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How Can I Get Out of Multiple Advances?

What are multiple cash advances?

This is when a business has more than 1 cash advance.  Get started now on safe and fast solutions to multiple positions.

Get out of multiple advances today
If your business has several short term advances, contact us and get this solved today.

Get a 1 large business loan to payoff the multiple advances or use different asset based options to payoff!    Apply below.

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Call 919-771-4177 for more info.

Frequently asked Questions.

How can I get out my mca advances without defaulting?

You can either pay them all off through a consolidation, or refinance and extend the term several more months. You may even qualify to extend the term for up to 5 years with credit scores over 600 and strong sales.

How much lower can you get my payment if you pay them off?

Your payment is reduced between 35% and 75%. The fewer number of months you have left on your advances now, the longer your refinance can be extended on a payoff.

Do you negotiate with my current advance companies?

It is not necessary to negotiate with your current mca companies. They are fully paid off and satisfied so there isn’t any need to talk to them. There will not be any other outstanding debt with them.

Can I get my advances paid off if I am behind on payments?

Asset based programs can be used to pay off delinquent mca accounts. Some unsecured programs may qualify if you are not severely delinquent. If you have already defaulted, then the asset
based route will work best to clear out your balances.

Does the example below look like your business?:

Your company has three mca positions:
# 1:   Balance of $20,000 at $333 per day.
Merchant has 60 debit days left or approximately 3 months.
#2:    Balance of $10,000 at $166 per day.
Merchant has 60 days left or 3 months.
#3:  Balance of $5,000 at $83 perday.
Merchant has 60 days left which equals 3 months.

If your business has several mca’s from stacking, complete the secure 30 second application below for a rescue today!   Get payments you can afford that will not hurt your business, or credit or reputation.

Choose from several options to reduce your daily and weekly cash flow for short term debt.  Longer term options are also available, such as weekly and monthly payments.

APPLY NOW

Call 919-771-4177 for more info.

How can you pay them off?

  1. Add up and know your total daily, weekly and monthly payments on the advances as well as how much longer you have to pay on them.   Also get your total payoff balances.    Know your approximate credit score.
  2. Search for lenders that either payoff or restructure your debt as earlier options.    Funding programs that recommend you close your business checking account or negotiate a settlement hurt you the most and should be your last possible options.
  3. Choose a program that best matches your company profile for your amount of debt, ability to pay and urgency for a fast loan on any new program that allows you to reduce the number of short term loans.  Owners with less than 100% ownership percentage in their business need agreement from the other owners.
  4. Talk to a representative of the program.   Tell them about your situation and ask them about their underwriting criteria.   Try to assess what your chances of approval or being declined are for each program.   Once you find the best matching program, then apply.
  5. If approved, review the terms of the approval.   If you are satisfied, close the transaction.
  6. Receive funds into your main account and begin repayment with improved cash flow.

We have excellent programs with a high approval rate to fix your multiple mca multiple positions problem.  Almost all businesses can improve their cash flow.   Take actions before you have missed mca payments.   Apply above or call us at Tel: 919-771-4177.

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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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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How to Get a Used Car Dealer Business Loan

Used Car Dealer Business Loans

Used car dealer loans are difficult to get. Traditional lenders such as banks are not a good option. Get money for your pre-owned vehicle lot, specialty car dealer business or any car lot

APPLY NOW

Call 919-771-4177 for more info.

Programs for:

  1. Buy Here Pay Here Used Car Dealer.
  2. Start Up Used Car Lots.
  3. Small and Low inventory Lots.
  4. Low Monthly Sales 
  5. Bad Credit Owner down to below a 500 bureau.
  6. Exotic and Specialty Pre-owned Vehicle Lots.
  7. Author Biography: Will Sanio
Used Car Dealer and need a loan? We’ve got that program!

Call us at Tel:  1-919-771-4177, or Question? 

How to get a used car dealer business loan

Preparation

Step 1:  Research companies that specialize in used car dealer loans. Decide which programs meet your dealership’s needs for the amount, credit, time since opening and what you need the money for.

Search online for used car dealer lenders

Prepare your documents

Step 2: Tip: Prep your information a few days before you need money.   Amounts over $50,000 need more time to be approved and funded.  Lots selling more than $15,000 per month have a better chance of getting an offer.

Get company information, bank statements and business licenses together days before they are needed.

Look at the cash flow in your bank statements. Explain low sales months, overdrafts, nsf’s and low balance periods upfront when you first apply. This can help get approvals, better offers and help avoid declines.

Settle on Top Companies

Step 3:  Contact your preferred companies and ask about their approval criteria.
Tip: Ask if you can be prequalified. Some funders can either prequalify through an online application or a representative by calling in.

Contact the lender. What are their requirements? What are the most common reasons for denial?

Complete your application

Step 4: Apply with the programs the most aggressively solicit used car dealers while matching your needs. Complete an application for capital and provide all supporting documentation needed.

Apply with the best matching program.

Review Approvals

Step 5:  After approval, review the terms and closing requirements. Get all of your closing documentation together and submit to complete the transaction.

If the closing terms are satisfactory, provide all remaining documents and close the transaction to receive funding.

The lender will usually make a final merchant call to you. They will verify that the owner completed the closing documents and is ready to start the transaction. Confirm this and receive the money into your account.

Loans to used car dealers are considered restricted loans by almost all lenders.   We have programs for below 500 credit scores.

F.A.Q. Frequently asked questions

Can our pre-owned vehicle lot get fast funding the same day or next day?

Same day funding is possible for applications received by noon. After mid day, funding on approvals and closings is possible the next day.

How long does our used car lot have to be in business?

At least 3 months is needed. The most recent three months business checking account statements are then submitted to pre-qualify.

What types of used car dealer loans are available and for how long?

Programs are for dealers that specialize in buy here pay here, new and used cars, specialty, luxury, exotic, and short time since opening.

There is an option for small lots with low inventory of less than 10 cars. The longest term option is up to 10 years and available in most states. Other programs are short term bridge loans from 3 to 10 months.

How much does bad credit matter?

Low credit scores and bad credit will rarely be declined. Scores can be as low as 400.  Cash flow and strong account balances are the most important approval requirements.

What are the rates?

Rates start in the low teens and depend mainly on cash flow, time in business and credit.

Can we use this financing to buy more cars for inventory?

The working capital can be used to buy cars at auction or anywhere your dealership buys.

It can also be used to buy lot space, repairs and improvements.

 

 

We are a leading funding source for all Companies 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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https://developers.google.com/profile/u/willsanio
GitHub
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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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How To Get a Large Business Loan

How to get a Large Business Loan

Use your business cash flow or assets to get a large business loan.  How to search and contact lenders and learn how to get approved.   Get up to $2,000,000 through these programs.  Fast and easy process with 1 to 3 day closings may be available.

Very little documentation and financials in most cases.  Business loans up to 2,000,000 available with either real estate or unsecured with strong monthly cash flow.

APPLY NOW

Call 919-771-4177 for more info.

Search and contact lenders that offer a big business loan and review their approval criteria

If your business generates more than $50,000 per month in gross revenue, or your personal credit score is over 600, then your business has a good chance to be approved.

How to get a large business loan: How to steps, direction, and tips:

How to get a large business loan fast and easy

Estimated Cost: $0
Total Time: 1 Day<
Supplies Needed:  Financia statements if available, Business bank statements, and Tax returns for requests over $100,000.
Time available.
Tools needed: Internet connection, phone, computer

Step 1:  Preparation

Research companies that offer big business loans. Search for programs that best match your business for the amount requested, your annual sales, credit, time in business and use of funds by your business.

Search for companies that offer specific programs that you are looking for.

Step 2: Have your business financial information ready to go.

Tip: Start the process a few weeks before needing business funding.  Larger funding amounts over $100,000 often require more time for an approval. If your business generates more than $50,000 per mont hin gross revenue and your personal credit score is over 700, then your business has a better chance to be approved.

Review your business bank statements and financial information before providing. If there are any problems then write an explanation for those problems before applying. This can include slower business periods during the year, low net income on financial statements or any other reason.

Start weeks before you need the loan if possible. You may need that time to get documentation together.

Step 3:  Settle on the top 2 or 3 programs that best matches your business for your profile and the reason you want the loan.

Contact qualifying companies and ask about their qualifying criteria

Try to find out if your business has a good chance to be approved.   Some lenders may be able to prequalify your business over the phone.

Call and talk with a representative of the most qualifying programs. Tell them your company’s main characteristics such as amount requested, time in business, credit and ask if you will qualify.

Step 4: Submit an application

Go with the most likely program you have determined can get your business a big business loan based on your review and any conversations you had with the lender.   Complete an application for funding and provide the supporting documentation requested to show business revenues such as bank statements or tax returns.

Is the program the best fit? Then apply!

Step 5:  Review approval offers

Once approved, review all details of closing stipulations such as terms and conditions. Make sure you can provide required items. Complete transaction and receive funding.
Was your business declined? Contact the lender and try to find out why you were declined.  Can you do anything to get the decision reversed?  If not, then go back to other lenders you looked at during your initial search. Ask the other lenders if the reason you were declined will be an issue for them.  If not, then consider applying with them.

Review approval terms. If you are satisfied, provide closing stipulations and get funding into your business checking account.

FAQ Frequently asked questions.

How can we qualify for a large business loan?

Time in business of 6 months and revenues over $25,000 per month are needed at a minimum. Higher credit scores over 600 will help get approvals and higher offers. Higher average bank balances also help.

Can we get a larger business loan with bad credit?

Your business can still get higher amounts with bad credit. Strong sales and time in business can overcome a lower credit score.

Can our start up get a bigger business loan?

Your start up will need about 6 months in business, strong sales and credit scores over 575 to have a chance at a higher approval amount.

Do we have to have collateral?

Your business does not need collateral to get a high offer. Strong sales are often enough. Time in business over 6 months and credit of 600 or higher can increase offers significantly.

Does the process take a lot longer?

The process often takes about the same amount of time. More documentation may be requested for amounts over $10000 and can take longer.

For other financing options, please review other alternate financing programs that may better match your business needs, below:

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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GitHub
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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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How to Fix Missed Payments on a MCA Merchant Cash Advance or Business Loan

How to Fix missed payments on an mca cash advance

This article shows how to handle your business loan if it is past due.  Have you missed payments on a cash advance or business loan?

There are several fixes you can take when you are behind on payments. These steps and others can  or make it much less severe.  One step is to payoff the past due amount by refinancing.

APPLY NOW

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.

Call 919-771-4177 for more info.

  1. Step 1 Contact the lender.   Let them know you are having trouble paying the advance or loan.  Be prepared to answer why you cannot pay it and how you will plan to catch up.
  2. Step 2 Ask the lender to work with you.  Ask for lowered or suspended payments.   If they refuse ask them to offer you a plan you can handle.   Determine in advance what you are able to pay.   Tell the lender what you can pay and ask them to set up a payment plan for that.   Ask if they can adjust your daily payments as a percentage of sales
  3. Step 3 Follow through on your agreement.
  4. Step 4 *How to Tip: If you will not be able to continue paying the cash advance or business loan, ask the lender for options. There are often options available just by asking for help or letting the letting know you cannot continue to make the payments.
I missed payments and am behind on my mca merchant cash advance and business loan. Here is how to fix it.

What if you cannot pay the cash advance or business loan and cannot catch it up?

If you cannot continue paying the cash advance or business loan, ask the lender what the options are.  For missed mca payments, there are good options for past due borrowers.

If it is not a mortgage loan, the best solution is usually to try to work with the lenders.   When that is not possible, other options include:

1.  Pay a settlement on the mca merchant cash advance or business loan.

If you consider this option, negotiate hard with the lender on how this will be reported on your credit.   You want to push for the best possible credit bureau reporting of this event.    If the lender reports the tradeline as “settled for less than full balance”, this may be the best reporting.

2.  Applying with another lender

This is another excellent option if you can qualify.  Payoff the debts with a new loan.   This works well if the balance you are past due on is low.    If your current past due amounts has not damaged your credit too much yet, this option may work.

3.  Another option is to ask your current lender to modify the loan.

For example:
Your current loan is $500 per month and was for 48 months.   You have 10 months left.   Ask the lender to modify the mca cash advance for a lower payment and more months.  As a result, ask them to lower it to $200 to $300 per month for 20 and 25 months.

Tell them this benefits both of you because you will have a payment you can make and as a result, their loan will be paid.   Some lenders do not want to modify.   However, if you can show them you will be able to pay the past due amount by getting a lower payment, they are more likely agree to it.

Provide documentation to support your request

Prepare a quarterly or monthly profit & loss statement to show the lender that you cannot pay but you will if they lower it.

4.  Take another hard look at all of your current expenses.

Can you easily reduce expenses somewhere else?   Are there services that you are paying for that you really do not need and can cut?   This can include business expenses and personal expenses.
How to fix your business past due loan. 1. Contact the lender. 2. Ask the lender to work with you by lowering or suspending payments. 3. Follow through on your agreement.

FAQ’s  – Frequently asked questions and comments

Question:  How can I fix missed payments on my cash advance?
Communicate with the advance company. One or two missed payments should not be a problem when you are in contact with them. Consider asking for a repayment plan or restructuring if you cannot pay at all.

Question: Will my credit be hurt if I miss payments on my mca cash advance?
A few missed payments should not hurt your business or personal credit. Your credit with that lender may be affected when several payments are missed. You may have trouble getting business funding again from that lender in the future.

Question: Will missed mca payments keep me from getting other business loans?

Defaults, lowered payments and other modifications may affect your ability in getting other business loans. Negotiate hard and you may be able to avoid being declared a default even if you have defaulted contractually.

Accounts receivables financing

Accounts receivables financing is another way to increase the cash flow you need to pay your current past due merchant cash advance or business loan.    This can give you cash now which may be enough to pay the payments you missed and are behind on.

Consider an asset based loan

This includes a loan against equipment.  Funding is between 24 and 42 months and includes a monthly payment.    Earth moving equipment, Yellow Iron and  “over the road” OTR rigs, semi-trucks are usually accepted.

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
TWITTER
https://developers.google.com/profile/u/willsanio
GitHub
StackOveflow

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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