What Do I Need to Renew My Merchant Cash Advance?
Most renewals need less than your first advance: your latest bank statements since funding, a current payoff balance and a quick confirmation that nothing big has changed in the business. Funders already have your ID and ownership papers, so the file moves faster the second time.
Which documents do you need to renew?
- Business bank statements covering the months since your last funding, often including the current month to date.
- The payoff balance on your existing advance, which the funder has on file if you're renewing with the same one.
- Any new advances or loans you've taken since funding.
- Updated ownership or address details, if anything changed.
That's it for many files. Funders renewing their own merchants rely heavily on the payment history they already see.
What does the funder look at for a renewal?
A renewal offer depends mostly on how the first advance went. Did payments clear without returns? Did the balance stay healthy? Did deposits hold steady or grow? A clean history is the single biggest factor in getting a renewal and in getting better terms on it.
Can you renew with a different funder?
If you renew by moving to a new funder, expect the full document set again: ID, voided check, ownership proof and several months of statements. The new funder also asks for a payoff letter from the current one so it can pay the old balance at funding.
When should you start the renewal conversation?
Funders usually want to see a share of the first advance paid before they renew, often around half. Ask us or your funder where that line is for your contract. Starting the conversation a little before you hit it gives you time to compare offers instead of taking the first one.
What slows a renewal down?
Returned payments, a new advance you didn't mention, a big drop in deposits or an unexplained change in bank accounts. None of these end a renewal automatically, but each needs an explanation. Tell us up front and we'll handle it in the file.
Why watch the net new cash?
A renewal pays off your existing balance first, and what's left is the net new cash. Make sure the number you actually receive is worth the new payment and the new total before you sign.
How does Afterfirst help with renewals?
If your first advance came through us, we'll check the renewal offer from your current funder and shop it with others in our network so you can see whether staying is the best deal.
How can Afterfirst help with this?
Call 877-FUND-654 when you've paid down a good share of your current advance. Send your latest statements, and we'll bring back renewal options with the payoff, net new cash and new payment spelled out side by side.
What else do owners ask about this?
- Is an MCA renewal cheaper than the first advance?
- Why is my MCA renewal check smaller than the approval amount?
- Will asking for a reconciliation hurt my next MCA offer?
More short answers on this topic are on the renewals and consolidation FAQ, and the MCA renewal calculator runs the numbers for your own file.
Have a question we didn't answer?
Ask us on the call. Call 877-FUND-654 with any question. We call you back, usually the same business day, and we always talk with you before we shop your file.