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How to get Another 2nd MCA Cash Advance
Supply: Last 3 months business bank statements
Tool: Desktop, laptop, tablet or phone
STEP 1: Check if you can afford another Daily payment.
Will Sanio, SmallBusinessLoansDepot.com. Today’s topic, how to get another MCA Cash Advance, also known as a second position. Start the process anytime by Tapping apply on the Bottom right of this Screen, or Tapping on the End screen of this Video, or on the Apply Button on the Webpage.
Check if you can afford another Daily payment, because the Lender will check. First calculate an estimate of what your new daily Cash Advance Payment will be.
Let’s take an Example: Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 Payment Days most Months. If your offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days. Take the $14,000 Total Repay and divide it by 147. That Equals $95.23 Per payment day for every $10,000.
VIDEO CLIP below: Calculate MCA Affordability: 23 Seconds – 53 Seconds in Clip below.
Review your Last 3 Months Business Bank Statements, or 4 Months in States that require 4 Months like California. [ ocean surf sound ]. Your total Monthly Deposits should have increased or stayed the same.
Average Daily Balance: That is the average balance per day for the Month.
TIP:
You want your Average Daily Balance to be at least $750, but better $1000 or higher.
VIDEO CLIP below: Check Average Daily Balance: 62 Seconds – 72 Seconds in Clip below.
TIP:
Overdrafts or NSF’s: You should not have more than 5 to 7 Overdrafts or NSF”s in any 1 Month, or it is more likely you will be declined.
If you have more, it is better to wait until you get your next statement and those are gone.
VIDEO CLIP below: Review Overdrafts and NSF’s 72 Seconds – 86 Seconds in Clip below.
STEP 2: Match with a Lender
Match with a lender that fits your business type.
TIP:
Talk to a Representative first, that often avoids unnecessary declines.
STEP 3: Apply.
If approved, request the closing docs.
STEP 4: Close
Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership. Next, Close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours.
VIDEO CLIP below: Approval and Closing 86 Seconds – 102 Seconds in Clip below.
TIP:
If you have repayment problems with 2 Advances, communicate with the Lenders immediately and consistently[ desert wind blowing ] to protect your business’ ability to borrow again in the future [ wind continues ]
VIDEO CLIP below: Repayment problems with 2 Advances 102 Seconds – 111 Seconds in Clip below.
Show Video Transcript
How to get another 2nd position MCA Cash Advance
In minutes and seconds.
0:23 Example: Calculate MCA Affordability
1:02 Average Daily Balance
1:12 Overdrafts and NSF’s
1:26 Approval and Closing
1:42 repayment problems with 2 Advances
[ city street sounds ], [ introduction sound effect ] Will Sanio, SmallBusinessLoansDepot.com, today’s topic, how to get another MCA Cash Advance, also known as a second position.
Start the process anytime by Tapping apply on the Bottom right of this Screen, or Tapping on the End screen of this Video, or on the Apply Button on the Webpage.
Check if you can afford another Daily payment, because the Lender will check. [ woman giggling ] First calculate an estimate of what your new daily Cash Advance Payment will be. Let’s take an example: Multiply a $10,000 offer amount times a 1.4 Rate Factor.
There are 21 Payment Days most Months. If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days. Take the $14,000 Total Repay and divide it by 147. That Equals $95.23 Per Payment Day for every $10,000.
Review your Last 3 Months Business Bank Statements, or 4 Months in States that require 4 Months like California. [ ocean surf sound ]
Your total Monthly Deposits should have increased or stayed the same.
Average Daily Balance: That is the average balance per day for the Month. You want your Average Daily Balance to be at least $750, but better $1000 or higher.
Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined. If you have more, it is better to wait until you get your next statement and those are gone.
Next, apply, if approved, request the closing docs. Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership.
Next, Close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours.
If you have repayment problems with 2 Advances, communicate with the Lenders immediately and consistently to protect your business’ ability to borrow again in the future. [ desert wind blowing ]
- Highest offers on: second positions
- The Longest Terms
- Quick approvals and funding
We specialize in these offers. We will help you structure your existing cash flow as well to insure your payments can safely be made. Apply below now to get your offer and funding quickly!
Interested in an MCA for the first time? Go to: How to get an MCA Cash Advance.
A Want to just watch the Video? Go to the Additional 2nd Position MCA Cash Advance Video Page here
Or Get a 3rd position mca cash advance if your business can handle and needs more funds.
Frequently asked questions:
What is a 2nd position cash advance?
When a business takes out a cash advance while having an existing one they are paying on. The business will then have a 2nd advance that is in position behind their first one and make payments on two. The second company considers the existing payment into their decision for how much and long to approve another mca for you.
How can I get a second position for more money?
Show more cash flow through other checking accounts or financial statements. Proof that you will soon payoff other existing debt is another way. Your current first position cash advance may be paid off if the balance is low enough. This allows for even more money on top of the amount to payoff the 1st position.
Can I get a lower payment than I have now?
Ask for the lowest payment when applying so that the longest term offer will be made, and thereby lowest payment. Terms as long as 18 and up to 60 months are available to get the payment down the most.
How important is credit?
Credit is a minor part of the approval. The strength of company cash flow and ability to make the new payment are the most important qualifiers.