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What is this cash advance really costing you?
Merchant cash advances quote a “factor rate” and never an APR, because the APR is the part that would stop you signing. Here it is.
On your agreement this is the multiplier. 1.38 means you repay $1.38 for every dollar you got. More on how these work.
Effective APR
Cost of the money
Total repaid
Each payment
Taken per month
Payments remaining
If an SBA 7(a) refinanced it
10 years at prime + 2.75| Your advance | SBA 7(a) | Difference |
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SBA will refinance an advance if you can show the proceeds went into the business and the new payment is meaningfully lower. That second test is nearly always satisfied — the obstacle is usually that a lender wants the business current and stable, which is hard once daily debits have started. Talk to a lender sooner rather than later.