MCAs Pay-Off
Take back control of costly merchant cash advances.
Pay off Costly Merchant Cash Advances
Merchant cash advances can put you in a tough spot. With their demanding payment schedules and high interest rates you can quickly fall behind on payments. Reconfigure the way you pay by taking on a term loan with a lower rate to pay off your MCA’s in totality to save money in the long run. Our team can help guide you can give you the pros and cons of various situations so you feel secure in your decision.
Pay Off MCAs
Terms:
- Borrow $25,000-$350,000 (based upon current cash flow)
- Unsecured term loans (3, 5, or 7 years)
- No prepayment penalties
- No application fees or upfront costs
- Closing costs can be financed
Requirements:
- Must have a personal FICO score of 710 or better
- Your credit must be established for at least 4 years
- Debt/Income below 40% (monthly debt payments/monthly income)
- Minimum of 4 tradelines (credit cards, line of credit, etc.)
- Minimum of 1 installment loan outstanding
- Maximum 50% credit utilization (outstanding credit/credit limit)
- No major derogatory issues (no collections or bankruptcies)
- No more than 3 recent inquiries of credit cureau
- Monthly payments are not reported to credit agency (unless in collection or serious delinquency)
Must Provide:
Self-Employed
Employed
- Tax returns for last 2 years, AND
- Current year P&L to date
- W-2's for last year, OR
- Tax return for last full year, OR
- Last 2 recent pay stubs
Employed
- W-2's for last year, OR
- Tax return for last full year, OR
- Last 2 recent pay stubs