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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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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.



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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?

It a bad idea for most businesses and the worst way to get out of a merchant cash advance.   Consider better alternatives & apply below.

Apply Securely Now

 Call 919-771-4177 for more info.

Lenders consider closing an account an intentional default.
Choose much safer alternatives that will not harm your business, such as:

Refinancing
Consolidation
Payoff
Lower Payments
Longer Terms

Get started on safer, better solutions. Apply Now, below:
Secure DocuSign 30 Second Application
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 company and try to work out a solution. Look at alternatives when the mca company will not give you any repayment plan you can pay.

What will the cash advance company do if I close my account without telling them?

It can be called an intentional default and you can be sued. The cash advance company is much more likely to take legal action against you and your business through a lawsuit filed in state court in the county your business is located in. There could be accusations of fraud if an intentional default is claimed by the mca company.

What are better options?

Working with the advance company 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 companies tell customers to do.

  1. Sign a contract with the debt settlement company. The contract often allows the debt settlement company to represent your business in communications with lenders and mca merchant cash advance companies sometime after your have missed mca payments.
  2. Pay the debt settlement company to start the process.
  3. Close your business checking account per the instructions or advice of the debt settlement company
  4. Allow the debt settlement company to continue to represent you in settlement talks.

There are several problems and possible severe consequences to closing your business checking account to stop paying cash advances or loans and signing a contract with a debt settlement company.

  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 over the final settlement agreement.

The contract you sign take power and decisions out of your hands and puts much of it in the hands of the debt settlement companies.

Other options and alternatives to contracting with debt settlement companies and 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.
Categories
Asset Based Loan

Top Reasons for Going Out of Business

Is your business having severe problems and is going out of business?   Below are the Top Reasons for going out of business followed by the complete list.

You can take fast, easy, and efficient steps to avoid going out of business.    This may include securing working capital to bridge the difficult period.    We have numerous options for all business situations.

Apply Securely Now

 Call 919-771-4177 for more info.

DocuSign 30 Second Application here.

Top Reasons for going out of business

1. Running out of Money.   Running out of money is probably the main reason for going out of business.   There are different circumstances under which businesses run out of money.  The business is going through a slow period.   Revenues have been low since the business opened.   Find out the top ways on how to get money to stay in business.

3.  Too much debt and overhead.   The owners or the business itself may have too much debt and overhead to deal with.   They can’t handle it and go out of business.

4.  Insufficient starting capital.   Many businesses never really had enough capital to start.   Often there are problems after opening.  This is followed by the business not having enough capital to overcome them.

5.  Unable to get financing or enough financing.   Many businesses need working capital or other types of business financing after starting.  Some of these needs are critical.   If they cannot get the financing needed for equipment or short term working capital, the business may not survive.

6.  Not enough back up capital or emergency capital.    Business owners have liquid assets and net worth.   If the business needs more working capital than

7. Bad Employees.   This is usually employees that are bad performers with low quality work and low production.   Some employees are out sick on leave a lot.

8. Bad Marketing and Sales.   Some businesses have owners with expertise in certain areas.  They may have technical but not sales and customer service.   These other areas can be crucial to the survival of the business.

9. Inflexible ownership.   This is resistance to change or new ideas.   Many business owners have aggressive take charge personalities.   This is often what drives them to accomplishing starting a business.   It can hurt some business owners significantly.  Many business owners are not open to new ideas or alternatives different than the ones they believe in.   They are often very resistant to criticism.

10.  Market changes.   Businesses need to keep up with what is happening in their industry and stay up.  Some businesses show poor awareness to market trends and changes.

11.  Not keeping track of competition.   Businesses that do not keep track of what the competition is doing may be left behind.    Competitors may introduce new products, programs and incentives.

The reasons listed are usually the top reasons for going out of business.  Some solutions and ideas are offered to avoid going out of business.   If your business is closing, the SBA offers a list of items to consider when going out of business.

 

 

 

Categories
Asset Based Loan

How to get out of an mca merchant cash advance

How do I get out of my merchant cash advance?  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:

Apply Securely Now

 Call 919-771-4177 for more info.

DocuSign 30 Second Application here.

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.

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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