1- Taking More Merchant Cash Advances
Many people take more MCAs because they’re quick and don’t need any property as backup or a good credit score. If the new MCA pays off the old ones and lets you pay back over a longer time, it seems good for now. But you’ll end up owing more money. And if you keep adding more MCAs, your business might need help.
2- MCA Consolidation and Reverse Consolidation
The idea here is to make things easier for the business. With MCA consolidation, a company gives you one big loan to pay off all your MCA debt. But there are rules. For example, if you want a $100K loan, you shouldn’t owe more than $50K already.
In reverse consolidation, you still have your old MCAs, but another company helps you pay them. Then, you pay this company a smaller amount over a longer time. Both ways are similar.
3- The Coastal Resolve Way – Solving Debt Issues
Moving your MCA debt around doesn’t help. The best thing is to grow your business and make more revenue, not just pay off old loans.
While consolidation can help in the short term, you still owe the same amount plus some extra charges.
But there’s another way. For example, if you owe $100K, with Coastal Debt Resolve and our skilled attorneys, you may only have to pay a portion of the debt.
They can help you get more time to pay and settle for less money. Once you complete the payments, you get a letter confirming you don’t owe anything more, and your business can grow again.
In conclusion, this is a better way because:
- It helps your money last longer.
- It clears your name from debts.
- It keeps your customers safe.
- It helps your business to grow.
Contact our debt consultants at Coastal Debt Resolve if you have a merchant cash advance debt and need help. They can provide relief options for you. We offer free consultations and personalized solutions for your specific needs. We can assist with consolidating, restructuring or settling your MCA debts.
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