Tag: cash

Cash

How do I get a small business loan?   Small Business Funding options on how to get a bank statement loan ,  a  large business loan as well as loans on equipment. Did you know your business can get a  loan on a truck , Truck repair loan, and a loan on a trailer?

Business funding options include videos on how to get mca merchant cash advances .Merchant cash advance information includes getting low rate cash advances, the best renewal terms.   Stop here if you need alternatives to a cash advance.   Excellent options are available for business owners with a felony or misdemeanor in their background.

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Or call us at Tel:  1-919-771-4177

Just want videos?   Then go to how to get a large business loan video page, or  how to get an mca cash advance video.       Also watch how to get a loan on a truck video page,  and  Continue with the   loans against equipment video page  as well as a Truck repair loan video page,    business loans with a felony or misdemeanor video page and more.

Finally, get another 2nd mca.   Apply now.

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Or Call 919-771-4177 for more info!

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How To Get an MCA Cash Advance After a Default: Video

Video Description: Get an MCA Merchant Cash Advance After a Default; 00:37 Default Programs for Qualifying Companies; 00:44 Include Payoff or Settlement Letters; 01:04 How long since mca default; 01:11 How many mca defaults I had; 01:25 What if I Did not repay MCA Defaults

How to get an MCA Merchant Cash Advance after a Default

Consider several programs your business can get real funding through.  Go to the Video page.  Author Biography: Will Sanio

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Call 919-771-4177 for more info.

Some businesses that have defaulted on 1 + mca cash advances in the past now understand the amounts and daily payments they can handle, and make.  These programs are targeted for:

  • Defaulted payments
  • Missed cash advance payments
  • Delinquent or lapsed  payments.
  • High Sales Businesses.

Use Payoff Letters or Zero Balance Letters help get offers and higher offer amounts. If you are not going to be able to get current, here are options to get out of an mca cash advance, or watch the get out of mca video.

How to get another Cash Advance after not paying a previous one.

Step 1: Research companies online that offer merchant cash advances to businesses that have a previous default on an mca cash advance. Closely review restrictions for terms and conditions of approval.

Step 2: TIP – Repayment of a previously defaulted merchant cash advance as well as the amount of time since the default may affect your ability to be approved under different programs. Ask if there is a minimum time requirement since the cash advance default.  Know the month and year your business first officially defaulted and the amount of the default. Default reporting drags on time wise in business and personal credit reports and makes it look like the default was much more recent than the original date the merchant cash advance company declared a default. Any payments you made on the default often do not appear on the business and personal credit reports a lender looks at and you will not get credit for any payments made. Provide documentation of the payments made.

Step 3:  Select the programs that your business will most likely qualify for.

Select the programs that your business will most likely qualify for.
Decide on the programs that your business will most likely get an offer from.

Step 4: Make contact with these lenders that fund with previous defaults. Try to verify how likely your business is to meeting the funding program conditions and requirements.

Contact mca default lenders. Apply here to begin.

Step 5: Submit an application for funding. Provide all documentation you have that improves your chance for an approval. Provide documentation that proves the time since the default and if any payments were made.

Apply and provide any documentation that show how long it has been since your business originally defaulted on the mca merchant cash advance.

Step 6: If approved, review terms and conditions. Rates and terms will not be as favorable for some time on your advances after defaulting.

FAQ Frequently asked Questions on getting an mca merchant cash advance after defaulting

Can I get a merchant cash advance after I defaulted on one?

About 6 months to 1 year after a default your business can be considered for financing, including a cash advance. Approvals and amounts depend on how well your business has recovered, it’s ability to repay and if any of the default was paid.

What if I did not repay any of the defaulted cash advance?

It is easier to get another cash advance if you repaid or settled the old defaulted cash advance. New lenders want to see your business made an effort to repay what it could or reach a settlement on the debt.

Does it matter if I defaulted on more than 1 advance?

You may still be able to qualify even if you defaulted on more than 1 previous advance. Approval depends a lot on whether you repaid any of the debt, how many you had, how long it has been.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

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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Get an MCA Cash Advance After a Default (Video Transcript: Click to Expand)

Transcript

00:42 Borrow after Default Business Profile 00:48 How Payoff or Settlement Letters Help 01:07 Does time since my loan default matter? 01:15 What if I defaulted on more than 1 MCA 01:29 What if I did not repay my MCA?

You can get an MCA cash advance after a default? Yes, get an MCA Cash advance after a default. Get money if your business defaulted on an MCA and get started
Again. Start building a relationship as soon as possible, and gain access to the funding
You need now, and in the future. Whenever you need it. Call us at 919-771-4177. Don’t
Wait until you need a loan for your business and can’t get it. Apply Now. You’ll find what you need here. To apply, click on the apply button at the bottom right of this screen, or on the endscreen of this video, or call us at 919-771-4177 or go to bankstatementloan.com/. Complete the application, send in the most recent 4 months checking account statements.These programs are for companies that have had defaulted accounts, payments, and also missed and delinquent payments. Make your request stronger and include any payoff or settlement letters if you have them. Are you making payments on previous
Advances now? Then add any documentation or information on your payments. Approvals, amounts and terms depend on how well your business has recovered, if you can repay now and also if any of the old debt was repaid.
Frequently asked questions:Do you look at how long it has been since my cash advance default?
There are no absolute minimum time requirements. The older, the better.Does it matter if I defaulted on more than 1 advance?
You may also be able to qualify if you defaulted on more than 1 previous advance. Approval terms consider whether you repaid any of the debt, settled, and how many MCA’s you had.
What if I did not repay any of the defaulted cash advance?
It is easier to get a new cash advance offer or stronger offer if you repaid or settled the old defaulted cash advance to show your business repaid what it could or reached a settlement on the debt. Click on the apply button at the bottom right of this screen, or on the endscreen of this video, or call us at 919-771-4177 or go to bankstatementloan.com/.
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Closing My Business Checking Account to Stop an MCA Cash Advance?

Is closing your business checking account to stop an mca cash advance a good idea?

Shutting down your current account and opening a new business checking account is a bad idea and the worst way to get out of a merchant cash advance.   Consider much better alternatives to stop an mca such as Payoff and Consolidation options, other unsecured cash flow options and asset based.  Apply below.

APPLY NOW

 Or Call 919-771-4177 for more info.

Lenders may consider closing an account an intentional default.
Closing your checking account from which the payments are debited may be in violation of your contract.   Read your Contract.

Make sure you have all your documentation before you open a New Business Checking Account.

Choose much safer alternatives, such as:

✅ Refinancing
✅ Consolidation
✅ Payoff
✅ Lower Payments
✅ Longer Terms

Get started on safer, better solutions. Apply Now, below:
Call Tel:  1-919-771-4177.

FAQ frequently asked questions on closing a business checking account to stop mca cash advance payments

Can I close my business checking account to stop a cash advance daily debit?

Closing your account is not allowed and may be considered an intentional default. Call the cash advance lender and try to work out a solution. Payoff or consolidation options are available if you are not offered a repayment plan you can pay.

What will they do if I close my account without telling them?

It can be called an intentional default and you can be sued. They are much more likely to take legal action against you and your business through a lawsuit filed in state or county court.  There could be accusations of fraud if accusations of an intentional fraud are made.

What are better options?

Working with the cash advance lender to negotiate a lower payment is almost always better than closing the account. That should only be seen as a possible last option under extreme circumstances.    In many cases, the bank has called the loan due and you must come to a negotiated solution with the lender to avoid a default.

The following is what many debt settlement programs tell customers to do.

  1. Sign a contract which allow them to represent your firm in communications with lenders and mca merchant cash advance companies  after missed mca payments.
  2. Pay their company to start the process.
  3. Close your business checking account per their instructions or advice.
  4. Allow them to represent you in negotiations.

There are several problems and possible severe consequences to closing your business checking account to stop paying cash advances or loans and signing a debt settlement contract .

  1. The lender can also consider this an intentional default or fraud.
  2. The lender or mca company can file a certificate of judgement and may also be able to debit funds in other accounts you may have at the same bank or other banks
  3. You may not be able to talk to the lenders or cash advance companies directly any more even if you want to. Language in the contract may not allow you to talk contact the funder directly
  4. You may not have influence or say in the final agreement.

The contract you sign take power and decisions out of your hands and puts much of it in the hands of a 3rd party.

Other options to closing your business checking account

  1. Contact the lenders directly and try to discuss your financial situation and reach an agreement with the lenders yourself.
  2. Payoff the merchant cash advances with other loans if the balances are low enough
  3. Discuss your financial situation with a business attorney
  4. Filing bankruptcy

The advantage of some of these options in general is that they either show you are sincerely trying to work with your lenders to settle your debt, are forming a coherent strategy to do so, or have officially determined that you cannot pay. These also have advantages over closing your account.

Have you been told to close your business checking account to get out of an mca merchant cash advance? Don’t do it.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

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.

Follow me and our Videos below!

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Second MCA Cash Advance Video

How to get a Second MCA Cash Advance

Video Description: How to get a second mca cash advance position. Information on calculating affordability to avoid declines.

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.

APPLY NOW

Call 919-771-4177 for more info.

How to get a Second MCA Cash Advance

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.

How to calculate the cost of a second mca cash advance.

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.

What is the Average Daily Balance in your account?

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.

NSF’s and Overdrafts: How many are too many?

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.

Match with a lender that offers second MCA Cash Advance

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.

Approval for second MCA then Closing: What are the next steps?

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 ]

What if you have repayment problems with 2 Advances?

VIDEO CLIP below: Repayment problems with 2 short term loans.  102 Seconds – 111 Seconds in Clip below.

APPLY NOW

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

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.

Follow me and our Videos below!

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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.

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Declined For Not Enough Deposits? Less Than 5 Per Month OK!

Has your business been declined for a loan for not making enough deposits into your checking account every month, or having under $10,000 a month in deposits?

Get approved and choose one of several  small business loans for your business that do not require a lot of deposits per month.   Apply below and get approved today.

APPLY NOW

Complete the secure Application
Or call us at Tel: 919-771-4177.

How to get approved for a cash advance with less than 5 deposits per month.

Not enough deposits is also #7 of the Top 9 reasons why your MCA was declined.

Contact us and we will put your business into the approval program that can accept less than 5 deposits per month.   Only have 1 or 2 deposits per month? We have programs waiting for your business now that can you approved fast.   Contact us above!

FAQ on being declined for a business loan for not having enough deposits

How many deposits does our business have to make each month to qualify?

5 deposits or more per month are usually required for a merchant cash advance. Some advance companies require as many as 10 or more. They must be real business revenue from customer sales and not transfers between accounts.

Can our business qualify with only 2 or 3 deposits per month?

Some lenders consider a low number of credits per month into a business account as higher risk because the business has fewer customers that it makes money from. Losing one customer will cut revenues and their ability to repay a loan much more than a business with many customers.

Why were we declined for not enough business deposits when we had more than 5 per month?

Deposits that are not from the sales of the business may not have qualified as revenue. Examples are transfers from other accounts, loan proceeds, very small deposits compared to others, and rebates.

Businesses have used cash flow loans to a great extent in recent years to finance their businesses.    The business account has low recent sales in one of the most recent months.

Our Small Business Development Center assists in getting past these problems to help business owners get a fast and easy business loan.

Other options

Make more deposits immediately during the rest of the month and apply at the start of the next month.   A deposit to a business checking account statement is often from several customers.   Retailers usually have several checks and cash from several customers, go to the bank and make 1 deposit.    Instead of 1 large deposit, break the deposit into several smaller deposits over the course of 2 or 3 days.

Talk to the Merchant Cash Advance companies and ACH business loan lenders directly about being declined and ask them how you can get your business approved.   As your business grows, it will add more customers.  Having deposits from more customers will increase the number of deposits per month into your business account.   As a result, this will make your business a better risk from the lender’s point of view.   The number of customers a business has is an important part of looking at risk by lenders.
For example, restaurants have hundreds of customers per week.   As a result, they will show many deposits per month.   Restaurants that lose a few customers only lose a small percent of their customer base.   A business that has 4 large customers loses 25% of their customer base when they lose just 1 of their customers.

Possible solution:

If you know the deposits you make into your business checking account have multiple items, you can tell the Merchant Cash Advance company or ACH business loan company.
What are multiple items?
Multiple items means that the funds in the deposit are from more than 1 customer.    If the merchant cash advance company knows this, you can get a copy of the deposit from the bank.   The copy of the deposit will show the items deposited. If it is 5 items, you may get credit for 5 deposits instead of 1.     You may be able to get the MCA company to change the decline to an approval.   A number of ACH lenders and merchant cash advance companies are open to this.

If this does not work, ask how long you have to wait before they will consider you again.  Be clear on what they want to see the next time so you will not be declined again.

Get working capital through other loans

If the options above do not work or you cannot wait, your business can consider other types of business loans.   Which ones are best depend mostly on your company’s profile.    Choices include:
– Monthly Term loans up to 48 months based on Tax Returns
– Accounts Receivables Financing
– Business loans based based on Real Estate or Equipment Assets.
Business loans based on real estate, equipment or accounts receivables will usually not have this requirement.   Having collateral that covers the loan amount means that cash flow is not as critical.    The number of customers is also not important.

Unsecured loans depend heavily on cash flow and as a result, the cash flow of the business is scrutinized much more.    Businesses applying for unsecured loans should also have financial statements that show the business making money and having net income.   Many businesses do not show net income and this hurts their request and also causes declines.

The SBA small business administration also has excellent resources on alternative business loans

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Stacking Merchant Cash Advances – Fix it

Stacking MCA Cash Advances

Merchants that stack multiple short term cash advances are getting and paying on multiple MCA’s at the same time.  This includes getting a second or even a 3rd cash advance.    Consolidate or Pay them off.

Don’t let multiple short term cash advances ruin your business!  Fix the problem NOW with several choices:

Pay them down or off into  1 Loan
Extend the number of months.

Apply Below Now!

APPLY NOW

Or Call 919-771-4177 for more info.

Need emergency rescue from stacked merchant cash advances? Complete fast online app or click on image

FAQ Frequently asked questions about stacking merchant cash advances

What is stacking?

Stacking is when a merchant gets more than 1 MCA at the same time. Businesses sometimes need more money and can get a 2nd or 3rd position.
.

Is stacking merchant cash advances legal?

It is legal for a company to take out multiple MCA’s. Some funders prohibit you in their contract from taking out any additional loans but State and federal laws do not prevent it.

Can my business take out another loan if we already have several?

You can take out another loan even if you already have existing MCA’s.

Can we get funding from two different places?

Your company can get a loan from two different lenders. We can approve you for funding even if you have MCA’s with another company.

How can my business get out of stacked MCA’s?

You can pay them off through a new transaction, such as a consolidation. This eliminates current debts and avoids past dues and defaults.

Can I consolidate them into a longer term?

We can assist in consolidating and reducing stacked daily payments between 35% to 75%. If you currently pay $1,000 per month, they can be lowered down to $500 or less without defaulting or damaging your credit or standing.

First understand what counts as an existing mca position.
Then get a 2nd position cash advance or a 3rd position mca advance IF your company can handle it and did not get enough funding from the 1st MCA.

Need saving from merchant cash advances? Programs now to get out of multiple loans and save your business.

Get a consolidation loan to payoff.

Through a consolidation loan for instance, the daily debit payment is lowered and term extended.

How can my business be approved for a consolidation?
We can help in consolidating mca’s.  We can give you criteria over the phone.   If you and the lender agree you have a strong chance of qualifying, consider applying for the consolidation.

Example of too many stacked cash advances:

A company obtains a first position Merchant Cash Advance, then a 2nd one after the 1st one.   The second (2nd) position is stacked on top of the first.  Then they get a third.   The third (3rd) is now behind the first and second position.

The company’s income is too restricted because it may not be able to handle other critical business expenses.  For instance, there may not be funds left for advertising, product development and expansion plans it has.

Stacking Example

Below is an example of how consolidating a stacked merchant works.  The required multiple daily payments that are now being debited from your company checking account take away from critical marketing, inventory, and even being able to meet payroll.

Acme, Inc.  decided to stack MCA’s and has 2 so far.

# 1  current balance  $10,000  @ $100 per day.

# 2 current  balance $10,000 @ $100 per day.

This merchant has 100 days left on these 2.   They are costing them $1,000 per week and about $4,000 per month.

On a typical consolidation, they will lower their daily debit by about 50%, going from $200 to $100.    This lowers their monthly cost from $4,000 to $2,000 and saves them $2,000 per month.   Sometimes the savings is even more.

Negotiate to lower the daily payments

How do you negotiate with to lower the daily payments?

Each lender may have a different policy on negotiating a reduction.   The Lender will consider your specific situation,  and how the request is handled by the borrower.

Review the basic conditions of each funder because funding source has stipulations in the contract you may violate.  The stipulations may say the borrower cannot obtain any more funding until their contract is paid off.   This is an example of how you may have already violated the terms of the contract.

As a result, the lender may have the option of declaring a default.  For instance, they may require or demand full payoff of the remaining balance immediately.  So review the contract carefully before contacting the lender.

Ask for a lower daily payment

Contact the lender and let them know you cannot handle the daily payment.   Ask to get a reduction so you can continue paying as agreed.    You will be asked questions and may have to complete paperwork.

Ask for a Pause.

If your company is going through a brief slow period, it may be better to ask for a pause in the payments for a week or two.   Funders are less restrictive on pausing debits than they are on lowering them.

Pay them off with other loans

If the problem of multiple loans cannot be solved through a consolidation or negotiation with the lender, another solution is to pay them off because that will fully solve your problem.   For example, some other types of funding are:

–  Asset based loan.   Money from this option can be used on Real Estate, Equipment, or both.

– Accounts receivables financing.

Merchants can use the proceeds from one of these other options to payoff your existing short term debt.   Also, you may be able to extend the number of months up to 24 or 36. This can dramatically improve your monthly cash flow.

Conclusion

Use these business strategies and tips for the best ways to lower your daily merchant payments.

The SBA has tips, suggestions and hints to help merchants find solutions to financial problems as well as how to create business plans and other statements that may be requested for any type of financing transaction.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

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.

Follow me and our Videos below!

VIMEO
YOUTUBE
LINKEDIN
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Will Sanio:  University of Tennessee Diploma – Bachelor of Science in Business Administration with concentration in Finance – Click or Tap to Enlarge Image.
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Asset Based Loan

Consolidate Merchant Cash Advances – No Defaults!

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!

APPLY 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.

 

 

 Why Not  Consolidate  Several…..Into 1 AND Lower  Your Payment ?

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.

Categories
Asset Based Loan

Payoff Merchant Cash Advances: Cash Flow Now!

How can you payoff a merchant cash advance?  Escape your merchant advance by:

  • Paying off the balance with a longer term refinance or other small business loans such as a bank statement loan.
  • Terms from 6 or 9 months and all the way out to 36 months or longer.
  • Lower your payments up to 75% in many cases!
  • Get the daily cash flow relief your business desperately needs – NOW
  • No delinquencies or defaults with existing loans or advances!

APPLY NOW

Call 919-771-4177 for more info.

How to payoff a merchant cash advance

Payoff your merchant cash advance

Determine what your balance is.   Complete a list of your equipment assets, which includes Computer, medical, industrial equipment and machinery.

We will approve a loan to payoff your balance and payoff or reduce the number of cash advances.   We will also help you set up a 24, 36 or 48 month repayment term.   Even if you only want to term the balance off to 24 installments, this will significantly improve your company’s cash position immediately.

Payoff Examples

If you took out a $25,000 merchant advance for 6 months, then you were paying around $248 per day, or $5,457 every 30 days.

By terming the financing out to 24 installments, you will reduce the payment to $1,562, which is only 28% of what you were paying. If you go out 36, you will reduce it to $1,083, or 19.8% of the original amount.   This difference will make a dramatic positive influence on your cash flow.

Most frequent Requests:
– Help me payoff my MCA.
– I need get rid of my MCA Merchant Cash Advances
Help my business get out of my cash advances.
All of these requests fall into the same MCA consolidation relief product.

Example:

Tucson belt company pays off merchant cash advance with 1 loan.

Tucson belt had 3 merchant cash advances totaling $75,000 with a total monthly payment of $15,000.   This burden was killing their cash flow.   They had 6 months left on their advances.   The three advances were combined for 1 loan for year.

The monthly payment was lowered to $7,500, thereby increasing the company’s cash by $7,500.   President Bradford Jennings told BizTucson, “This Consolidation program was an excellent and necessary way to improve the cash flow for these Advances.   It has dramatically improved our financial standing.  We will be able to increase our advertising and inventory levels.   Gross receipts are expected to increase and net income rise.  We look forward to using the increased funds for expansion.”

If you are a business owner that took out a short term cash advance and are saying any of the following things or questions below, contact us today to get instant relief.

Most callers say they need to urgently get out of a merchant advance.     Many companies tell us they can’t handle it much longer and feel trapped.

You will only need to complete a short 1 page Mini app and provide an equipment list which can be completed online.   The approval process takes 1 – 3 days.  If you are approved, the closing documents may be E-Mailed to you or completed online.   You complete them and return the completed documents via fax.   A verbal verification call is completed with you and you receive funding within 1 to 2 ays afterwards.

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