance what you are able to pay.   Tell the lender what you can pay and ask them to set up a payment plan for that.
  3. Step 3 Follow through on your agreement.
  4. Step 4 *How to Tip: If you will not be able to continue paying the cash advance or business loan, ask the lender for options. There are often options available just by asking for help or letting the letting know you cannot continue to make the payments.
I missed payments and am behind on my mca merchant cash advance and business loan. Here is how to fix it.

What if you cannot pay the cash advance or business loan and cannot catch it up?

If you cannot continue paying the cash advance or business loan, ask the lender what the options are.  For missed mca payments, there are good options for past due borrowers.

If it is not a mortgage loan, the best solution is usually to try to work with the lenders.   When that is not possible, other options include:

1.  Pay a settlement on the mca merchant cash advance or business loan.

If you consider this option, negotiate hard with the lender on how this will be reported on your credit.   You want to push for the best possible credit bureau reporting of this event.    If the lender reports the tradeline as “settled for less than full balance”, this may be the best reporting.

2.  Applying with another lender

This is another excellent option if you can qualify.  Payoff the cash advance or business loan with another loan.   This works well if the balance of the loan you are past due on is low.    If your current past due loan has not damaged your credit too much yet, this option may work.

3.  Another option is to ask your current lender to modify the loan.

For example:
Your current loan is $500 per month and was for 48 months.   You have 10 months left.   Ask the lender to modify the mca cash advance or loan for a lower payment and for more months.  As a result, ask them to lower it to $200 to $300 per month for 20 and 25 months.

Tell them this benefits both of you because you will have a payment you can make and as a result, their loan will be paid.   Some lenders do not want to modify.   However, if you can show them you will be able to pay the past due business loan by getting a lower payment, they are more likely agree to it.

Provide documentation to support your request

Prepare a quarterly or monthly profit & loss statement to show the lender that you cannot pay but you will if they lower it.

4.  Take another hard look at all of your current expenses.

Can you easily reduce expenses somewhere else?   Are there services that you are paying for that you really do not need and can cut?   This can include business expenses and personal expenses.
How to fix your business past due loan. 1. Contact the lender. 2. Ask the lender to work with you by lowering or suspending payments. 3. Follow through on your agreement.

FAQ’s  – Frequently asked questions and comments

Question:  I am behind on a merchant cash advance.   How can I get out of it and get help for my business?
Answer:  There are other options you can consider to consider to clear out and settle your advances.  It is not too late.   Talk to the lender about every possible solution.  Show you are proactive and that you do not want them to file a confession of judgement.
Question:  Will a missed payment on a cash advance hurt my credit?
Answer:  One or two missed payments should not hurt your credit any or very little.    It should not have any affect on your personal credit.
Question: Will my business credit be hurt if I miss a payment on my business loan or my mca cash advance?
Answer:  Your business credit should also not be affected if you miss a business loan payment or cash advance payment by a few days.   However, your credit with the lender itself may be affected.    If your business loan goes too far past due or you have too many missed payments then you may have trouble getting another business funding from that lender in the future.

Accounts receivables financing

Accounts receivables financing is another way to increase the cash flow you need to pay your current past due merchant cash advance or business loan.    This can give you cash now which may be enough to pay the payments you missed and are behind on.

Consider an asset based loan

This includes a loan against equipment.  Funding is between 24 and 42 months and includes a monthly payment.    Earth moving equipment, Yellow Iron and  “over the road” OTR rigs, semi-trucks are usually accepted.