How To Get Out Of A Merchant Cash Advance
August 6, 2019
The right merchant cash advance can be the best thing that ever happened to your business. Hundreds of Miami business owners can attest to the invaluable help that cash advances offered them while they were struggling through hard times.
Cash advances aren’t supposed to be burdens. They are meant to be important tools that keep businesses afloat. After all, they went through a major popularity boom during the last recession for that reason.
However, there are times when cash advances don’t always work out as planned. Things happen, and when they do, a merchant cash advance can become extremely difficult to work with. Thankfully, there are ways to get out of a merchant cash advance available to you.
BEFORE YOU BEGIN, HERE’S WHAT YOU SHOULD KNOW
Ideally, you should always try to get out of a merchant cash advance by paying off the balance the way it was discussed in your first contract. However, we all know this isn’t always doable without harming a company’s bottom line. If your company is starting to have trouble turning a profit, there are options that you can consider.
Leo Capital Group has worked with Miami business owners who need to get out of merchant cash advances by using their loan consolidation program. This program allows you to pay off cash advance debt by leveraging collateral, turning the debt into a traditional loan with a lower monthly payment.
WHAT IS LEO CAPITAL GROUP’S LOAN CONSOLIDATION PROGRAM LIKE?
Leo Capital Group’s loan consolidation program allows you to get out of a merchant cash advance, along with other forms of debt. To do this, we secure a loan with real estate collateral that covers all the remaining payments you have in terms of business debt. Then, the loan is used to pay off each individual debt you’ve incurred.
After the loans are paid off, the only thing you have to do is pay your consolidation loan. This is done in fixed monthly installments. The exact terms of the loan vary from company to company, but they are always done with the best terms possible.
WHAT KIND OF COLLATERAL DO I NEED?
In the state of Florida, there currently is only one form of loan consolidation that we offer that can work with getting rid of merchant cash advance debt. This loan requires you to place collateral in the form of real estate as a way to secure the debt you’re incurring and prevent default.
Real estate can include investment homes, business property, as well as your own personal home. Each loan will have a collateral minimum that reflects the amount of money being borrowed.
DO I QUALIFY FOR THIS PLAN?
Every loan is different, just like every situation is different.
Since your debt is unique to you, the only way to find out whether or not you qualify is to talk to a specialist. The loan consolidation programs offered by Leo Capital Group have helped many Miami businesses get out of debt and escape merchant cash advance payments. With a single call, you could be the next to turn your business around.