The Stress Relief Benefits of Merchant Cash Advance Consolidation
Taking out multiple merchant cash advances can quickly become stressful. Not only do you have to keep track of each one, but there’s also the risk of late fees. Thankfully, MCA consolidation loans are a great way to eliminate this hassle and simplify your payment structure. Plus, the simplified payment terms should cost you less money in the long run. Here are some benefits of MCA consolidation:
Bad credit business loans can range from $5,000 to $1 million. You must make a minimum monthly revenue of $20,000 and have a credit score of at least 550. Rates for bad credit business loans range from 18% to 49.9%. The payments must be made automatically from your banking account five times per month. You may want to contact a loan officer for help in determining whether or not merchant cash advance consolidation is right for you. If you are seeking a way to relieve the stress of debt from multiple MCA payments than merchant cash advance consolidation can be the answer.
How much can a Merchant Cash Advance Consolidation lower my debt costs?
A merchant cash advance consolidation can reduce daily payments by as much as 60%, putting your business on the right track for long-term sustainability. The monthly payment can be reduced from $10,500 per month to
$300 per day. Using an MCA consolidation loan can save your business thousands of dollars a year. If your business is struggling with daily payments, this may be the right option. Depending on your situation, you may qualify for a lower-than-expected interest rate or a longer repayment period with a Merchant Cash Advance Consolidation.
A merchant cash advance consolidation loan can also help a business overcome its financial difficulties. If a merchant is unable to secure a consolidation loan from an MCA company, it may need to seek the services of a debt restructuring company. However, these companies tend to charge hefty fees and are best avoided unless the merchant is desperate enough to accept a higher interest rate. And even then, the lender can be difficult to work with.
Is a Merchant Cash Advance Consolidation always beneficial to every party?
Another benefit to merchant cash advance consolidation is that it is beneficial for both parties. In addition to reducing monthly payments, the business can continue to grow. The new MCA Consolidation Loan will enable the business to maintain the daily sales it makes. In turn, the company will enjoy lower monthly payments, leaving more money each month and reducing the amount of debt that needs to be paid. This can save businesses thousands of dollars. If you’re a new business owner, this solution may be right for you.
When deciding to take out a merchant cash advance consolidation loan, it’s important to make a careful comparison of the costs of the two. Most merchant cash advance consolidation loans have hefty junk fees and origination charges. Make sure you read all the fine print before agreeing to any terms. This can be an excellent option for businesses that need money, but it’s also important to remember that past performance is not a predictor of future results.
Many small businesses take out merchant cash advances even if they have bad credit. While these loans are available for many business needs, they usually have a short repayment period. Depending on your repayment schedule, it may take as little as three months to pay off existing debt. When it’s time to consolidate your MCA balances, you’ll be able to enjoy a lower monthly payment and some breathing space. The best thing about merchant cash advance consolidation is that it’s available to almost every business. You should reach out to MCA Consolidations Inc to find out more. Call them at (855) REFI MCA.