Consolidating all cash advances into a single loan allows a business to free up cash-flow, speeding up their repayment of debt and lowering their business’s debt ratios. These types of financial institutions include:
The required debt size and documentation needed will be different for each institution. If you find an institution that requires a lot of documentation, don’t shy away. They may offer the best terms because of their stringent requirements.
There are companies that provide the service of business loan modification. This is commonly referred to as MCA debt relief. The services these companies provide is negotiating a restructured payment plan and term with your creditors. This option should be a strong consideration when consolidating isn’t an option. National Credit Partners is member of the American Fair Credit Council.
Most MCA relief companies offer certain perks during the program. These include:
If you are not dealing with multiple, or a lot of MCAs, you may want to contact your lenders yourself. You may be able to get them to extend the term. If they are unwilling to work with you directly, let them know that you will be seeking the help of a debt settlement company that specializes in business debt. This will either make them more willing to help – or let you know seeking help is your best option.
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