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Merchant Loan Closing Call: Top 4 Tips

Merchant Loan Closing Call

A merchant loan closing call is often required before the lender will wire funds into your account.    They will alert you when you need to take and complete the call.

But what exactly is a merchant call?   Why is it important?    How do you pass it,  – or fail it?

Consider the top 4 ways, detailed further below, to easily handle a merchant closing call.

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1. Give fully accurate information.
2. Don’t withhold anything critical.
3. Do not volunteer information.
4. Do not answer if you are unsure. 

Apply above:  For business loans with expert guidance to help your business get past ANY issues and get funding today!

merchant closing call
How to pass a merchant loan closing call

The lender is making the borrower closing call to you.

4 Top ways to insure the merchant loan closing call is successful and you get funds. 

1. Give fully accurate information: 

When the lender calls, always accurately answer every question.

Even for minor issues, always give completely accurate answers. This also includes clarifying things.     You may be asked about the most recent cash flow in the account since the beginning of the most current month, also known as month to date or MTD statement.   The lender may want to know if your cash flow has changed since the beginning of the month.   Make sure your balance is not low when the loan closes.   Having about three times the daily payment is safe.

Example #1:

The business address on the application is a mailing address rather than the physical address.    The lender confirms the business address with you.    Let the lender know the address listed on the application is not the physical address for the business.    Give them the physical address if they ask for one.

Another example is if the lender asks if you are the owner.   If there are more owners, let them know about each one.

Other examples can include giving updated information on the company such as product lines, website detail and a full explanation of what the company does.

2. Don’t withhold critical information

If you have important updates that the lender does not know, tell them or give them an update during the live merchant loan closing call.

Any updates not provided before closing can backfire and cause major problems later.    Even if one of these reasons means your business loan does not close, it is better to work through the issues now.

Example # 1:

A company buyout.   You are in negotiations to sell the company and have not told the lender.    This is critical information they would definitely want to know and likely would not approve the request if they knew.

Example # 2:

You are 1 of 2 owners of the business guaranteeing the loan.   You plan on buying out the other owner after closing.   It would be advisable to tell the lender what your plans are.    The lender approved the funding based on the current owners of the business.   If the lender knew one of the guarantors will be bought out shortly after closing, they may not approve the request.

Example # 3:

The IRS or state is filing a tax lien against you personally, or your business.
If you need money to pay irs business taxes and the IRS or State is about to file a lien against you or your business, it is risky not to tell the lender about this.

The loan contract may say the lender needs to be made aware of any impending liens that may be filed against you.    Not disclosing this type of information could be considered a violation of the contract.

Example # 4:

Outstanding liens on assets.   The lender does a search of existing liens and may not find your listed assets as encumbered.   The lender must be told about any liens they did not find in their search.

Sometimes previous lenders may have put a blanket lien on assets and those assets are not itemized at the Secretary of State.   Such liens are sometimes called a lien on all assets, including furniture, fixtures and equipment.    This type of lien may not list a specific asset, but still includes that asset.   Tell the lender which specific pieces of equipment are encumbered.

3. Do not volunteer information

In general, do not give information that you are not being asked about.

Providing anything not asked for has the potential of stopping the closing. You may be telling them something they did not know about and will not like.   Even if it is minor, it may be enough to cause the loan status to be put on hold and then declined.

4. Do not answer if you are unsure.

Many times we want to get tasks over with. This causes us to sometimes answer questions when we are not completely sure about our answer. Don’t do this! If you are not sure, tell the lender you will check and call them back.

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FAQ on Merchant Loan Closing Calls.

What is a merchant call?

A merchant loan call is when a lender is about to close and fund a loan.  One of the closing requirements is they call the borrower just before funding to confirm their identity and the loan request.

What do I say on a loan closing call?

Always give correct information.  Do not withhold anything critical.  Also do not volunteer any information or answer questions when you are unsure.

What if I fail a borrower closing call?

Call the lender to find out if the problem is something that can be corrected in the short term to still fund the loan.   If not,  get a full understanding of why the call was not satisfactory.

If you cannot get the decision reversed, apply with other lenders and eliminate the issues on your next approval before the closing phase.

Conclusion

Loan closing calls for businesses are a quick,  but important part of the completion process.

Do not take the call when you are in the middle of another task.  Try to find out when the lender will call and what the questions will be about.

Mostly, just answer the questions accurately and thoroughly. If there is a misunderstanding or the lender does not know something important, correct and update them.

The lenders want to close the transaction.   They are looking for every reasonable way to close rather than decline.  If there are still issues, then discuss them with the lender.    They will give you the best plan to get past any hurdles and send funds to your account.

This should result in a quick closing process and funding!

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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How to get an MCA Cash Advance After a Default

Getting a Merchant Cash Advance after a Default: What to consider

Consider several programs your business can get real funding through.  Go to the Video pageAuthor Biography: Will Sanio

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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.

If you are not going to be able to get current, here are options to get out of an mca cash advance, or watch the get out of mca video.

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.

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.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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Get an MCA Cash Advance After a Default (Video Transcript: Click to Expand)

Transcript

00:42 Borrow after Default Business Profile 00:48 How Payoff or Settlement Letters Help 01:07 Does time since my loan default matter? 01:15 What if I defaulted on more than 1 MCA 01:29 What if I did not repay my MCA?

You can get an MCA cash advance after a default? Yes, get an MCA Cash advance after a default. [ Man says Yeah! ] Get money if your business defaulted on an MCA and get started
Again. Start building a relationship as soon as possible, and gain access to the funding
You need now, and in the future. Whenever you need it. Call us at 919-771-4177. Don’t
Wait until you need a loan for your business and can’t get it. Apply Now. You’ll find what you need here. To apply, click on the apply button at the bottom right of this screen, or on the endscreen of this video, or call us at 919-771-4177 or go to smallbusinessloansdepot.com. Complete the application, send in the most recent 4 months checking account statements.These programs are for companies that have had defaulted accounts, payments, and also missed and delinquent payments. Make your request stronger and include any payoff or settlement letters if you have them. Are you making payments on previous
Advances now? Then add any documentation or information on your payments. Approvals, amounts and terms depend on how well your business has recovered, if you can repay now and also if any of the old debt was repaid.
Frequently asked questions:Do you look at how long it has been since my cash advance default?
There are no absolute minimum time requirements. The older, the better.Does it matter if I defaulted on more than 1 advance?
You may also be able to qualify if you defaulted on more than 1 previous advance. Approval terms consider whether you repaid any of the debt, settled, and how many MCA’s you had.
What if I did not repay any of the defaulted cash advance?
It is easier to get a new cash advance offer or stronger offer if you repaid or settled the old defaulted cash advance to show your business repaid what it could or reached a settlement on the debt. Click on the apply button at the bottom right of this screen, or on the endscreen of this video, or call us at 919-771-4177 or go to smallbusinessloansdepot.com.
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How to Lower Daily MCA Merchant Cash Advance Payments

Lower daily mca merchant cash advance payments immediately

Is your account sometimes overdrawn because the mca companies keep debiting the daily payment?   Do you have multiple advances and do not know what to do if your daily mca payment is too high?  What can you do?

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Apply for one of several options below that do not involve settlements, closing your bank account, being declared in default, nor having a cash advance company file a coj certificate of judgement against you.   If your payments were temporarily lowered and the cash advance company is restarting the daily payments, consider term extensions or consolidations.

How to lower your daily mca merchant cash advance payments.

1:  Negotiate with the mca merchant cash companies to extend the term and lower the payments.  Offer to pay a lower amount for a longer amount of time or make changing daily payments based on a percentage of sales.

2:  Give the cash advance company solid reasons why you cannot pay the current daily advances.

3:  Get an alternative loan or consolidation loan to payoff the advances.

4:  Use the equity in assets such as a real estate loan or loan against equipment to payoff the advances.

Get lower daily payments now without adverse action against you or your business.

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FAQ, Frequently asked Questions on how to lower daily mca merchant cash advance payments

Can I get a monthly payment loan to pay these off?

Yes. One of the ways to lower your daily mca merchant cash advance payments is to get an alternative loan to pay off the mca cash advances. By doing so, you will be lowering the payment because your monthly payment on the loan to pay off the mca’s will be much lower than the monthly amount you were paying on the daily cash advances.
Usually, you will be paying 50% to 75% less if you are successful in securing a monthly loan to pay the mca’s off.

What if the cash advance companies do not want to lower the payments?

You may have to push hard to get a concession. If your business had a true hardship, such as a hurricane or another type of hardship, make that known. If that fails, read the mca merchant cash advance contract in detail.

Make sure you know exactly what can happen if you do not pay. It may be advisable to seek legal advice through an attorney if you know you cannot repay the advances.
If you know in advance your business will not be able to repay the advances, you can use the time in advance to:
– Determine what your options are
– Know what actions you can legally take

I cannot pay my advance. What can I do?

Check your state laws to find out if your state has special protections and laws. Some laws vary by state. Negotiate with the cash advance company either directly final options may include bankruptcy.

Should I get my Attorney to contact the mca merchant cash advance companies?

Whether you should get an Attorney involved in talking with the cash advance companies varies on a case by case basis. In some cases, having your Attorney contact and negotiate with the cash advance companies is a good idea. If you are offering to work with the merchant cash advance companies and they are not working with you, this may be a good situation in which your attorney contacts them.

Some mca merchant cash advance companies are more willing to work with customers than others. If you do not feel comfortable negotiating or discussing your past due debt with mca merchant advance companies, this may be another reason to involve an Attorney.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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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 current account and opening a new business checking 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, other unsecured cash flow options and asset based.  Apply below.

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 Or Call 919-771-4177 for more info.

Lenders may consider closing an account an intentional default.
Closing your checking account from which the payments are debited may be in violation of your contract.   Read your Contract!

Choose much safer alternatives, such as:

✅ Refinancing
✅ Consolidation
✅ Payoff
✅ Lower Payments
✅ Longer Terms

Get started on safer, better solutions. Apply Now, below:
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.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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Lower Rates: MCA Merchant Cash Advance

Lower Rates: MCA Cash Advance

  1. Contact merchant cash advance companies that offer programs with lower rates that match your business profile.
  2. Get the rates and terms available from each program.
  3. Ask in advance if your business profile matches the lower rate programs available.   If so, select the best match and apply.
  4. When approved, review closing contracts and complete the transaction.
  5. Receive funds deposited into your business checking account and begin a lower repayment.

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Your business can get an mca merchant cash advance renewal with lower rates and longer terms by understanding tips on cash advance qualifications and guidelines.
The same programs also offer mca merchant cash advance renewals with rates as low as 12% to 15% and up rate factors and longer terms if your business qualifies.

Steps to get a cash advance with lower rates. Stop paying the highest rates for an mca cash advance.

Frequently asked questions FAQ How to get an mca merchant cash advance with lower rates.

How low of a rate can I get?

The lowest rates start at 8% for the best credit, strongest cash flow and longest time in business. Rates in the low teens and higher are more common for most businesses.

Can we switch to a lower rate immediately?

You can by paying it off with a lower rate advance or regular loan. Using the funds from your new funding to payoff the balance on your old advance works especially well when the balance is low.

Can we get a better rate with a regular business loan?

Regular business loans usually do have a lower rate. They may also require a personal credit bureau score of 600 or higher. Time in business of 1 year or longer is needed for lower rate business loans.

Can I get a lower rate line of credit advance?  mca merchant cash advance?

There are cash advances you can use like a line of credit. Your business can borrow, repay, and re-borrow repeatedly. You can borrow from the line as soon as 30 to 60 days after closing with good repayment history.

If you would also like to learn more about qualifying for a cash flow loan based on sales in general, or Your Company’s Assets,
please watch the video below.

Other options to get better terms

Consider other loan types such as asset based or longer term loans if your credit score is higher

Increase your personal credit score by review your credit and disputing any inaccuracies

Establish a business credit profile and build business credit

Maintain business financial that show your business has a net profit that is more than any new loan payment you are applying for.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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Can My Business Afford an MCA Merchant Cash Advance?

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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calculate how much of an mca merchant cash advance your business can afford. Get conservative and aggressive amounts.

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?

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.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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Merchant Cash Advance Qualifications and Guidelines

Merchant cash advance Qualifications and Guidelines

The amount of total monthly deposits is the #1 qualifying factor in being approved for an mca cash advance.    How do you qualify?   Apply below now.

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The biggest qualifying factors are: Total monthly deposits, time in business, credit, cash flow along with several more profile characteristics further below.

Not sure where you would fit?

Get one of our qualifying experts work 1 on 1 with you to get you approved and with the best program your business can qualify for.   Apply below now.

Find out what the mca merchant cash advance qualifications and guidelines are.

FAQ Frequently asked questions on Merchant Cash Advance qualifications and guidelines

What are the most important qualifications for approval?

The average of the last 3 months total deposits to your business checking account is the most important guideline. Also critical is the average daily bank account balances along with time in business and industry type. Limited overdrafts and negative balances are also qualifications needed.

How important is credit?

Bad credit and low credit scores usually do not make a difference between an approval or decline. However, a better credit score helps your business get more money, longer terms and better rates.

Is a minimum time in business needed?

At least 3 months along with bank statements are needed. If your company has just under 3 months since starting, you can send a month to date daily activity printout of the current activity to request an offer.

Top Customer Profile Issues

500 + bureau score

Many programs have a minimum credit score requirement of 500. Some programs require a credit score of 525.  Other programs either do not have a credit bureau score requirement,  or have a 550 minimum.

51% + Ownership

Many MCA Merchant Cash Advance programs and lenders require at least 51% ownership to close cash advance funding or other loans.  Another requirement under some programs is to have any owner with 25% or more ownership listed on the application and also be a signer at closing.

Minority Ownership

Minority ownership means any owner with less than 50% ownership. This can also mean an owner that has between 1% and 49% ownership in a business or enterprise. Another option some lenders offer is to approve and close financing with owners who are less than 50% owners.  However, this is not the norm and also rare and hard to find.

3 months time in business

Many lenders have a minimum time in business requirement of 3 months. Others have a 6 or 1 year guideline.

Less than 3 months time in business

Some mca merchant cash advance companies do not have a minimum time in operation requirement but need at least 2 months proof of income or revenue.    These are considered start ups.   Find more information on start up businesses here.

$10,000 or more per month in deposits guideline.

A high percentage of funders require the merchant to have a minimum of $10,000 or more in deposits every 30 day cycle.  Some merchant cash advance companies offer funding programs that demand only $5,000 to $7,500 minimum deposits.  However it is harder to find good options with less than the $10,000 floor.

We have programs that only require $4,000 + per month in deposits.

5 Overdrafts or NSF’s or less per month

Another frequent requirement is for the business to have no more than 5 Overdraft or NSF occurrence items per month.  In 2017, some MCA Merchant cash advance companies began to offer programs with 7 or 8 Overdrafts or NSF occurrences per month allowed, but this is also not common.

Less than 5 Deposits per month

Most funders require 5 or more deposits per month. A few require less, such as 3 or 4, but the majority still require 5. Merchants complain that they were denied for too few deposits.   How can that happen? To find out the answer, we need to look at what lenders and mca merchant advance companies consider a “deposit”

What is the definition of: Number of real business deposits per month?

Those are deposits that are generated from sales or real company operations. Deposits are not the following:

1) Small dollar amounts such as less than $100.   This dollar figure can be higher, even $200 or $300 and funders may not consider that deposit because the dollar amount is too low.
2) Transfers from savings accounts or other accounts are also not considered deposits.  The reason for this is that the funder does not know if the original source of those transfers are from real business revenue.
3) Credits and rebates are not true revenue.

Restricted industry?

Most mca merchant cash advance companies have industries that they will
not lend to and restrict funding to.    You can ask in advance if your industry is one of those types of businesses they will not fund.    For more information see a list of restricted industries here


Conclusion:

Many of the criteria listed above are minimum guidelines needed for approval.   Many lenders and merchant cash advance companies list a minimum criteria but may still decline the merchant for other reasons.

In their analysis, if your company profile meets merchant cash advance qualifications and guidelines criteria, they will consider the request, but might still not approve it.   Increase your chances of getting money by knowing the qualifications and guidelines ahead of time.

We specialize in identifying which mca programs busineess will qualify for.

Review tips on qualifying and lowest rates and terms on a 2nd position or 3rd position merchant cash advance.    Read the steps and tips further below to get approved with the best mca terms with the lowest rates.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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The Best 4 Merchant Cash Advance Consolidations

Top 4 Consolidation Program Types

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🇺🇸 Call 919-771-4177 for more info.

Data Secure 15 Second Request Form Here.

Many businesses have short term daily or weekly repayment advances, known as Merchant Cash Advances.   The repayment on these advances are short term, usually between 2 and 18 months.   Some businesses have several advances with daily debits at the same time.  This is causing significant cash flow problems for many businesses.  The following is an overview of how the best Merchant Cash Advance Consolidation Programs work.

Consolidation programs are being offered by some alternative funders to improve or rescue businesses from cash flow emergencies.  Getting this help is sometimes the difference between the life and death of some businesses.
Beware:  Some Merchant Cash Advance Companies are advertising Merchant Cash Advance Consolidations when they really end up only offering you another advance.

If you need a real Merchant Cash Advance Consolidation & not another advance, discuss this with the lender upfront.     Some companies use this lure to simply offer another advance.    It depends on the company.   Some Companies will try to consolidate, but you may not qualify.    If your business has 3 advance, your business may not qualify for a consolidation of all 3, but may qualify for a Consolidation of 2 of the 3 Advances.   The Advance with the best terms can be left in place the the other 2 advances may be Consolidated.   They are paid off, the term is extended and the daily mca merchant cash advance payments are lowered.

However, beware of companies that advertise a Consolidation which could be a bait and switch to giving you another advance.    Try to determine if they are really trying to Consolidate, or making no effort to Consolidate and just want to sell another advance.

There generally are 4 basic types and approaches of  MCA Merchant Cash Advance Consolidations.   This includes cash flow relief and debt settlement company options.

Merchant Cash Advance Consolidation Type 1:

This approach is a true effort to reduce the daily payments business merchants have to make.   The Consolidation or “relief”  lender covers the payment of the Merchant’s existing advances by depositing the weekly total of their daily payments into the Merchant’s business checking account once per week.   The consolidation lender then debits a lesser daily amount than the daily total of the Merchant’s other advances.   This reduced daily repayment for the Consolidation is normally between 20% and 50% lower than what the Merchant is currently paying.

The repayment of the lower amount usually continues for a few months longer than the remaining time the merchant is scheduled to pay the existing advances.   The Consolidation lender reduces the daily payments for the Merchant by extending the term of the debt.   This arrangement gives businesses cash flow relief.  For this type of financing, complete the contact information below.
The following is an Example of how this 1st type of Consolidation works:

Acme, Inc. has 3 daily repayment Merchant Cash advances.   Each has a balance of $25,000 and will continue for 20 more weeks.    The daily payment on each is $250 for a total daily payment of $750.    This equals $3,750 per week and $15,000 per Month on average.
For this type of cash flow relief type Consolidation, the payments are usually reduced in the 25% to 50% range.   Let’s assume a 50% reduction is offered.   The lender will be referred to as the Consolidation lender.

The Consolidation lender deposits $3,750 once per week into the Merchant’s account. The Merchant then begins repaying the Consolidation lender $375 per day instead of $750.  This saves the Merchant $375 per day, $1,875 per week and $7,500 per Month.   The Merchant continues paying 40 more weeks.

The benefit to the Merchant is that they have improved their monthly cash flow by $7,500 per Month.

Excellent merchant cash advance consolidation programs

Merchant Cash Advance Consolidation Type 2:

The second type of Merchant Cash Advance Consolidation is less common.  It is a true Consolidation.  The business Merchant provides the Consolidator the total payoff balances of all of their existing advances.   The Consolidator verifies the payoff and then pays off the existing advances.  The Merchant then begins to repay only the remaining one Consolidation debt.  The Merchant also pays the Consolidation lender for a longer period of time.   This allows the Consolidation payment to be lower than what the Merchant had before.

The following is an Example of how this Type 2 approach works:

Acme, Inc. has 3 daily repayment Merchant Cash advances.   Each has a balance of $25,000 and will continue for 20 more weeks.    The daily payment on each is $250 for a total daily payment of $750.    This equals $3,750 per week and $15,000 per Month.
In this type of cash flow relief Consolidation, the Consolidation lender pays off each Merchant Cash Advance for a total of $75,000.   The Merchant then begins paying the Consolidation company.  The amount and terms of the repayment are lower,  as in the 1st Example of $375 per day.   The term is now 20 weeks instead of 40.

Merchant Cash Advance Debt Restructuring Type 3:

In this case, a Merchant has several merchant cash advances and is having trouble repaying them. The Merchant either cannot qualify for the weekly cash flow reduction and Consolidation program, or wants a different option.

The Merchant still must have cash flow relief.    In this method,  the Merchant contacts their existing MCA Merchant Cash Advance lenders directly.  The Merchant tells the Merchant Advance companies that they soon will not be able to continue paying the daily payments. They need a pause or reduction in the daily payment, or both.  Some Merchant Advance companies are more receptive to this request than others.   Each request will be considered on a case by case basis and the final decision will be at the discretion of the lender.

It is important for the Merchant to make a strong case for a reduction or pause in payments.   They cannot be too demanding but they must give strong reasons.  The Merchant Cash Advance lender must know the Merchant truly has short term cash flow issues it won’t survive.   By addressing the problem now, the Merchant and Merchant Advance company both win.  The Merchant can be put in a position to repay the remaining advance,  and the Merchant Advance company will can be repaid.  If an agreement cannot be reached, the Merchant will miss payments or default.

Merchant Cash Advance Debt Restructuring or Consolidation, Type 4:

Debt Restructuring companies or options can be considered the last and most dangerous for Merchants.  This should only be considered if the Merchant cannot get a Consolidation program and is not able to renegotiate better sustainable repayment terms with their existing advance companies.

In most cases the Advance companies will work with the Merchant as much as possible to reach a workable solution.    If that does not happen, the Merchant may be forced to consider remaining alternatives.

There are a few final options:

Type 4A:

The Merchant has talked with their Merchant advance companies and could not come to an agreement to reduce or pause payments enough.   They determine they cannot continue to make the payments much longer.   The Merchant can hire a business Attorney to negotiate a settlement or reduced payments with the Advance companies on their behalf.

Type 4B:

The Merchant contracts with a 3rd party Debt Settlement company.  This option may be the least desirable of all the options because debt settlement companies may take actions that are not in the Merchant’s or Merchant Cash Advance company’s interest.

A Debt Settlement relief company often tells the Merchant they will get the daily payments to stop and tells the Merchant to sign a contract for them to negotiate with the Merchant Advance Companies.   The Merchant is often told to begin paying the 3rd party debt settlement relief company instead.   They may tell also tell them to close the business checking account from which the daily payments are being debited and open a new account at another bank to pay them.   This is almost always a major mistake and may cause both the Merchant and Merchant Advance companies the worst problems.

Debt Settlement Relief Company Pitfalls

These scenarios may cause several major problems for the Merchant.   The Merchant cash advance contracts are always between the Merchant and the advance companies, not the Debt Settlement companies.   The MCA companies are under no obligation to talk to or agree to anything the debt settlement companies are asking for.   Knowing this, some debt settlement companies call the Merchant Cash Advance companies, tell them their customer cannot repay and the Merchant Cash Advance company better accept a very low settlement amount rather than get nothing.   The Merchant may have begun making payments to the debt settlement company and may still not be much better off than they were before, if at all.

What is a Certificate of Judgement?

The Merchant cash advance company may have a COJ, certificate of judgement.   If the Merchant closes their business checking account from which the daily payment is debited, it often considered an immediate default per the contract.   The Advance company may be able to get a Court judgement within  1 to 2 days.

This judgement is used to debit funds from any account the Merchant has with any bank.
The Debt Settlement company should be concerned with this.   They may only be concerned about the contract they have with the Merchant to pay them now.   The debt settlement company may provide little or no assistance to the Merchant to deal with these consequences.   Payments are made to the debt settlement company in the short term leading up to the Merchant being hit with severe actions by their existing Merchant Advance companies.

With some of this information, consumers whose businesses have Merchant Cash Advances may be able to better determine the best Merchant Cash Advance Consolidation programs or cash relief programs they should choose. Merchants should do further investigation on their own.   Each situation and contract may be different and call for different decisions and actions.

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Declined For Not Enough Deposits? Less Than 5 Per Month OK!

Has your business been declined for a loan for not making enough deposits into your checking account every month, or having under $10,000 a month in deposits?

Get approved and choose one of several  small business loans for your business that do not require a lot of deposits per month.   Apply below and get approved today.

Complete the secure Application
Data Secure 15 Second Request Form Here.
Or call us at Tel:  1-919-771-4177.

How to get approved for a cash advance with less than 5 deposits per month.

Not enough deposits is also #7 of the Top 9 reasons why your MCA was declined.

Contact us and we will put your business into the approval program that can accept less than 5 deposits per month.   Only have 1 or 2 deposits per month? We have programs waiting for your business now that can you approved fast.   Contact us above!

FAQ on being declined for a business loan for not having enough deposits

How many deposits does our business have to make each month to qualify?

5 deposits or more per month are usually required for a merchant cash advance. Some advance companies require as many as 10 or more. They must be real business revenue from customer sales and not transfers between accounts.

Can our business qualify with only 2 or 3 deposits per month?

Some lenders consider a low number of credits per month into a business account as higher risk because the business has fewer customers that it makes money from. Losing one customer will cut revenues and their ability to repay a loan much more than a business with many customers.

Why were we declined for not enough business deposits when we had more than 5 per month?

Deposits that are not from the sales of the business may not have qualified as revenue. Examples are transfers from other accounts, loan proceeds, very small deposits compared to others, and rebates.

Businesses have used cash flow loans to a great extent in recent years to finance their businesses.    The business account has low recent sales in one of the most recent months.

Our Small Business Development Center assists in getting past these problems to help business owners get a fast and easy business loan.

Other options

Make more deposits immediately during the rest of the month and apply at the start of the next month.   A deposit to a business checking account statement is often from several customers.   Retailers usually have several checks and cash from several customers, go to the bank and make 1 deposit.    Instead of 1 large deposit, break the deposit into several smaller deposits over the course of 2 or 3 days.

Talk to the Merchant Cash Advance companies and ACH business loan lenders directly about being declined and ask them how you can get your business approved.   As your business grows, it will add more customers.  Having deposits from more customers will increase the number of deposits per month into your business account.   As a result, this will make your business a better risk from the lender’s point of view.   The number of customers a business has is an important part of looking at risk by lenders.
For example, restaurants have hundreds of customers per week.   As a result, they will show many deposits per month.   Restaurants that lose a few customers only lose a small percent of their customer base.   A business that has 4 large customers loses 25% of their customer base when they lose just 1 of their customers.

Possible solution:

If you know the deposits you make into your business checking account have multiple items, you can tell the Merchant Cash Advance company or ACH business loan company.
What are multiple items?
Multiple items means that the funds in the deposit are from more than 1 customer.    If the merchant cash advance company knows this, you can get a copy of the deposit from the bank.   The copy of the deposit will show the items deposited. If it is 5 items, you may get credit for 5 deposits instead of 1.     You may be able to get the MCA company to change the decline to an approval.   A number of ACH lenders and merchant cash advance companies are open to this.

If this does not work, ask how long you have to wait before they will consider you again.  Be clear on what they want to see the next time so you will not be declined again.

Get working capital through other loans

If the options above do not work or you cannot wait, your business can consider other types of business loans.   Which ones are best depend mostly on your company’s profile.    Choices include:
– Monthly Term loans up to 48 months based on Tax Returns
– Accounts Receivables Financing
– Business loans based based on Real Estate or Equipment Assets.
Business loans based on real estate, equipment or accounts receivables will usually not have this requirement.   Having collateral that covers the loan amount means that cash flow is not as critical.    The number of customers is also not important.

Unsecured loans depend heavily on cash flow and as a result, the cash flow of the business is scrutinized much more.    Businesses applying for unsecured loans should also have financial statements that show the business making money and having net income.   Many businesses do not show net income and this hurts their request and also causes declines.

The SBA small business administration also has excellent resources on alternative business loans

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Stacking Merchant Cash Advances – Fast Fix!

Stacking MCA Cash Advances

Merchants that stack multiple short term cash advances are getting and paying on multiple MCA’s at the same time.  This includes getting a second or third cash advance.

Don’t let multiple short term cash advances ruin your business!  Fix the problem NOW with several choices:

Pay them down or off into  1 Loan
Extend the number of months.

Apply BelowNow!

START NOW

Data Secure 15 Second Request Form Here.

Or Call 919-771-4177 for more info.

Need emergency rescue from stacked merchant cash advances? Complete fast online app or click on image

FAQ Frequently asked questions about stacking merchant cash advances

What is stacking?

Stacking is when a merchant gets more than 1 MCA at the same time. Businesses sometimes need more money and can get a 2nd or 3rd position.
.

Is stacking merchant cash advances legal?

It is legal for a company to take out multiple MCA’s. Some funders prohibit you in their contract from taking out any additional loans but State and federal laws do not prevent it.

Can my business take out another loan if we already have several?

You can take out another loan even if you already have existing MCA’s.

Can we get funding from two different places?

Your company can get a loan from two different lenders. We can approve you for funding even if you have MCA’s with another company.

How can my business get out of stacked MCA’s?

You can pay them off through a new transaction, such as a consolidation. This eliminates current debts and avoids past dues and defaults.

Can I consolidate them into a longer term?

We can assist in consolidating and reducing stacked daily payments between 35% to 75%. If you currently pay $1,000 per month, they can be lowered down to $500 or less without defaulting or damaging your credit or standing.

First understand what counts as an existing mca position.
Then get a 2nd position cash advance or a 3rd position mca advance IF your company can handle it and did not get enough funding from the 1st MCA.

Need saving from merchant cash advances? Programs now to get out of multiple loans and save your business.

Get a consolidation loan to payoff.

Through a consolidation loan for instance, the daily debit payment is lowered and term extended.

How can my business be approved for a consolidation?
We can help in consolidating mca’s.  We can give you criteria over the phone.   If you and the lender agree you have a strong chance of qualifying, consider applying for the consolidation.

Example of too many stacked cash advances:

A company obtains a first position Merchant Cash Advance, then a 2nd one after the 1st one.   The second (2nd) position is stacked on top of the first.  Then they get a third.   The third (3rd) is now behind the first and second position.

The company’s income is too restricted because it may not be able to handle other critical business expenses.  For instance, there may not be funds left for advertising, product development and expansion plans it has.

Stacking Example

Below is an example of how consolidating a stacked merchant works.  The required multiple daily payments that are now being debited from your company checking account take away from critical marketing, inventory, and even being able to meet payroll.

Acme, Inc.  decided to stack MCA’s and has 2 so far.

# 1  current balance  $10,000  @ $100 per day.

# 2 current  balance $10,000 @ $100 per day.

This merchant has 100 days left on these 2.   They are costing them $1,000 per week and about $4,000 per month.

On a typical consolidation, they will lower their daily debit by about 50%, going from $200 to $100.    This lowers their monthly cost from $4,000 to $2,000 and saves them $2,000 per month.   Sometimes the savings is even more.

Negotiate to lower the daily payments

How do you negotiate with to lower the daily payments?

Each lender may have a different policy on negotiating a reduction.   The Lender will consider your specific situation,  and how the request is handled by the borrower.

Review the basic conditions of each funder because funding source has stipulations in the contract you may violate.  The stipulations may say the borrower cannot obtain any more funding until their contract is paid off.   This is an example of how you may have already violated the terms of the contract.

As a result, the lender may have the option of declaring a default.  For instance, they may require or demand full payoff of the remaining balance immediately.  So review the contract carefully before contacting the lender.

Ask for a lower daily payment

Contact the lender and let them know you cannot handle the daily payment.   Ask to get a reduction so you can continue paying as agreed.    You will be asked questions and may have to complete paperwork.

Ask for a Pause.

If your company is going through a brief slow period, it may be better to ask for a pause in the payments for a week or two.   Funders are less restrictive on pausing debits than they are on lowering them.

Pay them off with other loans

If the problem of multiple loans cannot be solved through a consolidation or negotiation with the lender, another solution is to pay them off because that will fully solve your problem.   For example, some other types of funding are:

–  Asset based loan.   Money from this option can be used on Real Estate, Equipment, or both.

Accounts receivables financing.

Merchants can use the proceeds from one of these other options to payoff your existing short term debt.   Also, you may be able to extend the number of months up to 24 or 36. This can dramatically improve your monthly cash flow.

Conclusion

Use these business strategies and tips for the best ways to lower your daily merchant payments.

The SBA has tips, suggestions and hints to help merchants find solutions to financial problems as well as how to create business plans and other statements that may be requested for any type of financing transaction.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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Merchant Cash Advance Consolidation Increases

Merchant Cash Advance Consolidation Increases

If your business is struggling to pay crushing merchant cash advances, then consolidate them.  Merchant cash advance consolidation increases continue.

What is a merchant cash advance consolidation?   A merchant cash advance consolidation is when a business that has more than one merchant cash advances takes out one loan to pay off multiple other advances.   The term of the loan is usually longer than the term of the other advances.

Complete the Secure AppData Secure 15 Second Request Form Here.
Or call us at Tel:  1-919-771-4177,

or Get an mca merchant cash advance consolidation here.

Businesses that have short term merchant cash advances can consolidate them into one loan with terms between 12 and 60 months.  Pay as little as 20% of your current daily or monthly payment.    If you are paying $100 per day, consolidate and pay between $20 and $40 per day.   The process is easy.  If you have been in business 6 months or longer, apply for consolidation today.

A business can lower the amount they spend on these advances as much as 100% to 200%.

We can take a look at a common example of how much a business can save per month in the repayment by consolidating merchant cash advances.    If a merchant took out a $10,000 advance for 6 months, the monthly repayment is about $2,166.   With a consolidation for 36 months, the monthly repayment can be lowered to about $400 per month.    The merchant will be repaying about 20% of the previous monthly payment.

Callers call in requesting information on identical or similar topics.   Callers request information on a Merchant Cash Advance Consolidation.   These requests will increase.

For immediate release, Pittsburgh, PA  Titan Ironworks announces a Consolidation of $175,000 in Merchant Cash Advances.   President Mark Tillman told the Pittsburgh Business Times, “This Consolidation will improve Titan Ironworks’ Monthly cash flow by $10,000 per month.  We had been paying $25,000 per month between 3 advances.  

This Consolidation and extension lowers that to $15,000 per month.  With the extra cash flow, we can again put more monies into Advertising, employees and expanding new product offerings through Research & Development.”   Mr. Tillman also stated that Annual Net Income is expected to increase significantly due to the improved cash flow position.
Other sources of information on merchant cash advance consolidation increases may include the SBA small business administration

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Asset Based Loan

Consolidate Merchant Cash Advances – No Defaults!


The best and safe options to consolidate merchant cash advances.  Many businesses have multiple mca’s by stacking cash advances.
Get  immediate relief to lower their daily and weekly payments.

A regular and reverse consolidation will improve your cash flow up to 50% or more for some programs, thereby reducing your number of positions   Apply below now!

START NOW

Data Secure 15 Second Request Form.

Call 919-771-4177 for more info.

How to get a merchant cash advance consolidation:

 

  • Calculate how much you can afford to pay per day, week and month compared to what you are paying now.
  • Research and contact companies that offer consolidation programs that match your business needs and daily budget.
  • Review the qualification requirements and choose from programs that you have the best chance to qualify for.
  • Do not get another mca during the term of the transaction.

 

 

 Why Not  Consolidate  Several…..Into 1 AND Lower  Your Payment ?

FAQ Frequently asked questions.

How much can I save daily?

Your business can lower the daily or weekly payments between 25% and 50%. Some programs can lower them as much as 75% and convert into weekly or monthly debits.

How does the consolidation work?

A merchant cash advance consolidation is usually one large loan used to payoff several smaller ones. The goal is to lower total daily payments by extending the term, lowering the rate, or both. Some programs are structured differently or give you a longer term to payoff the current debt while others have a shorter term.

How do we qualify?

If you can simply make the new payment, then you can qualify based on cash flow. It should be 30 days since your most recent advance closed and you should be current. Lenders want to know you can meet your obligations now before being approved.

How can I get the best terms?

Apply for the longest term program available because the payment will be the lowest. The lower the payment, the more likely your cash flow will qualify.

How does a reverse consolidation work?

A reverse consolidation covers the payments on your existing advances while you make a much lower one on the reverse. During the term of the transaction, the other daily debits you had before drop off until you only have one payment left.


How we can help

Your business may be in a position where it must extend out the term of current positions.   We can assist in paying off 2, 3 or 4 other mca’s and lowing your payment as much as 50% or more.

Tips on how to get approved:

–  Make all of your payments on time.

–  Wait until 30 days after the most mca closes to apply.   Most requests are declined if new funding is deposited into your account in the last 30 days.

Lenders want to see how a business is paying it’s most recent debt before it approves.

–  Don’t have more than 5 overdrafts or 5 NSF’s per month.

Program Features:

– No net funding requirement.

– No maximum number of positions.

– Daily, weekly, bi-weekly, and monthly repayment programs.

We try to tie payment frequency to your deposit volume.  The main things looked at are:

The repayment history on current advances.

– If we are materially cheaper, and if your business has been able to pay your existing higher cost mca’s with minimal NSFs, we will aggressively pursue a consolidation.

– Deposit volume and consistency are reviewed.  Are your deposits enough?  Or are they under $10,000 a month?

If deposits vary significantly from month to month, we will typically look at the lowest month when calculating an amount to offer.

Up to 1.25 times your deposits with a 6 to 12 month term are offered.
– (NSF) insufficient funds and overdraft frequency are looked at.

Other features and products:

1. Advances are available in almost all states EXCEPT California.   Term loans are available.

2. Your future consolidation is more like a like of credit. A merchant can request additional capital at anytime from us.

We will quickly re-underwrite it with no fee and offer additional funds and keep your scheduled payment the same.

Renewals

You do not have to pay off our loan to get more capital.  This holds true if your business requests more capital after one month, or after six months.

Your business saves money at renewal. Your business will not pay interest on interest if you renew for premium programs.

– Low or no origination and underwriting fees.   Fees as low as $250 to consolidate 3 to 4 positions, $500 to $750 for 5 or more.  No NSF fees or other junk fees are charged.

– The maximum initial funding is $100,000.

– This is first position funding only.   This funding can be the only funding following a consolidation.  A standard line of credit, credit card split loan, traditional bank loan.

– SBA loan, car loan, student loans and home loans can be left in place.

– Daily, weekly, bi-weekly, and monthly payment options are available.

Your business may need help creating a business plan.  The SBA can also assist with ideas and programs to develop a business plan.

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Asset Based Loan

Payoff Merchant Cash Advances: Cash Flow Now!

How can you payoff a merchant cash advance?  Escape your merchant advance by:

  • Paying off the balance with a longer term refinance.
  • Terms from 6 or 9 months and all the way out to 36 months or longer.
  • Lower your payments up to 75% in many cases!
  • Get the daily cash flow relief your business desperately needs – NOW
  • No delinquencies or defaults with existing loans or advances!

START NOW

Data Secure 15 Second Request Form.

Call 919-771-4177 for more info.

How to payoff a merchant cash advance

Payoff your merchant cash advance

Determine what your balance is.   Complete a list of your equipment assets, which includes Computer, medical, industrial equipment and machinery.

We will approve a loan to payoff your balance and payoff or reduce the number of cash advances.   We will also help you set up a 24, 36 or 48 month repayment term.   Even if you only want to term the balance off to 24 installments, this will significantly improve your company’s cash position immediately.

Payoff Examples

If you took out a $25,000 merchant advance for 6 months, then you were paying around $248 per day, or $5,457 every 30 days.

By terming the financing out to 24 installments, you will reduce the payment to $1,562, which is only 28% of what you were paying. If you go out 36, you will reduce it to $1,083, or 19.8% of the original amount.   This difference will make a dramatic positive influence on your cash flow.

Most frequent Requests:
– Help me payoff my MCA.
– I need get rid of my MCA Merchant Cash Advances
Help my business get out of my cash advances.
All of these requests fall into the same MCA consolidation relief product.

Example:

Tucson belt company pays off merchant cash advance with 1 loan.

Tucson belt had 3 merchant cash advances totaling $75,000 with a total monthly payment of $15,000.   This burden was killing their cash flow.   They had 6 months left on their advances.   The three advances were combined for 1 loan for year.

The monthly payment was lowered to $7,500, thereby increasing the company’s cash by $7,500.   President Bradford Jennings told BizTucson, “This Consolidation program was an excellent and necessary way to improve the cash flow for these Advances.   It has dramatically improved our financial standing.  We will be able to increase our advertising and inventory levels.   Gross receipts are expected to increase and net income rise.  We look forward to using the increased funds for expansion.”

If you are a business owner that took out a short term cash advance and are saying any of the following things or questions below, contact us today to get instant relief.

Most callers say they need to urgently get out of a merchant advance.     Many companies tell us they can’t handle it much longer and feel trapped.

You will only need to complete a short 1 page Mini app and provide an equipment list which can be completed online.   The approval process takes 1 – 3 days.  If you are approved, the closing documents may be E-Mailed to you or completed online.   You complete them and return the completed documents via fax.   A verbal verification call is completed with you and you receive funding within 1 to 2 ays afterwards.

Categories
Asset Based Loan

How To Get Out of an MCA Merchant Cash Advance

How do I get out of my merchant cash advance?

Video Description: Get out of an mca. Several options for businesses that cannot handle their current cash advance payments. Refinance and extend the term. Options to lower the payment 25% to 50% without being reported as late or defaulting. Avoids, and is not the debt settlement option that still defaults customers after they pay thousands and very little or nothing is done.
Get out of a Merchant Cash Advance (Video Transcript: Click to Expand)
[ city street noises ] welcome to smallbusinessloansdepot. [ young woman says Ooh! ] Do you have a merchant cash advance that is
causing your business a monthly cash flow situation that is far more difficult than you anticipated?

Get out of MCA: Options

We have several flexible programs and are specialists in either retiring or extending the term from your current 3, 6, 9, or 12 month merchant cash advance term, and terming it out, 12, 24, 36, or 48 months. Start the process by clicking on the application or website link in the description below. Please like, subscribe and share.

Not a debt settlement option

This is not a debt settlement option or company where you are made to pay thousands of dollars, wait months while the debt settlement company [ woman says no ] does very little or nothing and you still default on your cash advances and debt anyway and your business gets reported to the default databases. Contact us today direct at 919-771-4177 and we will take this merchant cash advance and term it out and retire it and get you out of the difficult cash flow situation.

Examples: Payment Reduction

We have taken business, many, that have $4,000 a month and lowered it to $750 a month. Take $3,000, lower it to $600 a month. Take the cash flow. Free the monthly cash flow and use it for other critical needs you have today that you have to address with your business. We are specialists in this program. Let us retire and get you out of the merchant cash advance syndrome. Call us at Tel: 919-771-4177 or go to smallbusinessloansdepot.com. On YouTube, please subscribe, like and share.

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:   Author biography: Will Sanio

START NOW

Call 919-771-4177 for more info.
For Full information, review the Get out of a Merchant Cash Advance: Video only page

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.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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Will Sanio:  University of Tennessee Diploma – Bachelor of Science in Business Administration with concentration in Finance – Click or Tap to Enlarge Image.

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

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