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MCA/Equipment loans are loans based on the credit card sales deposited in a merchant's business bank account. A business owner can apply for a MCA loan and have the funds deposited into their business account in as little as 24 hours after approval.
MCA providers evaluate risk and weight credit criteria differently than traditional banks. They look at daily credit card receipts to determine if a business is capable of repaying the loan in a timely manner. As a result, rates on an MCA loan can be higher than other financing options; therefore, it's crucial you understand the terms you're being offered before deciding whether or not an MCA loan is right for you.
The "holdback" amount is the percentage of daily credit card sales applied to your advance. The holdback percentage can range from 10-20 percent and is normally fixed until the advance has been paid in full. Because repayment is based upon a percentage of the daily balance in the merchant's business account, the more credit card transactions the business makes, the faster the advance can be repaid. Should transactions be lower on a given day, then the draw from the merchant's business account will be less.
Minimum FICO score of 500
Minimum of 4 months in business
Minimum monthly revenue of $5K
When a business owner has taken multiple MCA's and has to manage the payments individually, a consolidation is highly recommended. The consolidation company will provide enough capital to pay off the other balances as well as leaving the business owner with enough capital to put toward expanding their business. Typically, the single day payment amount will be manageable as the term of the consolidated MCA is extended.
We offer different types of consolidation programs such as standard consolidation and incremental consolidation programs. Some ways the programs differ is by the amount of funding you would receive on top of what is needed to pay off existing balances, and the frequency in which you would receive portions of the funds.
To qualify, you must have a minimum FICO score of 480 and have been in business for a minimum of 1 year.
INDUSTRIES RESTRICTED FROM CONSOLIDATING:
credit protection, restoration & repairs; collection agencies; debt/tax reduction services; check cashing/money services; bail bonding; securities and commodities dealers/brokers; mailing & fulfillment houses; title companies/escrow agencies; precious metals; gambling/ casinos; adult entertainment
Our experts deposit funds into the merchant's account incrementally each week to cover their MCA payments for the given week.
In other words, the money is given to the merchant in portions every week until the other MCA positions are paid off. The merchant is not forced into defaulting which is often the case when looking at MCA relief programs. Defaulting damages your credit record and makes it very difficult to acquire future financing.
Merchants looking to consolidate an unlimited amount of current MCA loans into one lower daily payment.
Monthly payment options
5 year loan terms available
Get approved in hours
Same day closing
Minimum of 2 years in business
Minimum of 3 months business bank statements
Must complete an application
Must submit a purchase order
NO MONEY DOWN
Expand your existing business with no money out of pocket. Our no money down financing is an industry first, designed with business owners in mind.
Complete all of the necessary steps and get funded the same day. What are you waiting for? Time IS money! Call or email us TODAY!
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18117 Biscayne Blvd Suite 2144 Aventura, FL 33160
Are you in need of business advice? Call Allied Financial Lending LLC NOW at (801) 901-2944 and receive a FREE consultation