Alternatives to an MCA: With Video
0:16 look at Other Options
0:56 gather all documents
1:23 find a lender match
1:34 Apply
1:56 Close
Get alternatives to an MCA. Options include a loan against equipment or loan on a truck or vehicle.
Go here for just the alternative loans video page. A similar transaction is a Sale Leaseback. Pick your best option. watch, visit
Sale leaseback on equipment Video or go to full instruction
page, Sale leaseback on Equipment.
Author Biography: Will Sanio
Call 919-771-4177 for more info.
Complete the Application using the button above, or call us for excellent alternatives to a high daily and weekly repayment. Visit our homepage for or small business loans Video page for features on different funding types. for a regular cash advance, go to the: How to get an MCA Cash Advance page.
Are there more choices? Yes! Watch our Full Small Business Loans Video here!
How to get Alternatives to an MCA
Supply: list of assets. Include manufacturer, model and serial numbers and year if applicable
Tool: Desktop, laptop, tablet or phone
Step 1: Look at alternatives to an MCA.
How to get an alternative to a cash advance mca. Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen or on the apply button on the webpage.
Look at alternatives including a line of credit style or term funding, asset based, government spa, and borrowing in your personal name.
Line of credit style and term options offer a weekly, bi-weekly or monthly payment.
Asset based alternatives for vehicles or accounts receivables that do not have liens or money owed on them.
Your total annual revenue for your company, monthly deposits, average daily balances, overdrafts and nsf’s do matter. Make sure these look good in the weeks or months before requesting funding.
TIP: Personal loans for higher amounts, up to $50,000 and more are another option. These look mostly at income, background and credit score.
TIP: Your total annual company revenue, monthly deposits, average daily balances, overdrafts and nsf’s do matter. Make sure these look good in the weeks or months before starting your funding request.
VIDEO CLIP below: Look at alternative options: 16 Seconds – 56 Seconds in Clip below.
Step 2: Get information needed to apply.
For asset based requests, make a list. Include the make of your equipment. For Example: John Deere, Caterpillar, Kubota. Then add the year, model number and hours. For vehicles, include the mileage. Find copies of titles for all vehicles and take at least 1 or 2 good pictures.
For accounts receivables, make an aging schedule. This is just the name and contact information of the company paying, the amount owed to your company, and the date you issued the invoice.
VIDEO CLIP below: Get information needed to start your request: 56 Seconds – 83 Seconds in Clip below.
Step 3: Match with a Lender.
Match with a lender that fits the options to an mca your company should qualify for.
TIP: Talking with a representative can pre-qualify for specific programs.
VIDEO CLIP below: Find a Lender Match: 83 Seconds –94 Seconds in Clip below.
Step 4: Apply.
Next, Apply.
TIP: Proof of business income, ownership, and address may be required. This means bank statements or business license to prove your company exists legally, and who all the owners are.
TIP: If the request or approval amount is high, up to $100,000 or higher, more items may be requested, such as a tax return or financial statements.
VIDEO CLIP below: Apply: 94 Seconds – 116 Seconds in Clip below.
Step 5: Close.
Close the transaction.
TIP: For asset based Financing, including equipment or vehicles, a site inspection and pictures of the collateral may be required. GPS installation is usually a condition of funding vehicles such as trucks and also construction pieces.
After reviewing the contracts, if you’re satisfied, complete them. Funding usually takes place within 24 hours by wire transfer or act deposit.
VIDEO CLIP below: Close: 116 Seconds –140 Seconds in Clip below.
Show Video Transcript
In minutes and seconds. 0:16 look at alternative options 0:56 gather all documents 1:23 find a lender match 1:34 Apply 1:56 Close
Today’s video: How to get an alternative to a cash advance mca. Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen of the video, or on the apply button on the webpage.
Look at alternative options that include a line of credit style or term loans, asset based, government sba, and larger personal borrowing. Line of credit style and term loan options offer a weekly, bi-weekly or monthly payment.
Asset based alternatives
are offered if your company has free and clear assets such as vehicles, or accounts receivables that do not have liens or money owed on them. Requests in your personal name for higher amounts, up to $50,000 and more are another option. These look mostly at income, background and credit score. Your total annual business revenue, monthly deposits, average daily balances, overdrafts and nsf’s do matter. Make sure these look good in the weeks or months before applying for funding.
For asset based requests,
make a list of your items including the make of your equipment. For Example: John Deere, Caterpillar, Kubota. Then add the year, model number and hours. For vehicles, include the mileage. Find copies of titles for all vehicles and take at least 1 or 2 good pictures. For accounts receivables, make an aging schedule. This is just the name and contact information of the company paying, the amount owed to your company, and the date you issued the invoice.
Match with a lender
that fits the alternative to cash advance mca options your business should qualify for. Talking with a representative before applying usually can pre-qualify your business for specific programs.
Next, Apply. If approved, request the closing docs. Proof of business income, ownership, and address may be required. This means business bank statements or business license to prove your business exists legally, and who all the owners are. If the request or approval amount is high, up to $100,000 or higher, more items may be requested such as a Tax Return or Financial Statements.
Close the transaction.
A site inspection and pictures or video of Collateral may be required. GPS installation is usually a condition of funding vehicles such as trucks and also construction equipment. After reviewing the contracts, if you’re satisfied, complete them. Funding usually takes place within 24 hours by wire transfer or ach deposit.
Customer complaints:
– mca’s too expensive need alternative
– Lower rate mca’s
– Predatory mca’s
– Don’t like mca’s
– Mca’s are too short term
– Need longer term Funding
Many customers just say that they don’t want a cash advance. They need funding but already have an existing mca position and want a longer term up to 36 months.
Alternatives include longer term mca consolidation programs are being offered by some alternative funders to improve or rescue your company from cash flow emergencies. Make sure you are dealing with a credible and ethical broker.
What can you substitute?
Substitute an asset based funding program or a real estate cash advance for an mca. It offers longer terms and higher dollar amounts. Consolidation programs offer relief from cash flow emergencies.
What different options are there?
Your company may qualify for several options that do not have a daily or weekly repayment. For example: Factoring, real estate backed capital, Lines of credit, and asset based.
Need lower rate options? Rates as low as the low teens.
Longer terms:
Most terms are for between 3 and 9 Months, but much longer term options are available. For instance, choose from 12, 13, 14, 15, 16, 17, 18 Months.
Other Choices:
Business have other needs including money to pay for inventory. Consider information on how to get money for product orders.
Accounts Receivables financing:
There are significant benefits to the accounts receivables financing. It is not debt. Another big advantage is that they are not really an advance of future receivables. Your company is not getting money now in advance of money it will earn in the future.
In fact, it is the opposite.
Factoring provides money that is already earned and owed, for a relatively small fee, between 1.5% and 5%. There is no daily or weekly payment, since your company is getting money that is due to it.
asset based financing, or a loan against equipment are excellent options. These are almost all monthly repayment and normally begin with terms starting at 12 months to 60 months. Some have even longer terms, especially if they include real estate.
real estate backed loans
Need a business plan and also detail on how to create financial statements? Visit the SBA for assistance.