What are multiple cash advances?
When a business has more than 1 cash advance, they have multiple advances
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Frequently asked Questions, FAQ How can I get out of cash advances?
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?:
A business has three mca positions:
# 1: Balance of $20,000 with daily payments at $333 per day.
Merchant has 60 business days left or approximately 3 months.
#2: Balance of $10,000 with daily payments at $166 per day.
Merchant has 60 days left or 3 months.
#3: Balance of $5,000 with daily payments of $83 per business day.
Merchant has 60 days left which equals 3 months.
If your business has advances from stacking, complete the secure 30 second application below to rescue your business today! Get payments you can afford that will not hurt your business, or credit or reputation.
Several options to reduce your daily and weekly cash flow for advances. Longer term options are also available, such as weekly and monthly payments.
How can you pay them off?
- 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.
- 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.
- Choose a program that best matches your business profile for your amount of debt, ability to pay and urgency for a fast loan on any new program that allows you to get out of your advances.
- Talk to a representative of the program. Tell them about your business 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.
- If approved, review the terms of the approval. If you are satisfied, close the transaction.
- Receive funds into your business 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.