The best and safe options to consolidate merchant cash advances. Many businesses have multiple mca’s by stacking cash advances.
Get immediate relief to lower their daily and weekly payments.
There are options to payoff your cash advances as well.
A regular and reverse consolidation will improve your cash flow up to 50% for some programs, thereby reducing your number of positions from a 2nd or 3rd cash advance position. Apply below now!
Call 919-771-4177 for more info.
How to get a merchant cash advance consolidation:
- Calculate how much you can afford to pay per day, week and month compared to what you are paying now.
- Research and contact companies that offer consolidation programs that match your business needs and daily budget.
- Review the qualification requirements and choose from programs that you have the best chance to qualify for.
- Do not get another mca during the term of the transaction.
FAQ Frequently asked questions.
How much can I save daily?
Your business can lower the daily or weekly payments between 25% and 50%. Some programs can lower them as much as 75% and convert into weekly or monthly debits.
How does the consolidation work?
A merchant cash advance consolidation is usually one large loan used to payoff several smaller ones. The goal is to lower total daily payments by extending the term, lowering the rate, or both. Some programs are structured differently or give you a longer term to payoff the current debt while others have a shorter term.
How do we qualify?
If you can simply make the new payment, then you can qualify based on cash flow. It should be 30 days since your most recent advance closed and you should be current. Lenders want to know you can meet your obligations now before being approved.
How can I get the best terms?
Apply for the longest term program available because the payment will be the lowest. The lower the payment, the more likely your cash flow will qualify.
How does a reverse consolidation work?
A reverse consolidation covers the payments on your existing advances while you make a much lower one on the reverse. During the term of the transaction, the other daily debits you had before drop off until you only have one payment left.
How we can help
Your business may be in a position where it must extend out the term of current positions. We can assist in paying off 2, 3 or 4 other mca’s and lowing your payment as much as 50% or more.
Tips on how to get approved:
– Make all of your payments on time.
– Wait until 30 days after the most mca closes to apply. Most requests are declined if new funding is deposited into your account in the last 30 days.
Lenders want to see how a business is paying it’s most recent debt before it approves.
– Don’t have more than 5 overdrafts or 5 NSF’s per month.
Program Features:
– No net funding requirement.
– No maximum number of positions.
– Daily, weekly, bi-weekly, and monthly repayment programs.
We try to tie payment frequency to your deposit volume. The main things looked at are:
The repayment history on current advances.
– If we are materially cheaper, and if your business has been able to pay your existing higher cost mca’s with minimal NSFs, we will aggressively pursue a consolidation.
– Deposit volume and consistency are reviewed. Are your deposits enough? Or are they under $10,000 a month?
If deposits vary significantly from month to month, we will typically look at the lowest month when calculating an amount to offer.
Up to 1.25 times your deposits with a 6 to 12 month term are offered.
– (NSF) insufficient funds and overdraft frequency are looked at.
Other features and products:
1. Advances are available in almost all states EXCEPT California. Term loans are available.
2. Your future consolidation is more like a like of credit. A merchant can request additional capital at anytime from us.
We will quickly re-underwrite it with no fee and offer additional funds and keep your scheduled payment the same.
Renewals
You do not have to pay off our loan to get more capital. This holds true if your business requests more capital after one month, or after six months.
Your business saves money at renewal. Your business will not pay interest on interest if you renew for premium programs.
– Low or no origination and underwriting fees. Fees as low as $250 to consolidate 3 to 4 positions, $500 to $750 for 5 or more. No NSF fees or other junk fees are charged.
– The maximum initial funding is $100,000.
– This is first position funding only. This funding can be the only funding following a consolidation. A standard line of credit, credit card split loan, traditional bank loan.
– SBA loan, car loan, student loans and home loans can be left in place.
– Daily, weekly, bi-weekly, and monthly payment options are available.
Your business may need help creating a business plan. The SBA can also assist with ideas and programs to develop a business plan.
