Generally, failure to repay a merchant cash advance has several consequences. If you default on your payments:
1. The lender may notify credit reporting agencies, and your credit score may decline as a result.
2. The lender may charge fees and increase interest rates if the business owner fails to make payments.
3. Some merchant cash advances may include "borrower" fees. An additional fee is charged for each month the business owner misses a payment.
However, we may be able to charge only a late payment fee, a penalty fee, or a daily late payment fee, where additional fees are assessed daily for missed payments. Our flexible no-rate clauses may allow us to adjust the amount (percentage) deducted from your account each day.
You may also be able to renegotiate your payment terms with us. We can negotiate the terms of the contract on your behalf.
Another option would be to refinance your debt with a loan that requires lower regular payments and has a longer term. In our Services
' section, you can find out more about this option and determine which one best suits your needs.