How to get an MCA Cash Advance
How to Get an MCA Cash Advance
Looking for Tips on How to get an MCA Cash Advance? Complete the application above, Call us at 919-771-4177 or
use the Tips below! Information on how to calculate payments, how to get approved and avoid being declined.
Read Tips on what to do before closing, including dealing with closing requirements and more closing stipulations. Watch: Deal Declined just before closing.
How much of an advance you can afford? You will also know if you can afford a 2nd MCA, or even a 3rd MCA.
Supply: The last 4 months bank statements
Tool: Desktop, laptop, tablet or phone
Step 1: How much are the Payments?
VIDEO CLIP below: See if your Company can afford a daily, weekly or monthly: 17 Seconds – 46 Seconds in Clip below.
Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen, or the apply button on the webpage.
See if your business can afford a daily, weekly or monthly payment.
First, calculate an estimate of what your new daily Cash Advance will be.
Let’s take an example:
Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 Days most Months.
If your Offer Amount is for 7 Months, that’s 21 times 7 = 147
Days.
Take the $14,000 Total Repay and Divide it by 147. That Equals $95.23 Per Day
for Every $10,000.
Step 2: Review your Company’s Cash Flow
VIDEO CLIP below: Review Company Cash Flow: CLIP: 47 Seconds – 96 Seconds in Clip below.
Look at the Total Deposits of each of your last 3 Months Checking Account Statements.
Some States require 4 Months checking account statements. Currently California, New York, Florida, Virginia and Utah.
The minimum total deposits into your Commercial Checking Account should be $5,000 a Month or more. The higher the Deposits, the more options are available. Especially beginning at $10,000 a month.
TIP: 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.
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.
Step 3: Apply
VIDEO CLIP below: APPLY: CLIP: 97 Seconds – 105 Seconds in Clip below.
Find a Lender that fits your company type and talk to a Representative before applying. That will help you avoid unnecessary declines.
Next, Apply. If approved, request the closing docs. Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership.
Step 4: Close
VIDEO CLIP below: CLOSING: CLIP: 106 Seconds – 120 Seconds in Clip below.
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 ever have repayment problems, call the Lender to discuss.
Complete the application below or Call us at 919-771-4177.
Go to the Video Page: How to get an MCA Advance
Don’t forget to be ready for the business checking account verification. Ready to apply? Or, consider alternatives to an MCA. Watch Video on MCA alternatives. Use the secure application button below.
Show Transcript
- 00:17 How much are the daily payments?
- 00:51 States that Require 4 Months
- 01:06 Average Daily Balance Requirements
- 01:17 NSF and Overdraft Limits
- 01:39 Closing Documents Required
- 01:58 Repayment Problems
How to Get an MCA Cash Advance
[ city street sounds ]
Today’s Video: How to get an MCA Cash Advance.
What could be your first Merchant Cash Advance.
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.
See if your Business can afford a daily, weekly, or monthly payment.
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.
Look at the Total Deposits of each of your last 3 Months Business Checking Account Statements.
Some States require 4 Months Business checking account statements.
[ ocean surf ] Currently California, New York, Florida, Virginia and Utah.
The minimum total deposits into your Business Checking Account should be $5,000 a Month or more. The higher the Deposits, the more options are available. Especially beginning at $10,000 a month.
Average Daily Balance: That is the average balance per day for the Month. [ teller counting cash ]
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.
Find a Lender that fits your Business type and talk to a Representative before applying. That will help your business avoid unnecessary declines.
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. [ clock ticking ]
If you ever have repayment problems, call the Lender to discuss.
That will help your business keep [ desert wind blowing ]
it’s ability to borrow again in the future. [ city street sounds ]
For additional help including forecasts and creating financial statements, visit SCORE.org