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How Can I Get Out of Multiple Advances?

What are multiple cash advances?

This is when a business has more than 1 cash advance.  Get started now on safe and fast solutions to multiple positions.

Get a 1 large business loan to payoff the multiple advances or use different asset based options to payoff!    Apply below.

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Frequently asked Questions.

How can I get out my mca advances without defaulting?

You can either pay them all off through a consolidation, or refinance and extend the term several more months. You may even qualify to extend the term for up to 5 years with credit scores over 600 and strong sales.

How much lower can you get my payment if you pay them off?

Your payment is reduced between 35% and 75%. The fewer number of months you have left on your advances now, the longer your refinance can be extended on a payoff.

Do you negotiate with my current advance companies?

It is not necessary to negotiate with your current mca companies. They are fully paid off and satisfied so there isn’t any need to talk to them. There will not be any other outstanding debt with them.

Can I get my advances paid off if I am behind on payments?

Asset based programs can be used to pay off delinquent mca accounts. Some unsecured programs may qualify if you are not severely delinquent. If you have already defaulted, then the asset
based route will work best to clear out your balances.


Does the example below look like your business?:

Your company has three mca positions:
# 1:   Balance of $20,000 at $333 per day.
Merchant has 60 debit days left or approximately 3 months.
#2:    Balance of $10,000 at $166 per day.
Merchant has 60 days left or 3 months.
#3:  Balance of $5,000 at $83 perday.
Merchant has 60 days left which equals 3 months.

If your business has several mca’s from stacking, complete the secure 30 second application below for a rescue today!   Get payments you can afford that will not hurt your business, or credit or reputation.

Choose from several options to reduce your daily and weekly cash flow for short term debt.  Longer term options are also available, such as weekly and monthly payments.

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How can you pay them off?

  1. Add up and know your total daily, weekly and monthly payments on the advances as well as how much longer you have to pay on them.   Also get your total payoff balances.    Know your approximate credit score.
  2. Search for lenders that either payoff or restructure your debt as earlier options.    Funding programs that recommend you close your business checking account or negotiate a settlement hurt you the most and should be your last possible options.
  3. Choose a program that best matches your company profile for your amount of debt, ability to pay and urgency for a fast loan on any new program that allows you to reduce the number of short term loans.  Owners with less than 100% ownership percentage in their business need agreement from the other owners.
  4. Talk to a representative of the program.   Tell them about your situation and ask them about their underwriting criteria.   Try to assess what your chances of approval or being declined are for each program.   Once you find the best matching program, then apply.
  5. If approved, review the terms of the approval.   If you are satisfied, close the transaction.
  6. Receive funds into your main account and begin repayment with improved cash flow.

We have excellent programs with a high approval rate to fix your multiple mca multiple positions problem.  Almost all businesses can improve their cash flow.   Take actions before you have missed mca payments.   Apply above or call us at Tel: 919-771-4177.

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



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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.

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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.

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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 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.

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How to Get a Used Car Dealer Business Loan

Used Car Dealer Business Loans

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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.

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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.

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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.

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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.
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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 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:

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Can My Business Afford an MCA Merchant Cash Advance?

Simple calculation to determine if your business can afford a 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 to give you certainty that you can handle the payment. We will show you the numbers and go over a budget.  Calculate what percent of your monthly revenues the mca will be.  Get your affordable cash advance now.   These are business loans based on bank statements. 

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How to figure out what your business can pay.

  1. Find the lowest deposit month of your last 3 checking account cycles.   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 one 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 every 30 days.   The rate factor used here is 1.35.
  5. If you can handle this payment for 6 months, you can close the transaction.
  6. Look at the bank statement payback months from last year.  Can you afford the new payment if your sales are the same this year?
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 start date, average daily balances and amount of revenues, the funder may offer a much larger business loan or advance.    Larger funding amounts may be O.K..  The purpose here is to determine what is a conservative and safe amount.

More net income with higher deposits

Companies with higher gross deposits can often afford a much higher advance.

Case 1) Fixed total expenses of $7,500 out of $10,000 equal disposable income of $2,500.

Case 2) When gross deposits are $100,000 and fixed expenses are $75,000, then disposable income is $25,000.

Fixed expenses are 75% in both cases, but the company in cash 2 has a much higher net income.

Many businesses continue to take out merchant cash advances by renewing them once they are paid off, or before.    1st time taking out a merchant cash advance?   Try a lower amount first to make sure the cash flow is there to cover it.   If so, you can take out a larger amount in a second round.

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

How can I make sure I can handle the mca payment?

Use the formula above to figure out how much of a daily payment you can afford. Also consider if the amount per week and month fits into your company’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 deposits.

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

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

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 that time last year and multiply it times .20, which is 20%. That is the affordable approval amount a seasonal company can pay.


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


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

There are several fixes you can take when you are behind on payments. These steps and others can  or make it much less severe.  One step is to payoff the past due amount by refinancing.

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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 or suspended payments.   If they refuse ask them to offer you a plan 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.   Ask if they can adjust your daily payments as a percentage of sales
  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 debts with a new loan.   This works well if the balance you are past due on is low.    If your current past due amounts 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 for a lower payment and 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 amount 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:  How can I fix missed payments on my cash advance?
Communicate with the advance company. One or two missed payments should not be a problem when you are in contact with them. Consider asking for a repayment plan or restructuring if you cannot pay at all.

Question: Will my credit be hurt if I miss payments on my mca cash advance?
A few missed payments should not hurt your business or personal credit. Your credit with that lender may be affected when several payments are missed. You may have trouble getting business funding again from that lender in the future.

Question: Will missed mca payments keep me from getting other business loans?

Defaults, lowered payments and other modifications may affect your ability in getting other business loans. Negotiate hard and you may be able to avoid being declared a default even if you have defaulted contractually.

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.