What are multiple advances?
When a business has more than 1 cash advance, they have multiple advances . 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.
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Several options to reduce your daily and weekly cash flow for advances and longer term options such as weekly and monthly payments.
How you can get out of multiple advances.
- 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. before you have missedApply above or contact us at Tel: 919-771-4177.
FAQ Frequently asked Questions on getting out of multiple cash advances:
How can I get out of these without missing payments or defaulting?
You can either pay them all off through a consolidation or refinance them and extend the term several more months. You may qualify to extend the term for up to 10 years.
How much lower can you get my Payment? I need to reduce my payment by half or more. Can you do that?
We have programs available that can reduce your payment between approximately a third to more than half. In some cases your payment can be lowered as much as two thirds.
There are links to several other financing options below and also helpful articles. Review funding program details below. We offer free consultation because we want your business to succeed.