How to get a Second MCA Cash Advance
Get a Second Position MCA Cash Advance even if you have a first. Have you paid off recent advances? Use Zero Balance Letters to prove it. Get approved and for higher amounts.
Need help checking if you can afford a second? Watch the Video above.
Call 919-771-4177 for more info.
Supply: Last 3 months business bank statements
Tool: Desktop, laptop, tablet or phone
STEP 1: Check if you can afford a second MCA
Today’s topic, how to get a second MCA, 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 a second, because the Lender will check. First calculate an estimate of what your new daily debit will be.
Example Second: Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 debit 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 day for every $10,000.
VIDEO CLIP below: Calculate MCA Affordability: 23 Seconds – 53 Seconds in Clip below.
Review your Last 3 Months 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 Second MCA 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 MCA’s, communicate with the Lenders immediately and consistently[ desert wind blowing ] to protect your company’s ability to borrow again in the future [ wind continues ]
VIDEO CLIP below: Repayment problems with 2 short term loans. 102 Seconds – 111 Seconds in Clip below.
Author Biography: Will Sanio, Owner of SCF Funding, dba bankstatementloan.com/, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
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Show Video Transcript
How to get a second 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 MCA’s
Will Sanio Bankstatementloan.com. How to get another MCA Cash Advance, also known as a second position.
Start the process anytime by tapping apply 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 $1,000 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 businesses’s ability to borrow again in the future. [ desert wind blowing ]
Click or Tap on the Apply button, or link in the description, or call us at 919-771-4177 or visit bankstatementloan.com.
END OF VIDEO TRANSCRIPT
- Highest offers on: second positions
- The Longest Terms
- Quick approvals and funding
We specialize in second position offers. We will help you structure your cash flow as well to insure you can handle your second.
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 company can handle and needs more funds.
Frequently asked questions:
What is a second position cash advance?
When a business takes out a cash advance while having an existing advance. This is a second cash advance that is behind their first one. The second lender considers the existing debt 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.
How important is credit?
Credit is a minor part of the approval. The strength of company cash flow and ability to take on new debt are the most important qualifiers.