When a business has more than 1 cash advance, they have multiple advances . 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 now 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 and longer term options such as weekly and monthly payments.
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.
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.
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.
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.
If approved, review the terms of the approval. If you are satisfied, close the transaction.
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.
FAQ Frequently asked Questions on getting out of multiple cash advances:
How can I get out of these without missing payments or defaulting?
You can either pay them all off through a consolidation or refinance them and extend the term several more months. You may qualify to extend the term for up to 10 years.
How much lower can you get my Payment? I need to reduce my payment by half or more. Can you do that?
We have programs available that can reduce your payment between approximately a third to more than half. In some cases your payment can be lowered as much as two thirds.
There are links to several other financing options above and also helpful articles. Review funding program details below. We offer free consultation because we want your business to succeed.
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.
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.
Step 4: Make contact with funding programs and confirm your business criteria meets minimum funding program requirements. Discuss amounts with the lender representative.
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.
F.A.Q., frequently asked how to get a very low fico credit score business loan questions.
Question: Can I get a business loan with a credit score below 500?
Answer: Your business still has an excellent chance of qualifying. If your business has the cash flow and revenue to make the payment then you may qualify.
Question: I am a business owner and have a very bad credit score. It could be as low as 450 or lower. Does my business still have a chance to get funding?
Your business still has a good chance to get funding. The reasons for the low credit score will be looked at to see what is happening right now on your credit bureau. The score is usually not the reason for any denial.
Question: My credit was hurt and severely damaged due to a divorce. Does that disqualify me from a business loan?
Answer: This program is focused on the ability of your business to pay and not on credit.
Question: How can I get a business loan with charge offs and tax liens on my credit?
Answer: Your business can still get funding with the owner having charge offs and tax liens. Programs that your business may still qualify for include funding based on the monthly business deposits as well as the assets of the business. Funding based on the assets can be based on the accounts receivables of the business or the real estate or equipment.
Question: How low can my credit score be and still get a small business loan?
Answer: Your credit score can be as low as 383 and still have a chance to qualify. If your business has revenue and cash flow and assets then it still has a good chance to qualify. There are many ways for your business to qualify than just the credit score.
Question: I have a business and have bad credit but am only a 50% owner. Can the other owner with much better credit apply instead?
Answer: Yes. Apply using the other owner with better credit and a higher credit score. If more than 50% ownership is needed then you can be added as the second owner.
We specialize in fast approval funding for used car dealers. Programs include small used car dealers such as buy here pay here car lots. Other programs for larger car dealers and newer dealerships. Apply using the secure Docusign Application below now. Same day and next day funding options.
If your used car lot has more than $7,500 per month in revenues and bank deposits, then your business has an excellent chance to be approved for a used car dealer loan
Select the program and approval requirements that best matches your business profile
Ask the representative what their approval requirements are for that program. If your used car dealership meets those approval requirements, apply for funding
Complete application and provide any additional documentation requested to show business revenues, like bank statements or financial statements
Review approval terms and closing requirements. Submit the items requested. Complete closing and receive funding into your business checking account
Loans to used car dealers are considered restricted loans by almost all lenders.
F.A.Q. used car dealer loans
What types of car dealer loans are available?
Buy here pay here used car dealer loans, new car dealer loans , specialty car dealer loans, luxury car dealer loans, exotic car dealer loans and short time in business car dealer loans, and new used car dealer loans. Newer programs include small car dealer loans, auto sales loans, used car lot loans, and longer term used car dealer loans.
What are the rates for your used car dealer loans?
Rates depend on the time in business, the cash flow and credit. Rates start in the low teens on up
How long does our car lot have to be in business? We have only been open 5 months.
Your Dealership needs to have at least three months time in business and 3 months business checking account statements to pre-qualify. Starter lines are available.
My credit is bad. How much does credit matter?
Credit scores are a minor factor. Credit scores can be as low as 383.
We are a small used car dealer. How much can we qualify for?
The amount you can get depends mostly on the average daily deposits. Most offers are between 35% and 75% of average monthly deposits.
as an example we can calculate the following:
ABC Auto Sales has the following total monthly business checking account Deposits:
July business checking account Deposits = $30,000
June business checking account Deposits = $20,000
May business checking account Deposits = $25,000
Based on the mathematical formula first add each months deposits and get a total.
$30,000 + $20,000 + 25,000 = 75,000
So it follows that:
$75,000 % 3 = $2500.
If an offer is 50% of monthly deposits then:
$25000 X .50 = $12500.
Therefore a typical offer with these numbers would usually
be approximately $10000 – $15000.
Because this is the average offer the maximum and minimum expected offers can be calculated.
The maximum expected offer is calculated as $25000 X .65 = $12250.
The minimum expected offer is calculated as
$25000 X .35=$8750. However, larger amounts may be offered depending on time in business, credit and average balances kept in the account.
We sell our used car dealer notes. Does that matter?
Selling notes does not affect an offer amount because notes are future income. offers and approvals are calculated using the most recent cash flow.
If the car lot has been selling notes for some time then the recent cash flow already takes that into account.
Our dealership specializes in exotic cars. Can we still get financing?
Yes. specialty used car dealers fall into the used car dealer business loan funding program and are not restricted.
Can we use this financing to buy more cars?
Yes. The working capital can be used to buy cars at auction or anywhere your dealership wants to buy cars from. You can also use the loan proceeds. For example, you can use the proceeds to buy cars from wholesalers and customers.
Do you have longer term used car dealer loan programs?
Yes. One used car dealer loan program offers terms up to 10 years. This program is only available in certain states. Ask if your state is in the program.
We want to buy a lot for our used car dealership. Can we use this financing for that?
Yes. This financing can be used to buy real estate as well as a building, including repairs and improvements.
How long does our car lot have to be in business? We have only been open 5 months
Your dealership needs to have at least three months time in business and 3 months business checking account statements to pre-qualify for approval.
We need a loan for our used car dealership fast. Can we get one in a day or two?
Yes, you can get a loan for your used car dealership within one or two business days. Same day funding is possible in some cases. This is also for buy here pay here lots and new car dealerships.
We hope our “How to get a used car dealer business loan” tips and direction have been helpful. Contact us with questions. Fast turn around and quick funding.
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. Complete the secure docusign application now.
Or call us at Tel: 1-919-771-4177, or Question? Tell us what do you want to do?
How to get a large business loan: How to steps, direction, and tips:
Estimated Cost: $0
Total Time: 1 Day
Supplies Needed: Financial statements if available, Business bank statements, and Tax returns for requests over $100,000.
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.
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.
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
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.
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
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:
How can I figure out if my business can afford an mca merchant cash advance? Calculate if your business can afford a business loan. If so, step by step instructions on how much of business loan or advance your business can afford. To get more information or apply for an advance safe for your business, begin below.
Can my business afford an mca merchant cash advance?
Find the lowest deposit month of your last 3 months business checking account deposit totals. Example, $50,000.
Take that figure and multiply it times .20. This is approximately the amount you should conservatively be taking for an mca merchant cash advance.
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.
Close the cash advance and funds are deposited into your account.
How much of an advance can my business afford? Example, how to calculate:
Below is an example of how to estimate a conservative funding amount.
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
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.
A more aggressive amount is $15,000 times .5 = $7,500.
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.
If you can handle this payment for 6 months, you can close the transaction.
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 disposable 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?
I need an mca merchant cash advance payment I can handle and pay. I need a cash advance safe for my business. How can I get that?
Refer to the formula above to figure out how much of a payment your business can afford. Also consider how much that would be per month. When businesses takes out an mca merchant cash advance with a daily payment, they often do not calculate how much that will be per week and per month.
How can I get a business loan that I can pay? I do not want a cash advance to put me out of business
Refer to the affordability calculations above. Every business is different but you can estimate approximately how much your business can pay. Start out with gross revenues, then calculate an average % of gross deposits. Daily mca cash advance payments should not exceed approximately 15% to 20% of gross deposits.
What if my business has a slow month? Can I just lower the daily payment or should we get a lower advance to begin with?
It is best to take your lowest month and take a percentage of that. You can still take a percentage of the average of your last three months to decide how much you can afford to repay as well but then you may not be able to repay if you have a low month.
We are a seasonal business. How can we figure out if we can repay a merchant advance?
Review your payback months. This means that you need to figure out what your business usually does during the months it will be repaying the cash advance. Are those high months for your business or low month. It does not matter if your business does well in the fall if summer is usually slow and your repayment is in the summer.
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. Secure DocuSign 30 Second Application here.
Call us at Tel: 1-919-771-4177, or Question? Contact us here.
How to fix missed payments on a mca merchant cash advance or business loan and what to do when you are behind.
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.
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.
Step 3 Follow through on your agreement.
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.
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.
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.