Categories
Articles

How Can I Get Out of Multiple Advances?

What are multiple cash advances?

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

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

Apply Securely Now

DocuSign Secure 15 Second Info Form Here.

Call 919-771-4177 for more info.

Frequently asked Questions.

How can I get out my mca advances without defaulting?

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

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

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

Do you negotiate with my current advance companies?

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

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

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


Does the example below look like your business?:

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

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

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

Apply Securely Now

DocuSign Secure 15 Second Info Form Here.

Call 919-771-4177 for more info.

How can you pay them off?

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

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

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



Categories
Asset Based Loan

Use Multiple loan parts to get larger business loan

Need a larger business loan and can’t qualify for one?  Get it all in multiple business loan parts!   Get several smaller loans to reach the total amount your business needs.    Apply below now for programs designed for your business to get the total it needs. 

Apply Securely Now

 Call 919-771-4177 for more info.

DocuSign 30 Second Application here.

Example
A business needs $100,000 and cannot qualify for $100,000 in one loan.   However,  the business can qualify for approximately $35,000 so first obtains a $35,000 loan.   After the first loan, it applies for a second funding and even a third round of funding.   This strategy makes it much more likely for the business to raise the full capital it needs.

Many businesses do not use all of the funding in the first weeks.  Many times, the business uses the funding over the course of weeks, and even months after closing.     Some businesses may get $100,000 all at one time and use it over the course of 3 months.    That is almost the same as if they had obtained the funding in 3 parts of $35,000 over 3 months.    Restaurants often do build outs and spend the money over time instead of all at once.

FAQ Frequently asked questions on multiple loan parts

What does multiple loan parts mean?
Getting more than one loan as part of one effort.    When a person or business cannot get approved for the entire amount they want in 1 loan, they get multiple parts until they get the full amount they want.

Why don’t I just ask the 1st lender to approve the total I want?
Each lender decides how much they are willing to approve your business for under their guidelines and risk model.    A second or third lender may give you more funding because they are approving less and not taking on the total risk
themselves if there is a default.

Do I have to let each lender know how much I got from the other ones?
No.   Each lender will see that you have a new account, had a recent inquiry, or
may check your recent back activity to see if you just got any new loans.   They will ask about recent loans if needed.